Insurance Law - 3. page

FINANCIAL STATEMENT OF INSURANCE COMPANY : The Financial statements of Insurance Company are prepared in accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of […]

Schedule A of the regulation contains following parts : (1) PART I of Schedule A the regulation contains ‘Accounting principles for preparation of financial statements’ and while preparing the Financial Statement […]

Role of Appointed Actuary : The Guidelines also lay down the role of an Appointed Actuary. He shall also fulfill the ‘fit and proper’ criteria and accordingly confirm that he is […]

Statutory Auditors of Insurance Companies : The firm of statutory auditors of insurance companies will have to possess a track record of at least 15 years. One of the partners must […]

Fit & Proper Criteria and Deed of Covenants to be signed by Directors : While Insurance Act prohibits common directorships between life insurance companies and prohibition of agent being a director […]

Constitution of Committees : The following Committees of Directors are mandatory for an insurance company: (a) Investment Committee (formed under the Investment Regulations) (b) Audit Committee (c) Risk Management Committee […]

Board of Directors : The Board has been given the responsibility of giving overall direction for the business of insurer, addressing conflicts of interests, ensuring overall compliance, fair treatment of policyholders […]

Conflicts of Interest : Auditors, Directors, Actuaries and other key managerial personnel are prohibited from holding positions which are conflicting with each other. This is to ensure that the business decisions […]

Independence of the Board : While the Guidelines expect the board to be broadbased and have independent directors in line with Clause 49 of the Listing Agreement, till such time the […]

Principles of Corporate Governance : (a) Rights and equitable treatment of shareholders – Companies must encourage values and systems that respect rights of shareholders and help shareholders exercise those rights. Communicating […]