Returns by insurers established outside India.

16. (1) Where, by the law of the country in which an insurer, not being an insurer specified in sub clause (a)(ii) or sub clause (b) of clause (9) of section 2, is constituted, incorporated or domiciled, the insurer is required to prepare and to furnish to a public authority of that country documents of substantially the same nature as the documents required to be furnished as returns in accordance with provisions of section 15, the provisions of sub section (2) of this section shall apply to such insurer in lieu of the provisions of sections 11, 12, 13 and 15.

(2) The insurer shall, within the time specified in sub section (1) of Section 15, furnish to the Authority four certified copies in the English language of every balance sheet, account, abstract, report and statement supplied to the public authority referred to in sub section (1) of this section, and in addition thereto, four certified copies in the English language of each of the following statements, namely:-

(a) a statement audited by an auditor or by a person duly qualified under the law of the insurer’s country showing the assets held by insurer in India as at the date of any balance-sheet so furnished;

(b) for each class or sub class of insurance business for which he is required under sub section (1) of section 10 to keep a separate account of receipts and payments, a revenue account for the period covered by any account so furnished, prepared in accordance with the regulations, and in the form or forms, set forth in the Third Schedule applicable to that class or subclass of insurance business and similarly audited, showing separately with respect to business transacted by the insurer in India the details required to be supplied in a revenue account furnished under this clause of this subsection;

(c) a separate abstract of the valuation report in respect of all business transacted in India in each class or sub class of insurance business to which section 13 refers, prepared in the manner required by that section; and

(d) a declaration in the prescribed form stating that all amounts received by the insurer directly or indirectly whether from his head office or from any other source outside India have been shown in the revenue account except such sums as properly appertain to the capital account.