S.L. 403.25 Art. 11Annual report by the Management Committee.

(1) The Management Committee shall every calendar year, and not later than five months after the end of its financial year, submit to the competent authority a report on the discharge of its functions, activities and operation of the Protection and Compensation Fund during such year. Such report shall include inter alia:

(a) a statement showing the payments in and payments out of the Protection and Compensation Fund during its immediate previous year; and

(b) annual financial statements prepared in accordance with International Accounting Standards on Auditing by approved auditors appointed for this purpose by the Management Committee.

(2) A copy of the report of the Management Committee together with all documents attached referred to in this regulation, shall upon request be made available to insurers contributing to the Protection and Compensation Fund.