1[12. Audit.-- The balance sheet, profit and loss account, revenue account and profit and loss
appropriation account of every insurer, in respect of all insurance business transacted by him, shall, unless
they are subject to audit under the Companies Act, 2013 (18 of 2013), be audited annually by an auditor,
and the auditor shall in the audit of all such accounts have the powers of, exercise the functions vested in,
and discharge the duties and be subject to the liabilities and penalties imposed on, auditors of companies
by section 147 of the Companies Act, 2013.]
1. Subs. by Act 5 of 2015, s. 17, for section 12 (w.e.f. 26-12-2014).