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Article 16 Auditing of the Books and Records of the Surveyor and Loss Adjuster

IA-BOD-RES 6/2010 Effective from 14/11/2010
  1. The Surveyor and Loss Adjuster shall submit the following data approved by an auditor registered on the list of auditors in the IA, within three months from the end of the financial year:
     
    1. The balance sheet and final accounts for companies practicing the business of surveying and loss adjustment for their operations in the UAE during the past financial year.
       
    2. Number and names of insurance companies with which the Surveyor and Loss Adjuster has dealt.
       
    3. Amount of payable fees, amount received therefrom and outstanding fees due from parties that assigned the Surveyor and Loss Adjuster during the past financial year for each company separately.
       
  2. The Director General may assign one employee or more from the IA or may assign an external party to audit the surveying and loss adjustment work. The Surveyor and Adjuster shall provide such auditors with access to all the records, documents and entries related thereto, cooperate with them, and respond to their requests so that they can carry out their work to the fullest.
     
  3. The Surveyor and Loss Adjuster shall bear expenses determined by the Director General in case of assigning an external auditor.
     
  4. The Surveyor and Loss Adjuster must submit any data or information required by the Director General within the period determined for this purpose.