"11. (J) Every insurer, on or after the commencement of the Insurance Laws (Amendment) Ordinance, 2014, in respect of insurance business transacted by him and in respect of his shareholders' funds, shall, at the expiration of each financial year, prepare with reference to that year, balance-sheet, a profit and loss account, a separate account of receipts and payments, a revenue account in accordance with the regulations as may be specified.
(2) Every insurer shall keep separate accounts relating to funds of shareholders and policy-holders.
(5) Unless the insurer is a company as defined in clause 18 of 2013. (20) of section 2 of the Companies Act, 2013, the accounts and statements referred to in sub-section (/) shall be signed by the insurer, or in the case of a company by the chairman, if any, and two directors and the principal officer of the company, or in case of an insurance cooperative society by the person in-charge of the society and shall be accompanied by a statement containing the names, descriptions and occupations of, and the directorships held by, the persons in charge of the management of the business during the period to which such accounts and statements refer and by a report on the affairs of the business during that period.".
11. For section 12 of the Insurance Act, the following section shall be substituted, namely:'— "12. The balance-sheet, profit and loss account, revenue account and profit and loss appropriation account of every insurer, in respect of all insurance business transacted by him, shall, unless they are subject to audit under the Companies 18 of 2013. Act, 2013, be audited annually by an auditor, and the auditor shall in the audit of all such accounts have the powers of, exercise the functions vested in, and discharge the duties and be subject to the liabilities and penalties imposed on, auditors 18 ot'2013. of companies by section 147 of the Companies Act, 2013.".
18. In section 13 of the Insurance Act,— (/') for sub-section (/), the following sub-section shall be Substitution of new section for section 11.
Accounts and balance-sheet.
Substitution of new section for section 12.
Audit.
Amendment of section 13.
14 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— substituted, namely:— "(/) Every insurer carrying on life insurance business shall, once at least every year cause an investigation to be made by an actuary into the financial condition of the life insurance business • carried on by him, including a valuation of his liabilities in respect thereto and shall cause an abstract of the report of such actuary to be made in accordance with the regulations:
Provided that the Authority may, having regard to the circumstances of any particular insurer, allow him to have the investigation made as at a date not later than two years from the date as at which the previous investigation was made: .
Provided further that every insurer, on or after the commencement *of the Insurance Regulatory and Development Authority Act, 1999, shall cause an abstract of the report of the actuary to be made in such manner as may be specified by the regulations.";
(if) for sub-section (4), the following sub-section shall be substituted, namely:— "(4) There shall be appended to every such abstract a statement prepared in such form and in such manner as many be specified by the regulations:
Provided that, if the investigation referred to in sub sections (1) and (2) is made annually by any insurer, the statement need not be appended every year but shall be appended at least once in every three years.";
(Hi) for sub-section (6), the following sub-section shall be substituted, namely:— "(<5) The provisions of this section relating to the life insurance business shall apply also to any such sub-class of insurance business included in the class "Miscellaneous Insurance" and the Authority may authorise such modifications and variations of regulations as may be necessary to facilitate their application to any such sub class of insurance business:
Provided that, if the Authority is satisfied that the number and amount of the transactions carried out by an insurer in any such sub-class of insurance business is so Sic. 1] THE GAZETTE OF INDIA EXTRAORDINARY 15 small as to render periodic investigation and valuation unnecessary, it may exempt that insurer from the operation of this sub-section in respect of that sub-class of insurance business.".