(1) A licensee shall have its financial statements audited annually or at such other times as the Minister may require, by an auditor who is a member of the Institute of Chartered Accountants of Saint Lucia or is approved by the Minister, and who shall conduct the audit in accordance with International Standards on Auditing. (Substituted by Act 3 of 2003)
(2) The audited accounts shall be forwarded to the Minister within 3 months of the end of the financial year of the licensee, unless prior written approval for an extension has been granted by the Minister.
(3) The audited accounts shall include an opinion, based on standards that are acceptable to the Minister, prepared by an actuary, in respect of the licensee's liabilities outstanding on account of its long term insurance business and in respect of the licensee's loss and loss reserve provisions on account of its general insurance business, in such form as may be specified by the Minister.
(4) A licensee shall provide a copy of the audited annual accounts of its parent company to the Minister within 3 months of the end of the financial year of such parent company, unless prior approval for an extension has been granted by the Minister.
(5) Where a licensee changes its auditor or actuary, it shall immediately inform the Director, and the Director shall record the change accordingly.
(6) A licensee and the auditor of a licensee shall report in writing to the Minister within 30 days of becoming aware of—
(a) any transactions or conditions affecting the well-being of the licensee that require rectification; or
(b) failure of the licensee to comply substantially with any requirement imposed by this Act, or any conditions contained in the licensee's licence.
(7) A licensee which carries on general insurance business in addition to long term insurance business shall keep separate accounts in respect of its long term insurance business.
(8) A licensee which carries on any business other than international insurance business shall keep segregated accounts in respect of its international insurance business and the other business.
(9) A claim against a licensee in respect of its international insurance business has priority over any other claim against the assets held on behalf of the licensee relating to its international insurance business in the case of the liquidation or winding-up of the licensee.
(10) A claim in respect of its international insurance business that is not fully satisfied from the assets of the licensee relating to its international insurance business ranks rateably with other claims against the assets held on behalf of the licensee relating to any other business it has.