Download Audit of Insurance Companies PDF

TitleAudit of Insurance Companies
TagsTypes Business/Law
File Size27.2 KB
Total Pages6
Document Text Contents
Page 4


5.1.12 Audit opinion on establishment of an insurance reserve fund, and
legitimacy of its distribution

5.1.13 Opinion on ratios between contractual liabilities of insurer and its

5.2 Auditor shall verify reviewed statements and documents with his personal seal,
and submit his audit opinion along with adjustments made to financial statements
verified by signature and stamp of the audit company.

5.3 Auditor shall inform immediately about the following opinions made based on
insurer’s materials:

5.3.1 Insolvency or threat of insolvency of insurers as stated in Article 36 of
the Law on Insurance

5.3.2 Criminal offence related with insurance activities or possibility of a crime

5.3.3 Violation of any kind by insurers of Articles 22, 23, 24, 25, 26, 27 of the
Law on Insurance

5.3.4 Serious troubles with financial situation of insurer

5.3.5 Violation of the rights of insured persons

5.3.6 Infidelity

5.3.7 Participation in activities prohibited by insurance legislation and

Six. Liabilities, Penalties And Dispute Resolution

6.1 FRC shall exercise supervision of compliance to this regulation, carry out
inspections and assign penalties for parties violating relevant legislation.

6.2 FRC shall decide on disputes between permit owners, between permit owners
and customers about issues lying within it’s authority.

6.3 In case auditors and customers do not agree with the decision of the FRC they
may apply to Supervisory Board at the FRC.

6.4 If not satisfied with the decision of the Supervisory Board, the applicant may
apply to court.

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