Financial reporting requirements mandate consolidated statements, detailed board reports, and centralised record keeping with specified approvals and auditor attachment. The amendments require the Corporation to maintain separate participating and non participating policy holders funds, establish reserves at the Board's discretion, and keep comprehensive books of account and financial statements at central, zonal, divisional and branch levels (including electronic records). Financial statements must present a true and fair view, include a consolidated statement, disclose deviations from standards, be Board approved and signed by prescribed officers, and be accompanied by the auditor's report and a detailed Board's report. Designated officers are liable to monetary penalties for non compliance.
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Financial reporting requirements mandate consolidated statements, detailed board reports, and centralised record keeping with specified approvals and auditor attachment.
The amendments require the Corporation to maintain separate participating and non participating policy holders funds, establish reserves at the Board's discretion, and keep comprehensive books of account and financial statements at central, zonal, divisional and branch levels (including electronic records). Financial statements must present a true and fair view, include a consolidated statement, disclose deviations from standards, be Board approved and signed by prescribed officers, and be accompanied by the auditor's report and a detailed Board's report. Designated officers are liable to monetary penalties for non compliance.
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