Formats for Publishing Financial Results under SEBI LODR Regulations

भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

CIRCULAR

IRDA/F&A/CIR/LFTD/027/01/2017

January 30, 2017

To

All General Insurance Companies (Including standalone health Insurers and Reinsurance Companies)

Madam/ Sir,

Formats for publishing financial results as required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations, 2015)

SEBI circular No. CIR/CFD/CMD/15/2015 dated Nov 30, 2015 provides the formats for publishing financial results by listed Companies. These stipulations are also applicable to all entities whose securities are listed on the stock exchanges.

2. It is further specified by SEBI vide circular No. CIR/CFD/FAC/62/2016 dated July 05, 2016 as under:

"For the period ending on or after March 31, 2017, the formats for Unaudited/Audited quarterly financial results to be submitted by the Listed Entities, with the stock exchanges, shall be as prescribed in Schedule III to the Companies Act, 2013. However, Banking Companies and Insurance Companies shall follow the formats as prescribed under the respective Acts/Regulations as specified by their Regulators."

3. Further vide SEBI's circular reference CIR/CFD/DIL/115/2016 dated October 24, 2016, it has been clarified in the context of Para 2 above that

• a) The insurance companies (life and non-life) shall submit the following disclosures for quarters ending 30th September, 2016 and 31st December, 2016 in the format as specified by IRDAI:
  • i. Format for quarterly financial results
  • ii. Format for Reporting of Segment wise Revenue, Results and Capital Employed along with the quarterly results
• b) With respect to the format for Newspaper Publishing Purpose (Standalone/Consolidated), the insurance companies shall continue to follow the format as specified under the aforesaid circulars issued by SEBI. Additional disclosures may also be made as prescribed by IRDAI.

5. Accordingly, the following formats are prescribed herewith to ensure compliance with the requirements of SEBI under LODR Regulations, 2015:

• i. The quarterly financial results shall be presented in the format prescribed at Annexure I
• ii. Reporting of Segment wise Revenue, Results and Capital Employed along with the quarterly results shall be presented in the format prescribed at Annexure II
• iii. Limited review reports shall be given by auditors in the format prescribed in Annexure III
• iv. In case of audited financial reports, the audit report shall be given by the auditors in the format given in Annexure IV
• v. The financial results published in the newspapers in terms of Regulation 47(1)(b) of LODR Regulations, 2015 shall be in the format prescribed in Annexure V

The other requirements specified under the aforesaid SEBI circulars shall continue to apply to insurance companies.

6. This circular is issued with the limited purpose of enabling listed General Insurance Companies including Standalone Health Insurance Companies and Reinsurers (including those Insurers whose securities are listed on the stock exchanges) to meet the disclosure requirements of SEBI under LODR Regulations, 2015. These requirements do not in any manner, modify the disclosure requirements or the manner of preparation of financial statements as required under the Insurance Act, 1938; the IRDAI Act, 1999 and the Regulations framed there under.

Yours faithfully,

[Image omitted. See the official document.]

(V. R. Iyer) Member (F&I)