(1) A balance sheet required by section 26(1)(a) of the Act to be prepared by a company at the expiration of each financial year shall be prepared in accordance with the forms set out as Forms D1 to D5.
(2) Where the amount of any liabilities shown in the balance sheet or in any statement or report annexed thereto includes an amount of indebtedness of the company (whether on account of a loan or otherwise) to any dependant company, in showing the amount of these liabilities such part of that amount as represents indebtedness to dependant companies shall be separately distinguished.
(3) The aggregate amount (before deduction of income tax) which is recommended for distribution by way of dividend shall be shown.
(4) The following amounts shall be shown under separate headings—
(a) in respect of a company's long term insurance business the amount of each long-term business fund carried forward in the revenue account of the company for the financial year, as well as the amount of claims admitted but not paid;
(b) in respect of a company's general insurance business the amounts set aside respectively for
(i) unearned premium,
(ii) unexpired risks,
(iii) claims outstanding, and
(iv) claims equalisation;
(c) the amount payable to policyholders, insurance brokers and insurance agents including any amount payable in connection with reinsurance accepted by the company but excluding any amount payable in connection with claims under insurance contracts;
(d) the amount payable to the company's reinsurers identifying any part of the amount of reinsurance premiums payable which has been retained by the company as a security for future claims against the company's reinsurers;
(e) the amounts payable to persons carrying on insurance business (other than amounts payable in connection with reinsurance accepted and ceded);
(f) the amount of bank loans and overdrafts;
(g) the amounts payable to other creditors classified under appropriate headings;
(h) other amounts set aside classified under appropriate headings.
(5) The following amounts receivable shall be shown under separate headings—
(a) the amount receivable from policyholders, insurance brokers and insurance agents including any amount receivable in connection with reinsurance accepted by the company identifying any part of the amount receivable by way of reinsurance premiums which has been retained by persons reinsured as a security for future claims against the company;
(b) the amount receivable from the company's reinsurers;
(c) the amount receivable from persons carrying on insurance business (other than amounts receivable in connection with reinsurance accepted or ceded, or amounts receivable through recoveries on subrogation claims);
(d) the amount receivable from other debtors;
(e) cash on current account at bankers and in hand;
(f) the amount of assets not included in the amounts shown under other headings classified under appropriate headings.
(6) If not otherwise shown the following shall be stated by way of note—
(a) the aggregate amount or estimated amount, of contracts of capital expenditure authorised by the directors which has not been contracted for, where such amounts are material;
(b) particulars of any charge on the assets of the company to secure the liabilities of any person (other than liabilities arising under a contract of insurance) including the amount secured;
(c) any other contingent liability not provided for (other than one arising under a contract of insurance) and the aggregate amount or estimated amount of that liability, if it is material.