Maintenance of books of accounts and records

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.... (a) a balance sheet as at the end of each financial year; (b) a profit and loss account for that period, which shall be maintained on accrual basis; (c) a statement of cash/fund flow (direct method) for that period; and (d) additional statements on its business as may be specified by the Competent Authority. Explanation. - (i) For the purposes ....

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....#39;s report, as applicable, the remarks or observations of the auditor, if any, on the conduct of the business, state of accounts, etc. (5) An MGA shall take steps to rectify the deficiencies, if any, made out in the auditor's report, and inform the Competent Authority about the same within a period of ninety (90) days from the date of the auditor's report. (6) All the financial sta....

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....these regulations shall be retained for such period as specified under the International Financial Services Centres Authority (Maintenance of Insurance Records and Submission of Requisite Information for Investigation and Inspection) Regulations, 2022; Provided that the documents pertaining to the cases where claims are reported and the decision is pending in a Court, the documents shall be mai....