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CS Professional · IFSCA - Regulations, Listing and Compliances · Insurance and Reinsurance

Ganga Insurance IFSC Ltd must submit periodic returns and audited financial statements to the IFSCA. The compliance officer proposes to submit unaudited figures prepared in-house to save time. What is the correct position?

Submitting unaudited in-house figures is not acceptable. An IFSC insurer must file audited financial statements and returns in the manner and within the timelines prescribed by IFSCA. The chairman's signature or a start-up period does not waive the audit requirement.

  1. AAcceptable, since the IFSCA never requires audited accounts
  2. BAcceptable if the board chairman signs the figures
  3. CNot acceptable, since financial statements must be audited and filed in the manner and timelines prescribed by the IFSCACorrect
  4. DAcceptable for the first three years of operation

Explanation

Ongoing compliance requires audited financial statements and returns filed as prescribed and on time. Chairman signature or a start-up grace period does not replace the audit requirement.

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