Section 59
Section 59
(1)
A registered insurer or a registered insurance broker shall prepare such statements of account and other statements and in such form and manner as may be prescribed and lodge them with the Authority.
(2)
A registered insurer or a registered insurance broker shall cause to be kept such books and records according to international accounting standards as will sufficiently explain the transactions and financial position of the insurer in Brunei Darussalam and enable the insurer to comply with the requirements of this section and section 60, and shall cause those books and records to be kept in such manner as to enable them to be conveniently and properly audited.
(3)
A registered insurer shall have its accounts audited for each accounting period for which statements of account have been prepared in accordance with regulations prescribed under subsection (1).
(4)
A registered insurance broker shall have its accounts audited for each financial year for which statements of accounts and other statements are prepared in accordance with regulations prescribed under subsection (1).
(5)
No person shall act as auditor for any registered insurer or registered insurance broker unless –
(a)
he has a place of business in Brunei Darussalam;
(b)
he has been authorised pursuant to section 131 of the Companies Act
(Chapter 39) to perform the duties required by that Act to be performed by an auditor;
and
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(c)
in the case of a registered insurer, he has the approval of the Authority.
(6)
An auditor shall not be approved by the Authority as an auditor for registered insurers or registered insurance brokers unless he is able to comply with such conditions in relation to the discharge of his duties as may be determined by the Authority.
(7)
The Authority may impose all or any of the following duties on an auditor –
(a)
a duty to submit such additional information in relation to his audit as the Authority considers necessary;
(b)
a duty to enlarge or extend the scope of his audit of the business and affairs of the insurer;
(c)
a duty to carry out any other examination or establish any procedure in any particular case; and
(d)
a duty to submit a report on any of the matters referred to in paragraphs
(b)
and (c), and the insurer or insurance broker shall remunerate the auditor in respect of the discharge by him of all or any of these duties.
(8)
An auditor's report made under subsection (6) shall be lodged with the
Authority, together with the statements of accounts lodged by the insurer or the insurance broker under subsection (1).
(9)
If an auditor, in the course of the performance of his duties as an auditor of an insurer, is satisfied that –
(a)
there has been a serious breach or non-observance of the provisions of this Order or that a criminal offence involving fraud or dishonesty has been committed;
(b)
any transaction or dispute has taken place which will have a material effect on the solvency of any insurance fund established by the insurer under this
Order;
(c)
serious irregularities have occurred, including irregularities that jeopardise the interests of policy owners; or
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(d)
where the insurer is incorporated or established in Brunei Darussalam, the insurer is unable to meet its obligations, he shall immediately report the matter to the Authority.
(10)
In the case of a company incorporated or established outside Brunei
Darussalam, the audit required by subsection (3) need not extend beyond the business for which an insurance fund is maintained under this Order.
(11)
The documents to be lodged with the Authority under this section for any accounting period of an insurer shall be accompanied by copies of any report submitted to the members of the insurer with respect to that period and, if it is not among the documents so lodged, by any statement of accounts so submitted with respect to that period; but references in this section to documents lodged with the Authority shall be deemed not to include documents required by this section to accompany documents so lodged.
(12)
Where any report or statement referred to in subsection (10) is in a language other than the Malay or English language, the copy required by that subsection shall be in the
Malay or English language and shall be certified to be a true translation of the original by the translator.
(13)
Any registered insurer or registered insurance broker who fails to comply with any provision of this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 and, in the case of a continuing offence, to a further fine not exceeding $2,000 for every day during which the offence continues after conviction.
Actuarial investigations and reports as to life business.