Section 26: Statement of Accounts, etc.

(1)
An insurer shall not later than 30th June of each year submit in writing to the Commission the following-
(a) a balance sheet duly audited showing the financial position of the insurance business of the insurer and its subsidiaries at the close of that year together with a copy of the relevant profit and loss account which the insurer is to present to its shareholders at its annual general meeting;
(b) a revenue account applicable to each class of insurance business for which the insurer is required to keep separate account of receipts and payment; and
(c) a statement of investments representing the insurance funds.
(2) The returns and accounts required to be submitted under subsection (1) (a) and (b) of this section shall be in such form as may be approved by the Commission;
(3) An insurer which fails, neglects or refuses to file the returns and accounts under this section commits an offence and is liable on conviction to a fine of N5,000 per day for each day of default.
(4) An insurer shall in each year after receipt of the approval of the Commission, publish its general annual balance sheet together with its profit and loss accounts in at least one newspaper having wide circulation in Nigeria.
(5) No insurer shall distribute any dividends until the Commission has approved the annual returns of the insurer within 30 days of its submission to the Commission.