Financial recordkeeping obligations require insurance intermediaries to prepare audited statements, rectify audit deficiencies, and disclose related-party transactions.

Insurance intermediaries must prepare annual balance sheets, accrual-basis profit and loss accounts, direct-method cash or fund-flow statements, and additional statements specified by the Authority. Audited financial statements, auditor reports, observations and explanations must be submitted within the prescribed period, while audit deficiencies must be rectified and reported. Books and records must be maintained at the IFSC office, retained for the applicable period, and available for inspection. Financial statements must provide insurer-wise income details and disclose payments from group companies, associates and related parties, while audited accounts and balance sheets must disclose all related-party transactions.

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