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IRDA Compliance for Insurance Company

  • Compliance are reviewed Quarterly & Annually
  • Compliance of MCA
  • Compliance of FEMA
  • Report on internal control system by Management

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What do you mean by IRDA Compliance for insurance company?

Complicated pattern of economic, social ideas and expectations are present in Insurance companies. Insurance Company take the resources andthen invest these resources. Complicated pattern and fiduciary duty reportingbecomes an importance part for an Insurance companies.

Sharing the information with the Authorities is Reporting. The Authority levies the reporting requirement for the good governance of an organisation.

Insurance Act, 1938 or amendment governs the Insurance Company by various Authorities like; Companies Act 2013; The Foreign Exchange Management Act, 1999. For smooth functioning of the business various policies are incorporated by the Insurance Company. The requirement of compliances increases as the Insurance carries complicated business. Transparency and accountability is the ultimate goal of reporting is in the organisation.

What are the Reporting requirement under the Insurance Act?

The Insurance Company is regulated by the statutory body which is Insurance Regulatory and Development Authority of India. In a prescribed time period various reports must be filed to the authorities such asmonthly reports, Quarterly Report, Annually Reports or event based report to the Authority by the Insurance Company.

According to the respected rules, regulation or circular as may be,the reports shall be filed by the Authority offline as well as online during the prescribed time in the manner prescribed by the Authority.

The Insurance Company shall file monthly reporting like information of Business, Policyholders grievances, claims report etc in the prescribed time. Same as the case for the various quarterly report or annual report shall be filled.

The performance of the Company must be timely intimated to the Board by the Insurance Company and it must contains the details like the risk raised how resolved, details of policyholders details, details of claims, management report etc.

The manner prescribed by the authority must be adopted by the company while preparing the accounts of the Company. Solvency Margin ratio shall be maintained by the Insurance Company shall maintain at all time.

Within the six months from the end of the financial Year the Annual return of the company shall be filed with Authority in the four copies. The said six months will extend to the three months if Insurer carries business outside India than. Chairman and two directors and by principal officer must sign the Annual Return.

What are returns by insurer who established business outside India?

Every balance sheet, account, abstract, report and statement supplied to the public authority along with statement audited must be filed with the Authority  by the Insurer who have establishment outside India in four certified copies in the English language. These documents must be certified by an auditor or by a person duly qualified under the law of the insurer’s country showing the assets held by insurer in India as at the date of any balance-sheet so furnished and separate abstract of the valuation report and separate abstract of the valuation report within the time prescribed above.

What are the Reporting requirements under the Companies Act?

Under the Companies Act, 2013 all the Insurance Company in India shall be registered and all it must be a public Company. Asall the insurance company are public company,provisions of the Companies Act 2013 must be complies by them. Various provisions for declaration from directors, filing of the resolutions to the Ministry of Corporate Affairs or any other provisions when applicable shall be complied duly by the insurance company. While appointing Directors, Auditors, annual filing, issue of shares etc all the provisions shall be complied. In the event of a contradiction between the Acts, the specific provisions shall prevail.

Various board resolution related to appointment or resignation of directors, issue of shares, appointment of auditor etc must be filed with ROC by the Insurance Company.

Within the 60 days of the AGM the filing of the Annual return in MGT-7 and AOC-4 shall be done. Filing in XBRL is exempted for an Insurance company filing of balance sheet.

Guidelines on the Corporate Governance has been also issuedby the IRDAI for an Insurance Company. Insurance company shall comply with the provisions of the said guidelines. As prescribed under the guidelines the committees must be constituted by the company. As per the prescribed time under the guidelinesthe annual report must be filed by the Insurance Company.

What are the Reporting requirements under the FEMA?

Foreign investment or foreign promoters can invest in the Insurance Company.The provisions of the FEMAmust be complied by such insurance company. Reserve Bank of India(RBI) must be intimated by the inflow and outflow of the foreign investment.

Annual return of foreign flow of Insurance Company must be filed in the manner prescribed and time prescribed to RBI.

Conclusion

Compliances must be made by the Insurance Company with provisions of the reporting. Various liabilities will be imposed if there is Non-compliance of the provisions of the reporting.

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