CIB 2.3.4 Audit of annual Regulatory Return

(1) Subject to Rule 2.3.4(2), the annual Regulatory Return of every Captive Insurer must be audited in accordance with International Standards on Auditing relevant to the audit of the annual Regulatory Return, by the Captive Insurer's Auditor.
(2) The statements in the annual Regulatory Return that are not subject to audit are set out in this Rule 2.3, and EPRS.
(3) The report of the Auditor on the annual Regulatory Return must be made in writing to the Directors of the Captive Insurer and to the Regulator and must state whether, in the opinion of the Auditor and so far as concerns those parts of the annual Regulatory Return that are subject to audit:
(a) the annual Regulatory Return has been prepared in accordance with this Chapter;
(b) the statements in the annual Regulatory Return present fairly, in accordance with the basis of preparation prescribed in this Chapter, the financial position of the Captive Insurer as at the reporting date and financial performance of the Captive Insurer during the reporting period ended on that date, and the other information required to be presented; and
(c) the statements in the annual Regulatory Return are in accordance with the books and records of the Captive Insurer.
Amended on (3 February, 2020).