Section 27: Life insurance Accounts.

(1) An insurer transacting life insurance business shall submit to the Commission every three years in the prescribed form, the following-
(a) an abstract of the report if an actuary and valuation report of the life insurance business;
(b) a summary and valuation of the life policies;
(c) a table showing premium, policy reserve values and guaranteed surrender values together with the relationship between premium paid and such guaranteed surrender values ; and
(d) a certificate of solvency signed by an actuary stating that the value of the assets representing the funds maintained by the insurer in respect of the life insurance business exceeds the value of the liabilities.
(2) The Commission may require an insurer transacting business to-
(a) cause the person who is for the time being the actuary of the insurer to make an investigation into its financial condition (including evaluation of its liabilities) in respect of that business as at a specified date;
(b) cause an abstract of that persons' report of the investigation to be made and submitted to it;
(c) prepare and submit to it a statement of its life insurance business or part thereof as at the date of the request; and
(d) show sufficient evidence that not more than 40 per centum of the actuarial surplus declared is appropriated for shareholders.
(3) An insurer transacting life insurance shall at the expiration of each year-
(a) prepare with reference to that year in the prescribed form a statement and exhibit of the life policies; and
(b) submit the statement and exhibit together with such other document and information relating to the relevant accounts and balance sheet (including copies of reports on the affairs of the insurer for the year as submitted to the policyholders of the insurer) as the Commission may from time to time require.
(4) On receipt of the documents mentioned in subsections (2) and (3) of this section, the Commission shall, if it appears to it that the statement furnished by an insurer under any of those subsections is inaccurate or is prepared in the prescribed form, or is defective in any material particular-
(a) require from the insurer such further information as it may consider necessary;
(b) call on the insurer to submit for its examination any book of account, register or any other document;
(c)
require the insurer to confirm on oath or by or a sworn declaration the authenticity of any statement submitted by the insurer;
(d) refuse to approve the insurer's annual statement unless or until the inaccuracies have been supplied.
(5) An insurer whom fails, neglects or refuses to file the required returns or accounts under this section is guilty of an offence and liable on conviction to a fine of N5,000 per day for every day of default.
(6) 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 account in at least one newspaper having wide circulation in Nigeria.