Laws of Bangladesh

The Insurance Act, 1938

( ACT NO. IV OF 1938 )

Revenue account, balance-sheet and annual statements
80. (1) Every provident society shall at the expiry of the calendar year prepare a revenue account and balance-sheet in the prescribed form verified in the prescribed manner, together with a report on the general state of the society's affairs and shall cause the revenue account and balance-sheet to be audited by an auditor, and the auditor shall so far as may be in the audit of a provident society have the powers of, exercise the functions vested in, and discharge the duties and be subject to the liabilities imposed on, an auditor of companies by section 145 of the Companies Act, 1913.
(2) Every provident society shall at the expiry of the calendar year prepare with respect to that year-
(a) a statement showing separately for each class of contingency separately specified in section 65-
(i) the number of new policies effected, the total amount insured thereby and the total premium income received in respect thereof and the number of existing policies discontinued during the year with the total amount insured thereby, and
(ii) the total amount of claims made and the total amount paid in satisfaction thereof;
(b) a statement showing details of every insurance effected on a life other than the life of the person insuring; and
(c) a statement showing the total amount paid as allowances to agents and canvassers.
(3) [Omitted by section 3 and the Second Schedule of the Bangladesh Laws (Revision And Declaration) Act, 1973 (Act No. VIII of 1973).]

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