Section 31 in Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015
31. Maintenance of books of account, records, etc.
(1)A corporate agent, which is incorporated exclusively for the purposes of insurance intermediation, shall prepare the following books of accounts for every financial year -(i)a balance sheet or a statement of affairs as at die end of each accounting period;(ii)a profit and loss account for that period;(iii)a statement of cash/fund flow;(iv)Additional statements as may be required by the Authority from time to time.Note 1. - For purposes of this regulation, the financial year shall be a period of 12 months (or less where a business is started after Is1 April) commencing on the first day of the April of an year and ending on the 31st day of March of the year following, and the accounts shall be maintained on accrual basis.Note 2. - There shall be a schedule to their financial statements providing the details of all the incomes received from insurers and insurer's grotto companies, insurer-wise, by the corporate assent, and also the details of payments received by the group companies and/or associates of the corporate assent from any insurer and the details thereof.(a)A copy of the audited financial statements as stated in sub-regulation (I) along with the auditor's report thereon shall be submitted to the Authority before 30lh September every year along with 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.(b)Within ninety days from the date of the Auditor's report necessary steps to rectify any deficiencies, made out in the auditor's report, be made and informed to the Authority.(c)All the books of account, statements, document, etc., shall be maintained at the head office of the corporate agent or such other branch office as may be designated and notified to the Authority, and shall be available on all working days to such officers of the Authority, and authorised in this behalf for inspection.(d)All the books documents statements, contract motes etc., referred to in his regulation and maintained by the pending for a decision from courts,the documents are required to be maintained till the disposal of the cases by the court.(2)In the case of corporate agents whose principal business is other than insurance intermediation, they shall maintain segment wise reporting capturing the revenues received for insurance intermediation and other income from insurers.(3)Every insurer who is engaging the services of a corporate agent shall file with the Authority a certificate, separately for all such corporate agents, in the format given in the Schedule VIA to be signed by the CEO and CFO. A similar certificate from the Principal Officer and CFO (or its equivalent) of the corporate agent specifying the commission/ remuneration received from the insurer shall be filed with the Authority as given in Schedule VIB.
