28.—(1) A registered insurance broker shall prepare such statements of accounts and other statements and in such form and manner as may be prescribed and lodge them with the Authority.
(2) A registered insurance broker shall cause —
(a)
to be kept in Singapore such books and records as will sufficiently explain the transactions and financial position of the insurance broker in Singapore and enable the insurance broker to comply with the requirements of this section; and
(b)
those books and records to be kept in such manner as to enable them to be conveniently and properly audited.
(3) A registered insurance broker shall have its accounts audited for each accounting period for which statements of accounts and other statements are prepared in accordance with regulations prescribed under subsection (1).
(4) No person shall act as an auditor for any registered insurance broker unless —
(a)
he has a place of business in Singapore;
(b)
he is approved under section 9 of the Companies Act (Cap. 50) as a company auditor for the purposes of that Act; and
(c)
he has the approval of the Authority.
(5) An auditor shall not be approved by the Authority as an auditor for registered insurance brokers unless he is able to comply with such conditions in relation to the discharge of his duties as may be determined by the Authority.
(6) The Authority may impose all or any of the following duties on an auditor:
(a)
a duty to submit such additional information in relation to his audit as the Authority considers necessary;
(b)
a duty to enlarge or extend the scope of his audit of the business and affairs of the registered insurance broker;
(c)
a duty to carry out any other examination or establish any procedure in any particular case; and
(d)
a duty to submit a report on any of the matters referred to in paragraphs (b) and (c).
(7) The registered insurance broker shall remunerate the auditor in respect of the discharge by him of all or any of the duties referred to in subsection (6).
(8) An auditor’s report made under subsection (6)(d) shall be lodged with the Authority together with the statements of accounts and other statements lodged by the registered insurance broker under subsection (1)
(9) If an auditor, in the course of the performance of his duties as an auditor of a registered insurance broker, is satisfied that —
(a)
there has been a serious breach or non-observance of any provision of this Act or that a criminal offence involving fraud or dishonesty has been committed;
(b)
serious irregularities have occurred, including irregularities that jeopardise the interests of policy owners; or
(c)
the insurance broker is unable to meet its obligations,
he shall immediately report the matter to the Authority.