176Accounts, returns and other records of licensed insurer

#### 176 Accounts, returns and other records of licensed insurer 176 Accounts, returns and other records of licensed insurer (cf s 113 MAA) > > (1) A licensed insurer must keep such accounting and other records in relation to the business or financial position of the insurer— > > > > > (a) as may be prescribed by the regulations, and > > > > > (b) subject to the regulations, as may be directed by the Authority by notice served on the insurer. > > > (2) The regulations may prescribe the manner in which financial transactions are to be accounted for in any such records. > > > (3) A licensed insurer must lodge with the Authority returns in relation to the business or financial position of the insurer in such form, containing such particulars and accompanied by such documents— > > > > > (a) as may be prescribed by the regulations, and > > > > > (b) subject to the regulations, as may be directed by the Authority by notice served on the insurer. > > > (4) Returns must be lodged— > > > > > (a) subject to paragraph (b), within 6 weeks after each 31 March, 30 June, 30 September and 31 December, or > > > > > (b) at such other times as the Authority, by notice served on the insurer, directs. > > > (5) The regulations may require returns, and documents accompanying returns, to be certified by an auditor or by an actuary. > > > (6) A licensed insurer who contravenes any requirement imposed on the insurer by or under this section is guilty of an offence. > > > > Maximum penalty—100 penalty units. > > > (7) The Authority may make publicly available a copy of any return, and any documents accompanying a return, under this section. > > > (8) In this section— > > > > accounting records include invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes, vouchers and other documents of prime entry, and also include such working papers and other documents as are necessary to explain the methods and calculations by which accounts are made up.