To,
The Chairman/Chief Executive Officer of
All Insurance Companies
Dear Sir,
Quarterly Submission of Financial Statements
As you are aware, 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. These statements are required to be furnished to the Authority within a period of six months from the end of the period to which they refer.
With a view to strengthening the framework of disclosure to the Authority and to reduce the periodicity at which information on the financial performance of the companies is submitted to the Authority, it has now been decided that all insurers shall submit to the Authority the un-audited segment wise financial statements on a quarterly basis. These statements may be filed with the Authority without the accompanying schedules. The manner of preparation of the un-audited financial statements shall be as per the instructions contained in the IRDA (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 and the various circulars/instructions issued thereunder.
The filing of quarterly statements is required to be made as per the following time schedule:
Report as on |
To be submitted on or before |
30 th June |
15 th August |
30 th September |
15 th November |
31 st December |
15 th February |
The prevailing requirements for filing of the Financial Statements as at 31 st March shall continue as per the provisos of the Regulations under reference and the instructions issued vide Circular No. IRDA/F&A/013/2005-06 dated 9 th June, 2005 .
These instructions come into effect from the quarter ended December, 2007.
Kindly acknowledge receipt.
(C. R. Muralidharan)
Member (F&I)