Section 34(1) in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
(1)Every insurance broker shall prepare for every financial year -(a)a balance sheet or a statement of affairs as at the end of each accounting period;(b)a profit and loss account for that period;(c)a statement of cash/fund flow (direct method);(d)Additional statements on insurance broking business as may be required by the Authority.Note: For purposes of this regulation, the financial 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 a year and ending on the 31st day of March of the year following, and the accounts shall be maintained on accrual basis.
