Section 3 in The Insurance Regulatory And Development Authority (Preparation Of Financial Statements And Auditor's Report Of Insurance Companies) Regulations, 2002
3. Preparation of financial statements, management report and auditor's report .-(1) An insurer carrying on life insurance business, after the commencement of these regulations, shall comply with the requirements of Schedule A.
(2)An insurer carrying on general insurance business, after the commencement of these regulations, shall comply with the requirements of Schedule B:Provided that this sub-regulation shall apply, mutatis mutandis , to reinsurers, until separate regulations are made.(3)The report of the auditors on the financial statements of every insurer and re-insurer shall be in conformity with the requirements of Schedule C, or as near thereto as the circumstances permit.(4)The Authority may, from time to time, issue separate guidelines in the matter of appointment, continuance or removal of auditors of an insurer or reinsurer, as the case may be, and such directions/guidelines may include prescriptions regarding qualifications and experience of auditors, their rotation, period of appointment, etc., as may be deemed necessary by the authority.
