Insurance Regulatory and Development Authority

All Insurers/Re-insurer,

Disclosures forming part of Financial Statements

Part II of Schedules A and B of IRDA (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, stipulates the disclosure requirements which are required to form part of the financial statements.

2. Apart from the disclosures prescribed under the said Regulation, all insurers are required to provide details of various penal actions taken by various Government Authorities from the financial year 2008-09 onwards as per the format given below. The said information is required to be duly certified by the Statutory Auditor of the insurer. In view of the advanced stage of finalization of accounts by the insurers, the said disclosures for 2008-09 may be made to the Authority through a separate filing. It may, however, be ensured that the said information is incorporated in Annual Report w.e.f. 2009-10 onwards.

Sl No.	Authority	Non-Compliance/ Violation	Amount in Rs.
Sl No.	Authority	Non-Compliance/ Violation	Penalty Awarded	Penalty Paid	Penalty Waived/ Reduced
1	Insurance Regulatory and Development Authority
2	Service Tax Authorities
3	Income Tax Authorities
4	Any other Tax Authorities
5	Enforcement Directorate/ Adjudicating Authority/ Tribunal or any Authority under FEMA
6	Registrar of Companies/ NCLT/CLB/ Department of Corporate Affairs or any Authority under Companies Act, 1956
7	Penalty awarded by any Court/ Tribunal for any matter including claim settlement but excluding compensation
8	Securities and Exchange Board of India *
9	Competition Commission of India
10	Any other Central/State/Local Government / Statutory Authority

* Post listing.

A NIL report may be filed in case No penalties have been imposed on the insurer.

Your responses must reach us within 30 days of this communication.

(C. R. Muralidharan)
Member (F&I)