Section 24B · Financial statements

¹[24B. Financial statements.(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 applicable accounting requirements as may be applicable for such financial statements:

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 (42 of 1999) or by any other law for the time being in force.

(2) At every annual general meeting, the Board shall place before such meeting financial statements for the preceding financial year.

(3) The Corporation shall, in addition to financial statements provided under sub-section (2), prepare a consolidated financial statement of the Corporation in conformity with the requirements referred to in sub-section (1), and shall place the same before the annual general meeting, along with the placing of its financial statements under sub-section (2):

Provided that the Corporation shall also attach along with its financial statements, a separate statement containing the salient features of the consolidated financial statement.

(4) The provisions of this Act applicable to financial statements under sub-section (1) and under section 24C, the inquiry by the auditor into matters referred to in and making of the auditors report on accounts under section 25B, and adoption of financial statements under section 23A at the annual general meeting, shall, mutatis mutandis, apply to the consolidated financial statement referred to in sub-section (3).

(5) Without prejudice to anything contained in sub-section (1) or sub-section (3), where the financial statements are not in conformity with the standards applicable thereto, the Corporation shall disclose in the financial statements the deviation from applicable standards, the reasons therefor and the financial effects, if any, arising out of such deviation.

(6) Financial statements including consolidated financial statement, if any, shall be approved by the Board before they are signed on behalf of the Board by two whole-time directors, one director other than a whole-time director, the heads of the finance and secretarial functions of the Corporation and its Appointed Actuary, for submission to the auditor for his report thereon.

(7) The auditor's report shall be attached to every financial statement.

(8) A signed copy of every financial statement, including consolidated financial statement, if any, shall be issued, circulated or published, along with a copy each of--

(a) any notes annexed to or forming part of such financial statement;

(b) the auditor's report; and

(c) the Board's report referred to in sub-section (1) of section 24C.]