Insurance Act, 1936

Additional contents of balance sheet.

101.—The balance sheet which every assurance company is required by section 7 (which relates to deposit of accounts with the Board of Trade) of the Act of 1909 to deposit shall, in addition to the certificates mentioned in Note 3 and Note 4 to the Third Schedule to the Act of 1909, be accompanied by the following certificates, that is to say:—

(a) a certificate, signed by the same persons as are required by the Act of 1909 to sign such balance sheet, in which such persons shall—

(i) certify that the values of all the assets set forth in such balance sheet have been ascertained and reviewed as at the date of such balance sheet and are shown therein at amounts which, in the belief of such persons do not exceed in the aggregate the realisable or market value of such assets after taking into account any investment reserve fund, and

(ii) certify that the mortgages and loans included in such balance sheet are in the belief of such persons in the aggregate adequately secured, and

(iii) wherever the values in the aggregate of any stock exchange securities shown in such balance sheet after taking into account any investment reserve fund, are in excess of the values of such securities as ascertainable from published stock exchange quotations as at the date of such balance sheet, explain how the said values so shown have been arrived at, and

(iv) state the amount of every increase of freehold and leasehold property which is not solely due to the cost of subsequent additions since the last previous balance sheet, and explain the reason for such increase, and

(b) a certificate, signed both by the same persons as are required by the Act of 1909 to sign each balance sheet and by an actuary, in which such persons and such actuary shall certify that the values of reversions and life interests have been ascertained and reviewed as at the date of such balance sheet and, in the belief of such persons and such actuary, the aggregate value thereof as shown in such balance sheet is not in excess of the actuary's valuation.