Regulatory Alerts2009-03-09
Added
PI-ST-2-2009 Annual Returns
The Registrar of Short-Term Insurance Companies directs all registered short-term insurance brokers and reinsurance brokers to submit audited financial statements annually within six months after the end of their financial year. This requirement enforces Section 56 of the Short-Term Insurance Act No. 4 of 1998, which mandates the maintenance of proper accounts and the submission of specific business particulars. Failure to comply with these provisions subjects the entities to penalties as defined in Section 69 of the Act.
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