Insurance Act, 2017 (Act No. 18 of 2017)Chapter 7 : Reporting and Public Disclosures47. Auditing requirements |
| (1) | An insurer (other than a branch of a foreign reinsurer, Lloyd’s underwriter or Lloyd’s) and a controlling company must annually cause the following to be audited and reported on by its auditor in accordance with auditing pronouncements as defined in section 1 of the Auditing Profession Act: |
| (a) | Such of the information referred to in sections 44 and 45 as prescribed; and |
| (b) | the annual financial statements referred to in section 46. |
| (2) |
| (a) | The audited annual financial statements of the insurer must be submitted to the Prudential Authority and made available to the public within the prescribed period after its financial year-end. |
| (b) | The audited annual financial statements of a controlling company must be submitted to the Prudential Authority within the prescribed period after its financial year-end. |
| (3) | A branch of a foreign reinsurer and Lloyd’s must annually cause the following to be audited and reported on by its auditor in accordance with auditing pronouncements as defined in section 1 of the Auditing Profession Act: |
| (a) | Such of the information referred to in sections 44 and 45 as prescribed; and |
| (b) | the security held in the trust referred to in section 41. |
| (4) | The audit of the security held in the trust referred to in section 41 must be submitted to the Prudential Authority and made available to the public within the prescribed period after the audit. |
| (5) | The Prudential Authority may, in addition to auditing pronouncements as defined in section 1 of the Auditing Profession Act, prescribe auditing standards or requirements in respect of the information referred to sections 41, 44 and 45. |