Regulatory Alerts2020-12-24 | 29689Financial Statements of Intermediaries
The insurance regulatory authority mandates that licensed intermediaries prepare and submit standardized financial statements to ensure transparency, compliance with capital adequacy rules, and accurate reporting of their operational and investment activities. These filings must adhere to prescribed accounting frameworks, disclose key risk exposures, and undergo independent audit verification. Intermediaries failing to meet these reporting deadlines or accuracy standards face regulatory sanctions, including fines and suspension of operating licenses.
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