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 for the insurance companies in India, these principals are to be followed.
(2) PART II of Schedule A of the regulation contains the details of Disclosures which are forming part of Financial Statements in the Insurance Company.
(3) PART III of Schedule A of the regulation contains General instructions for preparation of Financial Statements
(4) PART IV of Schedule A of the regulation contains the Contents of Management Report
(5) PART V of Schedule A of the regulation contains the formats for Preparation of Financial Statements of a life insurance company. It provide that a life insurance company shall prepare its Revenue Account [Policyholders’ Account], Profit and Loss Account [Shareholders’ Account] and the Balance Sheet in Form A-RA, Form A-PL and Form A-BS respectively. The formats of the accounts are prescribed in this Part and accounts are to be prepared in the format or as near thereto as the circumstances permit.
Similarly Schedule B of the regulations contain Part I, Part II, Part III, Part IV and Part V which contains the above stated information about General Insurance companies. As per the above said Regulations, following financial statements are to be prepared by Insurance companies
(a) Form of Revenue Account (Policyholders account)
(b) Form of Profit and Loss Account (Shareholders account)
(c) Form of Balance Sheet (Policyholders and Shareholders)
(d) Schedules to Financial statements
(e) Notes to accounts giving the significant accounting policies and actuarial assumptions
(f) Disclosures on regulatory actions taken by any enforcement authority
(g) Details of directorships, if any, held by persons in charge of management
(h) Ageing analysis of policyholders unclaimed amounts
(i) Details of payments made to Statutory Auditors
(j) Summary of related party transactions
(k) Key accounting ratios
(l) Receipts and payments account for the year
(m) Report of the management
(n) Performance of unit linked funds of the company