Section 25 in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
25. Maintenance of books of account, records, etc .-(1) Every insurance broker shall prepare for every accounting year-
(i)a balance sheet or a statement of affairs as at the end of each accounting period;(ii)a profit and loss account for that period;(iii)a statement of cash/fund flow;(iv)additional statements on insurance broking business as may be required by the Authority.Note .-For purposes of this regulation, the accounting year shall be a period of 12 months (or less where a business is started after 1st April) commencing on the first day of the April of any year and ending on the 31st day of March of the year following, and the accounts shall be maintained on accrual basis.(2)Every insurance broker shall submit to the Authority, a copy of the audited financial statements as stated in sub-regulation (1) alongwith the auditor's report thereon within ninety days from the close of the accounting year alongwith the remarks or observations of the auditors, if any, on the conduct of the business, state of accounts, etc., and a suitable explanation on such observations shall be appended to such accounts filed with the Authority.(3)Every insurance broker shall, within ninety days from the date of the Auditor's report take steps to rectify any deficiencies, made out in the auditor's report and inform the Authority accordingly.(4)All the books of account, statements, documents, etc., shall be maintained at the head office of the insurance broker or such other branch office as may be designated by him and notified to the Authority, and shall be available on all working days to such officers of the Authority, authorised in this behalf by it for an inspection.(5)All the books and documents, statements, contract notes, etc., referred to in this regulation and maintained by the insurance broker shall be retained for a period of atleast ten years from the end of the year to which they relate.
