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GOVERNMENT OF THE UNION OF MYANMAR
MINISTRY OF MINISTRY OF FINANCE AND REVENUE
THE INSURANCE BUSINESS RULES
Government of the Union of Myanmar
Ministry of Finance and Revenue
Notification
No.( 116 / 97 )
Yangon, the 6th Waning Day of Nayone, 1359 ME
( 26th June, 1997 )
In exercise of
the power conferred under sub-section (a) of section 38 of the Insurance
Business law. the Ministry of Finance and Revenue, Government of the Union
of Myanmar, issues the following rules with the approval of the Government.
Chapter I
Title and Definition
1. These rules shall be called
the Insurance Business Rules.
2. The expressions contained in
these rules shall have the same meanings as defined in the Insurance
Business Law. Moreover, the following expressions shall have the meanings
given hereunder : -
(a) Law means the Insurance
Business Law;
(b) General Insurance means
classes of insurance other than Life Assurance as mentioned under section 8
of the Law ;
(c) Business Licence means a
licence granted under these rules to transact an insurance, underwriting
agency or broking business;
(d) Form means the form annexed
to these rules.
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Chapter II
Formation of the Insurance Business Supervisory Board
3. (a) The
Ministry shall pursuant to the provision of section 4 of the Law, form the
Insurance Business Supervisory Board;
(b) The Ministry may
reconstitute the Supervisory Board, if necessary.
4. The Supervisory Board shall
from time to time submit a report of its performance to the Ministry.
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Chapter III
Convening of the meeting of the Insurance Business Supervisory Board
5. (a) An ordinary meeting of
the Supervisory Board shall be held once in every month. A special meeting
may be held, if necessary;
(b) Attendance of more than
half of the Supervisory Board members forms a quorum:
(c) The Chairman of the
Supervisory Board shall preside at the meeting. If the Chairman is absent.
the person delegated by the majority of the members present shall preside
thereat;
(d) If any matter is to be
resolved at the meeting the decision shall be made with the consent of the
majority of the members present, by open or secret voting.
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Chapter IV
Duties and Powers of the Supervisory
Board
6. An insurer or underwriting
agent shall raise kyats 30 million for life assurance and kyats 200 million
for general insurance as the paid-up capital.
7. The Supervisory Board shall:
-
(a) direct an insurer or
underwriting agent to open an account at the Myanma Economic Bank with a
deposit equal to 10% of the paid-up capital.
(b) direct an insurer or
underwriting agent to purchase in their joint names Government Treasury
Bonds worth 30% of the paid-up capital.
8. The Supervisory Board may,
with the approval of the Ministry amend the stipulations contained in rules
6 and 7.
9. The Supervisory Board may: -
(a) with the approval of the
Ministry, encash and expend the Government Treasury Bonds purchased in
pursuance of sub-rule (b) of rule 7:
(b) permit an insurer or
underwriting agent to withdraw and expend the remainder of the paid-up
capital after the purchase of the Government Treasury Bonds pursuant to
sub-rule (b) of rule 7, for the purpose of the insurance business.
l0. The Supervisory Board
shall: -
(a) in evaluating assets and
liabilities of an insurer or underwriting agent, formulate norms and
criteria as recommended by an actuary or qualified accountant;
(b) scrutinize and approve the
programme of investment submitted in accordance with the type of insurance
by an insurer or underwriting agent.
11. The Supervisory Board: -
(a) shall determine 10% of the
net life assurance premium generated in the closed underwriting year
immediately preceding the current year as the net worth of a life assurance
business;
(b) shall determine the maximum
amount of the following to be the net worth of a general insurance business:
-
(1) kyats 20 million;
(2) 50% of the net premium
income generated in the closed underwriting year immediately preceding the
current year;
(3) 50% of the claim reserve
provided for the closed underwriting year immediately preceding the current
year;
(c) may, with the approval of
the Ministry amend the stipulations contained in sub-rules (a) and (b)
l2. The Supervisory Board : -
(a) shall direct an insurer or
underwriting agent to establish a life assurance fund and open an account
therewith at the Myanma Economic Bank;
(b) shall direct an insurer or
underwriting agent to establish a Life Assurance Policyholders Protection
Fund for the purpose of protecting the life assurance policyholders if
necessary and to open-an account therewith at the Myanma Economic Bank;
(c) may allow, for the
following purposes, a reasonable sum to be withdrawn and expended out of the
Life Assurance Policyholders Protection Fund established in accordance with
sub-rule (b): -
(1) supplementing payment
towards claims which cannot be fully paid owing to insufficiency of the life
assurance fund;
(2) deficiency in the premium
when life assurance policies are handed over to another insurer or
underwriting agent owing to the termination or abolition of the life
assurance business;
(3) defraying the expenses
incurred in connection with clauses (1) and (2) of sub-rule (c):
(d) shall direct an insurer or
underwriting agent to establish a main general insurance fund and open an
account therewith at the Myanma Economic Bank.
13. The Supervisory Board shall
direct an insurance broker to effect professional indemnity insurance in
kyats or in foreign exchange in the value as determined by the Ministry from
time to time.
14. The Supervisory Board : -
(a) shall direct the insurer,
underwriting agent or broker concerned, to terminate the employment of the
principal officer of the relevant insurance business, who is convicted of
one of the offences prescribed from time to time by the Ministry;
(b) may return the balance
together with the interest accrued on the deposit. after leaving an amount
sufficient to meet the liabilities in respect of the insurance business,
where an insurer or underwriting agent discontinues its operations or its
business licence is revoked.
(c) may grant a business
licence to a company doing business with foreign investment which applies to
operate the business of an insurer, underwriting agency or insurance broker
after due scrutiny in accordance with the existing laws;
(d) may permit an insurer,
underwriting agent or insurance broker who bolds a business licence to
establish a representative branch office;
(e) shall direct the insurer or
underwriting agent to effect reinsurance;
(f) may, with the approval of
the Ministry, establish insurance institutes, communicate with international
insurance organizations and carry out educative and organizational
activities, in order that the technology and business of insurance may
thrive and be outstanding;
(g) shall submit the report of
its performance to the Ministry within 4 months after the end of the fiscal
year.
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Chapter V
Application for business Licence and Granting Thereof
15. Any person desirous of
transacting insurance business, underwriting agency business or insurance
broking business shall have a company incorporated and registered in
accordance with the Myanmar Companies Act or the Special Companies Act 1950.
16. An insurer, underwriting
agent or insurance broker shall apply to the Supervisory Board for a
business licence by filling in complete and correct particulars in the
application Form ( ah-ma-kha 1), together with necessary supporting
documents.
l7. The Supervisory Board : -
(a) shall scrutinize whether
the particulars presented in the business licence application form and
documents submitted are complete and correct;
(b) may interview the
applicant, if necessary in connection with the particulars contained in the
application;
(c) shall decide whether the
relevant business licence is to be granted or not and shall notify the
applicant in writing in accordance with the decision.
l8. An insurer or underwriting
agent who applies for a business licence shall, within 30 days after receipt
of intimation of being granted a licence, pay the following as directed by
the Supervisory Board : -
(a) the paid-up capital
stipulated under rule 6;
(b) the deposit stipulated in
sub-rule (a) of rule 7;
(c) licence fee.
l9. The insurance broker who
applied for a business licence shall on receipt of intimation of being
granted a licence, pay licence fee as directed by the Supervisory Board.
20. A company doing business
with foreign investment shall on receipt of intimation of being granted a
licence for an insurance business, underwriting agency business or insurance
broking business pay the paid-up capital, deposit and licence fee as
stipulated and directed by the Supervisory Board.
21, The Supervisory Board shall
grant the relevant business licence in Form (ah-ma-kha 2) within 15 days on
submission by the insurer, underwriting agent or insurance broker, of
supporting documents of evidence that the paid-up capital. deposit and
licence fee have been paid.
22. Business licence fees and
annual fees are kyats l5,000 and 5,000 respectively.
23. The insurer, underwriting
agent or insurance broker who holds a business licence shall : -
(a) pay, as directed by the
Supervisory Board, the annual fee whenever the tenure of one year from the
day on which the business licence was granted is completed;
(b) pay a late fee of kyats
3,000 after the completion of the tenure of one year, if default is made in
complying with the requirements of sub-rule (a).
24. In the calculation of the
late fee, the fraction of a year shall be deemed as a year.
25. Where a duplicate business
licence is applied for, due to loss or destruction of the original, the
Supervisory Board shall scrutinize and issue the licence in Form (ah-ma-kha
2) duly stamped as duplicate, after charging the applicant a fine of kyats
10,000.
26. A company doing business
with foreign investment shall, in respect of the licence for the insurance
business, underwriting agency business or insurance broking business, pay
the annual fee, late fee and fine as stipulated and directed by the
Supervisory Board.
27. (a) The Supervisory Board
shall stipulate in the business licence terms and conditions to be complied
with by the insurer, underwriting agent or insurance broker who holds a
business licence;
(b) An insurer, underwriting
agent or insurance broker who holds a business licence shall comply with the
terms and conditions so stipulated.
28. The Supervisory Board shall
publish in the Myanmar Gazette granting or cancellation of a business
licence on a case by case basis.
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Chapter VI
Duties of an Insurer, Underwriting
Agent or Insurance Broker
29 An insurer, underwriting
agent or insurance broker; -
(a) shall compile and submit to
the Supervisory Board, form, proposal, policy, premium rates and related
papers to be used thereby;
(b) shall use the form,
proposal, policy, premium rates and related papers approved by the
Supervisory Board;
(c) shall alter the form,
proposal, policy, premium rates and related papers approved under sub-rule
(b) only with the permission of the Supervisory Board.
30. An insurer, underwriting
agent or insurance broker shall : -
(a) maintain policy registers
in accordance with the class of insurance;
(b) maintain records of
liabilities to policyholders;
(c) furnish information of
share relating to one of the shareholders. when required by the Supervisory
Board;
(d) reply to inquiries
pertaining to a policy, by a person having legal right to know the facts
thereof;
(e) appoint whoever fulfils the
qualifications stipulated by the Supervisory Board as the principal officer
of an insurance business. underwriting agency business or insurance broking
business,
(f) maintain, policy registers,
case files, account books and the insurance fund in accordance with the
stipulation notwithstanding the suspension of procuration of new insurance
business.
31. An insurer or underwriting
agent shall: -
(a) as regards the report of
the actuarial valuation carried out in accordance with sub-section (d) of
section 12 of the Law, cause re-valuation with another actuary to be
conducted, as directed by the Supervisory Board;
(b) bear the expenses to be
incurred pursuant to sub-rule (a);
(c) transact the life assurance
business in accordance with the suggestions and recommendations contained in
the actuarial valuation report;
(d) keep the information and
facts of a life assured confidential;
(e) make provision to have
assets sufficient to meet its liabilities.
32. An insurer or underwriting
agent shall :
(a) maintain all life assurance
premium separately:
(b) bear general administrative
expenses proportionally out of the life assurance income in addition to the
life assurance expenses;
(c) establish the life
assurance fund with the surplus of the income.
33. An insurer or underwriting
agent shall : -
(a) carry out the programme and
operations of investment approved by the Supervisory Board in accordance
with the class of insurance;
(b) keep the assets of an
insurance fund separately from other assets;
(c) submit within 14 days
supporting documents of assets when required by the Supervisory Board.
(d) compile and submit to the
Supervisory Board facts and figures relating to insurance business;
(e) submit to the Supervisory
Board within 4 months after the end of the relevant underwriting year, the
audited final and other accounts compiled in Form (ah-ma-kha 3) together
with the report of its performance.
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Chapter VII
Audit
34. (a) The Supervisory Board
may, in consultation with the Auditor-General, lay down the methodology to
be followed in an audit;
(b) The auditor concerned shall
follow the methodology so laid down.
35. The Supervisory Board: -
(a) may prohibit the auditor
who tails to follow the methodology so laid down from continuing the audit;
(b) may direct another auditor
to conduct the audit where the original auditor was prohibited form further
audit pursuant to sub-rule (a).
36. Expenses incurred in
respect of an extended audit, reaudit or investigation undertaken in
accordance with the direction of the Supervisory Board shall be defrayed by
the enterprise concerned.
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Chapter VIII
Winding up
37. (a) Where the Supervisory
Board pursuant to section l7 of the Law, revokes the licence of the
insurance business, underwriting agency business or insurance broking
business, a liquidator shall be assigned to obtain the sanction of the Court
for winding up the company couce¯ed, in accordance with the provisions of
the Myanmar Companies Act;
(b) The liquidator shall apply
to the Court having jurisdiction, to make a winding up order in respect of
the relevant company.
38. The The Court having
jurisdiction shall: -
(a) as regards the application
submitted under sub-rule (b) of rule 37, pass a winding up order. without
having regard to any objection whatsoever;
(b) after passing the order,
proceed in accordance with the provisions of the Myanmar Companies Act.
39. The Liquidator
(a) in winding up the relevant
company, is entitled to dispose of and expend the assets and the deposit
thereof only to meet the liabilities of the company and winding up expenses;
(b) shall submit to the
Supervisory Board, programme and report of the winding up as stipulated.
40. An insurer or underwriting
agent shall replenish its assets, in accordance with the order of the Court,
in order to meet its liabilities fully.
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Chapter IX
Investigation and taking action
41. The Supervisory Board: -
(a) may appoint an enquiry
commission with 3 members of the Supervisory Board or with one members
thereof and 2 outside technicians to investigate as to whether or not an
insurer, underwriting agent or insurance broker complies with the provisions
of the law and these rules,notwithstanding anything contained in the Myanmar
Companies Act;
(b) shall determine duties,
powers and tenure of an enquiry commission appointed under sub-rule (a);
(c) may, if necessary, appoint,
from time to time more than one commission or on a case by case basis.
42. The enquiry commission: -
(a) shall follow the procedure
laid down by the Supervisory Board from time to time for investigation;
(b) shall have right of access
to: -
(1) books of account and
records;
(2) office premises of an
insurer, under-writing agent or insurance broker;
(c) may investigation those
persons having business relations with the insure underwriting agent or
insurance broker and require them to produce the required supporting
documents and records for inspection ; -
(d) may subject anyone
suspected of transacting an insurance business, underwriting agency business
or insurance broking business without a business licence, to interrogation
and to production of supporting documents and records for inspection;
(e) shall submit to the
Supervisory Board report of its findings signed by all members together with
its remarks.
43. The Supervisory Board may:
-
(a) after scrutinizing the
report submitted by an enquiry commission, revoke the relevant business
licence if it is found that any provision contained m section 17 of the Law
has been infringed.
(b) pass an administrative
order under section 22 of the Law, if it is found that any provision
contained in section 21 of the Law has been infringed.
44. The Supervisory Board may,
with the approval of the Ministry determine the fine to be imposed under an
administrative action.
45. (a) An insurer,
underwriting agent or insurance broker whose business licence was
temporarily suspended for a period of time shall apply to the Supervisory
Board for revalidation of its licence on the expiry of the period;
(b) The Supervisory Board
shall, after scrutinizing the application submitted under sub-rule (a),
revalidate the licence on payment of a fine of kyats 10,000, if it conforms
to the stipulations.
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Chapter X
Appeal
46. Any person dissatisfied
with an order passed under sections 17 or 22 of the Law by the Supervisory
Board, may appeal to the Ministry within 30 days from the date of passing
such order.
47. The Ministry: -
(a) may permit the appellant or
the legal representative to submit the plea in writing; (b) may require the
Supervisory Board to forward its remarks, if necessary; (c) may confirm, set
aside or revise the order of the Supervisory Board; (d) shall intimate in
writing to the appellant the decision so made.
48. The decision of the
Ministry shall he final and conclusive.
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Chapter XI
Miscellaneous
49. An insurer or underwriting
agent is entitled to the interest derived from the following:-
(a) the paid-up capital: (b)
the deposit.
50. An insurance contract
entered into with a party having no insurable interest shall be deemed void.
51. An insurer, underwriting
agent or insurance broker who holds a business licence shall cooperate with
the Supervisory Board for the progress and dissemination of the technology
and business of insurance.
(Sd) Brig.
Gen.Win Tin
Minister
Ministry of
Finance & Revenue
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Form of application for business
license [Rule 16]
The Chairman
Insurance Business Supervisory
Board
Yangon
Date :
................................................
RE: Application for licence to
operate as an insurer / underwriting agent / insurance broker.
We hereby apply for business
licence to establish an insurance company ( underwriting agency / insurance
broking company in pursuance with the Insurance Business Law
| 1. Name of company |
|
| 2. Type of company |
|
| 3. Company Registration
No. |
|
| 4. Date of establishment
|
|
| 5. Contact Address |
|
| 6. Phone, fax, PO Box
|
|
| 7. Place of operation
|
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| 8. Type of business
licence |
|
| 9. If
application is for licence to operate as and insurer, type (s) of
insurance applied |
(a) |
| (b) |
| 10. Experience in
insurance business |
|
| 11. Applicant’s |
|
| (a) authorized
capital |
(In figure)
Kyats |
| (In words)
Kyats |
| (b) paid-up
capital |
(In figure)
Kyats |
| (In words)
Kyats |
| 12. Fund of company
deposited at |
|
Name of Bank |
Account No. |
| |
(a) |
|
|
| |
(b) |
|
|
| |
(c) |
|
|
| 13.
Information relating to principal officer of the company |
| (a) Name |
|
| (b) Father’s name |
|
| (c) NRC / FRC No. |
|
| (d) Educational
qualifications |
|
| (e) Age ( Date of birth )
|
|
| (f) Experience in
insurance business |
|
| (g) Name and address of
insurance organization(s) where he/she was employed |
|
| (h) Rank in the above
organization |
|
| l 4. If the
applicant is a company incorporated abroad - |
| (a) Name of company |
|
| (b) Date of establishment
|
|
| (c) Address |
|
| (d)Authorized capital
|
|
| (e) Paid-up capital |
|
| (f) Previous year’s
premium income ( Total ) |
|
| (g) Previous year’s
premium income ( Net ) |
|
Signature an behalf of the
applicant
Name
..........................................................................
NRC/FRC No.
..........................................................................
Rank
..........................................................................
15. Documents attached -
(a) Memorandum and applicant of
association
(b) Certificate of registration
of company incorporation pursuant in Myanmar Companies Act or Special
Companies Act (1950).
Note - necessary delete
necessary.
THE GOVERNMENT OF THE UNION OF
MYANMAR MINISTRY OF FINANCE AND
REVENUE
INSURANCE
BUSINESS SUPERVISORY BOARD
INSURANCE
BUSINESS LICENCE
LICENCE No.
...............................................
Date :
1. In pursuance of sub-section
(a) of section 38 of the Insurance Business Law, this licence is granted to
the undermentioned company company the day of 19 at Yangon.
| (a) Name of company |
|
| (b) Registration no of
company (c) Address |
|
| (d) Type of business
permitted |
|
| (e) Class or classes of
insurance permitted |
1. |
| |
2. |
| |
3. |
| (f) Place or places where
the business is permitted to be transacted. |
|
2. We licensee shall comply
with the conditions stated overleaf .
Chairman
CONDITIONS
1. The operations shall be
commenced within 12 months from the date on which the business licence was
granted.
2. The business licence shall
in no way be transferred to another person.
3. No class of insurance shall
be written other than those permitted.
4. Where operations are
discontinued, the business licence shall be returned to the Supervisory
Board.
5. Annual fees for the business
licence shall be paid.
6. The licensee shall comply
with the orders and directives issued from time to time either by the
Ministry of Finance and Revenue or the Supervisory Board.
Home
Insurance
Company Account
STATEMENT (A)
REVENUE
ACCOUNTS OF LIFE ASSURANCE FOR THE PERIOD ENDING..................
| Amount of
Life Assurance Fund at the beginning of the year
Premiums Gross Less
Reinsurance Premiums
Consideration for annuities
granted ( see Note l )
Internets dividends and
rent Less Income-tax thereon
Other receipts (accounts to
be specified)
- Gross investment income
less investment expenses
- Gain on sale of fixed
assets
- Transfers from reserves
- Transfers from other
Insurance Funds
- Transfers from Head
Office/ Shareholders Fund
Kyat |
Kyat |
Dividends
payable on 19 for the year ending 19 ( This is only to be stated here by
companies not supplying a Profit and loss Account.)
Claims under policies paid and
outstanding
- By death
- By maturity
- By others
Surrenders. including
surrenders of bonus additions.
- Annuities
- Bonuses in cash
- Bonuses on reduction of
premiums
Expenses of management:
- Commission
- Other expenses (to be
specified)
- Other expenses of
management
- Other payment etc (to be
specified)
- Provision for taxation
- Transfers to reserves
- Transfer to other
insurance funds
- Others (to be specified)
Amount of Life Assurance
Fund at the end of
the year, as per balance sheet
Kyat |
Kyat |
NOTE: (1) Companies
having a separate annuity fund with
investments separate from those of
the life as insurance fund to return
the particulars of their annuity
business in a separate statement .
in Statement (B) of this Schedule.
(2) Items in this account to be
net amounts after deduction of expense and recoveries for reinsurance-
(3) If any sum has been
deducted from the expense of management account to be treated as an asset in
the balance sheet , it should be separately shown in the above account.
Home
STATEMENT (B)
REVENUE ACCOUNT
APPLICABLE TO ANNUITY BUSINESS OF THOSE COMPANIES HAVING
A SEPARATE
ANNUITY FUND, THE INVESTMENTS OF WHICH ARE KEPT SEPARATE FROM
THOSE OF THE
LIFE ASSURANCE FUND
Amount of annuity fund at
the
beginning
of the year
Consideration for annuities granted
interests, dividends and
rent
Less income-tax thereon
Other receipts
Kyat |
Kyat |
Annuities
Surrenders
Expenses of management :
- Commission
- Other expenses (to be
specified)
- Other expenses of
management (to be specified)
- Other payments (to be
specified)
Amount of annuity fund at
the end of the year as per balance-sheet.
Kyat |
Kyat |
Note: - Items in this
account to be net amounts after
deduction of expenses and recoveries
for reinsurance.
Home
STATEMENT (C)
REVENUE ACCOUNT
APPLICABLE TO GENERAL INSURANCE BUSINESS,
| Amount
of Fund at the beginning of the year (To be specified according to
class of insurance).
Premiums (accounts to be specified)
Interests dividends and
rent
Less income- tax thereon
Profits (accounts to be
specified)
Other receipts (to be
specified)
Kyat |
Kyat |
Claims
(accounts to be specified)
Expenses of management: -
- Commission
- Other expenses(to be
specified)
- Other expenses of
management (to be specified)
- Other payments(to be
specified)
Amount of funds at the end
of the year as per balance-sheet.
Kyat |
Kyat |
Note:- Items in this
account to be net amounts after
deduction of expenses and recoveries
for reinsurance.
Home
STATEMENT (D)
PROFIT AND LOSS ACCOUNT FOR
THE ACCOUNTING PERIOD ENDING ...................
| Balance of
last year’s account
Interest and dividends not
carried to other accounts
Less income-tax thereon
Profit realized (accounts
to be specified)
Other receipts (accounts to
be specified)
Kyat |
Kyat |
Dividends and
bonuses to share-holders
payable on: - 19 ........
for the year ending
19........
Expenses not charged to
other accounts
Loss realized (accounts to
be specified)
Other payments (accounts to
be specified)
Balance as per balance
sheet
Kyat |
Kyat |
Note: This profit and
loss account is to be used for both
life and general insurance business.
Items regarding life assurance are
to be left out if general insurance
only is transacted.
Home
STATEMENT (E)
BALANCE-SHEET AS
AT........................
LIABILITIES
Life assurance fund
Outstanding liabilities of life assurance fund
Annuity fund (if any) as
per separate balance-sheet
Outstanding liabilities of
annuity fund
Shareholder’s capital paid
up (if any)
Profit and Loss account (if
any)
Funds contained in General
Revenue Account (if any)
Other sums owing by the
Company (Accounts to be specified and stated separately under each class
of business )
Kyat |
Kyat |
ASSETS
Assets of life assurance
fund as per separate balance-sheet (if any)
Assets of annuity fund as
per separate balance-sheet (if any)
Assets of funds other than
those shown in the above mentioned balance-sheets.
Mortgages on property.
Loans (to be specified)
Agents’ balances
Outstanding premiums
Outstanding interest,
dividends and rents Interest accrued but not payable
Bill receivable
Cash-
-On deposit
-In hand and on current
account Other assets (to be specified)
Kyat |
Kyat |
NOTE: (1) This balance
sheet is to be used for both life an
general insurance businesses. Item
regarding life assurance are to be
Left out if general insurance only
is transacted.
(2) Assets legally transferred
to the Life Assurance Policyholders Protection Fund shall be mentioned
separately.
(3) Companies having
investments with any uncalled liabilities shall state separately the full
amount thereof.
(4) Particulars must be given
of all loans, including temporary advances. except loans on policies within
their surrender values, made at any time during the year to any director or
officer of a company or to any other company in which any of the said
directors or officer may hold the position either f director or of officer.
Home
STATEMENT (F)
BALANCE-SHEET OF
THE LIFE ASSURANCE FUND AS AT.......................
LIABILITIES
Life assurance fund
Claims admitted or
intimated but not paid
Other sums owing by the
company (under this class of business).
Kyat |
Kyat |
ASSETS
Mortgages on property Loans
(to be specified)
Investments (to be
specified)
Agents’ balances
Outstanding premiums
Outstanding interests,
dividends and rents
Interest accrued but
notpayable
Bills receivable
Cash-
- On deposit
- In hand and on current
account
Other assets (to be
specified)
Kyat |
Kyat |
Note: (1) Assets legally
transferred to the Life Assurance
Policyholders Protection Fund shall
be mentioned separately.
(2) A balance-sheet in the
above form must be rendered in respect of the annuity fund if the
investments of that fund are distinct form those of the life assurance fund.
(3) A certificate must be
appended hereto, signed by the same persons as signed the balance-sheet
(Form A), and by the auditor, to the effect that no part of any such fund
has been applied, directly or indirectly, for any purpose other than the
class of business to which it is applicable.
(4) Companies having
investments with any uncalled liability shall state separately the full
amount thereof.
(5) Particulars must be given
of all loans, including temporary advances, except loans on policies within
their surrender values, made at any time during the year to any director or
officer of a company or to any other company in with any of the said
director or officers may hold the position either of director or officer.
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