Cap. 487 Art. 27Financial year of insurance intermediaries. Cap. 386.

(1) A company enrolled under article 13 which is a local company shall, not later than three months from the date of a company’s enrolment, notify in writing the competent authority of the financial year and, failing such notice, the financial year of the enrolled company shall terminate on the thirty-first day of December of each year.

(2) No enrolled company as aforesaid shall alter its financial year unless and until the competent authority has given its approval in writing on an application made to it in that behalf.

(3) Every foreign company applying for enrolment under article 13 shall, on application, notify in writing the competent authority of its financial year; and after enrolment under that article, where a foreign company alters its financial year, it shall forthwith inform in writing the competent authority of such change.

(4) For the purposes of this Act "financial year" -

(a) in relation to an enrolled company which is a local company, means an accounting period as is construed in accordance with articles 164 to 166 of the Companies Act;

(b) in relation to an enrolled company which is a foreign company, means an accounting period as is construed in accordance with the provisions of the laws of the country where the registered office or the head office of the company is situated governing the accounting period of such companies.