Every insurance agent shall prepare for every accounting year the following:
a) A financial position as at the end of each accounting period; b) An income statement for that period; c) A cash flow statement; d) A change in equity statement; and e) Additional statements and notes to accounts as may be required by the Authority.
Every insurance agent shall maintain separate ledger accounts for each of its clients.
The retention period for records identified in this Article and their backup copies shall be in line with the applicable insurance agent’s regulations.
The agent shall maintain records beyond the normal statute of limitation periods as stipulated in the applicable insurance agent’s regulations, when the records are subject to ongoing investigations or prosecution in court, until such records are no longer needed.
The Authority may assign an employee(s) from their end or appoint an external party to inspect, at appropriate times, the records of the agent. The agent shall have all his records available and cooperate with the employee(s) or the external party so that they can fully perform their duties. The agent shall bear all the expenses for the external party as decided by the Authority, unless the Authority deems otherwise.