INSURANCE ACT (CHAPTER 142) |
|
INSURANCE (GENERAL PROVISIONS AND EXEMPTIONS FOR SPECIAL PURPOSE REINSURANCE VEHICLES) REGULATIONS 2008 |
|
| FORM C — AUDITOR’S SUPPLEMENTARY REPORT |
|
| |
| |
|
|
| AUDITOR’S SUPPLEMENTARY REPORT |
|
| 1. We have audited the balance sheets, profit and loss accounts and other statutory returns (Forms 1, 2, 6, 8 and 9, including their Notes but excluding their Annexes), and evaluated the internal control systems of ______________ as at ______________________ and for the accounting period ___________. |
|
| 2. Our audit was carried out in accordance with section 36(3A) of the Insurance Act (Cap. 142) for the purpose of expressing our opinion on the accounts drawn up in accordance with the provisions of the Act. Our audit was conducted on a test basis and included such samples as we deemed appropriate. In this connection, we have reviewed the accounting system and internal control systems used in the preparation of the statements of account and other statements, in operation in the SPRV. |
|
| 3. Based on our audit, we have no comments on the following (except for those matters stated in the Appendix): |
|
| (a) the books of the SPRV have been properly kept and have recorded fairly the affairs and transactions of the SPRV in respect of its carrying on of insurance business; |
|
| (b) all necessary and proper apportionments have been made in the balance sheets, profit and loss accounts and other statutory returns, and such apportionments have been made in an equitable manner; |
|
| (c) no part of the assets and liabilities of the insurance fund(s) established and maintained under the Act has been applied in contravention of section 17 of the Act; |
|
| (d) no documents of title to assets of the insurance fund(s) established and maintained under the Act have been held in contravention of section 20(1) of the Act, and the assets of the insurance fund(s) established and maintained under the Act have been invested and held in accordance with the regulations prescribed under section 19 of the Act; |
|
| (e) the accounting and internal control systems used in the preparation of statements of accounts and other statements; |
|
| (f) other areas of material weakness in the operations of the SPRV; |
|
| (g) implementation of directions and recommendations made by the Authority in respect of internal systems used in the preparation of the statements of accounts and other statements; and |
|
| (h) implementation of our previous year’s audit recommendations. |
|
| 4. During the course of our audit (except for those matters stated in the Appendix), nothing came to our notice that caused us to believe that — |
|
| (a) known bad debts of a material amount had not been written off or fully provided for; |
|
| (b) adequate provision had not been made for known material doubtful debts and for any material diminution in value of other assets; |
|
| (c) there was any non‑compliance with the Act and regulations, licensing conditions and directions issued by the Authority; |
|
| (d) the SPRV has not followed up on recommendations made by the Authority; and |
|
| (e) there are conflicts of interests involving management or staff in areas such as underwriting, claims settlement and investment resulting or which may result in any person receiving an undue benefit or advantage at the expense of the policy owners. |
|
|
|
| Certified Public Accountants |
|
|