406Offence—licensed insurer to keep accounts

406 Offence—licensed insurer to keep accounts (1) A licensed insurer commits an offence if the insurer does not keep the following accounting records and other records for the business or financial position of the insurer: (a) the records prescribed by regulation; (b) if the MAI commission directs the insurer, in writing, to keep a record—the records that the insurer is directed to keep. accounting records, of a licensed insurer, include the following: (a) invoices; (b) receipts; (c) orders for the payment of amounts; (d) bills of exchange; (e) cheques;

(f) promissory notes; (g) vouchers and other prime entry documents; (h) the working papers and other documents that are necessary to explain the methods and calculations by which accounts are made up. Note A licensed insurer must also comply with the requirements under ch 9 in relation to giving information to the MAI commission (see s 462 and s 465).