Div 4Accounts, Balance-sheets and Audit.

Division 4.—Accounts, Balance-sheets and Audit.

Separation of accounts.

V. 4778, s. 12. Imp. Act 1923, s. 12.

41. Where a company establishes and maintains a statutory fund in respect of both ordinary life insurance business and industrial insurance business, it shall keep separate accounts of its receipts and payments (including sums ascertained by apportionment under the next succeeding section) in respect of the ordinary life insurance

business and in respect of the industrial insurance business and shall also keep separate accounts of the amounts of that statutory fund which are derived from the ordinary life insurance business and from the industrial insurance business, respectively.

Apportionment of receipts and payments.

Imp. Act 1923, s. 12.

42. Where a company establishes and maintains a statutory fund in respect of both ordinary life insurance business and industrial insurance business, and any amount received or paid by the company is in respect of the life insurance business in respect of which that statutory fund is maintained but is not received or paid wholly in respect of the ordinary life insurance business or wholly in respect of the industrial insurance business, the company shall, for the purposes of this Division, apportion the amount in an equitable manner between the ordinary life insurance business and the industrial insurance business.

Appreciation and depreciation of assets.

43. Where a company treats any asset as having appreciated or depreciated in value, the company shall, for the purposes of this Division, regard the amount of the appreciation or depreciation as a receipt or payment, as the case may be.

Accounts and balance-sheet.

Imp. Act 1909, ss. 4–6. V. 4602, ss. 529–530. Q., ss. 9–10. S.A., ss. 45–46. W.A., ss. 18–17 T., ss. 14–15.

44.—(1.) Subject to this section, every company shall, at the expiration of each financial year of the company, prepare—

(a) a revenue account for the year in accordance with Form A in respect of each statutory fund;

(b) a revenue account for the year in accordance with Form B in respect of any insurance business, other than life insurance business, carried on by the company;

(c) except where the company does not carry on any business other than life insurance business, a profit and loss account for the year in accordance with Form C; and

(d) a balance-sheet in accordance with Form D.

(2.) Where a statutory fund is maintained in respect of both ordinary life insurance business and industrial insurance business, separate revenue accounts in accordance with Form A shall be prepared for the ordinary life insurance business and for the industrial insurance business in respect of which that statutory fund is maintained.