Insurers asked to disclose key financial info from April
To safeguard the interest of policyholders and ensure transparency, the sectoral regulator the Insurance Regulatory and Development Authority (Irda) today came out with public disclosures norms for insurers and has asked them to follow it from the next fiscal. - SBI Life: Catch "em young - HLCC to step into Irda, Sebi tiff over Ulips - Life Insurers" new premium up 75% in Dec - Insurance fee may be cut in phases - Star Allied may rope in ally to shore up capital base - IIFCL takeout financing scheme in a month The move comes ahead of several insurers are about to complete a decade of their operations, after which they are allowed to tap capital markets. "It may be observed that the companies are required to take necessary action to ensure that the compliance of the circular is in place latest from period ending March 31," IRDA said in a circular. The regulator had issued the exposure draft on public disclosures by the insurers last October, inviting comments from all stakeholders. The circular said several insurers will be completing 10 years shortly, after which they may be allowed to go public. "It is essential that the investors fully aware of the financial performance, company profile, financial position, the risk exposure, the elements of corporate governance in place and the management of the insurance companies the data shall preferably be made available for at least a period of 5 years," it said. The sectoral regulator has asked insurers to publish the balance sheet, profit and loss account and revenue account, among others, to be made public on an half yearly basis. The insurance regulator directed players to disclose financial informations for the half year ending September, within two months of the close of the half year or 15 days from the date of approval of the accounts by their boards, whichever is earlier. For the annual accounts ending March-- within six months of the close of the financial year or within 30 days from the date of adoption of the final accounts by the board, whichever is earlier, it said. As per the circular, the financial details like balance sheet and profit and loss account, among others should at least be published in one national English daily and in one regional newspaper of the region where the registered office is situated or in Hindi. "The publication must be made within two months from end of the half year period or within 15 days from the date of approval by their boards, whichever is earlier," it added.Scar commented:
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23.05.2011
Payday loans commented:
Whatever the IRDA have decided is for the benefits of the policy holders only a nice step taken by them.
19.07.2011
Pay Per Click Singapore commented:
This will be more beneficial for them and they can able to deal with the financial problems nicely.
12.09.2011
Payday Loan commented:
I think it should be public only.Good post as provide good information.Great post as it is very informative.
10.10.2011
Payday Loans commented:
Nice to know that insurance rates will be cut as insurance is must for everyone.Good post as provide good information.
10.10.2011
Payday Loans commented:
This is required for any insurer to disclose the key financial information. This is really very important information, which must be disclosed.
12.11.2011
Short term loans commented:
If the companies take the necessary action to ensure the compliance of the circular is in place and that investors are fully aware that the data is available for at least a period of 5 years.
12.11.2011
how to trade currency commented:
The circular said several insurers will be completing 10 years shortly, after which they may be allowed to go public.
24.11.2011
Goa Escorts commented:
There have been some changes recently. It has become a bit restrictive.
19.12.2011
Body jewelry commented:
To safeguard the interest of policyholders and ensure transparency, the sect oral regulator the Insurance Regulatory and Development Authority (Irda) today came out with public disclosures norms for insurers and has asked them to follow it from the next fiscal
12.01.2012
Payday Advance commented:
Such step of IRDA is completely fair and public oriented.It will give good push ahead the transparency in insurance sector.People will accept this with full heart.
01.02.2012