(1)The financial statements of the Corporation shall give a true and fair view of the state of affairs of the Corporation and shall be in conformity with the standards on auditing issued by the Institute of Chartered Accountants of India, constituted under section 3 of the Chartered Accountants Act, 1949, and with the accounting standards issued by the said Institute to the extent such accounting standards are applicable to insurers carrying on life insurance business and subject to any regulations made by the Authority under the Insurance Act relating to preparation of financial statements and auditor’s report:Provided that the financial statements shall not be treated as not disclosing a true and fair view of the state of affairs of the Corporation, merely by reason of the fact that they do not disclose any matters which are not required to be disclosed by this Act or by the Insurance Act or by the Insurance Regulatory and Development Authority Act, 1999 or by any other law for the time being in force.
