Section 12: Reports and statements

12. Reports and statements (1) Subject to subsection (2), a captive insurer shall, within 6 months of the end of the financial year, submit to the Commission an annual report consisting of— (a) audited financial statements prepared in accordance with international accounting standards; (b) a certification of solvency prepared by a person approved by the Commission in accordance with such requirements as may be prescribed; (c) a management report detailing the activity of the captive insurance business, including but not limited to, underwriting, reinsurance and investments together with written confirmation that the information set out in the application for the licence, as modified by any subsequent changes approved by the Commission, remains accurate; and (d) such other information as may be prescribed. (2) On application made to that effect, the Commission may, on such terms and conditions as it may determine, authorise a captive insurer— (a) to file its annual report based on a financial year that is consistent with the financial year of the parent and, if an alternative date is granted, the annual report shall be filed not later than 31 December of a given year; (b) to use a generally accepted accounting principle for the preparation of its financial statements; and (c) to select any currency acceptable to the Commission for its reporting purposes.