MASTER CIRCULAR ON PREPARATION OF FINANCIAL STATEMENTS AND FILING OF RETURNS: LIFE INSURANCE COMPANIES
CIRCULAR NO. IRDA/F&A/CIR/232/12/2013, DATED 11-12-2013
The Authority, in order to streamline the preparation and presentation of the Financial Statements of Life Insurance companies, had issued various Circulars/Guidelines from time to time. In order to enable the insurers to have a one stop document with all such directions issued in connection with preparation and presentation of financial statements, and the filing of financial returns, a master circular has been prepared. This Master Circular consolidates all the Circulars issued by the Authority as appended to this circular and will have the effect of superseding all the earlier circulars/guidelines issued earlier in this regard.
In order to prepare this Master Circular, the draft of compilation of the circulars was discussed with the "Working Group for Convergence to IFRS" which consists of the members drawn from both PSU and Private Sector Insurers. It was also exposed through Life Insurance Council to the industry for their suggestions. The suggestions received from the Working Group and Industry have been suitably incorporated.
The Master Circular covers all performance ratios mandated through the "Public Disclosures" vide IRDA Circular Ref.IRDA/F&I/CIR/F&A/012/01/2010 dt, 28th January, 2010 and this Master Circular shall be effective from 01.04.2014.
While due care has been taken to bring out this Master Circular, we request the CMDs/CEOs of Life Insurance Companies to inform the Authority of any discrepancy herein that may be noticed.
| MASTER CIRCULAR ON PREPARATION OF FINANCIAL STATEMENTS AND FILING RETURNS OF LIFE INSURANCE BUSINESS - DECEMBER 2013, VER - 01 |
Regards
Prarthana Jalan
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