BR-1.2.1

Insurance consultants and insurance managers must submit to the CBB the audited financial statements for each financial year, within 3 months of the insurance consultant's and insurance manager's financial year end.

BR-1.2.2

The financial year of an insurance consultant or an insurance manager must be a 12-month period ending on 31 December except where the firm has obtained the written consent from the CBB for either the period or the period end to be other than 12 months and 31 December respectively. In any event, the financial year can never be less than a 6-month period or greater than an 18-month period.

BR-1.2.3

[This Paragraph was deleted in April 2012].

BR-1.2.4

For the purposes of BR-1.2.2, the CBB would usually accept that the financial year end of an overseas insurance licensee would be the same as that of the company itself. The only times that the CBB would be likely to consider allowing an insurance consultant or insurance manager to adopt a financial period of other than 12 months would be the year in which it is authorised (i.e. a period of less than 12 months) or when the company itself changes its reporting period for the purposes of its shareholder accounts.

[Paragraphs BR-1.2.5 to 1.2.27 were deleted in April 2012 as insurance consultants and insurance managers are no longer required to file form IMR nor subject to other reporting requirements, other than those referred to in Paragraph BR-1.2.1].

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