(1) A company or partnership holding a licence as an insurance broker or an insurance loss adjuster shall, in respect of each financial year, prepare

(a) a revenue account for the year,

(b) a balance sheet as at the last day of the year,

(c) a profit and loss account for the year, and

(d) other accounts and financial statements that may be prescribed.

(2) The accounts and statements specified in subsection (1) shall be lodged with the Commission within four months at after the end of the financial year to which they relate accompanied with

(a) a directors' certificate,

(b) an auditor's report, and

(c) any other prescribed document in each case, containing the information in a prescribed form.

(3) Unless accompanied by the certificates. Reports and documents specified in subsection (2), the accounts and statements referred to in subsection (1) are not considered to have been lodged with the Commission.

(4) A company or partnership holding a licence as an insurance brokered an insurance loss adjuster that contravenes subsection (1) or (2) is liable to the commission the pecuniary penalty stated in the First Schedule.