Cap. 403 Art. 20Drawing up and publication of audited financial statement.

(1) Subject to the following sub-articles, every undertaking authorised under this Act shall, within the period stipulated by regulations made or Insurance Rules issued under article 32 or at any other time as may be authorised in writing by the competent authority -

(a) forward to the competent authority; and

(b) exhibit in a conspicuous position in each of its offices, agencies and branches in Malta and keep so exhibited throughout the following twelve months, a copy of its audited financial statements drawn up -

(i) in the case of an undertaking whose head office is in Malta, in accordance with Insurance Rules made for the purposes of this article; and

(ii) in the case of a third country insurance or reinsurance undertaking, in accordance with the provisions of the laws of the country where the head office of the undertaking is situated governing the financial statements of such undertakings.

(1A) The undertaking shall provide a copy of its audited financial statements to any person applying for such copy:

Provided that the undertaking may charge such reasonable fees not exceeding the administrative costs incurred in producing such copy.

(2) In the case of an undertaking whose head office is in Malta, sub-article (1)(b) shall apply as respects the undertaking’s offices, agencies and branches in a country outside Malta in the same manner and to the same extent as it applies to its offices, agencies and branches in Malta.

(3) The audited financial statements shall be drawn up and published in such manner and form as may be specified in Insurance Rules.