Section 49: Accounts, balance sheet and other returns

49. Accounts, balance sheet and other returns (1) An insurer shall, at the expiration of each balance sheet date, prepare with reference to that year— (a) a balance sheet; (b) a profit and loss account or a revenue account, or both, as may be applicable; and [Issue 1] I15 – 36 Revised Laws of Mauritius (c) in respect of each class of insurance business, or part thereof, for which the insurer is required by section 48 to keep a separate account of receipts and payments, a revenue account. (2) An insurer shall furnish to the Commission such further returns or abstracts, or amended or substituted returns or abstracts, as may be required by the Commission. (3) Subject to Part III, every reserve or provision shall be calculated in accordance with internationally approved methods, and the methods adopted for the purpose shall be disclosed to the Commission, including any change in the methods. (4) All amounts which are required to be shown in any account or balance sheet shall be shown in Mauritian currency to the nearest rupee or in such other currency as may be approved by the Commission. (5) An insurer which is a foreign company and is required by the law of the country where it is established to prepare and furnish to a public authority in that country any documents, shall furnish to the Commission copy of such of those documents, as may be specified by the Commission. (6) No insurer shall change its balance sheet date without the approval of the Commission. (7) The Commission may specify such additional requirements in respect of the audited financial statements of protected cell companies as it may deem appropriate. [S. 49 amended by s. 17 of Act 16 of 2007 w.e.f. 28 September 2007.]