NINTH SCHEDULE
Regulation 9
Report of the Auditors Approved under Section 36 (6) of the Insurance Act (Cap. 142)
to the Accounts of the 2General/life/general and Life Business of ________________________________
2  Delete as applicable.
1.  We have examined the attached balance-sheet as at _______________, revenue account and other statutory returns for the accounting period.
2.  In our opinion and to the best of the information and according to the explanations given to us —
(a)the balance-sheet, revenue account and other statutory returns (other than Form 12) have been prepared in accordance with the provisions of the Insurance Act and the regulations made thereunder;
[S 31/2004 wef 21/01/2004]
(b)the balance-sheet presents a true and fair view of the financial position of the business of the insurer for which the Insurance Fund(s) is/are maintained under the Insurance Act;
(c)the books of the insurer have been properly kept and recorded fairly the affairs and transactions of the insurer in respect of that business; and
(d)all necessary and proper apportionments have been made in the balance-sheet, revenue account and other statutory returns and have been made in an equitable manner.
3.  As far as can be ascertained from our examination, in our opinion —
(a)the prescribed fund margins of solvency required under section 18 of the Insurance Act have been complied with;
[S 31/2004 wef 21/01/2004]
(b)no part of the assets of the Insurance Fund(s) maintained under the Insurance Act has been applied in contravention of section 17 of the Insurance Act, and section 17 (16) has been complied with in relation to those assets;
[S 31/2004 wef 21/01/2004]
(c)the assets of the Insurance Fund(s) maintained under the Insurance Act have been invested and held in accordance with regulations prescribed under section 19 of the Insurance Act;
[S 31/2004 wef 21/01/2004]
(d)no documents of title to Insurance Fund assets have been held in contravention of section 20 (1) of the Insurance Act;
[S 31/2004 wef 21/01/2004]
(e)the assets and liabilities have been valued in accordance with the prescribed regulations; and
(f)the insurer has estimated its loss reserves, including those for claims incurred but not reported (IBNR) using a proper and consistent method of estimation which is based on properly collated claims statistics; except
________________________
Certified Public Accountants
Date: ___________________
UNKNOWN
UNKNOWN
UNKNOWN
INFORMATION ON EXTERNAL AUDITORS
The following information on an insurer’s external auditors is required:
1. Name of audit firm
2. Date of appointment
3. Name and qualification of audit team leader
4. Number of members in the audit team
5. Amount of fees paid.
 
[S 31/2004 wef 21/01/2004]