Section 22 in Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017
22. Maintenance of books of account, records, etc.
(a)Every Insurance Web Aggregator 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. an income and expense statement;iv. a statement of cash/fund flow;v. Additional statements on Insurance Web Aggregators business as may be required by the Authority.Note 1. - For purposes of these Regulations, 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 a 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 group companies, insurer-wise, by the Insurance Web Aggregator, and also the details of payments received by the group companies and/or associates of the Insurance Web Aggregator from any insurer and the details thereof.(b)The details pertaining to maintenance of the books of accounts, records, etc of the Insurance Web Aggregator are given in Form M (Maintenance of books of accounts, records, etc.) of Schedule III of these regulations.
