LawgistThe Insurance Act
12Audit
1[12. Audit.-- The balance sheet, profit and loss account, revenue account and profit and loss appropriation account of every insurer, in respect of all insurance business transacted by him, shall, unless they are subject to audit under the Companies Act, 2013 (18 of 2013), be audited annually by an auditor, and the auditor shall in the audit of all such accounts have the powers of, exercise the functions vested in, and discharge the duties and be subject to the liabilities and penalties imposed on, auditors of companies by section 147 of the Companies Act, 2013.]
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1. Subs. by Act 5 of 2015, s. 17, for section 12 (w.e.f. 26-12-2014).
PROVISIONS APPLICABLE TO INSURERS
- 2C Prohibition of transaction of insurance business by certain persons
- 2CA Power of Central Government to apply provisions of this Act to Special Economic Zones
- 2CB Properties in India not to be insured with foreign insurers except with the permission of Authority
- 2D Insurers to be subject to this Act while liabilities remain unsatisfied
- 2E [Omitted.]
- 3 Registration
- 3A Payment of annual fee by insurer
- 3B Certification of soundness of terms of life insurance business
- 4 Minimum limits for annuities and other benefits secured by policies of life insurance
- 5 Restriction on name of insurer
- 6 Requirements as to capital
- 6A Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares
- 6AA [Omitted.]
- 6B Provision for securing compliance with requirements relating to capital structure
- 6C [Omitted.]
- 7 [Omitted.]
- 8 [Omitted.]
- 9 [Omitted.]
- 10 Separation of accounts and funds
- 11 Accounts and balance-sheet
- 12 Audit
- 13 Actuarial report and abstract
- 14 Record of policies and claims
- 15 Submission of returns
- 16 [Omitted.]
- 17 [Omitted.]
- 17A [Omitted.]
- 18 Furnishing reports
- 19 Abstract of proceedings of general meetings
- 20 Custody and inspection of documents and supply of copies
- 21 Powers of Authority regarding returns
- 22 Powers of Authority to order revaluation
- 23 Evidence of documents
- 24 [Omitted.]
- 25 Returns to be published in statutory forms
- 26 Alterations in the particulars furnished with application for registration to be reported
