(a) Any International Insurance Company licensed under this Chapter shall be required to file within 180 days of the end of its financial year, a balance sheet, income statement, and statement clearly reflecting that adequate reserves are maintained and such other financial statements as the SAM may determine are necessary. Upon request of the Company and showing of good cause, the SAM may extend the due date for filing. All financial statements shall be audited by an independent Auditor who shall attach an audit report on the International Insurance Company’s financial condition and solvency. The adequacy of the reserves shall be determined and certified by an Actuary. The statements must be certified as true and accurate under the sworn signature of at least two directors of the International Insurance Company, one of whom must be a resident of this Territory, or two nonresident directors and an officer of the International Insurance Company or the International Insurer Support Business representing the International Insurance Company who is resident within the Territory.
(b) If an Auditor has rendered other than an unqualified opinion on the financial condition of an International Insurance Company, the Auditor and the International Insurance Company shall both notify the SAM in writing within fifteen days of the issuance of such qualified opinion.
(c) Failure to comply with this section shall be punishable by a fine of in an amount established by regulations by the SAM for such noncompliance by the International Insurance Company or revocation of the International Insurance Company’s license, or both.
(d) No other financial reporting by an International Insurance Company shall be necessary within this Territory, except as required by the Bureau of Internal Revenue.