1.1 Compliance with the requirements of the Accounting Standards (AS)

Size: px
Start display at page:

Download "1.1 Compliance with the requirements of the Accounting Standards (AS)"

Transcription

1 1. INTRODUCTION Every insurer carrying on Life Insurance business shall comply with the requirements of Schedule A of the IRDA (Preparation of Financial Statements and Auditor s Report of Insurance Companies) Regulations, 2002 (the Regulations). Section 11(1A) of the Insurance Act, 1938 requires all insurers to prepare at the expiration of each financial year, with reference to that year, a balance sheet, a profit and loss account, a separate account of receipts and payments, a revenue account in accordance with the Regulations made by the Authority. 1.1 Compliance with the requirements of the Accounting Standards (AS) Every Balance Sheet, Revenue Account (Policyholder s Account), Receipt and Payments Account (Cash Flow Statement) and Profit and Loss Account (shareholder s Account) of the insurer shall be in conformity with the Accounting Standards (AS) referred to in section 211 (3C) of the Companies Act, 1956, to the extent applicable to the insurers carrying on Life Insurance Business except that: i. Accounting Standard 3 (AS 3) - Cash Flow Statements Cash Flow Statement shall be prepared only under the Direct Method. ii. Accounting Standard 17 (AS 17) Segment Reporting shall apply to all insurers irrespective of the requirements regarding listing and turnover mentioned therein. Compliance with the Accounting Standards (AS) must be ensured while finalizing the accounts. 1.2 Furnishing of Annual Financial Statements 1 and other filings: With a view to facilitate the process of review of the audited accounts and statements of the insurers referred to under section 11 or section 13(5), and the Regulations, insurers are directed to file the financial statements together with the Auditors Report within 15 days from the date of adoption of accounts by the Board. Further, it is preferable that the returns prescribed are filed in the normal course within a period of 1 F&A/ Cir/024/ Jun-04 dt and IRDA/F&A/013/ dated June 9,

2 thirty days of the adoption by the shareholders and in any case within six months from the end of the period to which they refer, whichever is earlier Every insurer transacting life insurance business in India shall furnish to the Authority, the statement of Expenses of Management (EoM), in the prescribed form (Annexure I) with a detailed computation as stipulated under Section 40B of the Insurance Act, 1938 read with Rule 17D of the Insurance Rules, 1939 on an annual basis A statement of particulars of payment of commission or other remuneration paid by insurers as stipulated under Sec. 31 B (2) of the Insurance Act, 1938 shall be filed in the prescribed format (Annexure - II) A status report on compliance with Corporate Governance Guidelines issued by the Authority shall be filed in the prescribed format within 90 days of the end of the financial year or within 15 days of adoption of account by the Board of Directors, whichever is earlier. A certificate from Compliance Officer that insurer has complied with the guidelines must also be filed with the Annual Report. 1.3 The format of the summary of the financial statement for the last five years and the standardized analytical ratios required to be furnished by life insurance companies are given at Annexure III & IV 2 respectively. 1.4 A Management Report shall be attached to the Annual Financial Statements, duly authenticated by the management. The report shall contain all the confirmations/ certifications/ declarations as stipulated in Part IV of Schedule A of the IRDA (Preparation of Financial Statements and Auditor s Report of Insurance Companies), Circular dt

3 2. ACCOUNTING AND DISCLOSURE REQUIREMENTS 2.1 Segment Reporting As per the Regulations, separate financial statements - Revenue Account and Balance Sheet, are required to be prepared for participating and non participating policies, and linked and non linked business. Further, for non linked business, separate statements are required for ordinary life, general annuity, pension and health insurance. A separate segment for Variable Insurance Products (VIPs) shall also be included under the Non-Unit-Linked category. The Authority requires the segments to be reported on the basis of line of business, and on the basis of business within and outside India. Other geographical connotations are not perceived by the Authority. While providing the segment details, previous year s figures should also be given for all the segments. Insurers can lay down accounting policies in line with the Accounting Standard -17 and the Regulations issued by the Authority in this regard, and consistently follow the same. Separate Balance Sheets need to be prepared for each business segment 2.2 Cash Flow Statement: All insurers are required to furnish the cash flow statement as per the Direct Method as specified. The pro-forma is placed in Annexure V. Loans granted against policies should be disclosed as part of investing activities in the cash flow statement. 2.3 Value of investments as at the Balance Sheet date 3 Attention is drawn to Clause 6 (c), Part I, Schedule A of the Regulations, which provides that listed equity securities and derivative instruments that are traded in the active markets shall be measured at fair value on the balance sheet date. Measurement for the purpose of calculation of fair value shall be the closing price on the last business day of the year on the Primary Exchange. The Investment Committee of the 3 IRDA/F&A/INV/Cir/213/10/2013 dt

4 insurer shall select from NSE and BSE as the Primary and Secondary Exchange, and the valuation shall be made at the closing price of the Primary Exchange as selected. If a security is not listed or traded on the Primary Exchange, the insurer shall use the closing price on the Secondary Exchange. 2.4 Guidelines for preparation of financial statements Provisioning for diminution in the value of equity: Clause 6 (c), Part I, Schedule A, of the Regulations requires that the insurer shall assess on each balance sheet date whether any impairment of listed equity securities/ derivative instruments has occurred. An impairment loss (other than temporary diminution in value) shall be recognized as an expense in the Revenue/ Profit and Loss A/c to the extent of the difference between the re-measured fair value of the security /investment and its acquisition cost as reduced by any previous impairment loss recognized as expense in the Revenue/Profit and Loss Account. Any reversal of impairment loss, earlier recognized in Revenue /Profit and loss Account, shall be recognized in the Revenue /Profit and Loss Account. Insurers shall disclose their policy on recognition of impairment losses in the notes to accounts Provision for free-look period The insurers are required to evolve principles for provisioning for free-look period based on assumptions and experience. Such basis or assumptions are required to be certified by the Appointed Actuary and shall be disclosed as part of Notes to Accounts in the Financial Statements Unallocated Premium Unallocated premium refers to premium which has been received but not allocated to any of the risks and shall be shown separately under Current Liabilities in the Balance Sheet. 4 IRDA/F&A/CIR/067/MAR-08 dt

5 2.4.4 Premium Received in Advance Premium received in advance is the premium received prior to the commencement of the risk, where the period of cover sought falls clearly outside the accounting period and is shown under current liabilities Guidelines for recognition of claims: The date for recognition of claims shall be the date of intimation of death or date of intimation of surrender by the policyholder. The date of recognition of claims in case of maturity, survival benefits, annuity, etc. shall be as per the terms and conditions of the policies Accounting of policies in force 5 As per the terms under which life insurance policies are issued, the policyholder has a grace period within which the premium is to be deposited as per the terms of the policy. This policy is followed throughout the accounting period, as also at the year end. Thus, premium on any policy which is in force as on 31 st March, would be accrued if due and also within the specified grace period. For linked business, the due date for payment may be taken as the date when the associated units are created. Further, Section 13 of the Insurance Act, 1938 lays down the requirement for preparation of Actuarial Report and Abstract. The Regulations on Assets, Liabilities and Solvency Margin further provide for valuation of liabilities as on the valuation date, i.e., 31 st March. In view of the above, and as matter of regulatory prudence, it is reiterated that all insurers should finalize the financial statement for the year to which they pertain, taking into account the policies which are in force as on 31 st March to ensure compliance with the requirements of the Act and the Regulations framed there under Recognition of Surplus arising in non-participating funds as profit in the Profit & Loss Account: 6 It is clarified that the surplus arising in non-participating funds may be recognized as profit in the Profit and Loss account on quarterly basis provided that: 5 IRDA/F&A/CIR/014/ dt IRDA/F&A/CIR/207/12/2010 dt

6 a. Financial statements are audited on quarterly basis. b. The surplus to be transferred to Profit and Loss account must be certified and recommended by the Appointed Actuary of the company. c. A disclosure to this effect should be made in the financial statements. d. In any case, the amount transferred must not exceed the yearly profit. The difference, if any must be adjusted in the 4 th quarter. In case the variation in the surplus is in excess of 10% or Rs.5 crore, whichever is higher, then the company shall submit to the Authority an explanation stating reasons for variation along with the annual financial statement. The explanation of variations so submitted shall be approved by the Board of Directors Accounting treatment of Enhanced Provision of Gratuity: 7 The pay revision carried out by Public Sector Insurance companies in the year and Government by Gazette Notification dated 24th May 2010 has revised maximum limit for Gratuity under Payment of Gratuity Act 1972 from Rs. 3.5 Lakhs to Rs. 10 Lakhs, this will lead to increase in liability on account of gratuity. The above factors have impacted the insurers profitability/solvency as they needed to provide the same in the financial year In view of this, Authority had permitted such insurers to amortize the additional liability on account of gratuity over a period of 5 years starting from the financial year , subject to following conditions: i) The additional liability could be fully recognized and charged to Revenue Account and/or P&L A/c in the financial year , if not fully charged in the financial year , a minimum of 1/5 th of the total amount needs to amortized over a period of 5 years beginning with the financial year ending (subject to (ii) below). ii) The unamortized amount carried forward should not include any amounts relating to separated/retired employees. iii) A complete disclosure in the notes to accounts to this effect giving the total amount of liability on this account, amount already recognized to 7 IRDA/F&A/Cir/ACT/069/04/2011 dt

7 revenue/p&l A/c and remaining amount should be made in the notes to accounts to the financial statements Investments of Policy holders and Shareholders All insurers are required to maintain separate investment accounts for the shareholders and the policy holders and the income/ losses accrued / capital gains/losses on the investments is to be credited /debited to the Revenue Account/ Profit & Loss Account, as the case may be. 2.5 Declaration of Bonus: 8 Section 49 of the Insurance Act, 1938 inter alia, provides that no insurer shall declare bonus to the policyholders except out of a surplus shown in the valuation Balance Sheet which may arise as a result of actuarial valuation of the assets and liabilities of the insurer; nor shall he increase such surplus by contributions out of any reserve fund or otherwise unless such contributions have been brought in as revenue through the Revenue account on or before the valuation date Conditions to be met for declaration of bonus to the policyholders: An insurer intending to declare bonus, where the Participating Life Fund is in deficit, should strictly satisfy the conditions, as laid down by the Authority, hereunder: i) The Insurer shall make good the accumulated deficit in the Policyholders A/c and also transfer adequate assets to cover the cost of bonus, prior to declaration of bonus to the participating policyholders. Such transfer from the Shareholders A/c can be out of the Profit & Loss A/c balance or reserves in the Shareholders A/c, and/or by drawing upon the paid-up capital of the Insurer. By implication, there shall be no deficit in the Policyholders A/c in case of the insurer opting for declaration of bonus under these circumstances. ii) Any transfer as aforesaid, shall be by a debit to the Profit & Loss (Shareholders ) Account and a credit to the Revenue (Policyholders ) Account. 8 IRDA/F&A/CIR/011/Mar-04 dt & IRDA/F&A/CIR/ACTS/083/03/2012 9

8 iii) The funds so transferred to the Policyholders A/c shall be irreversible in nature, i.e., at no point of time can they be recouped to the Shareholders Fund. iv) The transfer to the Policyholders A/c must be fully backed by transfer of assets/investments to the Policyholder Funds, and should be adequate to meet the policyholders liabilities, including the cost of bonus. v) The proposed rates of bonus should be capable of being sustained over the future. vi) The transfer of funds to the Policyholders A/c shall be supported by a special resolution of the shareholders at the general meeting of the insurer. Further, the Insurer shall appropriately increase the paid-up equity capital, within a period of six months from the date of transfer of funds, or such longer period as may be approved by the Authority, with a view to aligning the paid-up equity capital, such as to make up the deficiency (including the cost of bonus) in the life fund as aforesaid, and is backed up and represented by Policyholders assets/investments. The above provisions, for the purposes of meeting the requirement of declaration of bonus are available to the insurers only during the first twelve financial years commencing from the year in which the life insurance business operations were started, thereafter, it is expected that declaration of bonus will be supported by surplus within the life fund without recourse to contribution from the shareholders Modifications in the format of financial statements: (Applicable to all life insurers, irrespective of whether or not the position as at above is adopted) As regards presentation of the financial statements, the following modifications in the formats are to be complied with: Form A- RA (Policyholders A/c): Add another line item as under: Contribution from the Shareholders a/c 10

9 Form A PL (Shareholders A/c): Add another line item: Contribution to the Policyholders Fund Accordingly, the First line item in the Shareholders A/c shall read as under: Amount transferred from the Policyholders A/c Disclosures in the Notes to Accounts: Further, the insurer shall make a disclosure in the Notes to the Accounts, to the effect that the contributions made by the shareholders to the Policyholders A/c are irreversible in nature, and shall not be recouped to the shareholders at any point of time in future. The Notes shall also refer to the general meeting of the insurer at which such prior approval of the shareholders has been obtained Insurers not opting for the route as indicated at point above. In respect of the insurers who are carrying forward the deficit in the Policyholders A/c at the close of the financial year, the presentation in the Balance Sheet shall be as under: (i) Under the Application of Funds : Insert another line item after the Debit Balance in the Profit and Loss A/c : Deficit in the Revenue A/c (Policyholders A/c) (ii) The Insurance Reserves under the Policyholders Funds, represents any reserves maintained in respect of life insurance business, such as unallocated surplus. As such, the Insurance Reserves cannot be a negative figure. Also, with the change in the format as indicated at above, the transfer to the Policyholders A/c shall in no case be indicated as a negative figure under the head Appropriations to the Shareholders A/c. 11

10 2.6 Revenue Account: 9 In case of deficit in the Revenue Account, where under the same is made up through a transfer from the Profit and Loss Account, as Transfer from the Shareholders account, it shall be depicted as under: In the Revenue Account the following modification is made: After the Row: SURPLUS/(DEFICIT) (D) = (A)-(B)-(C) Insert another Row as below: Amount transferred from Shareholder s Account (Non-technical Account) 2.7 Social Sector business: Point C (4) of Part II of the Regulations requires the percentage of business sector wise to be given. Along with the total business and rural business, the social sector business underwritten by the insurer should also be furnished, indicating the gross premium underwritten, number of policies issued and number of lives covered (both actuals and percentages). 2.8 Accounting for Transfer of Assets between Funds: 10 The treatment of transfer of assets (Investments) must be as under: Transfer from shareholder s account to the policyholder s account: Transfer of investments pursuant to transfer of funds from the Shareholder account to the policyholders account to meet the deficit in the policyholders account in a given financial year should be at the cost price or market price, whichever is lower. In case of debt securities, all transfers are to be carried out at the lower of the market price and net amortized cost. On transfer, the accounting treatment of the debt securities shall be based on the same accounting principles as provided for in the IRDA (Preparation of Financial Statements) Regulations, Circular dt IRDA/F&A/CIT/02/10/ dt and IRDA/F&A/Cir/079/Feb-05 dt

11 Transfer between policyholder s funds: No transfer of assets (investments) between different policyholders funds shall be allowed. Purchase/ Sale transactions between Unit-Linked Funds: The sale/purchase of investments when Insurers consider sale/purchase transactions between unit linked funds would be based on the market price of the investments, which are being shifted between unit-linked schemes. Funds of Non-linked business: No sale/purchase is permitted between the various policyholders funds under the non-linked business. Small sized fund 11 : In the initial stages of the new insurance companies, funds are likely to build up gradually, and insurers may face problems with regard to purchase of securities because of stipulations of minimum market lot. To tide over such difficulties, in the initial years, security sale at market price shall be permitted from the shareholders assets, that too only in the approved category, to meet the needs of investments of policyholders funds. Such transactions shall be permitted only where a policyholders fund size is small, i.e., up to Rs. 50 crore. Life Insurer s funds shall be categorized under the following heads: a) Life Fund b) Pension and General Annuity Fund c) Group Schemes excluding Group Pension / Annuity d) Linked Life Insurance Fund. 11 INV/CIR/006/ dt

12 and the ceiling of Rs. 50 crore as mentioned above would apply to each of the Fund as listed above and not to individual funds within each of the above funds. With a view to ensuring an audit trail on such transaction, it is mandatory that such transactions be subject to compliance of the following: a) Authorization of the Investment Committee giving the reason for such sale transaction to the policy holders funds b) Disclosure in the financial statements/returns c) Audit by the statutory auditors d) The limit of Rs. 50 crore being subject to the review by the Authority General guidelines All insurers are advised to furnish the returns to the Authority as per the Regulations notified in this regard. In particular, it must be ensured that all information pertaining to the points indicated in the Regulations is furnished. In case there is no information available on a particular point the insurer should indicate Not Applicable or Nil, as the case may be, rather than deleting the said point from the Returns filed with the Authority. The format of reporting should not be tampered with Further, the Regulations prescribe that certain points are required to be certified by a specified professional. Kindly ensure that the Regulations are followed both in word and spirit in the said context. Any exceptions should be clearly brought out in the relevant certificate Insurers are advised to strictly adhere to the prescribed format and not to introduce new set of line items other than as prescribed Items of expenses and income in excess of one per cent of the total premiums (less reinsurance) or Rs.5 lakh whichever is higher is required to be shown as a separate line item. 2.9 Guidelines for Disclosure requirements While Part IV of the Regulations at para no.10 on Contents of Management Report requires disclosure of Ageing of claims indicating the trends in average 14

13 claim settlement time during the preceding five years, insurers merely furnish average claim settlement time during the preceding five years. The required details are to be furnished in the following format: Claims registered and not settled (separately for Linked and Non-Linked business): (Rs. in lakhs) Period No. of Claims Amount Involved 30 days; 30 days to 6 months; 6 months to 1 year; 1 year to 5 years 5 years and above Details of payments to individuals, firms, companies and organizations in which directors are interested required to be disclosed as part of Management Report to be furnished in the following format: Sl. Name of Entity in Interested as Amount of payment during No. the which he is the financial year (Rs. in Director interested lakhs) As part of the disclosure requirement under Notes to Accounts on the Previous Year s figures being regrouped, insurers shall disclose the line item in the final accounts which have been re-grouped and reasons for the same It is observed that insurance companies are incurring various expenses which may be below threshold limit for disclosure as a separate line item. As such, at times the following heads of account are getting clubbed under Others or included under some other sub-head under the schedule for Operating Expenses. The expenses incurred under the following heads may be disclosed as part of Notes to Accounts : a. Outsourcing Expenses b. Business Development c. Marketing Support 15

14 2.9.5 Information on Penal Action taken on an insurer: 12 Details of various penal actions taken by various Government Authorities, Nil report in case of No penalties, duly certified by the Statutory Auditor of the Insurer, shall be disclosed as part of the Annual Report of the Insurer in the format at Annexure VI. The amount of penalty levied by the Authority shall be charged to the Shareholder s Account Disclosures relating to Discontinued Policies: The Funds arising from the discontinuance of policies shall be shown under a separate head in the Balance Sheet under Policyholder s Fund alongside Policy Liabilities in the following manner: Funds for discontinued Policies: (i) Discontinued on account of non-payment of premiums (ii) Others The Amount refunded to the policyholders and amount transferred to the Funds for Discontinued Policies during the financial year shall be shown under a separate head The following disclosures shall be made in the notes to accounts: (i) Number of policies discontinued during the financial year; (ii) Percentage of discontinued policies to total policies (product-wise) during the year; (iii) Number and Percentage of policies revived during the year (w.r.t. discontinued policies) (iv) Charges imposed on account of discontinued policies. (v) Charges readjusted on account of revival of discontinued policies The disclosures shall be made in the format as prescribed in Annexure VII Expenses of Management With a view to facilitate a uniform approach by all companies the following clarifications are provided: 12 IRDA/F&A/CIR/May-09 dt

15 i) For the purposes of explanation (b) of Section 40B a) Charges : Includes all charges levied directly or indirectly in respect of the insurance business but excludes taxes which are a charge against profits e.g., income tax, wealth tax. However, taxes like Service Tax borne by the insurer and Fringe Benefit Tax, which are not charged against profits, shall be included. The share of head office expenses in respect of life insurance business transacted by the insurer outside India shall, however, be excluded. b) Expenses Capitalized : Shall be such expenses like administration and other general overhead expenses, which are otherwise considered as revenue expenses, are added to the cost of fixed assets where they are attributable to the construction/acquisition of fixed assets or bringing it to its working condition. ii) For the purposes of computation of expenses of management under Rule 17D the following shall be considered: a) Income/expenditure accounted on accrual basis; b) Pension business shall be treated as immediate/deferred annuity business, as applicable; c) Group Insurance: Regular Premium plans with limited premium payment term and/or pre-determined policy term shall be treated as regular business with due classification into first year premium and renewal premium. Plans other than those quoted above shall be treated as Single Premium plans. iii) Insurers are advised to strictly adhere to the following: a) Apply the percentages of allowable expenses as specified under Rule 17D on: Premium net of reinsurance in case of first year premium and renewal premium under life insurance business; and Premium received in case of annuity business and single premium business. 17

16 b) Ensure that computations are in accordance with IRDA (Preparation of Financial Statements and Auditor s Report of Insurance Companies) Regulations, 2002, especially in terms of classification of business lines and segments. In the event of differences in the data furnished in the Statement under Rule 17D with that of the Financial Statements, reconciliation between the two shall be filed as part of the statement. The statement of expenses of management as prescribed in the format shall be placed along with the Financial Statements prepared under IRDA (Preparation of Financial Statements and Auditor s Report of Insurance Companies) Regulations, 2002 for consideration by the Audit Committee prior to being placed for approval by the Board of the Company. The statement of expenses of management and the Financial Statements, along with the Auditors Report, duly adopted by the Board, shall be filed with the Authority Other disclosures in Financial Statements: Allocation of Expenses All expenses should be allocated between the Segment Revenue/ Profit & Loss Account on a rational basis to be followed consistently and the basis of allocation should be disclosed along with the details of apportioned expenses as a part of notes to accounts Accounting and Presentation of Service Tax : Service tax charged on Fund Management or other services to ULIP policyholders should be disclosed separately in the Fund Revenue Account by way of a separate line item and not under Operating Expenses. Service Tax collected on premium shall be accounted for on a segment level in the Segmental Balance Sheet. The presentation of the Service Tax on Premium underwritten by the insurers is to be as under: 13 IRDA/F&A/CIR/088/Mar-05 dt

17 Premium Income Service Tax Expenditure Service tax liability Service tax unutilized Credit (If applicable) Under the Schedule on Premium to be indicated net of service tax Under the Schedule Operating Expenses as Service Tax on Premium A/c at Sl. No.15 Under the Schedule Current Liabilities as Service tax liability under Others. Under the Schedule Advances and other Assets as Service tax unutilized credit under Others Assets subject to Restructuring The following information is required to be disclosed (the details are to be furnished in Rs. In lakhs): (a) (b) (c) (d) Total amount of loan assets subject to restructuring The amount of standard assets subject to restructuring The amount of sub-standard assets subject to restructuring The amount of doubtful assets subject to restructuring Schedule on Commission expenses The format for disclosure of the commission expenses is placed at Annexure VIII Profit Commission should be adjusted with the reinsurance ceded/ accepted and should not be shown in the schedule of commission expenses. 19

18 3. GUIDELINES ON PRUDENTIAL NORMS FOR INCOME RECOGNITION, ASSET CLASSIFICATION, PROVISIONING AND OTHER RELATED MATTERS IN RESPECT OF DEBT PORTFOLIO: 14 The guidelines are based on the RBI guidelines issued in this regard, duly modifying, keeping in view the industry specific requirements. Any item not covered below will be governed by the provisions as mandated by the RBI for banks. 3.1 Asset Classification: Adequate provision shall be made for estimated loss arising on account from/under recovery of loans and advances (other than loans and advances granted against insurance policies issued by the insurer) outstanding at the balance sheet date. Insurers shall classify their loans/advances into four categories, viz., (i) standard assets, (ii) sub-standard assets, (iii) doubtful assets and (iv) loss assets. Classification of assets into these categories shall be done taking into account ability of the borrower to repay and the extent of value and realizability of security Standard Assets: Standard asset is one which does not disclose any problem and which does not carry more than normal risk attached to the business. Such an asset is not an NPA. The insurer should make a general provision on Standard Assets of a minimum of 0.40 per cent of the value of the asset. In respect of loans extended directly by insurers to sick units taken over by borrowers falling under the "standard" classification, the facilities of the transferee and merged units may continue to be classified separately, for a period not exceeding 24 months from the date of the take over of the sick unit, after which the performance of the loans sanctioned to the borrower as a whole should determine their classification. In cases of reverse merger (i.e., take-over of a healthy unit by a sick unit) as well, the facilities of both the units may continue to be classified separately for a period of 24 months after which the combined performance may be taken for asset classification Sub-standard assets: Sub-standard asset is one which has been classified as NPA for a period not exceeding 14 IRDA/F&A/CIR/169/Jan dt and 503.2/1/F&A/Prudential norms/ 004/Apr-07 dt

19 12 months, e.g., an asset which has been treated as a NPA on 1st April, 2004, would be treated as a sub-standard asset only up to 31st March In case of time overrun for completion of project directly financed by insurers, the Boards of Insurers should decide based on valid grounds, whether the advance should be treated as standard asset. An asset where the terms of the loan agreement regarding interest and principal have been renegotiated or rescheduled after commencement of production, should be classified as sub-standard and should remain in this category for at least two years of continually satisfactory performance under the revised terms. The classification of an asset should not be upgraded merely as a result of rescheduling, unless there is satisfactory compliance of the above condition Doubtful assets: A doubtful asset is one which has remained as NPA for a period exceeding 12 months, e.g., a loan facility to a borrower which is treated as NPA on 1st April 2004, would be treated as 'doubtful' from 1st April, A loan classified as doubtful has besides the weakness inherent in that classified as sub-standard, with the continuing default makes the recovery in full, to be improbable. Here too, as in the case of sub-standard assets, rescheduling does not lead upgradation of the category of the asset automatically. Similarly a doubtful asset which is subject to rehabilitation and where the asset has been subsequently continually satisfactorily serviced for one year shall be graduated to a standard asset Loss assets: A loss asset is one where loss has been identified by the insurer or its internal or statutory auditors or by IRDA, but the amount has not been written off wholly. In other words, such an asset is considered un-collectible and as such its continuance as a bankable asset is not warranted although there may be some salvage or recovery value. 3.2 Overdue Amounts Interest/Principal: An amount, whether interest or principal, is said to be over due if it is not paid to the insurer on the specified date. An asset is classified as an NPA if the interest and/ or 21

20 installment of principal remain overdue for more than 90 days. 3.3 Provisioning for Loans and Advances: Taking into account the time lag between an account becoming doubtful of recovery, its recognition as such, the realisation of the security and the erosion in the value of security charged to the insurers, it is necessary that insurers make adequate provisions against sub-standard assets, doubtful assets and loss assets, as per the procedure outlined below: Loss assets: The entire asset should be written off. If the assets are to remain in the books for any reason, 100 per cent of the outstandings should be provided for Doubtful assets: (a) 100 percent provision of the extent to which the asset is not covered by the realisable value of the security to which the insurer has a valid recourse and the realisable value is estimated on a realistic basis. (b) Over and above item (a) above, depending upon the period for which the asset has remained doubtful, 20% to 100% provision of the secured portion (i.e., estimated realisable value of the outstandings) should be made on the following basis : Period for which the asset has been considered as doubtful % of provision Up to one year 20% One to three years 30% More than three years 100% Sub-standard assets: i. A general provision of 10% of total value outstanding remaining substandard is required to be made including loans granted by the Central/State government. ii. Loans granted under rehabilitation packages 22

21 In case of nursing finance granted by an insurer, the additional loan facilities sanctioned under the rehabilitation programme may be treated as a separate account and the performance assessed separately. Asset classification and provisioning in respect of such loan facilities as per the prescribed guidelines may be made only if the interest /principal payments remain due beyond one quarter. It is clarified that the proviso has been included to take care of the existing portfolio of the insurers. 3.4 Defaults in repayment of principal: On account of various reasons, such as delays in project implementation, getting adequate working capital facilities, etc., repayment of principal may be delayed beyond the stipulated one quarter. The asset may continue to be considered as standard if the installments of the principal amount are rescheduled with the approval of the Board of the concerned insurer. This is subject to the condition that there can be only a one time re-schedulement and that the interest continues to be paid regularly. 3.5 Time Overrun: In case of time overrun for completion of project directly financed by insurers, the Boards of Insurers should decide based on valid grounds, whether the advance should be treated as standard asset. 3.6 One Time Settlement (OTS): (a) In respect of loan facilities extended to sick units (under nursing programmes or otherwise) taken over by borrowers falling under the standard classification, the facilities of the transferee and the merged units may continue to be classified separately for a period not exceeding 2 years from the date of takeover of the sick unit, after which the performance of the loan facility sanctioned to the borrower as a whole should determine their classification. (b) Sometimes insurers enter into one time settlement (OTS) of their dues with a new owner. In cases where a sick unit has been merged with a healthy and strong unit and where payments are being made as per the OTS scheme, the asset in respect of the merged unit may be considered as standard without waiting for a period of 2 years for upgradation from sub-standard to standard asset. However, such cases should be approved by the Board of the concerned insurer. 23

22 3.7 Units Enjoying More than One Loan Facility: In case of borrowers who have been granted more than one loan facility by the insurer, all the dues from them will have to be treated as NPAs if 50 per cent of its total interest and/or principal dues from all loans extended to it remain overdue for more than one quarter. 3.8 Government Guaranteed Loans: Loans or other credit facilities backed by Central/State Government guarantees should be treated on par with other assets for income recognition and provisioning. However, in respect of loans backed by Central Government guarantee, such loans shall be treated as NPA only when the Government repudiates its guarantee when invoked. 3.9 Income Recognition: Income in respect of any asset classified as NPA shall not be recognized unless realized. However, any adjustment towards overdue interest against any fresh/additional loan shall not be considered as realized. 24

23 4. ADDITIONAL DISCLOSURES IN FINANCIAL STATEMENTS: 4.1 Controlled Fund: 15 The details of the Controlled Fund shall be furnished as part of the annual financial statements of life insurance companies in the enclosed format (at Annexure IX). 4.2 Disclosures under Section 31B (2) of the Insurance Act, 1938: 16 Attention is drawn to section 31B (2) of the Insurance Act, 1938 by virtue of which Every insurer shall before the close of the month following every year, submit to the Authority [a statement, in the form specified by the Regulations made by the Authority,] showing the remuneration paid, whether by way of commission or otherwise, to any person in cases where such remuneration exceeds (such sum as may be specified by the regulations made by the Authority.) Accordingly, insurers are advised to submit details of remuneration paid whether by way of commission or otherwise to any person, in cases where such remuneration exceeds Rs.5 lakhs per annum to the Authority in the format prescribed as Annexure II. The said details for financial year ending 31st March may be furnished by 30th April of every year. However, Employee remuneration details which are being furnished as part of the Director s Report as required under Section 217 (2A) (a) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 may continue to be provided along with Director s Report Further, Insurers shall also confirm the presence of effective internal controls/systems towards compliance with section 40A of the Insurance Act, The same shall be strengthened with Proper IT backed systems and appropriate internal reporting mechanism. These systems shall, at the minimum, comply with the following: i. Internal controls/systems shall be subject to half yearly internal audit. ii. Reports of the internal auditors shall be placed before the Audit Committee. 15 IRDA/F&A/CIR/045/03/2010 dt Cir. Dt and IRDA/F&A/CIR/091/06/2010 dt & IRDA/F&I/CIR/DATA/066/03/2012 dt

24 iii. Exception reports, if any, along with corrective steps taken shall be placed before the Board A Compliance Certificate duly signed by the Chief Executive Officer/Managing Director (by whatever name called) shall be filed with the Authority along with the details furnished under section 31 B(2) of the Insurance Act, 1938 as per the format enclosed at Annexure X. 4.3 Disclosures for ULIP business: 17 a. To ensure transparency and consistency in the disclosures across the industry the format of reporting under the Regulations, 2002 has been modified to include the following (Annexure XI) Segregation of the Unit Linked Revenue A/c into two components, viz., (i) Non Unit Funds and (ii) Unit Fund (which form Addendum to the Form A-RA); b. Format of reporting of the Segregated funds Revenue A/c, Balance Sheet and the underlying Schedules c. Additional disclosures to form part of the Annual Report (Annexure XII). Clarifications on the above disclosures: i. The Investment portion of premium shall be disclosed in the Unit segment and the non-investment portion in the non-unit segment; ii. Income on investment shall be disclosed under unit and non unit portion in consonance with (i) above; iii. Fees and charges shall be shown as Income in the non-unit segment and as Expenses in the unit segment. iv. All operating expenses and Commission shall be disclosed in non-unit segment. v. Claims arising from cancellation of units alone shall be shown against linked segment and other items like mortality, morbidity and value of guaranteed benefits shall be disclosed under non-unit segment 4.4 Disclosure of amount representing the unclaimed amount of Policyholders: 18 It has been noticed by the Authority that the quantum of the amount lying unclaimed by the policyholders/insureds is accumulating on year on year basis. In view of the 17 IRDA/F&A/CIR/ 054/Feb-07 dt and IRDA/F&A/001/Apr-07 dt IRDA/F&A/CIR/CMP/174/11/2010 dt

25 same, all the insurers are advised to disclose the amount representing unclaimed sum as a separate line item in Schedule 13 Current liabilities of the Balance Sheet. Further, its age-wise analysis also to be disclosed in the format prescribed as Annexure XIII. The unclaimed amounts of the policyholders / insureds may be on following account: a. Claims settled but not paid to the policyholders / insureds due to any reasons except under litigation from the insured/ policyholders b. Sum due to the insured / policyholders on maturity or otherwise c. Any excess collection of the premium / tax or any other charges which is refundable to the policyholders either as terms of conditions of the policy or as per law or as may be directed by the Authority but not refunded so far. d. Cheques issued by the insurer for settlement under a, b, c above and cheques have not been encashed by the policyholders / insured. The amount representing the unclaimed sum shall be disclosed as a separate line item in Schedule 13 Current Liabilities of the Balance Sheet. It is also advised that such unclaimed sum will not be appropriated / written back, in any circumstances, by the insurers. The unclaimed amounts of policyholders shall be disclosed as per the following criteria: a. in respect of claims settled but not paid, from the date the claim processing has been completed by the insurer, b. in respect of amounts due to policyholders on account of death or surrender, from the date of receipt of all information/ documents from the policyholders; and in case of maturity, survival benefits, annuity, etc. from the due date as per the policy contract, c. in respect of excess collection of premium or tax, from the date on which the excess receipts become payable which may be on acceptance of proposal or as per terms of policy contract or as per applicable law or directions of the Authority, and d. with respect to cheques issued but not encashed by the policyholders/ beneficiaries, the cheques crossing the validity dates (becoming stale) during a month shall be transferred to unclaimed amounts at the end of that month. The ageing shall be calculated from the time cheques are transferred to unclaimed amounts 27

26 4.5 NAV for applications received on the last business day of the year: The confirmation by the Statutory Auditors that the NAV applicable in case of applications received on the last business day are as indicated in Reg. 13 D (5) of the IRDA Investment (5 th Amendment) Regulations, 2013, shall form part of the Annual Accounts. 28

27 5. CORPORATE GOVERNANCE DISCLOSURES 19 : Separate certificate from the Compliance Officer of the company regarding compliance of the Corporate Governance Guidelines of the Authority will be part of the annual report in the format placed at Annexure XIV. All insurers are required to file a Report on status of compliance with the Corporate Governance Guidelines on an annual basis w.e.f. the Financial Year The checklist is available at Annexure XV. 6 PUBLIC DISCLOSURES: 20 Public disclosure of risks faced by the insurers is critical for ensuring a fair and orderly insurance sector. The disclosures should be reliable and timely in order to ensure efficiency of the markets. They provide necessary feedback to the insurance regulator to ensure safety of investors as well as the policyholders. The Authority provides the guidelines on public disclosures as below. 6.1 Periodic disclosures: All insurers are required to file certificates confirming compliance with the stipulations on public disclosures as under 21 : (a) (b) Compliance with the requirements on publication in the newspapers (Annexure XVI) Compliance with disclosure requirements on the insurer s website (Annexure XVII) Publication in News Paper Insurers shall publish the Balance Sheet, Profit & Loss Account, Revenue Account and Key Analytical Ratios on an half yearly basis in the forms given at Annexure XVI (Life) of the circular. (i) In at least one English daily newspaper circulating in the whole or substantially the whole of India and in one newspaper published in the regional language of the region where the registered office is situated or in Hindi. (ii) The publication should be in font size of at least IRDA/F&A/CIR/025/ dt ; IRDA/F&I/CIR/014/01/2010 dt & IRDA/F&A/CIR/CG/081/05/2011 dt IRDA/F&A/CIR/012/01/2010 dt IRDA/F&I/CIR/PBDIS/105/05/2011 dt

28 (iii) The publication must be made within 2 months from end of the half year period or within 15days from the date of approval by their Board of Directors, whichever is earlier Publication on Website Insurers shall host all the forms including Revenue Account, Profit & Loss Account, Balance Sheet, segmental reporting, schedules to accounts and other forms, on their website on quarterly/half yearly/ yearly basis as given in Annexure- XVII (Life) of the circular. (i) (ii) Cash Flow statement may be displayed along with year end disclosures. The forms should be displayed on the web-site under advice to IRDA not later than 45days from the quarter ending June, September, December and March, For the half year ending September within 2 months of the close of the half year or 15 days from the date of approval of the accounts by the Board of Directors, whichever is earlier For the annual account ending March within 6 months of the close of the financial year or within 30 days from the date of adoption of final accounts by the Board of Directors, whichever is earlier The standardized key analytical ratios prescribed for life insurance companies should be computed in the manner provided in the Annexure- IV Insurers are advised to compute the ratios as defined in the annexure Disclosures for the earlier quarters should be available under archives for a minimum period of 5 years In case of disclosures where the un-audited quarterly financial results are published, they shall be approved by the Board of Directors of the company or by a Committee thereof. Provided that when the quarterly financial results are approved by the Committee they shall be placed before the Board at its next meeting: Provided further that while placing the financial results before the Board, the Chief Executive Officer, Chief Financial Officer and Appointed Actuary (life insurance company only) of the company, shall certify that the financial results do not contain 30

29 any false or misleading statements or figures and do not omit any material fact which may make the statements or figures contained therein misleading The half yearly accounts will be subject to limited review by the auditors. The limited review report shall be placed before the Board of Directors or by a Committee thereof 6.4 Where there is a variation between the un-audited published results and the audited results and (i) The variation in surplus / deficit or net profit / net loss after tax is in excess of 10% or Rs.5 crs, whichever is higher; or (ii) The variation in exceptional or extraordinary items is in excess of 10% or Rs. 1 crore, whichever is higher the company shall submit to the Authority an explanation stating reasons for variations, along with the annual financial statements. The explanation of variations so submitted shall be approved by Board of Directors. 6.5 The periodic disclosures have been notified by the Authority. In order to have uniformity among the insurers on disclosures and to clarify the doubts raised by certain insurers and other stakeholders, Authority provides the following guidelines on periodic disclosures: 1. Insurers are not required to display last 5 years data on quarterly / half yearly basis. Insurers are required to display information based on the yearly audited statement. Accordingly, the all formats as specified in the circular need to be disclosed on yearly basis for the last 5 years. This clarification applies to disclosures pertaining to geographical distribution; claim Ageing/ Quarterly Claim data etc. 2. The information for last 5 years will be based upon the audited statements. There is no need to revise the audited financial statements. Investment Forms: (L-26, L-27, L-28, L-33, L-34 and L35) for Life Insurance Companies. The formats of these forms have been revised during the last year. Insures are not required to compile the forms for last 5 years in the new formats. They may display old formats for the previous years. 31

RBI/ /9 DNBS (PD) CC. No. 7 / SCRC / / July 02, 2007

RBI/ /9 DNBS (PD) CC. No. 7 / SCRC / / July 02, 2007 RBI/2007-2008/9 DNBS (PD) CC. No. 7 / SCRC / 10.30.000/ 2007-2008 July 02, 2007 The Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003 The Reserve Bank

More information

26 th Regional Conference of WIRC. Revised Schedule VI. CA N. Venkatram 16th December, 2011

26 th Regional Conference of WIRC. Revised Schedule VI. CA N. Venkatram 16th December, 2011 26 th Regional Conference of WIRC Revised Schedule VI CA N. Venkatram 16th December, 2011 Agenda Background and Applicability Structure of Revised Schedule VI Points and Issues Comparison with the Existing

More information

DRAFT RULES UNDER COMPANIES ACT, 2013 CHAPTER XXVI. Nidhis

DRAFT RULES UNDER COMPANIES ACT, 2013 CHAPTER XXVI. Nidhis DRAFT RULES UNDER COMPANIES ACT, 2013 CHAPTER XXVI Nidhis In exercise of the powers conferred under sub-section (1) of section 406 read with sub-sections (1) and (2) of 469 of the Companies Act, 2013,

More information

CREDIT GUARANTEE FUND SCHEME FOR NBFCs CGS(II) CHAPTER I INTRODUCTION

CREDIT GUARANTEE FUND SCHEME FOR NBFCs CGS(II) CHAPTER I INTRODUCTION Annexure I CREDIT GUARANTEE FUND SCHEME FOR NBFCs CGS(II) CHAPTER I INTRODUCTION The Board of Trustees of Credit Guarantee Fund Trust for Micro and Small Enterprises, having decided to frame a Scheme for

More information

CREDIT GUARANTEE FUND SCHEME FOR MICRO AND SMALL ENTERPRISES INDEX

CREDIT GUARANTEE FUND SCHEME FOR MICRO AND SMALL ENTERPRISES INDEX CREDIT GUARANTEE FUND SCHEME FOR MICRO AND SMALL ENTERPRISES INDEX Chapter Section Title Page I II III IV V VI INTRODUCTION No(s) 1 Title and date of commencement 1 2 Definitions 1-2 SCOPE AND EXTENT OF

More information

Discussion Paper on Convergence to Ind-As in Insurance Sector

Discussion Paper on Convergence to Ind-As in Insurance Sector Discussion Paper on Convergence to Ind-As in Insurance Sector 1. This discussion paper covers the approach towards convergence towards Ind-AS in the insurance sector from the date which will be notified

More information

IRDA Public Disclosures

IRDA Public Disclosures IRDA Public Disclosures QUARTER ENDED 31ST MARCH 2015 Aviva Life Insurance Company India Limited S. No. Form No. Description Page No. 1 L-1 REVENUE ACCOUNT 1-2 2 L-2 PROFIT & LOSS ACCOUNT 3 3 L-3 BALANCE

More information

CREDIT GUARANTEE FUND SCHEME FOR SKILL DEVELOPMENT (CGFSSD) CHAPTER I

CREDIT GUARANTEE FUND SCHEME FOR SKILL DEVELOPMENT (CGFSSD) CHAPTER I CREDIT GUARANTEE FUND SCHEME FOR SKILL DEVELOPMENT (CGFSSD) INTRODUCTION CHAPTER I 1. Title and date of commencement (i) The Scheme shall be known as the Credit Guarantee Fund Scheme for Skill Development

More information

CREDIT GUARANTEE FUND SCHEME FOR EDUCATION LOANS (CGFSEL) CHAPTER I

CREDIT GUARANTEE FUND SCHEME FOR EDUCATION LOANS (CGFSEL) CHAPTER I CREDIT GUARANTEE FUND SCHEME FOR EDUCATION LOANS (CGFSEL) INTRODUCTION 1. Title and date of commencement CHAPTER I (i) The Scheme shall be known as the Credit Guarantee Fund Scheme for Education Loan (CGFSEL).

More information

RBI/ /54 DNBS (PD) CC. No. 31 / SCRC / / July 1, 2013

RBI/ /54 DNBS (PD) CC. No. 31 / SCRC / / July 1, 2013 भ रत य रज़व ब क --------------------------------------RESERVE BANK OF INDIA-------------------------------- www.rbi.org.in RBI/2013-2014/54 DNBS (PD) CC. No. 31 / SCRC / 26.03.001/ 2013-2014 July 1, 2013

More information

Audit of General Insurance Companies

Audit of General Insurance Companies CHAPTER 12 Audit of General Insurance Companies Question 1 Write a short note on - Incoming and Outgoing Co-insurance. Incoming and Outgoing Co-insurance: In cases of large risks, the business is shared

More information

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (Micro Insurance) (Modifications) DRAFT REGULATIONS, 2014

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (Micro Insurance) (Modifications) DRAFT REGULATIONS, 2014 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (Micro Insurance) (Modifications) DRAFT REGULATIONS, 2014 F. No. IRDA/Reg/xx/2014. In exercise of the powers conferred by section 114A of the Insurance Act,

More information

Policy on Related Party Transactions With effect from 1 st July 2016

Policy on Related Party Transactions With effect from 1 st July 2016 Regd. Office: 9 th Floor Antriksh Bhawan, 22 K G Marg, New Delhi-110001 CIN: U65922DL1988PLC033856 Policy on Related Party Transactions With effect from 1 st July 2016 1. INTRODUCTION & PURPOSE PNB Housing

More information

SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 1997

SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 1997 SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 1997 In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India

More information

LIFE INSURANCE CORPORATION OF INDIA CENTRAL OFFICE

LIFE INSURANCE CORPORATION OF INDIA CENTRAL OFFICE LIFE INSURANCE CORPORATION OF INDIA CENTRAL OFFICE Dept: Actuarial Yogakshema Jeevan Bima Marg Mumbai 400 021 Ref : Actl /PD / 2167 /4 26 th June, 2009 To, All HODs of Central Office All Zonal Offices

More information

Statement-a INDEPENDENT AUDITOR S REPORT

Statement-a INDEPENDENT AUDITOR S REPORT Statement-a INDEPENDENT AUDITOR S REPORT To, The Members The Urban Co-operative Bank Ltd. Address... Ref. :- Appointment Letter Reference No.-------- Dated ------------ Report on the Financial Statements

More information

CHAPTER II - INITIAL PUBLIC OFFER ON MAIN BOARD

CHAPTER II - INITIAL PUBLIC OFFER ON MAIN BOARD CHAPTER II - INITIAL PUBLIC OFFER ON MAIN BOARD PART I: ELIGIBILITY REQUIREMENTS Reference date 4. Unless otherwise provided in this Chapter, an issuer making an initial public offer of specified securities

More information

MASTER CIRCULAR RESERVE BANK OF INDIA

MASTER CIRCULAR RESERVE BANK OF INDIA MASTER CIRCULAR Prudential Norms On Income Recognition, Asset Classification, Provisioning & Other Related Matters. (Updated up to June 30, 2004) ( The Master Circular is also available at RBI web-site

More information

Corporate Debt Restructuring (CDR)

Corporate Debt Restructuring (CDR) BP.BC. 15 /21.04.114/2000-01 Corporate Debt Restructuring (CDR) August 23, 2001 All commercial banks (excluding RRBs & LABs) Dear Sir, Corporate Debt Restructuring (CDR) As you are aware, the need for

More information

Life Non Participating. (b) Reinsurance Ceded (3,203) (20) (2,42,575) (0) - - (9,223) (5) (2,55,026) (c) Reinsurance accepted

Life Non Participating. (b) Reinsurance Ceded (3,203) (20) (2,42,575) (0) - - (9,223) (5) (2,55,026) (c) Reinsurance accepted FORM L-1-A-RA KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SEGMENT-WISE REVENUE ACCOUNT FOR THE QUARTER ENDED JUN 30, 2017 Policyholders'

More information

LIFE INSURANCE CORPORATION OF INDIA CENTRAL OFFICE

LIFE INSURANCE CORPORATION OF INDIA CENTRAL OFFICE LIFE INSURANCE CORPORATION OF INDIA CENTRAL OFFICE Dept: Actuarial Yogakshema Marg 400 021 Jeevan Bima Mumbai Ref : Actl /PD /2184/4 February, 2010 6 th To, All HODs of Central Office All Zonal Offices

More information

IRDA PUBLIC DISCLOSURES FOR THE QUARTER ENDED JUNE 30, 2015

IRDA PUBLIC DISCLOSURES FOR THE QUARTER ENDED JUNE 30, 2015 IRDA PUBLIC DISCLOSURES FOR THE QUARTER ENDED JUNE 30, 2015 Name of the Insurer: HDFC Standard Life Insurance Company Limited Registration Number and Date of Registration with the IRDAI : 101 dated 23rd

More information

SEARCHABLE FORMAT SI. No. (` in Lakhs) Three months ended/ As at Year ended/ As at March 31, 2018 December 31, 2017 March 31, 2017 March 31, 2018 March 31, 2017 (Audited) (Unudited) (Audited) (Audited)

More information

Changes in Financial Statements and Auditor s Report. Presentation By CA Anil Sharma

Changes in Financial Statements and Auditor s Report. Presentation By CA Anil Sharma Changes in Financial Statements and Auditor s Report Presentation By CA Anil Sharma Sec 129- Financial Statement The financial statement shall : be in the form in Schedule III and comply with the accounting

More information

CIRCULAR. CFD/DIL3/CIR/2017/21 March 10, All Listed Entities who have listed their equity and convertibles All the Recognized Stock Exchanges

CIRCULAR. CFD/DIL3/CIR/2017/21 March 10, All Listed Entities who have listed their equity and convertibles All the Recognized Stock Exchanges CIRCULAR CFD/DIL3/CIR/2017/21 March 10, 2017 All Listed Entities who have listed their equity and convertibles All the Recognized Stock Exchanges Dear Sir/Madam, Sub: Schemes of Arrangement by Listed Entities

More information

THE BANKING LAWS (AMENDMENT) BILL, 2011

THE BANKING LAWS (AMENDMENT) BILL, 2011 1 As INTRODUCED IN LOK SABHA Bill No. 18 of 2011 5 10 THE BANKING LAWS (AMENDMENT) BILL, 2011 A BILL further to amend the Banking Regulation Act, 1949, the Banking Companies (Acquisition and Transfer of

More information

IRDAI PUBLIC DISCLOSURES FOR THE QUARTER ENDED JUNE 30, 2016.

IRDAI PUBLIC DISCLOSURES FOR THE QUARTER ENDED JUNE 30, 2016. IRDAI PUBLIC DISCLOSURES FOR THE QUARTER ENDED JUNE 30, 2016. Name of the Insurer: HDFC Standard Life Insurance Company Limited Registration Number and Date of Registration with the IRDAI : 101 dated 23rd

More information

Index. 97 b) Comparison of Old and Revised Schedule VI 98. Illustrative list of disclosures required under Companies Act, 1956

Index. 97 b) Comparison of Old and Revised Schedule VI 98. Illustrative list of disclosures required under Companies Act, 1956 Index S.No. Contents Page No. 1. Introduction 3 2. Objective and Scope 3 3. Applicability 4 4. Summary of the Revised Schedule VI 4 5. Structure of the Revised Schedule VI 10 6. General Instructions to

More information

Notes on clauses.

Notes on clauses. 52 Notes on clauses Clause 2, read with the First Schedule to the Bill, seeks to specify the rates at which income-tax is to be levied on income chargeable to tax for the assessment year 2009-2010 Further,

More information

RURAL ELECTRIFICATION CORPORATION LIMITED

RURAL ELECTRIFICATION CORPORATION LIMITED CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2017 Sl. No. Note No As at As at I. EQUITY AND LIABILITIES (1) Shareholders Funds (a) Share Capital 2 1,974.92 987.46 (b) Reserves and Surplus 3 31,695.64 27,905.94

More information

5 Legal Framework. Salient Provisions of Banking Regulation Act, 1949 *

5 Legal Framework. Salient Provisions of Banking Regulation Act, 1949 * 5 Legal Framework 01. There is an elaborate legal framework governing the functioning of banks in India. The principal enactments which govern the functioning of various types of banks are: Banking Regulation

More information

ANNEXURE-1 AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, Reviewed

ANNEXURE-1 AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, Reviewed 1 ANNEXURE-1 AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2018 1 Interest Earned (a+b+c+d) a) Interest/Discount on advances/ bills b) Income on Investments c) Interest on balances

More information

Pension Participating. (b) Reinsurance Ceded (3,263) (70) (1,67,076) (1) - - (26,380) (7) (1,96,797) (c) Reinsurance accepted

Pension Participating. (b) Reinsurance Ceded (3,263) (70) (1,67,076) (1) - - (26,380) (7) (1,96,797) (c) Reinsurance accepted FORM L-1-A-RA KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SEGMENT-WISE REVENUE ACCOUNT FOR THE QUARTER ENDED MARCH 31, 2017 Policyholders'

More information

116 COLORFUL MEDIA PRIVATE LIMITED COLORFUL MEDIA PRIVATE LIMITED ANNUAL ACCOUNTS - FY :

116 COLORFUL MEDIA PRIVATE LIMITED COLORFUL MEDIA PRIVATE LIMITED ANNUAL ACCOUNTS - FY : 116 COLORFUL MEDIA PRIVATE LIMITED COLORFUL MEDIA PRIVATE LIMITED ANNUAL ACCOUNTS - FY : 2017-18 COLORFUL MEDIA PRIVATE LIMITED 117 Independent Auditor s Report TO THE MEMBERS OF COLORFUL MEDIA PRIVATE

More information

Article. MCA relaxes controls on Managerial Remuneration: Professional Directors benefited. CS Aman Nijhawan

Article. MCA relaxes controls on Managerial Remuneration: Professional Directors benefited. CS Aman Nijhawan MCA relaxes controls on Managerial Remuneration: Professional Directors CS Aman Nijhawan aman@vinodkothari.com Vinod Kothari & Company Corporate Law Services Group corplaw@vinodkothari.com September 12,

More information

POLICY ON RELATED PARTY TRANSACTIONS

POLICY ON RELATED PARTY TRANSACTIONS POLICY ON RELATED PARTY TRANSACTIONS Housing Development Finance Corporation Limited Regd. Office: Ramon House, 169, Backbay Reclamation, Churchgate, Mumbai 400020. Corp. Office: HDFC House, 165-166, Backbay

More information

i) Partial Withdrawals: You may encash the units partially after the third policy anniversary subject to the following:

i) Partial Withdrawals: You may encash the units partially after the third policy anniversary subject to the following: Fortune Plus It is a unit linked assurance plan where premium payment term (PPT) is 5 years and the premium payable in the first year will be 50% of total premium payable under the policy. The level of

More information

LIC s MONEY PLUS I (UIN: 512L248V02)

LIC s MONEY PLUS I (UIN: 512L248V02) LIC s MONEY PLUS I (UIN: 512L248V02) Benefit Illustration : IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER This is a unit linked Endowment plan with regular premium

More information

Watermark Infratech Private Limited

Watermark Infratech Private Limited 2818 Watermark Infratech Private Limited Watermark Infratech Private Limited Watermark Infratech Private Limited 2819 Independent Auditor s Report TO THE MEMBERS OF WATERMARK INFRATECH PRIVATE LIMITED

More information

CRUSTUM PRODUCTS PRIVATE LIMITED

CRUSTUM PRODUCTS PRIVATE LIMITED CRUSTUM PRODUCTS P R I V A T E L I M I T E D Financial Statements 2016-17 1 INDEPENDENT AUDITOR S REPORT To the Members CRUSTUM PRODUCTS PRIVATE LIMITED Report on the Financial Statements We have audited

More information

Exposure Draft. 1. Short title and commencement

Exposure Draft. 1. Short title and commencement Exposure Draft IRDA (Issuance of Capital by General Insurance Companies) Regulations, 2012 In exercise of powers conferred under section 14 of the Insurance Regulatory and Development Authority Act, 1999

More information

News release: April 24, 2018 NSE Code: ICICIPRULI BSE Code: 540133 VNB growth of 93.1% Embedded Value rises to ` 187.88 billion ICICI Prudential Life Insurance announces a strong full year financial performance.

More information

GUIDELINES ON FILE AND USE REQUIREMENTS FOR GENERAL INSURANCE PRODUCTS

GUIDELINES ON FILE AND USE REQUIREMENTS FOR GENERAL INSURANCE PRODUCTS 021/IRDA/F&U/SEP-06 28 th September, 2006 To All Non Life Insurers GUIDELINES ON FILE AND USE REQUIREMENTS FOR GENERAL INSURANCE PRODUCTS The guidelines on file and use requirements for general insurance

More information

Our responsibility is to express an opinion on these financial statements based on our audit.

Our responsibility is to express an opinion on these financial statements based on our audit. INDEPENDENT AUDITOR S REPORT To the Members of Milky Way Buildcon Limited Report on the Financial Statements We have audited the accompanying financial statements of Milky Way Buildcon Limited ( the Company

More information

49 TH ANNUAL REPORT

49 TH ANNUAL REPORT Independent Auditors Report To, The Members, Rural Electrification Corporation Limited New Delhi Report on the Standalone Financial Statements We have audited the accompanying standalone financial statements

More information

RELIANCE UNIVERSAL COMMERCIAL LIMITED 1. Reliance Universal Commercial Limited

RELIANCE UNIVERSAL COMMERCIAL LIMITED 1. Reliance Universal Commercial Limited RELIANCE UNIVERSAL COMMERCIAL LIMITED 1 Reliance Universal Commercial Limited 2 RELIANCE UNIVERSAL COMMERCIAL LIMITED Independent Auditor s Report To the Members of Reliance Universal Commercial Limited

More information

RELIANCE RETAIL FINANCE LIMITED 1. Reliance Retail Finance Limited

RELIANCE RETAIL FINANCE LIMITED 1. Reliance Retail Finance Limited RELIANCE RETAIL FINANCE LIMITED 1 Reliance Retail Finance Limited 2 RELIANCE RETAIL FINANCE LIMITED Independent Auditor s Report To the Members of Reliance Retail Finance Limited Report on the Financial

More information

1.1 Withdrawal of cash by any mode from any account other than SB account. Any A/c holder other than above

1.1 Withdrawal of cash by any mode from any account other than SB account. Any A/c holder other than above BANKING CASH TRANSACTION TAX (BCTT) EFFECTIVE 01.06.2005 Banking Cash Transaction Tax has been introduced for the first time by the Finance Act, 2005 as an anti tax evasion measure, which is made applicable

More information

NPA POLICY. 2) an asset that has remained sub-standard for a period exceeding 14 months for the

NPA POLICY. 2) an asset that has remained sub-standard for a period exceeding 14 months for the NPA POLICY In terms of RBI circular no. DNBR/PD(CC)/No. 002./03.10.001/2014-15 dated November 10, 2014, a loan asset of an NBFC should be classified as NPA under the following circumstances At present,

More information

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 27th April, 2017 Insurance Regulatory and Development Authority of India (Appointed Actuary) Regulations, 2017 F. No.

More information

RBI/ /49 DNBS.(PD)CC.No. 347 / / July 1, 2013

RBI/ /49 DNBS.(PD)CC.No. 347 / / July 1, 2013 RBI/2013-14/49 DNBS.(PD)CC.No. 347 /03.10.38/2013-14 July 1, 2013 To, All NBFCs(excluding RNBCs) Dear Sirs, Master Circular- Introduction of New Category of NBFCs - Non Banking Financial Company-Micro

More information

LIC s MONEY PLUS (UIN: 512L239V01)

LIC s MONEY PLUS (UIN: 512L239V01) LIC s MONEY PLUS (UIN: 512L239V01) Benefit Illustration : IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER Introduction : This is a unit linked Endowment plan which

More information

MANAGERIAL REMUNERATION SECTION AND SCHEDUL V- ANALYSIS

MANAGERIAL REMUNERATION SECTION AND SCHEDUL V- ANALYSIS MANAGERIAL REMUNERATION SECTION 196 198 AND SCHEDUL V- ANALYSIS Sl Description Page No. No. 1 Conditions for Appointment of MD/Whole Time Director/ Manager 3 2 Extension to Age Limit 3 3 Appointment Procedure

More information

KERALA STATE BACKWARD CLASSES DEVELOPMENT CORPORATION LIMITED THIRUVANANTHAPURAM.

KERALA STATE BACKWARD CLASSES DEVELOPMENT CORPORATION LIMITED THIRUVANANTHAPURAM. KERALA STATE BACKWARD CLASSES DEVELOPMENT CORPORATION LIMITED THIRUVANANTHAPURAM ANNUAL ACCOUNTS 2013-2014 KERALA STATE BACKWARD CLASSES DEVELOPMENT CORPORATION LIMITED BALANCE SHEET AS AT 31st MARCH 2014

More information

CAPITAL FIRST SECURITIES LIMITED BALANCE SHEET AS AT MARCH 31, 2017

CAPITAL FIRST SECURITIES LIMITED BALANCE SHEET AS AT MARCH 31, 2017 BALANCE SHEET AS AT MARCH 31, 2017 Note As at Amount in Rupees As at EQUITY AND LIABILITIES Shareholders' Funds Share Capital 3 673,556,000 673,556,000 Reserves and Surplus 4 (195,051,527) (338,181,529)

More information

All State (Scheduled and Non-Scheduled) Co-operative Banks and Central Co-operative Banks

All State (Scheduled and Non-Scheduled) Co-operative Banks and Central Co-operative Banks RPCD.No.RF.492A/A.6-85 March 29, 1985 All State (Scheduled and Non-Scheduled) Co-operative Banks and Central Co-operative Banks Dear Sir, Banking Laws (Amendment) Act, 1983 - Bringing into Force of Remaining

More information

LIFE INSURANCE CORPORATION OF INDIA CENTRAL OFFICE. Ref : Actl /PD / 2148 /4. Re: INTRODUCTION OF LIC S CHILD FORTUNE PLUS (Plan No.

LIFE INSURANCE CORPORATION OF INDIA CENTRAL OFFICE. Ref : Actl /PD / 2148 /4. Re: INTRODUCTION OF LIC S CHILD FORTUNE PLUS (Plan No. LIFE INSURANCE CORPORATION OF INDIA CENTRAL OFFICE Dept: Actuarial Yogakshema Jeevan Bima Marg Mumbai 400 021 Ref : Actl /PD / 2148 /4 29 th October,2008 To, All HODs of Central Office All Zonal Offices

More information

Voices on Reporting. Quarterly updates. October Contents. Updates relating to Ind AS. Updates relating to the Companies Act, 2013

Voices on Reporting. Quarterly updates. October Contents. Updates relating to Ind AS. Updates relating to the Companies Act, 2013 Voices on Reporting Quarterly updates October 2017 Contents Updates relating to Ind AS Updates relating to the Companies Act, 2013 Updates relating to SEBI regulations Other regulatory updates 01 18 25

More information

Acceptance of Deposits by Companies - CA.B. Kalyan Srinath,

Acceptance of Deposits by Companies - CA.B. Kalyan Srinath, Acceptance of Deposits by Companies - CA.B. Kalyan Srinath, sbkalyan@gmail.com 1. Introduction: The Companies Act, 2013 was assented by the President of India on 29, August 2013 and Published in the Official

More information

Master Policy No. OYRGTA II / GRANTED TO

Master Policy No. OYRGTA II / GRANTED TO Life Insurance Corporation of India Pension and Group Schemes Department Divisional Office, LIC s NEW ONE YEAR RENEWAL GROUP TERM ASSURANCE PLAN-II (UIN:512N276V01) Master Policy No. OYRGTA II / GRANTED

More information

LIC s MARKET PLUS I (UIN : 512L249V02)

LIC s MARKET PLUS I (UIN : 512L249V02) LIC s MARKET PLUS I (UIN : 512L249V02) IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER Benefit Illustration: This is a unit linked deferred pension plan. You can

More information

SUPPLEMENTARY STATUTORY UPDATES PAPER - 7 [DIRECT TAXATION] [INTERMEDIATE] AND PAPER - 16 [DIRECT TAX LAWS AND INTERNATIONAL TAXATION] [FINAL]

SUPPLEMENTARY STATUTORY UPDATES PAPER - 7 [DIRECT TAXATION] [INTERMEDIATE] AND PAPER - 16 [DIRECT TAX LAWS AND INTERNATIONAL TAXATION] [FINAL] SUPPLEMENTARY STATUTORY UPDATES PAPER - 7 [DIRECT TAXATION] [INTERMEDIATE] AND PAPER - 16 [DIRECT TAX LAWS AND INTERNATIONAL TAXATION] [FINAL] Clarification related to guidelines for establishing 'Place

More information

Financial Reporting for Financial Institutions

Financial Reporting for Financial Institutions CHAPTER 8 Financial Reporting for Financial Institutions BASIC CONCEPTS MUTUAL FUNDS In India, mutual funds are regulated by SEBI (Mutual Funds) Regulations, 1996. According to the SEBI (Mutual Funds)

More information

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

Our responsibility is to express an opinion on these standalone financial statements based on our audit. INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF AIRJET GROUND SERVICES LIMITED Report on the Standalone Financial Statements We have audited the accompanying standalone financial statements of Airjet Ground

More information

RELIANCE JIO MESSAGING SERVICES PRIVATE LIMITED 1. Reliance Jio Messaging Services Private Limited

RELIANCE JIO MESSAGING SERVICES PRIVATE LIMITED 1. Reliance Jio Messaging Services Private Limited RELIANCE JIO MESSAGING SERVICES PRIVATE LIMITED 1 Reliance Jio Messaging Services Private Limited 2 RELIANCE JIO MESSAGING SERVICES PRIVATE LIMITED Independent Auditor s Report To The Members Of Reliance

More information

Future Generali India Life Insurance Company Limited. Registration No. 133 FUTURE GENERALI UNIT LINKED GROUP GRATUITY PLAN (UIN 133L011V01)

Future Generali India Life Insurance Company Limited. Registration No. 133 FUTURE GENERALI UNIT LINKED GROUP GRATUITY PLAN (UIN 133L011V01) FUTURE GENERALI UNIT LINKED GROUP GRATUITY PLAN (UIN 133L011V01) Future Generali India Life Insurance Company Ltd (which expression includes its assigns and successors, hereinafter called the Company )

More information

BSE INSTITUTE LIMITED

BSE INSTITUTE LIMITED Public BSE INSTITUTE LIMITED ANNUAL ACCOUNTS FY 2017-18 BSE INSTITUTE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BSE INSTITUTE LIMITED Report on the Standalone Financial Statements We have

More information

Policy on Materiality of related party transactions and dealing with Related Party Transactions

Policy on Materiality of related party transactions and dealing with Related Party Transactions Policy on Materiality of related party transactions and dealing with Related Party Transactions 1 BACKGROUND The Companies Act, 2013 was enacted on August 30, 2013 which provides major overhaul in the

More information

IMPORTANT GUIDELINES ON PARA-BANKING ACTIVITIES*

IMPORTANT GUIDELINES ON PARA-BANKING ACTIVITIES* IMPORTANT GUIDELINES ON PARA-BANKING ACTIVITIES* 1. GUIDELINES Banks can undertake certain eligible financial services or Para-banking activities either departmentally or by setting up subsidiaries for

More information

SEGMENT- I: INFORMATION AND PARTICULARS IN RESPECT OF BALANCE SHEET. From (DD/MM/YYYY) To (DD/MM/YYYY)

SEGMENT- I: INFORMATION AND PARTICULARS IN RESPECT OF BALANCE SHEET. From (DD/MM/YYYY) To (DD/MM/YYYY) FORM NO. AOC-4 [Pursuant to section 137 of the Companies Act, 2013 and sub-rule (1) of Rule 12 of Companies (Accounts) Rules, 2014] Form for filing financial statement and other documents with the Registrar

More information

Net Current Assets (62,748,149) (2,858,178,175) (90,126,095) (4,225,111,319)

Net Current Assets (62,748,149) (2,858,178,175) (90,126,095) (4,225,111,319) Balance Sheet as at December 31, 2010 SOURCES OF FUNDS Schedule 2010 2010 2009 2009 (Amount in USD) (Amount in INR) (Amount in USD) (Amount in INR) Shareholders' Funds Share capital A 28 1,275 28 1,313

More information

Important provisions of the Companies Act, 2013 Regarding Deposits

Important provisions of the Companies Act, 2013 Regarding Deposits Important provisions of the Companies Act, 2013 Regarding Deposits When we look at the various provisions of deposits in the Companies Act, 2013(CA 2013 or the Act), there is no much difference in the

More information

Compliance Handbook. For NSE Trading Members

Compliance Handbook. For NSE Trading Members Compliance Handbook For NSE Trading Members Preamble Compliance requirements pertaining to members of the Exchange are given in byelaws, regulations and circulars of the Exchange and the Clearing Corporation.

More information

Balance Sheet as at March 31, 2018 Amount in Rs. Amount in Rs. Particulars

Balance Sheet as at March 31, 2018 Amount in Rs. Amount in Rs. Particulars Balance Sheet as at March 31, 2018 Note Equity and liabilities Shareholders' funds Share capital 3 25,00,00,000 25,00,00,000 Reserves and surplus 4 6,37,76,463 2,22,19,723 Non-Current Liabilities Long-term

More information

SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012 CHAPTER I PRELIMINARY

SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012 CHAPTER I PRELIMINARY THE GAZETTE OF INDIA EXTRAORDINARY PART III SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, MAY 21, 2012 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 21 st May, 2012 SECURITIES AND EXCHANGE

More information

Accounting Standard 15 (Revised 2005) Employee Benefits

Accounting Standard 15 (Revised 2005) Employee Benefits Accounting Standard 15 (Revised 2005) Employee Benefits Content 1. Introduction 2. Applicability 3. Key Features 4. Recognition & Measurement, Disclosures 5. Difference With IAS-19 6. Case Study (opinion

More information

REPUBLIC OF CYPRUS - THE INSURANCE COMPANIES LAWS OF 1984 TO 1990

REPUBLIC OF CYPRUS - THE INSURANCE COMPANIES LAWS OF 1984 TO 1990 REPUBLIC OF CYPRUS - THE INSURANCE COMPANIES LAWS OF 1984 TO 1990 ARRANGEMENT OF SECTIONS REGULATIONS MADE UNDER SECTION 80 The Council of Ministers, in exercise of the powers vested in it by section 80

More information

Lending under Consortium Arrangement / Multiple Banking Arrangements

Lending under Consortium Arrangement / Multiple Banking Arrangements RBI/2008-2009/313 DBOD.No.BP.BC.94 /08.12.001/2008-09 December 08, 2008 The Chairman & Managing Directors / Chief Executive Officers of All Scheduled Commercial Banks (Excluding RRBs and LABs) Dear Sir,

More information

ACCOUNTS OF INSURANCE COMPANIES

ACCOUNTS OF INSURANCE COMPANIES T-1. GENERAL INSURANCE FINAL ACCOUNT Chapter A-12 ACCOUNTS OF INSURANCE COMPANIES AQ 1. The under mentioned figures amongst others appeared in the books of Y General Insurance Co. Ltd., as on 31 st December,

More information

New Accounting Framework in Insurance Industry

New Accounting Framework in Insurance Industry New Accounting Framework in Insurance Industry R.C. Guria < E X E C U T I V E S U M M A R Y > With the opening of the insurance sector in India to the private and global giants the entire scenario of the

More information

Auditor s Responsibility Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.

Auditor s Responsibility Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit. Independent Auditor s Report To the Board of Directors of Wipro Limited Report on the Standalone Ind AS Financial Statements At the request of Wipro Limited, the Ultimate Holding Company of Wipro Data

More information

BERMUDA INSURANCE (PRUDENTIAL STANDARDS) (CLASS C, CLASS D AND CLASS E SOLVENCY REQUIREMENT) AMENDMENT RULES 2016 BR 12 / 2016

BERMUDA INSURANCE (PRUDENTIAL STANDARDS) (CLASS C, CLASS D AND CLASS E SOLVENCY REQUIREMENT) AMENDMENT RULES 2016 BR 12 / 2016 QUO FA T A F U E R N T BERMUDA INSURANCE (PRUDENTIAL STANDARDS) (CLASS C, CLASS D AND CLASS E BR 12 / 2016 TABLE OF CONTENTS 1 2 3 4 5 6 7 Citation Amends paragraph 6 Amends Schedule I Amends Schedule

More information

CONSOLIDATED CONDENSED BALANCE SHEET Argus International Life Bermuda Limited As at March 31, 2017 expressed in ['000s] Bermuda Dollars

CONSOLIDATED CONDENSED BALANCE SHEET Argus International Life Bermuda Limited As at March 31, 2017 expressed in ['000s] Bermuda Dollars CONSOLIDATED CONDENSED BALANCE SHEET Argus International Life Bermuda Limited As at March 31, 2017 expressed in ['000s] Bermuda Dollars LINE No. Note 2017 2016 1. CASH AND CASH EQUIVALENTS 3,408 2,714

More information

BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970

BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970 BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970 Preamble 1 - BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970 PREAMBLE BANKING COMPANIES (ACQUISITION AND TRANSFER

More information

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 30th March, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 30th March, 2016 46 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II SEC. 3(i)] MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 30th March, 2016 G.S.R. 365 (E). In exercise of the powers conferred by section 133

More information

BANK BRANCH AUDIT. Presented by: CA. Rajesh Malhotra

BANK BRANCH AUDIT. Presented by: CA. Rajesh Malhotra BANK BRANCH AUDIT Presented by: rmalhotrafca@rediffmail.com 1 OBJECTIVE OF AUDIT Whether the financial statement are free from material misstatement. Whether the financial statement are prepared in accordance

More information

GUIDANCE NOTE PREPRATATION OF INVESTMENT RETURNS

GUIDANCE NOTE PREPRATATION OF INVESTMENT RETURNS INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA GUIDANCE NOTE PREPRATATION OF INVESTMENT RETURNS Ver 02 AUGUST, 2016 The Authority, to bring consistency in the data filed through electronic submission,

More information

INDEPENDENT AUDITOR S REPORT. To the Members of Sentia Properties Limited Report on the Financial Statements

INDEPENDENT AUDITOR S REPORT. To the Members of Sentia Properties Limited Report on the Financial Statements INDEPENDENT AUDITOR S REPORT To the Members of Sentia Properties Limited Report on the Financial Statements We have audited the accompanying financial statements of Sentia Properties Limited ( the Company

More information

POLICY ON RELATED PARTY TRANSACTIONS/ DISCLOSURES

POLICY ON RELATED PARTY TRANSACTIONS/ DISCLOSURES POLICY ON RELATED PARTY TRANSACTIONS/ DISCLOSURES BLUE DART EXPRESS LIMITED 1 TABLE OF CONTENTS I. Preamble...3 II. III. Objective...3 Definitions...3 IV. Related Party Transactions...5 V. Disclosure of

More information

(Provisions) (Shareholders Fund) (Policyholders Fund) (Bonus) (Interim Bonus) Provisions. (Surplus) (Policy Holders Fund)

(Provisions) (Shareholders Fund) (Policyholders Fund) (Bonus) (Interim Bonus) Provisions. (Surplus) (Policy Holders Fund) (Provisions) (Shareholders Fund) (Policyholders Fund) (Bonus) (Interim Bonus) Provisions (Surplus) (Policy Holders Fund) General 1. This directive should be interpreted in the context of the regulations

More information

¼ããÀ ããè¾ã ¹ãÆãä ã¼ãîãä ã ããõà ãäìããä ã½ã¾ã ºããñ Ã

¼ããÀ ããè¾ã ¹ãÆãä ã¼ãîãä ã ããõà ãäìããä ã½ã¾ã ºããñ à CIRCULAR CIR/CFD/CMD/16/2015 November 30, 2015 To All Listed Entities who have listed their equity and convertibles All the Recognized Stock Exchanges Dear Sir/Madam, Sub: Schemes of Arrangement by Listed

More information

Consolidated Financial Highlights

Consolidated Financial Highlights Consolidated Financial Highlights 2017-2018 (` In crore) Financial Highlights FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Advances 71,693 88,632 144,793 167,125 205,997 Investments*$ 26,685 31,910 55,304 49,974

More information

6. PROFITS AND GAINS OF BUSINESS OR PROFESSION 2

6. PROFITS AND GAINS OF BUSINESS OR PROFESSION 2 Ph: 98851 25025/26 www.mastermindsindia.com 6. PROFITS AND GAINS OF BUSINESS OR PROFESSION 2 SOLUTIONS TO ASSIGNMENT PROBLEMS Problem No. 1 Computing business income for A.Y.2015-16 is as follows Amount

More information

DCB BANK LIMITED Policy on Related Party Transactions Version 4.0

DCB BANK LIMITED Policy on Related Party Transactions Version 4.0 DCB BANK LIMITED Policy on Related Party Transactions Version 4.0 1 Glossary of Abbreviations used in this Document ACB AS ESOP ICAI KMP LODR NRCB RBI RPTs SEBI Audit Committee of the Board Accounting

More information

LIC s PROFIT PLUS (UIN: 512L245V02)

LIC s PROFIT PLUS (UIN: 512L245V02) LIC s PROFIT PLUS (UIN: 512L245V02) Benefit Illustration : IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER It is a unit linked Endowment plan where the premium

More information

By CA Kanika khetan

By CA Kanika khetan BANK AUDIT By CA Kanika khetan cakanika14@gmail.com www.anushriagarwal.com Type of banks Commercial Banks. Co-operative Banks. Development Banks (more commonly known as Term-Lending Institutions ). Regional

More information

Part III Insurance Consultation Contd

Part III Insurance Consultation Contd 8.7 Penal Provisions Part III Insurance Consultation Contd 8.8.1 Section 102-105C prescribe penalties for contravention of or default in complying with the provisions of the Act; false statement in document;

More information

RELIANCE ENERGY AND PROJECT DEVELOPMENT LIMITED 1. Reliance Energy and Project Development Limited

RELIANCE ENERGY AND PROJECT DEVELOPMENT LIMITED 1. Reliance Energy and Project Development Limited RELIANCE ENERGY AND PROJECT DEVELOPMENT LIMITED 1 Reliance Energy and Project Development Limited 2 RELIANCE ENERGY AND PROJECT DEVELOPMENT LIMITED Independent Auditor s Report To the Members of Reliance

More information

Summary of Reserve Bank of India s New Guidelines for NBFCs

Summary of Reserve Bank of India s New Guidelines for NBFCs Summary of Reserve Bank of India s New Guidelines for NBFCs CA Rajesh Pabari D r e a m O p t i m u s C o n s u l t i n g 1 8 0, G r o u n d F l o o r, R a g h u l e e l a M a l l, K a n d i v a l i ( W

More information

Amendments to NBFC Regulations. The Bank regulates the activities of NBFCs through five sets of Directions viz.

Amendments to NBFC Regulations. The Bank regulates the activities of NBFCs through five sets of Directions viz. Ref.DNBS.(PD).CC.No. 13 /02.01/99-2000 June 30, 2000. Amendments to NBFC Regulations To All Non-Banking Financial Companies including Residuary Non-Banking Companies Dear Sirs, Amendments to NBFC Regulations

More information