IRDAI issues direction for preparation of Financial Statements for the FY 2019-20 and onwards

May 24, 2019 | by Avantis RegTech Legal Research Team


The Insurance Regulatory Development Authority of India (IRDAI) on May 20, 2019, issues direction for the preparation of Financial Statement for the financial year 2019-20 under IRDAI (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002. 

In order to have uniformity, consistency and comparability, the Authority hereby issues the following directions:

1.Presentation of Excess Expenses of Management (EoM) in Operating Expenses

2.Personal Accident Policies in Health Segment

3.It is observed that some insurers have modified the formats as prescribed by IRDA, by way of addition or deletion of line items. So, all insurers are advised to strictly adhere to the formats prescribed by the Regulations. 

4.Creation of UPR and Outstanding Claims Reserve (Including IBNR/IBNER) for Premium Ceded under Clean-cut Reinsurance Treaties

5.Rewards and Remuneration to Agents or Brokers or Other intermediaries

6.Segregation of Policyholders’ and Shareholders’ Funds

7.Corporate Social Responsibility Expenditure (CSR)

[Circular No. IRDA/F&A/CIR/MISC/081/05/2019]

Click here to download the Circular.

 


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