IRDA (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations, 2002

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( ~lfiln q:jq~tjt ~ (i)i~ifi(OI) ~f.l'-i4, 200016" f"t4~'-i'l 2(i) if~~); (ii) mqr,:q ~, '1f'l:ffi1Jl ~, ~ a:fn: ~ 1ftlTT c6" ft;{Q: ~ cnT001: "'i~ ~if; (11) 'qf«f$ mm:~afu: 'ql«f~~~I c2) i!flq1ifiaf ~.m.~.am. mu~~ 7Tu,: ~."tTT. 3- 11 ~ 3lleyt-~ ~"if~ m&:1 ~ cfi ~1I~~am~~m~, ~11il':fflf: <l'"l({lq,(Oj «. ~ ~.ftf.ftf.~. * 'mi d~½_Sjq,(Oj 1'ft "ffl'tRr 31 lIT'f, 20 ....... llTT ~ IQ; lflf 'lfiT ~ ~ ~ ~ g (~ ffl!IT) ~"'llli:.ql ~ ,;ftftrrq-m ('ij,) 1tftr.rq- (.J) W.ft~ (11)~~ AAm;ff ~ awl' ('!fi) 1ZITT!, ~ a:ft'l: mrll-~ (~) ~ * ~~ 'R ffi'll (Tf) AAtrr,:if * ~~ 'R ~ (~) 3Rf{'OT1 _, :, -,: 111: 'ffi'l/1m ~ if ~ 3F1l' mq ( ~ ~) 1fr1T ('ll'i) ~ .fti:n 'lfimm: 'tj1tm ~ ~ ~~<Ii"~~~ ~"'l61~ ~ -it ~ -;rof l,l ~(~'#f\A) ('!fi) AAm:ff-tt~if<li"i:ft?fft;iv: (~) ('l:J) ~ (~~) 1fr1T C•) ffi~ (m;) mmiftq~ -;ift?R ~ ?fj 1fR if ~ * ~ if ~ ('qi") mw• ( lJ) ~ if !'!~ Wll' ( 11) ~ if ~ Wll' lft1T (11) ~/('d) ll = ('qi") - (1') - (11) l=i.fll~-!1111 ~ ~ M if ~ 3R~it8RR1'1(~~) ~. "I'! ~ ~f.ltj1;i,;fl lfi ~ ~ wft 1flTT (ll) f?urrr: • ~ ~ ~ ~ ?fi ~ ~ ~ 1Tll; ~ 1T1'.!; ~ ~ '!fifflT t I •• ~ lt ~ 'it 'W'fflt_ 1Tfimft'q ~ ~ "nU!T t I ~ ~ f.l..,"1f1id ~ lt ~ ,~I "!l1IR fffillT ~ I ('ll'i) ffl ~ ~I (W) i:rift,mt~ ~ 1'T-m 1lil ~: (ll)~~it~~: (11) ~ ~I ((lfi")+(l!l)+(ll)I ~ '!fi-'ffi-~. 1t ~ if ~ f2:o:lui'f -qi) ,WI 1097 Gl/2002-2 9 ~ lfRll ~ 11,'flf'f ( '000 ~.) < 'ooo ~.) I 2 3 4 JO TIIE GAZETfE OF JNDIA: EXTRAORDINARY [PAR] lll-SH· -1-1 ~lfil'=rPt: (~~4,(01 "tj_ ~ ~-~-~-111. lF 'qnl (~fi!l4,(0I ~ ~ 31 l:ff'i:f, 20 ....... ~ ~ tQ: ~ "I$ ~ ~,N ~ wrf.J -mm fMt:IR..., 4'il flffl (~ ~ M) ~~1fle.ti ~ ~lfif 'l_lf 1f'f ( 'ooo ~-) C 'ooo ~-) ~ tfi m!l1 <~ M) *l<fil 3Rlfu,- ~ ~ * 31]"q" (lj;) wn;lf, ffi,mf afR ~-~ (l!) AAm:ff * ~~ -q,: "Rf\{ (7T) (~ * ~~ -q,: Wt) ar,:q 3ll1l' (~'l'fi1) ~ (1'i) lTT1:fl~*~*ml!!11<1 ~~¥11 ~li ( 'lli"UtWf * f\A) (~) ~tfi~itd\~ (~) (l!) ~ ~ ~ ft;w: ~li (7T) 3A (~lfi't) ~(11') '!fii: * ~ m,:1/('W!f::f) ~1ti~o9'11li ~·~~,(~) ~r-.1:l~-'l'I (lj;) ~ -it ~ if ~ (W) ~tfil\m:l'ffl~~ (ll) ~ affl,-q 'ffi'lm (li) "fi'{ -q,: 'ffl"lm ~ (~ ~ lfi'r 3'RR1'!/~ g (~ ~) ~-~ lit ~ ffi\{ .., ............ ~ ---1:f.~. Jft1: .--'ffl.11, '$ fttlflll I ('!ill') '1ml if ~ 'l.11'UI tfi ~ ~ ~ ~ * ~ ~ 3Wl' 1J~: 'FIR~ "fTtMt I (W) ~ ififl:rq-q, 1m' ~ 1'T ~ ~ '1't -el, ~ ~ lfi' ffl 'If; 3NR ~ ( 3l'ITTI_ ~~-~"It '1,1-'f) ~ Ti 'ffi1{ "ffl1i!t I (lT) otllffl ~ * ~-~. ~~ ~ 'ffilffl, -;JJ'ffi ~ 'ffi1l_ -el, ~ tflf 'lt ~'if~~~~ ~li-if ~ 3lTQ;Tl I Cli) '!f'i'I ~ c~ ~ 1'i'{ ~) -qi ~.00,000 ~ m * "IT \fi arfl1lfi m. * ~ ~ ~ ~ if ~ atl: 3l]1l' -itt "f1't 1~ ~~'lt~if~lfi't~I (-.:, ~ "ti ~ ~ 3fl1: tiQ7:f, ~ if ~ "if-it I (~) II~"~ ?t a:itft::f f?mft ~~~if ffi\{ 1:IT ~ aftl: 3R ~~'it\"~ I (lJ) ~ AA\tA' * mil! 'i!f ~ llITTI, W'TTV1 at{~~ W1'1 <Ii"~ if~~~~ ffl '1't ~ ~ llu; 3'111-1 <fi1: 'lfi't wi:r ~ '' 3TTWl' ~ m ~ ~ -q,: ~ ~ ~ '!fii:' I tfi 3lJ.f\";f ~ ~ '11T m t I c~) ~ * 3ll'1l' if~ VR'I ~ ~ m 1 ~ lfi'tt &,1('4f-11fi ~ mftoffl ~ m 1 11 ~ lliT ~ : {f,,jt{llf,(01 lf. ~ lft.~.f1'.11J, "If; lj'ffi (~t{llfi{OI '!ti't ~ ~~1fleqj ~ ~ 1'1f 1l" 1M ( 'ooo ~-) ( 'ooo ~.) ~ "It ffl ~lfft~ irtn: ipft 5 ~~a.ft'lm 6 -;;p:ff/(~) "ffim ~ ffllr-1 mJT olJ-'lfM "dtm:(~) 7 ~~ ~ f.tfu ~/(~) ~ ~ ~ ~ i:rrfm:ft~ ~ ~ ~~~fffi;"3'1'1tll olJ-lWT 'llftfl' f?lf.l!'.f'is";t:il ,t ~ Mzj 1M ~qil~ AAw-:f ~~ s ~mm '!fiT 8i'fi ~~~'!f<t~~lllfur~ B<i '3tm: (t:rl) 9 ~ anfw.rt 10 ~a,imr;rt ~~.....,~ 11 ~ ~ sr-ii ~ 12 o11-1frrr (~) ~~ 13 "ffi\l 14 olJ-lf'rrr ( ll) m:: ~ 3lJfulzj (7T) = (<li' - <!I) 15 ~- ~ '!!l!i<l ('3fl ~ ~ -ill ~ "llT fitllit'1F,i11 "fit flf,Q: Tf1l; t) Q'IN ~ m=r ~if~ i:ra;T '!fiT ~ (~ '!fiT ~) lfrTT 12 THE GAZETTE OF INDIA EXTRAORDINARY ~ft,f\!.qj 1. qflffi1~~ 2. ~%~*~~.-m~ro-u~~~~~-tttt 3. ~ ~ 11~~:;i;:,mt (~ $:~it~ .. if) 4. ~~"lit~ am~-et-rtt~ 5. ~ ~ ~~. ~ ~ ~"l ~ t 6. ~ffflR~~~mMm!llif-m"l~t 7. 3R (~?.li't) 1fr1y ~-1 ~ fl! "11\::ti I 1. "5(1fq ~ ~ 2, ~~ 3. ~~ Vl'lftfqq-q feil~1f\.:AI ~~ ~ - ,;iq-q ~ ~ -~~ -~~ ~:~~"'!1:dlA liR.llt{ : ~ 'T!1ffm 'q'{ ~ ~dlR fttq,ri: t'TN~, ~~lt, ~~"l;JT ~~~~"fl!~~~ ~I ~1"f "'~ ( 'ooo ~-) ( 'ooo ~-) ~"'" ~~ < 'ooo ~.) ( 'ooo ~.) ~ lfl( "'{'(~ ( 'ooo ~-) < 'ooo ~-) ['>-T11Tlll-~-l-] ~ cfiT ~ : 'JTT:n~-W'Tf --- ~-3 1lfrqJ ~ lf'aitft qft~IM1 '5qlJ f!l~l~<li ~~ 'l.'f "llflf ('ooo~.) ( 'ooo ~.) 1. ~if°"rfl~ llliT lflft~ ~ ~ ~~ 2. mm,~~ 1l'R ~ ol1"1l 3. mllij11T '&l'<l" 4. ~.=tr~~ 5. 1TTll«l 6. y:ur aftl:"mRmi:rnT 7. ~l5Q'lj" 8. ~ ~ &ll•!'Hll~~ >l'lffi 9. ~m 10. mwm-llJ!fi <fi't m, ~ 3llfi:: (<fi) ~~ q;- ~ if ('11) f.:p::;ifc>lfm, <t -mt~ if~~ f4im aR ~ if- ( i) tf>TT'I.TR q;- ~ (ii)'ift-i:rr~~ (iii) ,l'lff.J" * mzjf, afn: (11) Ni'm 3P1' tfu7.@- ii I I. ~ afn::vim: 12. ..mi ~4-Y'llR 13. 3Pl'(~~) 14. ,W.f!J;Tl!UT '1frlr ~ : ~ ~ (~ 1'i't 1'ilf ~) 1fl 5,00,000 ~ l-l if 1) '1ft ,t ~ 11, ~ ~ >lftrfflr l6' ~ if Nf1f ~ 8TTlf 1'ft ~ 'I~ iffiffl~~?,q-if ~lffl'~I ~-4 fu~~(~) ~~l~<li ~'!fif 1-"~ ( 'ooo "·) ( 'ooo ~-) 1. lftlrr~: (<Ii) 1F"St~, ( '1/) ~ .l ~. ( 11) ~tih'R m:m, ("El') 3R ~. ~q;t, 2. ~if3l~~ (<fi) 1M:"fl ~. (<!l')~s't~, (TT) ~,rirn;i m:m, - ('!if) 3Pl' !.l'iJ.1 .... "',,;_, ~~. 3. ~if~~ (<Ii) lfl':lt~, ("&) ~.l~, (11) ~,rirn;i ~. (\l)3Pl'~~'!fi't, "'l1lT ft'a{vr : ("lfi) ~ if ~ ~ f.rnm mm!, 'llffi 1'il't 'l'IT1I_ ll, ~ t I (l§) ~ lf'IT ,SR ~ ~ 'lilfll ,t ~ l'llTRl'I '$, "lli' d 'l'flll.11, 'WT~ ~ I I..J. THE GAZETTE OF INDIA: EXTRAORDlNARY IP \I([ Ill-SE<~ . .J.j -==-=-=----====================-====::-:===========--=--====--====:::=- fl,1)1fl.!<1l 1. ~,t,llt .............. m"ll>T~wmuiwn: 2. lU"Ff,t;,ft . ............ , ffl"ll>T~Wmu!WR 3, mwr,t;tt .............. ffl q'jl ffl1f; wmui i'rn 4. 31T!@,t;;ft . ............. m q'jl ~ wmui tr<R ~: ~l1trr ~: ~ ~ (~: ~ WJ:f) ~ : ~~~~-rm: mmrui ~ ~ ~ ~-:~o!l<I ~ ~ 3FfTrn i'rrn ~ ~ ~ mW'{ ~ ~ ~ ~ ~ t m ~: ("lfi) 1t_;!lt -it ~~fif=f ~ 1'il ~l),ftl<tl ~: ~ 1't't ~~I (131) 1l'r-ra -wiro lfil f.rffl:rn ~ ~ \'flRUl ~ Wli ~~~~I CTT) ~ lf'lfi °lf;T 1'fti 'WT~ ltq-::fi ~ 'lJfur t m ~ 'l'flti ~ if ~ M "IT'il ~ 1 ~-Slfi ~ "1R11T 1'ft i:r.c:ftr c-srat1:1 mu-qm "5rlTTfum) ~ ~ -~ -~ J:l"::q m ~-6 ~~~ ~1)1fl.!<1i 1. ,t,.,l am:flflft,- 2. t-,ft~~ 3. WR~ 4. '.1,'l._, ..,,.., ~ 5. m~.m:ui ~ ~ : "l'lM afrl: ¢'!~if ~ ~. ~~"it ~ :<Pl~~~~~TT'!ll;~'lift~~ 6, fl!r:lf\'ramfll:lftr 7, ~ ~ (~ ~) 8, "'-'!N31R-mf.l~if\"ll'l"ll>T~ m ~lflf trm1'ft~. l:Jftt"ll>T¾ ~lflf 'l'i 1'(1{ ( 'ooo Q.) ( 'ooo Q,) 1l'f lfli trm ,.ft-tj_ ~"ll>T% ~lflt 11." ~ ( 'ooo Q,) ( 'ooo ~-) 'lffi"ff cfiT ~ : 3TTTT1:ffi1JI 15 -,--~,- --,---- -·-------------------------- ~-7 "3':lR'ffo'IT f1'r.1fl.!<1i I. ~qq,i 2. ~ 3, ~~ 4. 3FI (~<ti) lfllr fttJt11T: ~l'fif ~ lf'f ( 'ooo ~-) ( 'ooo ~.) (lfi') lit~. flm 'lf1I;' '3tlR ~ l1ftr'l."' t; ffl1'i TI-li't-.f lfi' WifR ~ 'lti'r. ~ ~ ~ 1Jllf<1>ft': ft'Z ~ ~ I (~) ~ 'lfi't mfuri ~ 12 lffi'l' '$ ,fut'{ li't~ ~ 13'~: ~ 1'ft ,m;ft- ~ I ~-8 ~-~ ~r.11'01i ~ l!flf ~~ ( 'ooo ~-) ( 'ooo ~-) ~qlfiJ~lfi AA1'WJ I. ~ llh•'!!~'"' afrt~~'ifllCl,f, f;ir-rt 3Rllfu~~t 2. 3R~:.t~<l't)-;,..,, 3, 3A mf.JT-.rr-, ('!ii)"VJ7.!t (~) mmtUT (~) ~ (tf)~~ Cll) ~ft,rm (~)~~ (T,l 3A :.4~<11)-<l'li (~~) (~)~ AAllR~-'fl'W«M 4. ~ afrt ~ t'I if AAm; ' 5. ~~~f'A 31'l"q •~II ~ lll'i f!dlf \TI"I I. m'firtt "Slftt'iftllrl 3t{ lITTiTft 'ln'TT'il'f ~. ~ ~ mwrr ~ t 2. 3R ~ wn-1{flr1rt 3, 3R ~J.n:'f ·(lf;) ttn: (~) ~ (l!i'W) ~ (W) ~f.rfqqt ( ll) ~ ~ (tr) ft~v~hr:ri;r (T.> ~ >!fu,ffer:ri ( ~ ~) (<f)~ , .. ~!-.TT"I~-~~ 4, ~ 3t{ ~ ~ -n ~ 5. ~ ~m-if ~ f'R - -- ~ - -... - - . -· 11',rr ~-- , __ ..____~ ---- ---·---------·~----------·--- __________ ,_,_.._ --·--------- ~~L-.- -- I<_,_~- __ _ _ _ __ Tl IE G/\ZETTE OF INDIA. EXTRAORDINARY _ _ __ Ir ,1, 1 Ill-Si ~I, ~- S'lfi AAtlR-~ f!:!f?t11\>.1.1i ~1flf 'l'f lflf ( 'ooo ~.) ( 'ooo ~-) ~ r;f ~ lftiollli M"lR I. ~ :.41o•tTwii 31n: mm ~'lfcl 1t~. ~ 3Rflffl 1"'RT ~ t 2. ~ ~ ;m,-'IJfw:rt 3. ~~ (<fi") tr>TI: ("ifi'1fi)m~ (19&) ~ (l!'i) ~ ~ (Tf)~fm!rn ('G) ~qq,r r cm 3Ff wa--qftrzrt cfllf'.•,,~ ~) ('1'1)~ (U) M=i~;rr;r ~-~ ffl 4. ~ ,m"{ ~ ~ if ~;rr;'! 5. ~~~fiR -lli:"qifi1fl'I~ AAt!R l. ~ :.41(1 '1~0'-li 31n: ~ )!ffil'lfcl •~. ~ 3Rl1ffl ~ ~ t 2. 3l-1l' ~ ~1(1'1)-<1"1; 3. 3Ff ~ (<fi")'W1l1: (~)m~ ( l!rul) ~ ( l!I) ~ ~ (TJ)~~ (lil)~ (-:g;j ar,:i.:i ,.;-;,'11\1'1 (~'1'i't) ('1'1)~ (lJ) AA'-1R lM\,1rt-~ m 4. ~afrl~b"lt~ ,. ~~~f\R 'll'rtT [WflIJ-~.l-) 17 llfr.tflroll ~1'1' 1,'f 1flt ( 'ooo lf.) ( '000 lt.) ~9'11il~lli ~ 1. ~ ,.;-;,'1)-1"1'1; atR mm~ 1tt-m, ~ 3Rfmf 'tJ"fRT ~ t 2. ~ ~ ll~<l'l~<l"I; 3. aRAA'lR (lfi) ir1R (?fi1'i") mi,mur (lR)~ ('ll) ~~ ('tl)~~ ('i;r) ~ (-:g,) Wlf ,.;-;,'11-;,..,, (~"Ifft) (-..)~ (U) ~~-~'tj,ro 4. ~ atR ~ 111"1 if ~ 5. ~~t{f\,.,f S1l"q~1ft'I~ ~ l. mlfil'tt llj";,'1!~'"' :st{~~'li~, ~ ~"!PIAf ~f 2. ~ ~ ll;-;,,_,u"'I; 3. ~~ ('lf;)~ (~) 'fflttT{UI (l.11.J) a1ftn:n.ft (W) ~ ~ (lT)~~ ( ll) ~li'nr (T,l ar-q ,.j";,,_;-;,..,; (~~) (1') ~ (lJ) ~ mftlzj-~ ~ 4. ~a1r{~~if~ 5, ~ AAm.ff r{ ~ lfr-rr 1097 Gl/2002-3 IX THE GAZETTE OF INDIA. EXTRAORDINARY ~flil~lli ~~ -T(lM ( 'ooo <>.) ( 'ooo <>.) 1. -gft[,ffe!-~~ m"I(I (q;) mft,<f;-t~in: (<rni) ~ if (~) 'lllU'I -.t~ (<YI) ~, ~~. ~ m~, ~ in: (11) ~ ~ ~ mm (o!) 3FI (~<R) ~'IF( 1"1T 2. ~~~*~if~ (~) ~ aittWJ'!<~ (1'!I)~afn:~~ (ll)~ (1'.!)~ (~~*~~ (~) ~ (~~) lfl1r 3. ffl-~-ll'R~ (<t) ~*~it~~ (~) 'lfmit ( 'l!Rll) 'llm'f ~ ~ (11l) -l'n:-lWfifi ~-<l'il't ~-1' (~) -qmi-i\ (~)~*~ $1 4. ~--am WmuT (<t) a:!(.""9!:filR'l<t (~) ~Q<lilfui<li m ft,:q-1,j: (<I>) 6k4'fil~'ti 3lTI'U if~~ f "11 ~ ~ ~ sl l!T{g' i:tm rt ~ ~ 1 I i;hfl:fil~'ti 3lffi ,m.>%1Ril<li o'llro "B f'IR mm ifi'I I (~) ~-~ ~ ~ ,t- ~ ~ 1~: ~%<IT~ I (lT) ri ~M<tlf<.'l<li llft!~omtl~~-it~~.~~if~'lf>'t~,~ ~~~~~~-amu ti~ °lf>'t %zj't 30 'it~~: 7:11 'qflffl: ~ ~ ~ f I (1'.!) ~ .if.I ";;iR 1.iR"I ~ afn: ~ ~ -,t f.'w.l; ~ ~ll1fi1' ~ "Wfic°lf>'t ~I f~III-~--1-] ~-10 ~an1t:P-ri f.!l!l1fle1li ~ ~ (~<fi't) ~-"T'f ~ ~"Ifti-~ ~ ~31R%Wf ~ ~ ~ 'l!R ~~ 3A(.~cfi't) mrr WTfir'q"{ffl ~mri it'f-~ lll~1fl.!:<ll fflTRT~~ ~ ~ ~ 1. ~ (f!lfff 8'R(1ffl ~. ~ afrl: ~ f) 2. ~~ ('lifi) f.fll:)"q~ ~ ~ ~ ff (~) 3'11?'9<fil~<fi (m:R-~ ~ ~ ~ 12 i:fm ~ ,ftm: 'fflPI) (lru") 3FI ('tN) ~ mm (ll) ~ (~"fi't) 3. lWf'q"l;afrlawq~'q"l;~ ("'fi) ~~'tl"IB cw) ~mma:ft<fi-qm 4. 3R'(~~) 1frJT '3i"CR2 atr{3if~frl~~llf;-qm~ ~afrlfll;-3lftrffl I. 'lit\'! if 2. 'lffi'('f llf; -.m -itrTT i'J ( 'ooo ~o) 3ll'lfl"lfO'T ~~ ll' 'tflf ~, 3ITTI 'lflf ~ 'l" "lflf ~~ ~ IJR! "111: if ~~ 'l" ~ ( 'ooo ~.) ( 'ooo ~-) 20 THE GAZElTE OF INDIA. EXTRAORDINARY iP\in lll-Sw-l-1 ~-12 3lftfl:r at{ ap;J 3lTfmi f!cf\!1flicql ~~ ~l.flf ( 'ooo ~.) < 'ooo ~.) 3'flrq I. a:iuM'u! ~ ~ -qm 3IRflafll f.:11\M 2. ~,t~~ lR 3. 'I.'f "tjeyq 4. ~/~lfilmll'tl 5. ffl ~ ~ ~ ~ 'l{ 'lfitm't ~ ~ 1'i1: ('1.1i1Jli!R * full ~q 'lfiT ~) 6. ar,:q-(~~) 1fllT ('It;) ~~ I. M"lr-it '11'1: ~'Fl 3ITll 2. ~ ~ 3. 31f~3it ,t ~ 4. ~~*~ 5, .fri:rr ~ (firu'lt 3Rflffl ~ ,ft !) ~ ~ a:r,::q ~ ~ WU! 6. ~IR¢ft~.l"fflut 7. ~ ~ ~ ,t i:im f.wt:I (.ftm ~. 1938 ~ mu 1 ,i;- ~ ~) 8, 3r,:q ( ~ <fi't) lfl1T (lll) lfl1T ('!Ii+ 1!1) ~: (-i:i;) ~ ~ <fi 3ltfR 1li! ~ ~ ,t fl:,-o; ~ lfil ~~~~I~~ <fi ~ ~ll ~ ~ 1~: ffi lfft -;;ir::fi ~I (13) "a:if~lifilft" ~ ~ ~, 1956 'lfi ~ ~ 171 ~~.,ft ffiT'll ~~~~I (ll) ~ ~ ~ ~ 8 ( 3T-'i:t) 'lli" ~ -i::fmi ~ sllAI ~ I fliifM't.::<li I. 31f~311 <j;'1 3lfui'rq 2. a:r,::q.fttn~<fil'ffl~.7.1~ 3. 3jUfllUJ ~- ~ mm t,11)-q 4. amrrt WI if ~ ~ 5. ~ ~ 6. 3F!A~ 7. ~~~'!film~ 8. ~~ 9, m~ .~ 10. ~~ q;'f 'ffl!,lf 11. 3j;::q- (~~) 'lTT1I .mt"'" ~ l.flf ( 'ooo ~-> ( 'ooo ~-) 'lffic'I <fiT ~ : w:rr~-ITT"ll ~f\i1fli.:.qj 1. tfiUlTR "it~ (.p:r 'tjzyJ ~~TR~ lJ11: lR) 2. ~~~~ 3. m,mrf,!murlli"{.fift,m: 4. ~ (~<fit) 1fllT ~-1, ~'gq1f (~ flmrR ff ~ 'fftf, ,&iq~flsltt <IT ijqltM~tt it? ~ ~) ~f\i,fli.:.qj l. -wm~~~if ~l!<! 2. 3R' (~ 'lfi't) m ~I C"'-") "Wli'tuf "5'P1" lfM ~ a:NR '!fi'rt ~ ~ m mrful 1"it ?f,'1- "fT1'{1ft ~ ~ %- 1. ?,Zj7:J *~~~if~~ <tft ~ ~-=r -el Wfiit-e); ~ 2. 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EXTRAORDINARY 1Pw1111--Su-. --1-1 =-=--===-====-===--==~== =~=-==-:-:==---==------===-===== ~cfil i!c!i"B~~~~~ -mmt~ ~ ~"3Bcfil~ 'qJ1J "ffi"qffi~ ~if fcmuf 7$."~ ~~m,n 1"3cRf~~~~if ~"3@JT ~ 'lfrm'IITTT~cfim~moq~ ~ ~clillfcfi.:rr~I ;,{)q1q;af ~uffi-infcffl"oTW"9'\f.:rmftf~~Cflrlcfil$mT"ffflil~fflf-~~~ocfi ~/ffi"q am~~ if cx:r:r cfi ~ if l=fPl m, m cf1.fi" m,fcf~m;=r ct "Tf: -qffern- ~ ~ am: ~/ffi"q afn: mf.r ~ if cx:r:r ?t ~ if l=fPl ~ 1ft lm ~ cfi1 qi"Il ~' "3B'"cfil ~ ffi1TTf cfi ~ 3RR % I lffi ~cfil~~, ~ ~rmoq afu:mf.:r "ffiID if~ l=TP:J"iTT, ~/ffi"q afu:mf.tBmif l=fPl i\7rT I (ct) 61i_ifl ◄.C. afR ~~if~~ '5tR ~ 'm'l:lRUT ~ ~ ~ ~ ~ f\R-3H{-i:il iiloG 'ID'l:TRUT "5lfu~ afu: &{N-11 ~ o~ q-.:fl-i4& "IDm{UT >fftr,fferzj afn: ogN...:n ft;rorn, ~~~if f.:rmtrn ~ if '&ITi:m: 1°tf ~-;Jf@l t 0:fo!Slfflcfi ffi1TTf "9'\ lTitft ~I~ fc.;re@l ~~if cfilfi ~ ~~'l:l fcfi.:n~ 1 ~mfcfi.:rr~~lt q!?~1q__c1ol ~if ~~'3fTQ;TI~~ m~"9'\ 3Timfuf ~ ~ 3TIRTTJ~"9'\fcITT°"lR~if ~~-zy.mJcfimf l~cfft~~ ~~~"l~~ cfi qiT{IJ1 q:fa !Slfo f.fi ffiTRJ * ~ 1'tf trTft I ~ r~f.iqq cfi ~ cfi ~ ~ ma,fcf ~~if "&TTtJR <fil <1t ~ ~ ~ ~ ~ ~ Q,cru.f1'3! ~mu w:r.:r-w:r.:r "9'\ ~ q 1<fl.lftch ~ <ITT~~~ q 11f<:;!?fqi fu.;:Hn .t ~ ~ ~ m,fct' '' cfill '&lfqR ctt ~ ~" cfi ~ if ~ t 1 7. olifTF3lcffi, ll'B "3q'?ftj'f ~ 3l'=WI ~RitSl~ch ffiTRJ "9'\ ~ ~ld4141qii:lf ~ "3lcffi 3lTfurlli cffl 1tqlf<1il cfi1 f.rmfuf <li1:7TT am iffi ~ ~ ~'i:l ~ I mT cfiT otr?i'tl ~ ~ ~ bRT w:r:J-w:r:J "9'\ ~ ~ l=l~ fo;;s:1,m ~ 3ll'l:ffi "9'\ ~ ~ * ~ 11ft fflTTT, ISl1 cfi qf14f afn: f~-m~n:t~aif 1'i1 "ffi1l_ ffi t I 8. ~ 3tl<fa:i<fi-fcr:Jfu ~ ~ m£ f.:fmt {'.if.:.tqtjl, ~ ~ m, ?fi ~ warn "t1ft ~I~ ~if t ~ "chl fcl'f.J'WJ~ ~f.{zyr~ 31JBR~~ I 'WT2 ~~~'qTTJ~Wfwf ?tr. f-t"lff!nu1 gc1-1q,i ~~ ~~if WR~"fni:1): 1.wrrfl3IB~: (<li") 'IWIB:~ (<Y) ~ 614k.lU Slfoiil~ctl~ (7J) q1ft1Rl41 q;- 3l't-.iAit~zy), 'ffl;ftUTct~if ~~f (lif) ~ ID11 -m ~ am it~~~~ (~ ~tll~d ~ajif~, ~~~7:l"ffi't c;:;r) oB"~ocfi~~~ ~~Bmm~mi ("{§) 3R ( fctf.lfi{l:l cfft) I 2. 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(cfi) «-cfliil-' W'QRUT ~ 3ffi ~ fuwm ct "aft:ffl ~ if qf{~tf-11 ~ ~ ~~ 3TiiT1-0 "ffi'l-lmf.P.if cfi1 ''"3Rrn~ qfl:eitf1 ~,, -m1':l ~ 3l't-.iArn if (9' "'5fRT t afn:]lfqf cfftftinimi:rt~'l-l ath:m 'ffi§Tif ~ \jfRJ i, 1097 Gi/2002-4 THE GAZETTE OF INDIA: EXTRAORDINARY (l3) ~~ mW:n, ,,~~~B©T'' if '-'flTT ~fcTTRul.t~~~ i 1 15. fclf.:f~ mfu qil ~ ~ afu: ~ ~ 3ll'tffi I 16. ~ ~ ~ 3ffi"WR-~<lft~cfi) m-im:r "B ~cfil ~ cfi ~~~I lsl. f1'1R1fuid~-;fiftrn~~cfll~ Bil~o 'WT~m-ift: 1. anw.m.~.ant. 1jTU "lTU ~ ~ ~ ~ ~ ~ "Btjt Ll~ft-lt1f ~ -;fifir:ii am LJ~(;tjt0r ft:r.l;:Rr at)"{ -;fiftr.;rt, "IT ~ f fl4i.H'11 ~ 'IWl l if ~ 7lt f I ~ ~ B1ID ~' -il all LJ I <ti ai &:TU ~ cfi1 ijffifi t, ~.m."Q;. ~ mu~~~~~, B.m. 1 cfi3ltfR~ftfuif~cfi1~1 2. 1lS!11'{_cfli:ffi ~ ~ tf cfi1{ tjt ~'~~ct~ cfiRUTI $1~: rnfcfi<TT ~ I lJ. f.:1'1R-if&et ~l1cfil<l ,fl'~~~ :- l. fcfim cfiffll ~~ q:;- ~ ~~ fc{f.fm;n cfi) ~Will,~, :;fftl~ afn: 'qy"@if 1lf ~ ~ ~ fcr.rrq~.1~:~fct?:TT~~I 2. ~ WU '5f1U ~ ~' 'lfc:: ~ it, rfi ~ awlcfil llRTT!l .t ~ rfi ~ -ffll~ rfi'f.l' ~ ~m-:=ff if "1:e:fqi ~ I 3. ~ ~ cfi'1 Slfa:llddl I 4. ~ fTftf if, -i) >llf~ ~ fc.mra' cfi1 ~ ~ 1:IT'q wff ~ ~ ~ cfiT ~ "BR I 5. 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( 'ooo 11.) ~~ ~ tf!f < 'ooo 11.) ( 'ooo 11.) ($) ,q f!mm: ~ lfll'r inm *-rr ~ t, 'ffl1I, o'{-lfi,t * aNR ~ ~ ~ ~ l1im l't 'f~: WR 1','\ '•ll'UTT I (11) ~ 1'i't mttl1' t 12 1'lro "$ lflm: W~ ~ 'f~: ~ 1't"t ,!{!'>ft~ I TI-IE GAZETTE OF INDIA: EXTRAORDINARY [PAR1 IIl-Sr.c. .i.J P.. lt1 fl.z.l I ~~ 11,'f lflf ( 'ooo ~-) ( 'ooo ~-) ifl"~'ft,,"' AA"1rf I. ~ )f;-i;i.,;-i;i..,; m~~,ra1ttroi ~~'IRRTifi:i:lit 2. ~~ .... ~ . ..,~,..,. 3. a:R~ (lfi) tm (q:;tfi")~ (ml) 3lfutrr-ft (W) ~ f.l"fmrt ('IT) &[c'Fftflolmt (11) ~~ ('I) ap:r :.t1a"l;-;,..,, (~<fit) (~) ~ cu> AAt1R ~-~ M 4. ~ ~ ~ $;! if AAtlR 5. ~~*f1A 311!'11~ ll'lo!l!l'i Mm:r I. ~ m,ffe'zn m ~ ~ 1t~ flR.t ~~-mm t 2. ~ ~ )f;-17'1;-;1'1; 3. Wl!AA"W! , (~) vrR (~) m,mui (m:J) ~ (~) ~~ (l'f)~~ (ti") ~q,:r,J ('I") 3Ff :.t;-;, '1;-17'11 (~ <f>"t) (~) 'W1ffl (U) ~ 'tj,:jfuzj-~ ~ 4. ~~~~~fclf.NR 5. ~AA~*~ -itr,r ['lW'llll-~-1] ~cf,1~: -:WTT~,ITT11! ___________ 17 - -::._----=------=----=--===:--=---==---------=----=====--~---==--------:=:.._--==--===-----=-----==------=:_ - - - - - - - - - ----- - - ~~1fl,zql -.m,_ ~ ~~ < 'ooo ~.) ( 'ooo ~.) 1. ~-lfR~ ~ (~) 'tj-qfu ~ *.Ni 'n: (~) ~if ('0<!1') ~<tofm: (<fl) irw, -.tffl, m<liTtt m~. 3llfi:: ,n: (Tf) ~ (~<R) mITTl'IF! wt 2. "1ml: "#I~~~ ii~ (<f;)~31ttU"J'!l"~ (151) ~ 4'n: ~ mn:i. (Tf) ~ (-q) ~~ (~ 3R'(~~) '1TT'T 3. ~-~-om~ (~) ~~~-if~~ (~) il!UI it (~) '1'!11:it ~ ~ (ls!) -J'\{ cfiM ~ "1ml: <fill ~ti (~) 'IW<'f "if (~) 'lffiit ~ ~ lj'm 4. ~-o{l\~ (~) 3W'9ifil~ifi ( "©:) ~ Ef-!li lfi..i<fi '1TT'T ~: ( ~) :11<"%lft1ifi '31-00 if~~ t 'lff ~ 'l!i1 ~ 'l'f ~ l'frf! ~ ~ ~ t, 1M-!iilf'-'1<t otlR 3lt>%lf<:1ifi '3tlm 'l'f f1R ~~I (~)'f\l:-~~~,tm--;i;:~tt1I~:"dmif<fii:rr~1 (T[J l:1'41 ;;·Mi'fi1FH-!1i m"§ °o'-m'l ~ 1:f"li~;i -if~~ cf,1 ~~~-if ~<tr~ 1 ~ 3l:N"'fi <ii' >flITTR <t ft:n!. m--ri ~ i1' ~ <Fl Wim ~ 'lfi ~ ~: 'lff 'film: tmT"§ '31-:iR 3lf~ f I ('fl)~ 'IWf '1TT'l ~ '31-W ~ ~ "3t1rti ci:- fl'w.l; ~ ~ti "ifil ~ Wfic ~~I THE GAZETTE OF INDIA L:XTRA<llWINARY ~ll1ff.!qi "ffilffl'~ ~ WflITT"lll m: 1ffi!f, ~ ~ ~ lG!: ~ ~ "lf'f 1'!1,m1 3TT';if "lflf-.t ~~ ~ *ftaN ~ 3R'I ~ 1R ir ~ 3l'll' (~efi't) ~-'r1T ~ ~ qfuwrfu ~ ~3fu:%'fm <[iRT~~ 7.lR ~ ~ ~ ~ (~<fit) m-rr wrrtf-q"{?liP:f ~$r 'ff lf'f ~fM\>.11i ~~ ~ "!flf ( 'ooo ~-) ( 'ooo sr.) I. ~ <~ 3'RfThr ~. -;iw; atrr m 1ft t) 2. ~ ~ ('!fi) f.rll'M fim (<fi<li) a:ifqq:;1ft:iifi (Tiffi-TI <tt \ITW * 12 l:fm '.t lftm 'fflUf) (~) 3R ('l3r)~m?!T ( 1T) 3Ff ( ~ 'lift) 3. lWTin:3fri:awq~'l1"{Wf ("'!i)~lfi"lm (Tll) 3R ~,m ;t- 'ml" 4. 3l"ai:r(~<ff/:) lft7r "3itR 2 am 3 -if~ 1'-i: ~ w * 'ml" ~ [ >f1l'T III-~ .J.] __ ··=--=---=---=--·-_ ------=---=---=-=-==---·===~=--==-~==-----_ -_ -_-·---~-=------_ ~- 12 a:rfirl:f ~ 3Fll 3llfui4i ~ ill flv:l I ~lf't yf "!flt < 'ooo ~-) ('ooo~.) ~ 1. ,j'.f~ ~ * 1lm- ~ f.l~ 2. ~<tft,iii;~'!R 3. yet~ 4. ~/ ~ lli1 3fu 5. ~ 3lflFr <fi""l; ~ "Wi'f in:~~ -rm:~ (<RNR ~ ~ "ffllf ~ m) 6. ~ (~~) ~(~) ~ anfulaj I. AAtrr-rr 1TT -;;ii::~ aw:[ 2. ~ ,ftfi:rq,:r 3. -m°%1TT3TI ct ~ 4. ~3TI°~~~ 5. lfti:rr ~ c~ ~ ~ ~ t) ~ ~ 3BI ~ ~ m~ 6. ~~~~mv:i 7. 'ITTTTfr:( ~ ~ <fi -q-m- f.:111)-q (~ -m"~. t938 ~ mu 1 ct ~ -it) 8. 3Pl ( ~ ~) lIT'I (l§) <TTTT ("lfi + lll) f.!:ot,,i: (<i;) ~ m-.?f * 31~.1R ~ ~ ~ ~ "ft.:nr. ~m ~ 1f.!, zjm" 1"if ~ I ffl<t ffi ct ~-;w.{lf ~ ~ 1~: ~ "Ifft ffl ~I (~) '',m°~'' "R~ -mi-.:if.r:n:r, 1956 ~ mfR"ift1lt-;m-q-;::<t"t-qftmqi* ~-t'RT~I (Tl) 3B!R ~ lli1 ~ 9 ( ~) "If,' 31GR ~~~I P-lf~1ft.!:qi ]. :m~an <tt ~ 2. -~.ftm~<fi'rm~~ J, 31~ ~ 'll: mm t.t~ 4. zji;Tq~-it~~ 5. ~~ Ii. -3PlP-l~ 7. ~~ ~ "l!il 1ff~ 8. ~m 9. aj~~ <fi'r mui 10. ~ ( ~ <!i't) 1TT1T ~~ yt "'t'f ( 'ooo ~-) ('ooo~.) --111 THE GAZETTE or INDIA EXTRAORDINARY IP \I, 1 111--Sh .J-1 - ------=--·=-==-,-~-==-=~--~==- ==============------=---=--=-=-=----=---:::::::-'::--=--=--=---==--=--=--=--=---==- ~-14 ~ ~fl1f)e4j l. ~'=[~~<tfu,:i:~ 2. <fiUllR<tfuil: (~~ aTT!rq<fi<: at"{,.;in,-~~f!nl/;Tf!Z'ln{) 3. ~BNmf#fuil: 4, Ml'llrn ~ ~ <fi" ft.;rQ: 5. ar,:~f(~ ~) "<l1lT ~-15 ~~ (oa f!fran: lf!fi t-;m lf!fi aiq~fllrn ~ ~llr<t't~n -=rt!-~ l'fll;) ~ll1fle<li 1. rn~ ~ f-rN if ~ ~ 2. 3A (~~) m ftu:rvT : (~) "~ ~" m ct 3l"ITT' ~~~at"{ 3lWfm'-=rtt "11ft "'1tl;ft "11( m fl!;- !. ~ ~ 'fl:O ~ ~ if ~ ~ ~ ~ ~ '=[ it ~ it; afn: 2. ~~~~~~if~ ";:J it I ~ ll1f "'"'" ( 'ooo ~-) ( 'ooo ~-) ~lflf 'ff lflf ( 'ooo ~.) ( 'ooo ~-) cm-) "~ '&fl:r" m * w:1r, ~ f.fim ~ <t 1'ili"l if ~~"IA~ WlJ ~ ~ ~ ~ 'qrefi ~1~ ~ ~ ~ -=rtf" irfl I ~~ (~3'W) '-"&1qtlff Effl'fl:ti'lt ~ ~11-llcfi<lf $ ~ FfcRUIT 1R ('l@q-0~ cfi't ftq)i ~ flt f-lrn:ce ~'IR~~ : -H I. C~) ~~T-%-a-"Blf "111cfiltl afR ¼teJcfi<OI Slftd'~'TQ;!, ""11~-w.ITTm~afR lt4/(qj,!A ~~~ 8@1q{liijT ~ Sf~.,1'11"11 ?t" ~ J.ill!ll('-llfi ~ mt cfl.{T ~~~"SR~~ f; (W) ~ if{lq1i:hllf ~ ~ ~-ajtaj "lA1l 00 ~ t, ~ Q?fi" ~ m.ID-~ ~ i:rtt3:r( t' D 1lffl °t; (1T) ~ ~ ~l:4<ful'-li, ~ "'-ll ilRT ~' W"©T~ ~ 3Pl i!f>lllfellff -ll' ~ 1' f ~ ~ ~ iJHJNtlimct~~~~ eff; (-q) q:qf~-~, ~~. w,:r ~~Bi§T 3fn:~ 3ffim!Fl~, ""1Tfti:i'Rt00:mt, ~-lfltttt 3ft< fc:4q<foJ41 ~ ~ -wrn t (~ w:rT ~ cfiT iiflqiFcficfi 'll;""qicfi ➔ ~ &fi4icfii.h ml f!l-4i!hd: ~ ~ ~ S1¥ilfilld 'tfcfi ~ ¥f_cf4"ii:611.fi ~ ~~. afu:rllr~<fTT~"B 'lmfr.l aftqifctii!h {-11(-11~2! mu~~1TQ. q"fe.:?flfi fll4;1~ afu ~.~~tf.~~i, 2. c?t&Ni\" f.:1'4P:1forn 1.fi Wit~ if arq-;fi ~ ~ ffl :- (qi) ( i) cp;n gITT-"t{"5[ fcrm,r~ff{/ ~ c(j a:Rf it "4 li=fi<\~ ~ i:fi14q;f1\ci1 cfi1 "Btt afR ~ m in:wr qlW (ii)cfql~~~~1~cii-~"'-llr.fimcfi1"B"tt~~m~1.nUITt, (iii)~ BT'll att{mf.r ~~ 'c(tt/~ ~ m'l ~mBWT <nT ~ ~'3fifflm~~ t (iv) qJ.11 ~ afu ~ ~ ~ 'lf'f1~ cfi" ft;f'Q: ~ 3fn:~ ffi ~ q;W·t (~) -a:itf{ (cfi) -q-{~~. ~"<fcfi"ffi1l ~ ~ttftf if~~. 1938 (1938 cfiT 4), ""1:n~f.:tlll'li!fi ~~cfiTTBllf~~, 1999 (1999<nl"41) 3fn:~~, 1956 (1956cfil 1) ~ 3N!ffl3if ct~~~ -rro; f I (7J) AAt:WJ, ~ afr"t ~ fc:lf.14tj'f ~ ~tjf ~ ~< '{&4if4it1 ~ ~ f I (t;f) lifl41cfiHf i;:m~~-;;ft-ftfaj~f aw~ P4f:p;itj'f if "'-ITW~~ITTU~~~ ~~"'-ll~it~~~'t=fRcfil~~,fo4;1-m?t~:1q1w1iff1 3. Jt €114 i\ ~ <:ffl" 'lft SI 4 lfu I cl o!f1:ln "r:fi - (q1) ~ ~~ qft fttnt 7.iit 3-1fl!{t"lli!h1 ~ i ~ ~ ~ -;t m11.t ~ "5fcfic: ~ "lfl ~ a:1(li1RllTI ~ t ( 'lsJ) .if141cfi di :f ~ 'IDU f.r:rn \Pi!~ cf> {01 l:fi ~q:ff afu: "ffill lfil J.i j41cl'1 ~ t I 1097 Gl/2002-6. =.J-2====::::::=======::::::::=::::=:::=::::==T=H=E=G=AZ==FTT===E=O=r=•I=N==DJA·=E=XT===:R=A=O=R=D=IN=A=R=)=':::::;-::=::=:::====::::::::IP=,\="='l=ll=-=S=~=r·==•.J.I 4. &t&14tl~:mmmfl;l'fuf~ 1,1q101q,i (~fctim~ ~ 1,1q1o,q51 irrftq)t* ~wrr. -m~mu gH14;11 e6 ~~ if <ft~~°!) ~ Sllilfold ~ ~ 11:ti- (cn) ~ ~ ~ 3m iif1Gl4ii:1f "t "3'QTU, SH'411i'ff 3m ~ ftif (~ cifllilifidfdff cfff ~-if) o~ ~*~~~~,mf~?.fil~cfi"{Wfrt; (lY) fcfim tm::aR ~. ~~-tr, ~ ~ c6 ~ i1 iiftq,lfi af ;ro 3ltR ~ #rtpro: fcfi.tf ~ ~ ~ ~ atR B&ft4e1u cfiT flt""-1141 Pcfi.rr tam (7J) -q1ft;rfihm:cfft 1.fi'l- f.ffeTm cffl- 3Tiftw:il cfiT qi)i \ft wr ~~ <tt ~ ~ aq~)>Ji1 am AA~ t ~1ftlfl~, 1938 (1938cfil 4) ~~m~ 3~<.1"11-if~imJ:"lJT~!Wf:~~~°tl ~- frrr,;mr, ~ttf&T f fm!rr-1- I I I/➔/ 3'TRJl-m:q;61 /02 J INSlJRANCE REGlll.AlORY AND DEVELOPMENT AUTHORITY NOTIFICATION Ne\\ Dclln. lhc JOth M:irch. 2002 The lnsunmce Regularot~· and Dc"clo11ment Authoiit~' (Preparation of Financial Statements and Auditor's Rc1>ort of Insurance Companies) Rc1,.,ul11tions, 2002 F.No. IRDA/Rcg./OJ/2002.-111 i:.,crc1sc of the powers confi:rrcd b, sections 11-lA of the Insurance /\cl. 19~8 (-i- of l9-1XJ. and 111 s11pprcssmn oflhc The Insurance Rcg11larot~ and De,'clopmcnl Aulhont~ (Prcpara11011 ofF1rwnc1:il Sl.itcmenls and Auditor ·s Rcpo,1 or Insurance C'omparncsl Regul_allons. 2000. Anlhorit,. 111co11s111l:111011 ,, 11h 1hc Insurance Adnso0 C'ommiltcc_ hcreb:',· 111:ikcs the folio" ing rq.:11lalio11s 111.·111d., . 1. Short title and commencement.----( I) These rcgulat1ons may he called the Insurance Regulatory and Development Authonty ( Preparation of Fmanewl Statements and Auditor's lfrpnn of Insurance Companies) Reµ,ulat1ons, 2002_ (2) They shall come into force from the date of their p11bliL·at1on in the Official l iaze!te. (3) On and rrom the commencemcnt or thL'SL' rcgu brions, The I 11s11rancc Regulatory And Dcvdopment Authority (Prqx1ration of f<inanual S1atenll'nts :ind Auditor's Rcpllrl or Insurance Co111p;:i111cs) ffrg11lat1llns, 2000 slwll slam! superceded, t·xccpl a~ re~pects 1h111gs doni: or omitted lo he done lhc1eumkr_ 2. Uefinitiom.---1 I) In thcst" n:gulalillns, unless the conll'xl othnw1sc require~ --- (a) "Ad' 111ca11s thc Insurance Act, 1938 (4 of l9JX); (b) "!1111!,orifl'" means the lnsrn ancc Regulatory and Development Authority established under sub-section ( 1) of ~ection J or the lnsur::rnce Regulatory ancl Development Authority /\cl, 11)99 ( 41 of jl)1)9): ( c) All words and txpressions used herein and not defined hut defined m the Insurance Act, 1938 ( 4 of 1938), or Tnsurance Regulatory and Development Authority Act, 1999 (41 of !')99), or Companies Act, !')56 ( I of 195()), shall haw tlw meanings respedively ass1g111.:"d to them in those Acts. 3. Preparation of fimmchll statements, manal{ement report and auditor's report.--( fJ An in.~urn carrying on lt1c 111surance bus inc-.~, aftn the conmwncL·mcnt of these Rcgulat10ns, shall cnmpl_v wrth the requirements of Schedule A. (2) An msurn ca1 rymg on gL'llL'ral inswanL'L' business, after the cnmmcneemcnl (1r tlwsc Rcgulat1011s, shall comply with the requirements ofSeheduk B: · Provided that 1h1s suh-rcgulatwn shall apply, 111111r1ti1· 11111t,11llhl', tn rernsurcrs, until separate rceulat1ons arc made_ (3) The report of the aw..lrlors on the fin:rncial ~!atcmenrs of every 111s11rcr and re insurer shall be Ill co11liJn111ly with lhe requirements of Scheduk C or as ne,1r thereto ::is the cm:um.,1anccs perrrnt. (4) The Autlwnty may, rrnm tune to tune, issue separate direct10ns/ gu1delrnes in the matter of appo111t01c111, continuance or removal of audih1rj of an msurer or rernsurer, as the case may he, and such directions/ guidelines mav mclude prescriptions regardmg yualtfo::attons and experience of ;iuditors, thcir rolat10n, period of appo111tment, etc a:~ 111ay be deemed neeessary hy the /\uthonry. · ['IWTIII-~41 -B SCHEDULE A (St'(' Rcg1tl<ltl()11 3) PARTI Accounting principles for preparation of financial statements 1. Applicability of Accounting Standards--Every Balance Sheet, Revenue Account [Policyholders' Account], Receipts and Payments Account [Cash Flow statement) and Profit and Loss Account [Shareholders' Accountl of an msurer shall he 111 confom1ity with the Accounting Standards (AS) issued by the !CAI, to the extent applicable to insurers carrying on ltfe insurance busmcss, except that: (i I J\ccountmg Standard 3 (AS 3) - Cash Flow Statemt:nts - Cash Flow Statement. shall be prepared only under lhe Direct Method. (it) Accounting Standard 17 (AS 17) - Segment Reporting - shall apply to all insurers mespcctive of the requirements regardmg listing and turnover rnc::niloned therem. 2. Premium--Prcmium shall be recognised as mcome when due. For linked business the due date for payment may be taken as the date when the associated umts arc created. 3. Acquisition Costs-Acquisition costs, if any. shall he e.xptnstd 11) the penod Ill which they are lllCllrrcd. Acquis1t1011 custs arc those custs that vary w_1th a11d arc pnman\y re\.:itcc\ 10 the acqu1si1Jon of new and renewal insuranc.e rnntracts. The rno~t c-.;sential tt--;t is the ·obligatory relationship between costs and the execution of insurance conu·act, ( i.e., commencement of risk) 4. Claims Cost -The ultimate cost of claims shall compnse the policy benefit amount and specific clauns settlement costs, wherever applicable. 5. Actuarial Valuation -- Liability for Life Policies - The eshmat1011 of liability against life policies shall be detemuned by the appointed actmuy of the insurer pursuant to his annual 11wcst1gat10n of the life u1surance business. Actuarial assumptions are to he disclosed by way of notes to the accmmt 111c liability shal\ be so calculated that together with future prc111n1111 paymLi11S and mvestment income, the msurer can nwet all future claims ( me hiding honus entitlemcnts to policyholder~ I and t:xprnsi:s" 6. Procedure to determine value of investmcnts.--An insurer shan"detem1ine the values of mvest:nicnts 111 the followmg manner:- a) Real Estate · Investment Property-- The value ofmvcstment property ~hall be detennmed at historical cosr. sub1ect to revaluation at least once m every three years. The change m the canyml,! ,imount of the:: investment propi:rty shall he taken tu Revaluation Reserve The insurer shall assess at each ha lance sheet date whdhi:r any nnp.:inment of the mvcstment propti'1iy has occrni-ed. Gains/ losses ans mg. due to changes m the carry mg. amount or real c~tate shall be taken to equity under · Revaluation Ri:serve ·. The 'Profit on sale of investments' or 'Loss on sale or mvestmcnts', ~1s the case may he. shall include acct11111ilateJ changes 111 the canymg amount previously recogmsed m eqa1ty under the head mg 'Revaluation Rc::serve' m respect of a particular property and being recycled to the relevant Revenue Account or Profit and Loss Account on sale of that prope1iy. The bases for revaluation shall be d1sclose<l in the notes to accuunl-;. The Authority may issue directions spcc1fymg the amount to be released from the revaluation reserve for declanng bonus to the policyholders. for lh.e removal of doubt. 1t is clarified that except for the amount that 1s released to pohcyholders as per the Authority's direction, nc •Yl.~r ... 111m111t shall he d1smbuted to shareholders out of Revaluation Reserve Account. An 1IDpaim1ent k,:,s shall be recogmscd as an expense in the Rt:vem1e/Profit and Los::. Account munuhately. unk:os the asset i, carried at re-valued amount. Any 11npanme11t loss of a re-v.:ilued asset shall he l1-eattd as a revalu.1t1on decrease ol'that assd .:ind ir the impatnnent Jo<;s exceeds the ~urresponding revalnauon reserve, such excess shall be recogm,ed as an expen~e m the Revenue/Profit and \,oss Account. THE GAZETTE OF INDIA EXTRAORDINARY =====================-= b) Debt Securities--! kht St'cunt1cs, mcluding government secunttes :rnd redecn1Jble prefrrence shares, shall be considered as "hdd to maturity" scrnrit1es and shall be mea~ured at historical cusl subject to .imon1sation. c) Equity Securities and Derivative Instruments that are traded in active markcts---Listed eqrnty secunt1es and derivative instnunents that are traded in active markets shall be measured at fair value on the balance sheet date. For the purpose of calculation of frur value, the lowest of the last quoted closmg price al the stock cxch.inges where the securities arc listed shall br taken. The insurer shall assess on each balance sheet date whdher any 1m1x1m11enl of listed equity secunty(1es)/deriv.itn·e(s) instmrnents has occwTed. An .ict1ve m:irket shall mean a market, where the securittrs traded arc homog..:nous. :J\'ailab1hty of willing buyers and \viii mg sellers is normal and llw pnccs arc publicly avai!ablt:. Unrealised g.ims/ losses ansing due to changes Ill the fair value of!isted equity shares and derivative inst111ments shall be taken to equity under the head ·Farr V.ih1t: Change Account". 111e 'Profit on sale or mvestmen~' or 'Loss on sale of mvestmmts·, as the case may be, shall include accumulatt:d changes in the farr v.iluc previously recognised in eqmty under the heading ·fair Value Change Account' in rt:spect of .i pa1ticular security and being recycled to Ult: relevant Revenue Account or Profit and Loss Account on actual sale orthat listed security. The Authonty may issue directions specifymg the amount to he rekased from the foir V:ilue Ch.inge Account for declaring bonus to the policyholders. For the remov.il of doubt ti 1s clarified t11at except for the amount that is released to poltcyholdcrs as per the Authority"~ prescription. nn other amount shall he d1stributrd to ohareholders out of F.iir Vuluc Changr Account. Also, :iny drhit halancc 111 Fait Value Change Account shall he reduced from profit/free rrservrs while declaring chvidends "11ic insurer slrnll aosess, on each balance sheet tbte, whethcr any impai1ment h.is occurred. An 1111pai1rnent loss shall he recognised as Jn expense in Revt:nue/Profit and Loss Account To the extent of the difference between the re-me.isured fair value of the security/111ves011ent and 1b acquisit10n cost as rt:<lucrd by any prev10us impainnent loss rccogni5ed as expense 111 Revenue/Profit and Loss Account. Any reversal ofimpanrnent loss, earlier recognisrd in Revenue/Profit and Loss Account shall he recogmsed 111 Revenue/Protit and Loss Account. d) Unlisted and other than actively traded Equity Securities and De1ivative Instruments -~-Unlisted eqmty secu1ittes and derivative msnuments and listed equity securmrs and denvative msnuments that arc not regularly traded 111 acttve markets shall be measured at historical cost. Provtswn shall be mnde for diminution in value of such mvestments. The provision so made shall be rewrsed 111 subst:quent periods 11' estimates ha~ed on external rvidem:e show an mcreasc in the valur of the investment over its rnrrymg amount. The mcreased canymg :imount of the mwsrment due to the reversal of the provision shall not exceed the lmtoncal co~t For the prnposes ot tl11s regulat1011, .i secunty shall be considered :is bring not act1vrly traded, if as per guidelines govemmg muttral fonds laid down from tune to time by SEBI, such a sccunty ts classified as "thinly traded''. 7. Loans-Loans shall be measured at histoncal cost subject to tmpaimwnt provisions. 'f11e insurrr shall assess thr quality of its loan assrts and shall provide for aupainnent. "l11e impairment provision shall not be lower than the amounts drrived on the basis of gu1delinrs prescribed from time lo time by the Rese,ve I3ank oflndia, that apply to compames and fii1a11cial mstnutmns. 8. Linked Business--The :iccounting prinuples used for \":.Jluatton of i11\'est111ents are to be consistent with prinoplcs enumerat,.d .ibovc. :\ oepaialc set offinancfol statements, for cach st:gregated fund oftht: linked businesses, shall be annext:d. Segn-trut"·· 1u,1ds represent funds mamtained in accounts to meet opec1l1c invrstment ohjedives nf policyholders who bear the investment ri:J:. Ir. /rslment mcomei g:iins and losses generally acc111e directly to the poltcyhokkrs. The assets of rach account are segregated and are not sub_1ect to claims that anse out of any other bus11w~s of the insurer. 9. Funds for Future Appropriation-The ii.mds for 1i.tture appropriation shall bt: presented separ.itrly. The ti.mds for 1itture ,1ppropnat1on represent all ti.1nds, tht: a l!oeat10n of which, r1ther to the policyholders or to the shareholders. has not been dete1mined by the end of the financial year. PART II Disclosures forming part of Financial Statements A. The !ollowing shall be disclosed by way of notes to the Balance Sheet: Contingent Liabilities: (a) (h) (c) (dJ (c) ( f) (g) l'artly-pa1d up investments Underwriting cun1111i1111ents out~landing Claims, other than 1ho,c under policies. not a1:knowlcdged us debts Ciuarantccs given by or nn bch;df of the <:otnpany Statutory dc111andsi11abil11n;s 111 d1spult:, not provided for Rc1ns;u1 ancc Obliga11uns to the extent nu provided for 111 accounts Others (to he ,pcc1fn:d1 2. Actuanal assumptions for valuation or l1ab1lttie, for ltfc polic1cs Ill fr>rcc. 3. Encumbrance~ to.assets of the _company in and ouh1de India. 4_ Commitments made und outstand111g ti.ir Loans, Investments and Fixed Assets. '.i. f1asis ur ;1111orl1sat1on of debt securities (1. Cla1111s sl·ltlcd and remaining unpa.1d !'or a pcnod uf' tnOiC than ~1x months as on the balance sheet <late. 7. V,ilue of contracts 111 relation to rnvestments, for: (a) l'urel!Qscs where deliwries are pcnd111g; ( h) Sales where payments are overdue. -45 8 Ope1 atin~ npenscs rclatmg to insurance business: has1s of allocation or expenditure to vanous segments of hu s llll'SS. () Crn11p11tat1011 of managerial remuneratmn. I 0. If 1stor1cal cos ls or t11o~e investments valued on fa11 value basis. 11. Basis or 1evaluµl1Ull ur lnVl'Slrncnt prnpcrty. H. The following accounting policies slrnll form an intrgrnl part of the financial st:ilements: I. /\II s1g11I11c.1nt accuuntmg pohuc~ rn lcnns of the accrnmlmg standards issued hy the !CAI, an<l significant pnnc1ples and puhcie, given m Part I or Accountmg Principles. Any nlher Qccounting policies, followed by the insurer, shall be stated in the 111,llllllT requl!'ed under Acenunlmg Standard AS I issued hy lhe ICAI. 2. Any dcpartun: trnm the aern1111lmg poltcics shall be separately disclosed with reasons for such departure. C'. 'i'hl· followinl,.t infonn:1tion shall also he disclosed: l. Investments made in accordance with any statutory requirement should be disclosed separately together with its anHnmt nature, ,ecunty and any special rights in and outside India; .: Segre!-,'al1un mlo pert'ormmg/ non pertmm111g rnvcstrncnts for purpose ol' 111eomc recugnition as per the dll'ec\lons, 1l'any, 1:..!..111:d by lhe J\uthonly; 3. AssL'ts tn lliL· extent rL·qu11cd to he depu~ited under local laws ur otherwise encumbeicd in or outside India; 4. l'l'I ci..:1ilage ,ir busrness scetor-w1,e; '.i. J\ SllllllllJP/ of 1'1nanc1al statements li1r the last live years, 111 the manner as may be prescribed by the Authonty; (,. Base, 01 ;illm:at1on or mvestments and income thereon betwcl'n Policyholders' Account and Shareholders J\i..:counL 7. J\n·uu111111)-' R.1t1os .is 111ay he p1e,nihed hy the J\uthunty. -16 THE GAZETTE OF INDIA: EXTRAORDTNARY IP \1, 1 Ill-Sr , · -II PART Ill General instructions for preparation of Financial Statements l. The coirespondmg amounts for the immediately preceding financial year for all items shown in the Balance Sheet, Revenue Account, Profit and Loss Account and Receipts and Payments Account shall be given. 2. The figures in the financial statements may be rounded off to the nearest thousands. J. Interest, dividends and rentals receivable in connection with an investment should be stated at gross amount, the amount of income tax deducted at source should he included under 'advance taxes paid' and taxes deducted at source. 4. (I) For the puq1oses of fmancial statements. unless the context otherwise requires - t ,r) 1 he expre,,Hlll 'pronsion' shall, suhject to ( 11) below me.in any amount written off or retained by way 11r prond111g rur depreciation, renewals or diminution m value ofassets, or retained by way ofprovidmg lilr any known ltJbtlity or loss of which the amount cannot be determined with substantial accuracy; (b) the express10n 'reserve' sl1all not, subJect to as aforesaid, include any amount written off or retained hy way of prov1dmg for depreciation, renewals or d11ninution in value of assets or retained by way of providing for any known hahility or loss; (c) the c'\pression 'capttal reserve' shall not mcludc any amount tegarded as free for distribution through the profit and loss account; and the exprcss10n ·revenue reserve' shall mean any reserve other than a capital reserve: (d) The expn.',s1011 ''liabihly" shall mclude all lwbd111es 111 respect of expenditure contracted for nnd all d1~p11ted or contingent hahiltt1es. (fl) Where: (a) any amount written off or retained by way of prnvidmg for depreciation, renewals or diminution m value of assets, or (h) any amount retained by way of prov id mg for nny know~iability or loss, rs 111 excess of the amount which 111 the op11110n oftht directors 1s reasonably necessary for the purpose, I iw L'XCe~~ shall be treated as a reserve and not provision. · 5. The company ~hall makr prov1~ions for damages unrier lnwsuits where the management 1s of the opinion that the award 111.iy go agarnst !he insurer. 6. Extent of nsk retained and re-insured shall be separately disclosed. 7. Any debit balance of the Profit and Loss Account shall be shown as deduct1011 from unconumtted reserves and the balance, if any, shall be shown separately. L 'I.WT III-~ -1-J 47 PARTIV Contents of Management Report There shall be attached to the financial statements, a management report containing, inter alia, the following duly authenticated by the management: 1. Confirmation regardmg the contumed vahd1ty of the registration granted by the Authority; 2. Certification that all the dues payable to the statutory authorities have been duly paid; 3. ConfII"m.:nion to thi: effect that the sharehold111g pattern and any transfer of shares during the year are m acco1dam:e with the statutory or regulatory requirements; 4. Declarat1,H1 that the management has not d·ll"ectly or indirectly invested outside India the funds of the holders of policies issued in India; 5. Confirmation that the requin:d solvency margins have been maintained; o. Ccrt1f1cattnn to the effect that the values ofall the assets have been reviewed on the date of the Balance Sheet and th,lt in Im ( m~urtr' s) hel1ef the assets set forth in the Ba lam:e-sheets are shown in the aggregate at amounts not excet'din~ their rca Ilsa hie or market value under the several headings - " Loans", " lnvestmc-nts", "Agents hal.1nces··. ··on1standing Premiums"', ""Interest, D1v1dends and Rents outstanding", "Interest, Dividends a·nd Renh ;1ccrn111g hut not due", '"Amounts due frnm other persons or I3od1es carrying on insurance business", " Sundry lkbtors", ·· Bills Receivable"".'" Cash" and the several items specified under "Other Accounts"; 7. Ce1tdicallon tn the effect that no part of the lik insurance fund has been directly or imhrectly applied in contravention of the provisions of the Insurance Act, (l)J8 (4 of 19.38) relating to the application and investment or the life msurance funds; 8. 01sdosurc with regard to the overall risk exposure and strategy adopted to mitigate the same; I)_ OpcratH111s in utlwr cuuntrics. if any. with a separi.lle statement g1v111g the management's estimate of country risk and L'Xpo~t11L" nsk and the hedging strakgy adnptcd; I 0. Age inµ ol" ,:L111m 111d1cating the trends lll averagL· claim settlement time during the preceding five years; 11. Certd1cal1011 to the effect as to how the values. as shown m the balance sheet, of the investments and stocks and sharL·s ha\'C been arrived at, and how the market value thereof has been ascertained for the purpose of co111pariso11 with the va lucs so shnwn; 12. RL'Vll'\\ of asset quality nnd performance of mvestment in terms of portfrihos, i.e., separately in terms of real estate. loans. 1n,·estments, etc. 13. A 1e\po11s1hil1ty sta1c111ent 1nd1L·ating the1e111 that. (a) 111 the p1 q1aratwn or l1nanual st.itemcnts. the applicable aceountmg standards, principles and policies have been fl,llowcd a lung with proper explanat1nns rdatmg to material departures. if any; (b) till· 111an.i~cmcnt h,1s adopted accounting pnlicies and applied them consistently and made _judgements and estimate~ tl1.1t are reasonable and prudent so a, to give a true and fair view of the state of affairs of the company at the end nf 1he fmancial year and of the operatmg profit or loss and or the profit or loss or the company for thl' year: (c) the management ha, taken proper and suffic1l·nt care for the 111a111tcnance of adequate accounting records in accordance with the applicable prov1s1ons of the Insurance Act 19.38 (4 of 19.38) / Cnmpa111cs Act, I()5<i ( I or 195(, ). ror s.1 l"cguarding the assets of the company and for preventing and detecting rraud and other irregula1 ities: (ti) the management ha;, prepared the frnancial statements on a gomg concern basis; (el the management h:1s ensured that an internal audit system commensurate with the size arnhrnture of the business ex i,1s and 1s opcratmg effectively. 14, I\. ~chedule of payments. which have hei,;n made to individuals, firms, compa111es and orga111sat1ons in which Directors of the insurer a1e mterested. THE GAZETTE OF INDIA EXTRAORDINARY ==================- - . PARTY Preparation of Financial Statements (1) An insurer shall prepare the Revenue Account [Policyholders' Account], Profit and Loss Account l Shareholders' Account I and the 13abncc Sheet in Porm A-RA, Porm A-PL and Fonn A-BS, as prescnbe<l in this Part, or as near thL"reto as the cm·umstances pL"rmit. Provided that an 111surcr shall prepare Rt·vcnue Acrnunt and Balance ShL·d for the under tnL"ntionL"<l bus messes separately and to that e:-;ti:-111 the apphc:1tion of AS 17 shall stand modified:- a) Participatmg flOltc1c~ and Non-partiripatmg polic1L·s: b) 1 ) Linked business li\s defim::d 111 rcgulallltn 2 ( 1) or !he IRDA ( Registration of Indian Insuranl"L' Companies ) Regulations . 2001!] ii) Non-L111kcd hu~mess scp.ih1tely l'nr 01d111ary Lif,·. ( icncr:t! Annuilv. pL"nsions and I icalth Insurance; r) Business w1th111 India :111d business outsHie India. (2) An insurer sh:111 prepare sep.iratl' Receipts and l'aymcnts Account Ill accordance with the Direct Mdhod presnibed 111 AS J - "l 'a~h f-low StatemL"nt" i~sued by the IC' Al. FORM A-RA Name of the Insurer: Registration :'I 11. and Date of Registration "ith the I ROA REVENUE AfTOIJNT FOR THE YL\l,t ENDED 31~ 1 l\1ARCH, 20_. Policyholders' A1:count (Technical Account) Particulars Schedule Current Previous Year Year (Rs. '000) (Rs.'000). Premiums earned - net (a) Premium l (h) Rl·msurnncc eeded (e) R~·111~urancc aceepted- Income l"lllm lnvc'ilmem~ (a) l11\en:~1. D1v1dends & Rent -- Gros~ ., (h) ] 1r11f11 nn sak'redemptrnn of 111vestrnents (c) ( Lo~s on sale/ n:dempt1on of investments) ( <l) I r,rnsl"er/Gain on n:valuat10nichani;c m fair value* , Other Income (to he specified) TOTAL (A) ( 'omm1~s1nn 2 Operating b,pcnses related tu Insurance 13usmc~5 3 Prnv1s1011 l"or doubtfol debts Ba<l debts wn1ten otf Provision for Tax Provisions ( other than taxation) (a) For d1mmut1011 in the value of mvcstmcnts (Net) (b) Others (to be spec1 f1cd) TOTAL (B) Benefits Paid ( Net) 4 Interim Bonuses Paid Change m valuation of habtfny 111 respect of life policies (a) ( iross''* (h) A111ou11( ceded 111 Re1nsuruncc (c) A111ou1n aceeptcd 111 Rcrn~urance TOTAL (C) SllRPLl'S/ (UEFIC'IT) (0) =(A)-(H)-(C) APPROPRIATIONS Transfer to Shureholtkrs· Account Transfer to Olhcr Rc~crve~ ( lo he speci f1e<l) Oalance hemg Funds l'or l·utun: Appropriations TOTAL (D) Notes: " R('fll'l',l<'/1/.1 the dee111< .. 'il rca/1.1('r/ .~0/11,1111e1· 11omI1 s1n·ci/1l'rl h\' the t1111huri1,·. "" n:presents Mall1cm:1t1cal Re~erve~ after allocat1on of honm The total surplm shall he dbclosed separately wHh the followln~ detail_s: (11) Interim Bonuse~ Paid: (h) Allocution of Bonus to policyholder~: (c) Surplus shown In the Revenue Acl·ount: (d) Total Surplus: l(u)+(h)+(c)I, See Notes appenckd .it the end of Form J\-PL 1097 Gl/2002-7. 50 1HE GAZETTE OF JNDIA: EXTRAORDINARY [PARrlII-SEc 4] FORM A-PL Name of the Insurer: Registration No. and Date of Reilstratlon with the IRDA PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 ~T MARCH, 20_. Shareholders' Account (Non-technical Account) Particulars Schedule ( Current Ye11r frevieus· Year (Rs.'UUU). (RB. 'oou1. Amounts transferred from/to the Policyholders Account (i'eehnicaT Acrnunt) Income From Investments (a) Interest, Dividends & Rent - Gross (b) Profit on sale/redemption of investments ( c) ( Loss on sale/ redemption of investments) ~ Other Income (To be specified) TOTAL (A) Expense other than !hose directly related to the insurance busmess Dad debts written off Provisions (Other than taxation) (a) For dm111mtion in the value of investments (Net) (b) Provision for doubtful debts (c) Others ( to he specified) TOTAL (B) Profit/ (Loss) befrire tax Provision for Taxat1011 Profit/ (Los~) /lfter tax -· APPROPRIATIONS (a) Dalance at the beginnmg of the year. (b) Interim <liv1dends pa1d during the year' (c) Proposed fmal dividend (d) D1v1den<l distribution on tax (e) Transfer to reserves/ other accounts (to be &'pec1fied) Profit earned ------------to the Balance Sheet Notes to Form A-RA and A-PL n) Prcrmum income received from business concluded rn and outside India shall be separately disclosed. b) Re111,urance premiums whether on business ceded or accepted arc to be brought rnto account gross (i.e. before deductrng co11111Jiss1ons) under the heud rcmsurnnce premiums c) Cl,11111s incurred ,hull comprise clmms paid, specific clmms settlement costs wherever applicable and change in the outstanding prov1s1nn for claims nt the year-end,. d) Items of expenses and mcome in excess of one percent of the total premiums (less reinsurance) or Rs.5,00,000 whichever 1s higher, shall be shown as a separate !me Item. e) Fees and expenses connected with claims shall be included m claims. f) Under the sub-head "Others" shall be included items like foreign exchange gains or losses and other items. g) Interest, dividends and rentals receivable in connection with an investment should be stated as gross amount, the amount of income tax deducted at source being included under 'advance taxes paid and taxes deducted at source". h) Income from rent shall include only the realised rent. It shall not include any notional rent. I 'lm!~~:~mrui 51 FORM A-BS Name of the Insurer: Registration No. and Date of Registration with the IRDA BALANCE SHEET AS AT 31 8T MARCH, 20 __ . Schedule Current Year Previous Year (Rs.'000). (Rs.'000). SOURCES OF FUNDS SHARE!!O{DERS' FUNDS SHARE CAPITAL 5 RESERVES AND SURPLUS 6 CREDIT/[DEBITl FAIR VALUE CHANGE ACCOUNT Suh-Total BORROWINGS 7 POLICY! /0/,DERS' FUNDS CREDIT/[DEBlT] FAlR VALUE ClIANGE ACCOUNT POLICY LIA131LITIES lNSllRANCE RESERVES PROVISION fOR LINKED LIAnILITIES Sub-Total FUNDS fl)R FUTURE APPROPRIATIONS TOTAL APPLICAtION OF FUNDS INVESTMENTS Shard10ldc;1 s' 8 Pol1cyholde1s · 8A ASSETS IIELD ·10 COVFR LINKED LIABILITIES 8B . LOANS 9 - FIXED ,\SSETS 10 CURRENT ASSETS Cash and Bank Balances 11 Advances und Othei Assets 12 Sub-Totnl (A) CllRREN'l LIABILITIES 13 PROVISIONS 14 Sub-Total (B) NET CUR.RENT ASSETS (C) = (A - B) MISCELLANEOUS EXPENDITURE (to the extent not wntten off 15 or ad.iusted) DEI31T BALANCE IN P~OFIT & LOSS ACCOl lNT ( Shu, ehol,krs· Account) TOTAL :'i2 THE GAZETTE OF !NOIA. E:\.'TRAORDfNARY IP \I\\ Ill-S1, . 41 CONTINGENT LIABILITIES Particulars Current Year Previous Year (Rs. '000), (Rs. '000), I. Partly paid-up investments 2. Claims, other than against policies, not acknowledged as debts by the company 3. Underwriting commitments outstanding ( in r.espect of shares and securities) 4. Guarantees given by or on behalf of the Company 5. Statutory demands/ liabilities in dispute, not provided for 6. Reinsurance obhgations to the extent not provided for in accounts 7. Others (to he specified) TOTAL SCHEDULES FORMING PART OF FINANCIAL STATEMENTS SCHEDUL'E-1 PREMIUM I F 1rst year premiums 2 Renewal Premiums 3 Single Premiums TOTAL PREMIUM SCHEDULE-2 COMMISSION EXPENSES 'l~articulars Conum~sion pmd Direct - fnst year premmms - Renewal -premiums - Hingle premiums Particulars Add: Commission on Re-msurance Accepted Less: Commiss10n on Re-insurance Ceded L.:!'l_l~ S'?tnmi~sion Nate•· Current Year Previous Year ( Rs.'000). (Rs. '000). , Current Year Previous Year (Rs. '000) ( Rs.'000) · The profit/ comn11.1·si11n. 1/ um•. arc to he t omhi11ct! ll'irh rhe Jfr-111.1111w1n' ucu·;1r('il or !fr-i11111n111n· t L'ilcd /1gurc.1. ['!WT 111-~-l-] SCHEDULE-3 OPERATING EXPENSES RELATED TO INSURANCE BllSINESS Particulars Current Year Previous Year ( Rs. '000). (Rs.'000). 1. Ernployccs· remuneration & welfare benefits 2 Travel, conveyance and vehide nmnmg expenses 3 Training expenses 4 Rents, rates & taxes 5 Repairs 6 Printmg & stationery 7 Commu111cat1on expenses 8 Legal & professional charges 9 Medical ft:es 10 Auditors' rees, expenses etc a) as auditor b) as adviser or Ill any other capacity. in respect of (i) Taxation matters , (11) Insurance matters (ill) Managt:ment services; and c) many other capacity 11 Advert1s1;111cnt and publidty 12 Interest & Bank Charges 13 Others (to be specified) 14 Depreciation TOTAL Note : Items of expenses and 11'icumc in excess of one percent of the total pren11ums (less rcmsurance) or Rs.5,00,000 wluchever is highi.:r, shall be shown as a separate line item. SCHEDULE-4 BENEFITS PAID (NET! 1. Insurance Claims (a) Claims by Death, Particulars (b) Claims by Maturity, (c) Annuities/Pension payment, (d) Other benefits, specify 2. (Amount ceded m reinsurance): (a) Claims by Death, (b) Claims by Matunty, (e) Annuities/Pension payment, (d) Other benefits, specify 3. Amount accepted in reinsurance: (a) Claims by Death, {b) Claims by Maturity, (c) Annu1l1es/Pens1on payment, (d) Other benefits, specify TOTAL Current Year (Rs.'000). Notes: (a) Claims mclude specific claims settlement costs, wherever applicable. Previous Year (Rs. '000). (b) Legal and other fees and expenses shall also form part of the claims cost, wherever applicable. 5,1. TIIE GAZETTE OF rNDIA. EXTRAORDrNARY IP.\i- 1 III-Sw. ~I SCHEDULE-5 SHARE CAPITAL Particulars Current Year PrevJeus Year (Rs.'000). (Rs. 'OO~l). 1. Authorised Capital Equity Shares of Rs ..... each 2. Issued Capital Equity Shares of Rs ...... each 3. Subscribed Capital Equity Shares of Rs ....... each 4. Called-up Capital· Equity Shares of Rs, ..... each Less : Calls unpaid Add: Shares forfeited (Amount originally paid up) Less : Par value of Equity Shares bought back Less : Preliminary Expenses Expenses including commission or brokerage on Undnwnting or subscription of shares TOTAL ~ Notes: (a} Particulars of the different classes of capital should he separately stated. (b) The amount capitahw:d on account of issue of bonus shares Jhould be disclosed. (c) In case anv part of the capital is held by a holding company, the same should be separately disclosed. SCHEDULE - 5A PATTERN OF SHAREHOLDING (As certlfled by the Management) Shareholder I Promoters • Indian • Foreign Others TOTAL SCHEDULE-6 RESERVES AND SURPLUS Particulars L Capital Reserve 2. Capital Redemption Reserve 3 Share Premium 4. Revaluation Reserve 5. General Reserves Current Year Previous Year Number of %of Number of %of Shares Holdi111 Shares Holding Current Year Previous Year (Rs.'000) (RJi. '000) Less: Debit balance in Profit and Loss Account, if any Less: Amount utilized for Buy-back 6. Catastrophe Reserve 7. Other Reserves (to be specified) 8. Balance of profit in Profit and Loss Account TOTAL Note. Additions to and deduc:tion.1 from the reserves shall be disclosed under each of the specified heads. ·inm cfil ~ . Wi!~ffi1'1j :l:'i ·---------------------------------------~------ SCHEDULE - 7 BORROWINGS I Debentun:s/ Bonds 2. Banks 3. hnancial l11sutut1ons 4. Others ( lo he spc-ci fi,:d) TOTAL Pnrtlculnrs Current Year -- Prcvlom Year (Rs.'000). (Rs.'000). (a) The ,·xte11I to wl11c/r tire ho1T011·111gs a1'-(' .1cc11red .1/rctll he s,·par//!d_r d1sdosnl .,ta1111g rite 11altll'l' of 1/tc securlll· 1111tlcr eac/1 .rnh-head. (h) ·l11101111/s tluc w11/1111 / 2 IJI0/1th1· fi·om the tlatc or Ba/1111cc Sheet slto11/d he ·"101\'ll .l't'f){//'(1/('I\' SCHEDULE-8 lNVESTMENTS-SHAREHOLOERS Particulars LONG TERM INVESTMENTS l. Government securities and Government guaranteed honds including Treasury 13ills 2. Other Apprond Securities 3. Oth,:r Investments (a) Shares (a.i) Equtty (bb) Prefrrcncc (hl Mutual Funds (<:) !Jen,·:1tive Instruments (d) Dl·henturesi Uonds ( t') Oth,:r Sccunttes ( lo be specified) (t) Subsidiaries lnwstment l'ropert1cs-Real Estate 4. Investments in Infrastructure and Social Sector 5. Other than J\ppro\'ed ltl\'estments SHORT TERl\1 INVF,ST!\IENTS l. Go\ ern1m:nt senmtit's and Ciovernment guaranteed bonds 111cluding T1-e,1sm';, l3 ills 2. Other !\pproYed Sccmit1es 3. Other ln\'L'stmcnts (U) Shares (aa) Equity (bb) Preference (b) 1'vlutual Funds (c) [krn atin: Instruments (d) Dehentures• Bonds (e) Other Secw1t1cs (tn he specified) ( n Suhsidi,1ries Invc:,tment Properties-Reul Estate 4. It\\ estments in I nl'rastructnre and Sue ia I Sector 5. Other tlwn Appro, ed Investments TOTAL Note. Sec No1c1 llf'J-h'/11/cd /II the l'lld of Schedule- 8B Current Year Previous Year (Rs.'000) (Rs.'000) I I I i I l.. i I ' I i I I I I I I TI-IE GAZETTE OF TNDIA : EXTRAORDINARY SCHEDULE- SA JNVESTMENTS-POLICYHOLDERS Particulars LONG TERM INVESTMENTS I. Government St"curities and Government guaranteed bonds including Treasury 13tlls 2. Other Approved Securities 3. (a) Slwrcs. (aa) Equity (hb) Preference (b) Mutual Funds (c) De1 iv.itive Instruments (d) Debentures/ Bonds (e) Otht·r Securities (to be specified) ( n Subsidiaries (g) Investment Properties-Real Estate 4, Investments 111 Infrastructure and Social Sector 5. Other than Approved Investments SHORT TERM INVESTMENTS 1. Gon::rnmcnt sernrities and Government guaranrced bonds including Treasury 13ills ') Other Approved Securities >. (a) Slwres (aa) Equtty (bbl Preference (h) :Vlutual Fund~ (c) DL·1wa11, L' Instruments (d) I kbenturL·s: [3onds (c) < )tlwr Si.'rnrincs (to be ,pedf1cd) (f) Suh,idiarn:s (g) Ill\ c~tment Propcrties-Rcal Estate -l ln,·cstments in lnf1 ;1structurc and Social Sector 5. Other than Apprm l.'d lnwstments TOTAi, '' SCHEDl 1u:- 88 ASSETS HELD TO CO\'ER LINKED LIABJLITIES Particulars LO'.\G TER:\1 l'.\\'ESTMENTS I. Gui L'1111m·111 ,L'cur111c, .111d Go, crn11wnt guar,mtcL·d bnnd5 including Treasury l3ill, 1 < J1he1 .--\pp1 <11 cd S<:L ur111c, -- ' I I .I I Sh.11'L'', ' I ,Id I l:qu1t1 I 1 bh I l'rl'tL'l'L'llCL' I I b) \/u1u.il I t111,h I, I I k111 al 11 ,· I 11s1111111c1ns I id I I kl>L'llllll\', n,,1Hh I ( )1li<:1 Sc,u11t1L'~ 110 be sµ<:cil1cJ) I I l' I i Ii') Sulv-;1d1;u·1cs l!c!I Ill\ c,t111c11t Prnpl'rt1cs-RL·,il Estate Current Year (Rs.'000). Current Year (Rs.'000) : 4. In, ,,tn1c1J1<, in l11th1structu1-c ;md ~ocia/ SL'i.101· : 5 01lw1 than .--\ppw, cd I 11, cs1111c111, I SHORT TERI\! I.\'\ F..ST,\IE.l\'TS I I I l.im LT!lt1H~llt SL'Cllt iltl.', and< io1·ernmcnt guanmteed bomb including I ' Tn:.isut y 1l1lls I 2. ( )thL'I' ,\pprm eel Sernnnes Previous Y car (Rs.'000) Previous Year (Rs.'000) 3. (u) Shares (aa) Equity (bb) Preference (b) Mutual Funds (c) Derwative Instruments ( d) Debentures/ Bonds (e) Other Securities (to be specified) (1) Subsidiaries (g) Investment Properties-Real Estate 4. Investments in Infrastructure and Social Sector 5, Othcr th:in Approved Investments TOTAL Notes (applicah!t· lo Sc/1et!11/es 8 and 8A & 8B) · (a) lnvcsr111e111~ 111 suhs1d1ary/holding companies, Joint ventures and associates shall be sep;1ratcly disclosed. ut cost (i) lfold1ng: compuny ;1nd subs1drary shull be construed us defined m the Compunres Act, 1956. ( 11) Jomr Venture is u contractual arrangement whereby two or more purtics undertake un ecunum1e act1v1ty, which 1s sub_ic<.:t lo 101111 control. (iii) .lomr control - 1s the contractually agreed sharing of power to govern the financial and operating policies of an ectmo1111c ac11v1ry lo obtuin benefits f10111 rt. (1\) A~~nc1:1tc - rs an enrcrpnse 111 which the compuny has s11,.m1ficant 1ntluence and which 1s neither a subsrdrury nor u,101nt venture of rhc comp;1ny (V) S1gnifican1 1111luc11ce (for the purpose of thi~ schedule) -means part1c1pa1ion 111 the financial und operuting policy dec1s1011s ()r a <:u111pany. hut 1101 control ()r those policies. S1g111fica111 rnlluence may be exercised in several ways, for na111plc, h} n.:pri:sc·nlutton on lhc board of dircclors, purt1cipat1011 111 rhc pol1cy111uking process, 111a1c11:il inter-company 1r,1nsac11ons, 1111erch,1ngc of nK1n;1~c1 iul pcrsunn<:I (ir dependence on technical 1nf'ormut1011. Srgnificunt influence muy be gaini:d by ,h,1n: 1111·ni:r~h1p, stalutc or ag1cemcnt. As rcga1ds slw1c ow111:rsh1p, 11' an investor holds, directly or 111dirce1ly through s1ii1s1d1,1r1es, 211 percenl ur 1110rc or the voting power of rhc inve~lee, It 1s presumed thut the investor docs have sign1f1canl 1111lucncc, unless rt can be clearly demonslrat<:d tlwt this 1s not tlw rnsc Conversely, 1fthe investor holds, directly or 111dirL-c1ly through ~ub~1diar1c~. less than 20 percent of the H11111g power of the investee, it 1s pre~µn1ed that the 111vcstor doc~ no1 h,ll'L' ~ign1f1cant inllucnce, unless sL1ch 111tlucncc 1s clearly dcn1011stratcd. A substantial or 111a,1orrty ownership by anorh.;r in, c·stor doc~ not ncccssurily preclude an mvcstor from huv1ng significant influence. · (b) Aggregate amount of' company's investments other than listed r4u1ty securities and derivative instruments and also the murket value thcrrof shall be disclosed. ( e) Investment made out of Catastrophe reserve ~hould be shown separately. (d) Debt sn:11rilic-s will hc considered as "held 10 mattirity'' securities and will be measured at historical costs subject to amortisation (e) lnvestme111 P1 opcny lllL',rns a properly [ land or b11ild111g or part of a building or both] hcld to earn rental income or for capital apprcciat11)11 or for both, r alhcr than for use 111 serviu;s or lrn ad111111islrat1ve purposes. (t) Investments 111,11111mg111th111 lwl'lve months from bulance sheet di.It<: and rnvi.:stments made with the specific rntention to dispose of wrthin twclw months from balance sheet date shall be chissificd as short-tenn investments 1097 Gl/2002-8. THE GAZETTE Of INDIA. EXTRAORDINARY SCHEDULE-9 LOANS P11rtlcul11n Currerlt Year Previous Year (Rs,'000). (Rs. '000). 1. SEC'URI I Y-WISE CLASSIFICATION Sl'C/1/'('r/ (1.1) ( )11 mortgage of property (aa) In India (hb) Outside India (bl On Shures, Bonds, Govt. Securities, etc. (c) Lll,lllS against policies (d) Others (to be specified) U11.1Tn1rcd TOl'AL 2. BORROWER-WISE CLASSIFICATION lll) < ·cntral and State Governments --· (bl Bunks and Financial lnst1tutions .,_ - (c) Suhsidiarics (d) < \1111p.u1ics (c) 1.oans a~uin~t policies (t) Others ( to hl· specified) TO'IAL - 3. · PERFORMANCE-WISE CLASSIFICATIUN (a) Lo.ms dus!-lified as standard (au) In India (bb) Outside India (b) Non-stilndanl loans less proviKions (au) In India (hb) Outside India TOTAL 4. M/\TlJRITY-WISE Cl.ASSIFIC'A noN (a) Shurt Tam (h) l,ong Term TOTAi. Noh/.1'. (11) Sf111rl-ll'/'l/1 /om,., .. ,/,all 111d11dl:' tflo.1·<', 1i-/1id1 url' rcpayahle 11·,tl,i,r 12 1110111/,~ frum 1he date of halancc sheet. Lo11g tcr111 /o,,m .1'/ra/1 he the /111111,1· 111!,,,1· than slwrf-f{'n11 /01111.1·. (h) Pmrixim1.~ 11g11i11,1t 11,111-11l'rfim11i11g loa11.1· shall he sl,011·11 .\'l'/)(lnlfl'lv ((') '/1,,, 11111111·,, o/ Ill!' s,·,·111'i1_1· in ca.~c ,fall long,,,,.,,, .1w 11n'r/ loans sl,al/ he spcc(fied in eacl, c:a.\'c. Ser.:ured loans Jill' //1(' l""l'"·''<'·'' o(rl1i.1· .1cl1ed11/e. 111c1111., loans .l'l'llll'l',/ 11'110/fr or partli• again.it 1111 :asset of the company (ii) /,oa,1.1· ,·011.,idcr<',l ,/011h!fi,I 111H/ thc a11101111t of pm1·i.1w11 ('/'l'llh'd ak11i11st s11cl, 101111s shall be disclosed. SCHEPULJ: -10 fJXED ASSi'fi ( Rs. '000) Particulars Co11t/ GroH Block Depredation Net Block ( )[JClllnf! /\lilllllOl1s lk<lu.t1()ns ('ln,mg I Ir lo F11r On Slllcs, Ill "' Prc\liou ... I USL The i\<l]u,1111cnl• DutL· ut 'fru1 Yc,1r Ycnr ycn1 cn<I Goodwill Intangibles ( specify) Land-Freehold Leasehold Property Buildings Furniture & fittings lnfonnatim~ Technology Equipment Vehicles Office Equipment Others (Spectly natw-e) TOTAL Work m progress Grand Total PREVIOUS YEAR .4.1'.l'('t_,. mc/11d('if i11 /011tl. proec·1'1V ontl hwlllinK oho1•c· ndutle /111•c,1·111n·r1t l'ropl'rll<'.I' as tlc:fi11('c/ i11110/(' fr} lo Sc/1n/11/c 8 SCHEOlJLE- 11 CASH ANU llANK BALANCES Particulars Current Year Previous Year (Rs. '0(>0). (Rs. 000). 1. Cash ( mcludmg cheques. drafts and stamps) 1--------t-------"------'---------''------------------+------------ 2. Bank Balances I-----+-------------------------------+-------"--- ----· -- (a) Deposit Ai.:counls (aa) Shm·Hem1 (due within 12 months of the date of lbluncc Sheet) (bh) Others (h) Current Accounts (c) Olhcrs (In be specified) >------------~------~----------,------------------- Money at ( ·all and Shor\ Notice 3 . .......-----4--~------------------------,--------+-------------- (u) With Bunks (b) With other lnstituuons 1----------4-.:-......------~---------------~------+------------ Othcrs (tu he s~1ccified) f---------1-T-o-·1--A-I-.. ---'----------------------+--------+-------·-----· --·-- --- - 4. f------1---------:-----~-----o-:----,--,.-,---,--r-~-.,....,,----,------;~---------+--------~--- -- - 8ularn.:c~ with non-~chcdukd bunks included 111 2 und J uhovc 1--------4--------------------------,f-------------+------ -- ----- --- ,___ _ _,__C_'A_S_H_&_· 1-lA·-·N-K~'I-H~A-L_A_N=(-·t:-S ____________ _. ______ _,___ ___________ - - - - ---- - 1 In India ----------------+---------------·-·------ ---- - -- -- TI-IE GAZETTE OF INDIA · EXTRAORDINARY SCHEDULE - 12 ADVANCES AND OTHER ASSETS Particulars Current Year Previous Year (Rs.'000) (Rs.'000) ADVANCES 1. Reserve deposits with ceding companies t 2. Applic.111011 money for rnvestments 3. Prepayments 4. Advances to D1rectors/Officers 5. Advance l'!lX paid mid taxes deducted at sourcl' ( Net of provision for tnxatHlll) 6. Other~ (to he specified) TOTAL(A) OTHER ASSETS I. lnc1lll1L' accrued on 111vest111cnts 2. U u tst,111 ding P n: m Ill ms 3. A~l'nts · Balances 4. rorci!:!n /\.gern..:ies l.lalanci:s 5 Due from other entities carrymg on insurance husine~s ( 111clud111g rcmsurcs) 6. Due from suhs1d1ari_es/ holding companv 7. Deposit with Rc~erve Bank of lndrn f Pursuant to section 7 or Insurance /\<:t, llJlS] 8. Others ( to he spcci fied) TOTAL (B) TOTAL (A+B) Nores: (a) '/'lw item.1 1111tler the ahore hc11<l1· 1·'1all 1101 he slwirn 11<'1 ofjiro1•isio111· fiJr douhrful cImo1111t,1 Th<' w1101111/ ufj,ron.1·[011 aga111.1/ each hl'ad .1ho11/d he 1-/1m,·11 .1·c11amtd\' (h) Ilic tam ·offica' .1/ro11/d u111fom1 lo 1/rc dt'/111111011 of that tam as gn·e11 under the Co111pa111n Act, / IJ5(,. (c) S11ndn' dchtor.1 ll'II{ he shw1·11 1/lld<"r iIe111 8 (Otl,er.1) SCHEDULE - IJ CURRENT LlABILITIES - Particulars 1. Agents' IJalanccs 2. Balances due to other insurance companu:s 3. Deposits held on re-insurance ceded 4. Premiums received 111 advance --· 5. Unallocated premium 6. Sundry crecl1tnrs 7. Out: tu subsidi,mes1 holdmg company 8. Claims Outs1a11ding 9. Annwtic.~ Due 10. Due to Ofticcrs.r Directors 11. Others (to he ~pccified) TpTAL Current Year Previous Year ( Rs. '000). ( R~."000 ). ' ' [~Ill-~-l] SCHEDULE - 14 PROVISIONS 'llmf ofiT ~ : arnr~.mirr Particulars Current Year Previous Year (Rs. '000). (Rs. '000). I. For taxation (less payments and taxes deducte<l at source) 2. For proposed div,di:nds 3. For dividend distribution tnx 4. Others (to be specified) TOTAL SCHEDULE - I~ MISCELLANEOUS EXPENDITURE (To the extent not written off or adjusted) t. 2. Notes: Particulars Current Year Previous Year (Rs. '000). (Rs. '000). Discount A !lowed m issue of shares/ debentures Others (lo he specified) TOTAL {a) No 11rn1 shafl he i11c/1ulnl um/er rfw head "Mi.1·cdlanevm E,pe1ulit111"l'" and carriedfmward unless: f somt• henl'{it ji-0111 rfie ('.tpc11dit11re ca11 rc11.101111h(I' he c•xpected to he rccc(l'('{{ i11 future. mu/ ] t/,e c111w1mt of s11d1 henefit is rea.1·01wh~r dl'ter111i11ahle. (h) The mnowlf to he carn1•1/_fonl'lmf i11 re.11n·ct ,fa11y item i11c/11ded 1111da the head "Miscellm1co11s Erpe11d1t111·l'" shaff 11of ,•.H"eed the expectedfi,rurc n·1•t•1111dotha he11cfir,1· related lo the npemlit11re. SCHEDULE B (See Reg11lat1011 3) PARTI ,\cco1111li111,t prindpll's for prcp11ration of linmu:ial statements 61 I. Applicability of Accou11th11,t Standards-Every Balance Sheet. Rl'eeipts and Payments Account l('ash Flow stalt:ment,I and Profit and Lo~s Account I Shateholders· Account) of the insurer shall be m cont'onnity with the Accounting Standards (AS) issued hy lhi: (CAL to the e.xti:nt apphl'ahk lo the msurers carrying on ge,;i,cptl in's\Runce business, except that: (i) J\ccmmling Standard J (AS 3)- Cash Flow Stu11.·111cnts Cash Flow Statement shall bf prepared only undn the I >ire-ct Ml'lhod. (ii) ;\cu111n1ing Standard JJ (AS 13) ,\n.'011111ing for lnveslmcnts. shall not be applicable. (111) /\crn11nt111g Standard 17 (AS 17) - SL'gment Ill-porting -- shall apply to all insurers incspectiye of the rl·q111rcllll'nls regarding hslmg and turno\'l'r mentioned lhni:in, THE GAZETTE Of INDIA : EXTflAORDINARY jPwr Ill-S1-.c·.-lj 2. Premium--Premmm shall be recognised as income over the contract period or the period of risk, whichever 1s appropriate. Prenrn1m received in advance, which represents premium income not relating to the current accounting period, shall he disclosed separately in the financial statements, A reserve for unexpired risks shall be created as the amount representing that part of the premium written which 1s attributable to, qnd to be allocated Ln the succeeding accounting periods and shall not be less than as required und~r section 64 Y( 1) (ii) (b) of the Act. Premium Received 111 Advance, which represents premium received pnor to the commencement of the risk, shall be showq separately un<ler the head 'Curre11t Li11hilitie.1 · in the financial statements. 3. Premium Deficiency--Premium deficiency shall be recognised 1f the sum of expected clann costs, related expenses and maintenance costs exceeds related reserve for unexpired risks. 4. Acquisition Costs-Acquisition costs, 1f any, shall be expensed Ill the pcnod m which they are incun-cd. Acquisition costs an: those costs that vary with, and an:: pnmarily related to, the acquisition of new and renewal insurance contract,. ·111l' most essential test 1i; the nhlig.itory rebtinnsh1p between cost, and the execution of insurance contracts (i.e. commencement ofnsk). 5. Claims-· rhe L'< irnponents nr the ultimate cost of claims to an m~urer comprise the claims under policies and specific claims settlement cosl'i ( 'buns umkr policies compme the claims made for losses mcurrcd, and those estimated or anticipated under the policies 1<1llowmg ,1 lo~~ occurrence. A liability for ouhtandmg claims shall be brought to account m respect ofhoth direct business and inward reinsurance business. ·111e liability shatl 111cludt': - (a) Future payment,; m relation to unpaid repo1ted claims; (h) < ·1a11ns Incurred But Not Rcprntcd (lfiNR) includmg inadequate rese1ves [sometimes referred to as ( ·i.111m liK'lllTCLI 13ul Not Enough Rcpo1ied ( IBNER)l, which will re:-.ull 111 li.1ture ca~h/.i,,et outgo for setllmg liah1ht1c~ again~t those chums. ( 'hunge in estimated liability represents the dilkrenee hct\, eL'll till· L':-.t1111atL·d liability for outstamlmg daim~ ..ii 1he bcgmning and at the end orthe financial peood. The ::iernunt111g e~111natc shall also mcludc clai1m cost ad_1usted for cs1imated salvage value if there is sufficient degree of ce11amty ol'it~ rcal1,al1011. Act1111rit1/ Vt1/11t1tim1 of dt1i111 lit1blllty- i11 .\t1me cfl.\t'S Claims made in respect of contracts where the claims payment period exceeds four years shall be recognised on an actuarial bas1s_subject to n:gulations that muy be prescrifx,d by the Authority. In such cuscs, ce11ificate from a recognised actuary as to the fairness of liahility assessment must be obta111ccL Actuarial .issumptions shall be suitably disclosed by way of notes to the account. 6. Procedure to determine the value of investments.--An 1nsun.'r shall detennine the values of investments in tho following mu1mer:- a) Real Estate - Investment Property-- Investment Propt'11y shall he me.isurcd at historical cost less accqmulated depreciation and impairment loss, residual value hemg eonsidcred zero and no revaluation being pemlissib)e. ·n1e Insurer shall asses~ al each balance sheet d;itc whether any m1pai1111ent of the investment property has occurred. An impai1ment loss shall he recognised as an expense in the Revenue/Profit and Loss Account immediately, Fuir value as al the ha lance sheet date and the basis of its dete1111ina11on shall be disclosed in the financial statements as additional information. 63 b) Debt Secmities--Debt securities including government securities and redeemable preference shares shall be considered as ''held to maturity" secunties and shall be measured at historical cost subject to amortisation. c) Equity Securities and Derivative Instruments that are traded in active markets---Listed equity secunties and derivative ins011ments that are lrnded in active markets shall be measured at fair value as at the balance sheet date. For the purpose of calculation of faJI value, the lowest of the last quoted closing price of the stock exchanges where the securities are listed shall be taken. The insurer shall assess on each balance sheet date whether any impairment of listed eqmty security(ies)/ derivative(s) 10s011ments h::is occuned. An active market shall mean a market, where the secunties n·aded are homogenous, availability of willing buyers and willing sellers is nom1al arid the prices are publicly available. . Unrealised gams/losses arismg due to changes 111 the fair value ofhstt:d equity shares and derivative instmments shall be taken to equity under the head ·fair Ynlue Change Account'. ll1e 'Profit on sale of investinents' or 'Loss on sale of investment~•, as the case may be, shall inclu<le m:cumulated changes in the foir value previously recognised in equity under the heading Fair Value Change Accoum 111 respect o( a pai1icular secunty and bemg recycled to Profit and Loss Account on actual sale of that listed secunty. For the removul of doubt, it 1s clarified that balance or any pa1t then:of shall not be available for distribution as dividen<ls. Also, any debit balance 111 the said Fair Value Change Account shall be reduced from the profits/free reserves while declaring dividends. The insurer shall assc:~s. ,II each balanc:c sheet date, whether ,my i111pa11111e111 has occmTed. An impanment Joss shall be recogmsed as an expense in gcvenue/Prolit and Loss Account to the extent oftbe difference between the remeasured fair value of the security/ 111vest111ent an<l its acquisition cost as reduced by any previous impairment loss recognised as expense in Revenue/ProlJt ::wd Lms Account. Any re-versa! of 1mpai1ment loss, earlier recognised in Revenue/Profit and Loss Account shall be n::cogmseJ in Revenue/Profit and Loss Account. d) Unlisted and other than actively traded Equity Secmities and Derivative Jnstruments--Unlisted equity securities an<l deri\'al1ve 111.struments and listed equity securities and derivative mstrnments that are not re~'lllarly n·aded in active market will be measui-ed .it historical costs. Provision sliall be made for d111111mtion in value of such invesm1ents. The provision so made shall he reversed m subsequent periods if estimates based on external evidence show an increase in the value of the invesnnent over its umying a111ow1t. The increased canying amotmt of the investi11ent due to the reversal of the provision shall not exceed tht" historical cost. For the purpmes of this regulation, a security sh;ill he considered as being not actively traded, if as per guiddines governing mutual funds laid down from lime to tune hy S1:,13L such a security is classified as ·'thinly traded". 7. Loans--Loans shall be measured ~t lustoncnl (ost subject to 1mpai1111ent provisions. The insurer shall a,scss the quality of its loan assc:ts and shall provide for 1mpaim1ent. The impai1ment provision shall not be lower than the ..JmounL~ derived on the basis ofguidehnes prescribed from time to time by the Reserve Bank oflndia, that apply to companies and financial institutions. 8. Catastrophe Reserve -- Catastrophe reserve shall be created in accordance with no1ms, if any, prescribed by the Authority. Jnvestment offunds out of catastrophe rese1ve shall be made in accordance with prescription of the Authority. THE GAZETrE OF INDIA : EXTRAORDINARY PART 11 Disclosures forming part of Financial Statements A. The followin~ shall be disclosed by way of notes to the Balance Sheet: I. Contingent Liabilities: M (h) (c) (d) (el (f) (g) P.1rtly-paid up investments • Underwriting comn11t111ents outstanding . Cloims. other thon those under policies. not acknowledged as dehts Gtwr:.intces given by or on behalf of the company St,ltutory demands/liabilities in dispute, not provided for Reinsurance obligations to the extent not provided for 1n accounts Others ( to be specified) 2. Encumhranccs to assets of the company in and outside India. 3. Commitments made and outstandi11g for Loans. ltwestments and Fixed Assets. 4. Claims. less remsurnnce, paid to claimants m/outsidc India. 5. Actuarial assumptions for determination of claim hahtlitics in the case of claims where the claims payment period e:xct"ed four yt·,1rs, 6, Ageing or claims - distinguishing between clanns outstanding for more than six months and other clau11s. 7. Premiums. less reinsurance. wntten from busmess m'outside India. 8. Extent of premium income recognised, hased on \'arymg risk pattern. category wise, with basis and justification therefor. includrng whether reliance has heen ph1ccd on e:-.ternal evidence. 9. Value or contracts 111 relation to investments. ti.ir: (h) Purchases where deliveries arc pend111g; (i) S,dcs where payments arc overdue. I 0. Operating expenses relating to insurance business: basis of allocation of expenditure to various classes of business. 11. Historical costs nf those investments valued 011 fair value basis, , 12. Computation of managerial remunerntion. 13. Basis of umortisation of debt secuntics. 14. (11) l lnn:,il 1~<:-d gain/losses ar1,111g due lo ch,mges 111 the fa11 v.ilue of listed equny slu1rcs and' deriv11tivc instruments arc to be la~en 10 equity under till' head 'Fair V.ilue Chungc l\ccounf and on re,ilisa11011 reported 111 profit ,md loss Account. (b) Pending realisa11on, the c1cdit bulancc 111 tlw 'F,ur Value l'lrnngc Account' 1s not avc1ilablc for distribution. 15. Fair valt1c ~if 111vcstment property und the basis therl'for. 16. Claims settled and remaimi1g unpaid for a period ol"nmre than six months as on the balance shect date. B. The followin~ accounting policies shall form an lntcJ(ral part of the financial statements: J, All ~1gmlicant accnuntmg policies 111 tc1ms or the accnunt111g standards issued by the !CAI, and significant principles and policies given in Purt I or Accuuntin~ Principles. Any other accounting policies followed hy the insurer shall be stated 111 the manner required under Accounting Standard AS I issued hy the ICAI. 2, Any dcpa11ure from the accountmg policies as ali.1rcsa1d shall be separately disclosed with reasons for ~uch departure. C. The followin)!; information shall also be disclosed: 1. Investments made in accordance with any statutory requin.:ment should he disclosed sep::iratcly together with 11s amount, nature, security and any special rights in and outside India. 2. Segregation into performing/ non perforrrnng investments for purpose of 111come recognition as per the direct101is, ir any. issued by the Authority. 3. Percent..ige of bus mess sector-wise. 4. A su111m,1ry offinaneial statements for the last five years, in the manner us may he prescribed by the Authority. 5. Accounting Ratios as may ht: prescribed by the Authority. 6, Basis or alloeation or lnkrest, Dividends and Rent hetween Revenue Account and Profit and Loss Account. PART Ill GENERAL INSTRUCTIONS FOR PREPARATION OF FINANClAL STATEMENTS l) The corrcspon<lmg amounts for the immediately preceding financial year for all items shown in the Balance Sheet, Revenue Account and Profit and Loss Account should be given. 2) Tiie figures in the financial statements may be roun~ied off to the nearest thousands. 3) Interest. dividends and rentals receivable in connection with an investment should be stated as gross value, the amount of irn.:ome tax deducted at source being included under 'advance taxes paid'. 4} Income from rent shall not include any notional rent. 5) (I) For the purposes of financial statements, unless the context otherwise requires - (n) the expresswn 'provision' shnlL subject to note II below mean any amount written off or retained by way of providing for depreciation, renewals or diminution m value of assets, or retained by way of providing for any known liability or loss of .which the amount cannot be ddermined with substantrnl accuracy; ( h) the expression "reserve'' shall not. subject to as aforesaid, include any amount written off or retained by way of providing for depreciation. renewals or diminution in value of assets or retained by way of providing for any known liability; (c) the expression capital reserve shall not mclude any amount regarded as free for distnbution through the profit and loss account: and the expression "revenue reserve" shall mean any reserve other than a capital reserve; (d) The cxpress10n "liability" shall mclude all liabilities 111 respect of expenditure contracted for and all disputed or contingent hahilities. (II) Where: (a) any amount written off or re tamed hy way of providing for depreciation, renewals or dimmution 111 value of assets. or (h) any amount retamed hy w.iy of providing for any known liability 1, in excess of the amount whit.:h in the op111ion of tlw directors is reasonably necessary for the purpose, the excess shall be treated for the purposes nf thL·se acco11111s as a reserve and not as a provision. 6) The company should make provisions for damages under lawsuits where the management 1s of the opinion -that the award may go against the rnsurer. 7) Extenl of risk retained and reinsured shall be separately disclosed. 8) Any debit balance of Profit and Loss Account shall he shown a~ deduction from uncommitted n:sen·e~ and the balance if any. shall be shown separately. 1097 Gl/2002-9. THE GAZETTE OF INDIA , EXTRAORDINARY IP \R III-S!•' -l-1 PART IV CONTENTS OF MANAGEMENT REPORT There shall be attached to the financial statements, a management report containing, biter alia, the following duly authenticated b~· tlw mnn:1~ement: l. Confirmi,tion regarding the continued validity of the registration granted by the Authority; 2. Certification thc!t all the dues payable to the statutory authorities have been duly paid; 3. Confirmation to the effect that the shareholdmg pattem and any transfer of shares during the year are 111 accordance with the statutory or regulatory requirements; 4. Declaration that the management has not directly or indirectly mvcsted outside India the funds of the holders of policies issued in India; 5. Confirmation th?t the required solvency n,Jrgisls h, been maintained: 6. Certification to the effect that the values of all the assets have been reviewed on the date of the Balance Sheet and that in his (insurer's) be.lief the assets set forth in the Balance-sheets are shown in the aggregate at amounts not exceeding their realisable or market value under the several headings - " Loans", " Investments", "Agents balances", "Outstanding Premiums", "fnterest, Dividends and Rents outstanding", "Interest, Dividends and Rents accruing but not due'', "Amounts due from other persons or Bodies carrying on insurance business", " Sundry Debtors"," Bills Receivable"," Cash" and the several items specified under "Other Accounts"; 7. Disclosure with regard to the overall risk exposure and strategy adopted to mitigat~ the same; 8. Operations in other countries, if any, with a separate statement giving the management's estimate of country risk and exposure risk and the hedging strategy adopted; 9. Ageing of claims indicating the trends in average claim settlement time during the preceding five years; l 0. Certification to the effect as to how the values, as shown in the balance sheet, of the investments and stocks and shares have heen arrived at, and how the market value thereof has been ascertained for the purpose of comparison with the values so shown; 11. Revu:\\- of asset quality and perfbrmancc of investment in terms of portfolios, i.e., separately in terms of real estate, loans, inwstments, etc. l 2. A responsibility statement indkating therein that: (i) in the preparation of financial statements, the applicable accounting standards, principles and'poltcies have been followed along with proper explanations relating to material departures, if any: (ii) the management has adopted accounting policies and applied them consistently and made judgements and estimates that arc reasonable :ind prudent so as to give a true and foir view of the state of affairs of the company at the end of the financial year and of the operating profit or loss and of the profit or loss of the company for the year; 1 ,ii) lhc ni.111agc111cnr has taken proper :.111d suff1c1ent care for the maintenance of adequate accounting records in accordance w1tl; the apph.:able provisions of the Insurance Act 1938 (-l- of 1938) / Companies Act, 1956 ( I of 1956 ), for safeguarding the asset~ of the comp:my and for preventing and detecting fraud mid other irregulurities; (iv) the management has prepared the financial st.ttemcnts on a go111g concern basis: ( v) the mana!,!emcnt has ensured that an 111tcrnal audit svstcn, commcnsurntc with the size and nature of the business ex ,sts and 1s operating cffcct1vcly. - 13. A schedule of payments, which have been made to individuals, firms, companies and organisations in which Directors of the insurer are interested. 67 PART V Preparation of Financial Statements (I) An insurer shall prepare the Revenue Account. Profit and Loss Account [Shareholders' Account] and the Balance Sheet in Forni D-RA, Form 13-PL, and Form D-RS, .or as near thereto as the circumstances permit. Provided that an insurer shall prepare Revenue Accounts separately for fire, marine, :rnd miscellaneous insurance business and separate schedules shall be prepared for Manne Cargo, Marine - Other than Marine Cargo and the following cla%cs of miscellaneous insurance business under miscellaneous insurance and accordingly application of AS 17 - Segment Reportmg - shall stand modified. I. Motor 2. Workmen's Compensation/Employers' Liability 3. Public/Product Liability ..i. Engineering 5. Aviation 6 Personal Accident 7. Health Insurance 8. Others (2) An .insurer sha II prepare separate Receipts and Payments Account in accordance with the Direct Method prescribed in AS 3 - "Cash Flow Statement" issued by the ICAl. FORM B-RA Name of the ln1,urer: Re11l!ilratlon No. and Date of ReKistratlon with the IRDA REVENUE ACCOUNT FOR THE YEAR ENDED 31sT MARCH, 20_, Particulars Schedule Current Previous Year Year (Rs.'000) (Rs.'000) I. Premiums earned (Net) 1 2. Profit/ Loss on sale/rcdemptwn of Investments 3. Others (to be specified) 4. Interest, D1v1dend & Rent - Gross TOTAL (A) 1. Claims Incurred (Net) 2 2. Commission , ,.. 3 3, Opcrutmg Expenses related to Insurance Uusiness 4 TOTAL (B) Op('ratlng Proflt/(Lol'is) from Flre/Marlne/Mlscelhmeous Business C• ( A - B) APPROPRIATIONS Transfer to Shareholders' Account Transfer to Catastrophe Reserve Transfer to Other Reserves (lo be specified) TOTAL (C) =68===================TH=E:::G:::AZ~E~l=l~E~O~F~l~N~D~IA~E~X~·T~R~A~O~R~D~IN~A~R~'i~' =========~J~P 11, 1_ I 11-S1., ·. -1.j FORMB-PL Name of the Insurer: Rei:istratlon No. and Date of Registration with the IRDA PROflT AND LOSS ACCOUNT FOR THE YEAR ENDED 31~T MARCH, 20 1. 2. 3. 4. 5. Notes: (u) Particulars Schedule Current Year (Rs.'000) OPERATING PROFIT/(LOSS) (a) Fire Insurance (b) Marine Insurance (c) M 1~cellaneous Insurance INCOME FROM INVESTMENTS (a) Interest, Dividend & Rent - Gr?ss (b) Profit on sale of mvestments Less: Loss on sale of mvestments OTHER INCOME (To be spec1tkd) TOTAL (A) PROVISIONS (Other than taxat10n) (a) For dimmut1on in the value of investments (b) For doubtful debts (c) Others (to be specified) OTHER EXPENSES (a) Expcn~es other than those related to Insurance Uusiness (b) Bad dehts written off (c) Other~ ( To be speciltcd) TOTAL (B) Profit Beli.,re Tax Prov1s1on for Taxation APPROPRIATIONS (a) · lntcnm dividends paid dunng the year (b) Proposed finul dividend (c) D1v1iknd distribution tax (d) T1ansfcr to any Reserves or Other Accounts (to be spccil'ied) Balance of prol1t/ loss brought forward from last year -~ Balance earned forward to Ralance Sheet to Form 13-RA and B- PL Prcn11um income received from business concluded in und outside ln<liu shall be separately J1,closcd. Previous Year (Rs.'000) (bl Rcms11n1nce premiums whether on businc,, ceded or accepted arc to he brought into account gross ( i c. before dcduclmg commiss1on~) under the heud reinsurance premiums. (c) Cl,1ims incurred shall comprise claim, paid, ,rccif1c cl,iims ,cltlcmenl cu,ts wherever applicable und change 1n the nutstandm~ prov1,1nn 101 cluim, at the year-end. (d) Items ol' expense, 11nd income in excess of on,: pcrcrnl or the tntul prcnmnns ( less rcinsurun,cc) or Rs 5,00,000 whichever is h1ghc1. !,hall be ,how11 u, a ~cpuralc line item (c) Pee, and l\lKn,c, conncdcd with claim, shall he included m cluim,. (f) Under the ,ub-hl'ad "Othc1," shall be included 1le111s like foreign exchange gains or losses and other i1cms. (gl lntcrc~,I. d,v1dcnds and rental, rcce1v~blc 1n connection with ,1n investment should be stated as gro,, amount. the amount ol mcnmc 1,1\ deducted at ,ourcc being included unde1 'advuncc 1axe, paid and tuxes dcducted al source" (h) Income from rent ,1,,,11 include only the rcali,ed rent. It ,11,111 no\ indudc any notional rent. [ 'l'flTI III - ~ -i J m FORM B-BS Name of the Insurer: . Registration No. and Date of Registration with the IRDA BALANCE SHEET AS AT 31 ~·• MARCH, 20_. Schedule Current Year Previous Year (Rs.'000) (Rs. '000) SOURCES OF FUNDS SHARE CAPITAL 5 RESERVES AND SURPLUS 6 FAIR VALUE CHANGE ACCOUNT BORROWINCjS 7 TOTAL APPLICATION OF FlJNDS INVESTMENTS H LOANS l) FIXED ASSETS IO CURRENT ASSETS Cash and Bank Balances 11 Advances and Other Assets IZ Sub-Total (A) CURRENT Ll/\Il!UTIES 13 PROVISIONS 14 Sub-Total (B) NET CURRENT ASSETS (C) = (A - 13) MISCELLANEOUS EXPlNDITURE (lo the extent not wnHcn off 15 or a<l_1ustcd) DEBIT 13/\L/\NCE IN PROFIT ANI> LOSS AC< "OIJNT TOTAL ill -m-IE GAZETTE OF INDIA: EXTRAORDINARY IPNU' lIJ SE<'. 4] CONTINGENT LIABILITIES Particulars Current v,ar. Previous Year (Rs. '000). . (ff:$. '000). 1. Partly paid-up investments 2, Claims, other than against policies, not acknowledged as debts by the company 3. Underwriting commitments outstanding (in respect of shares and securities) 4, Guarantees given by or on behalf of the Company 5, Statutory demands/ liabilities in dispute, not provided for 6. Reinsurance obltgations to the extent not provided for in accounts 7. Others (to be specified) . .... TOTAL ' " SCHEDULES FORMING PART OF FINANCIAL STATEMENTS SCHEDULE-I PREMIUM EARNED (NETl Partl ar, Premium from direct business written Add: Premmm on reinsurance accepted Less : Premium on remsurance ceded Net Premium Adjustment for change in reserve for unexpired nsks Total Premium Earned (Net) Note: Reinsurance premium\' w ether on usiness ceded or acceptec are to be commission, under the head 9j reinsurance premiums. SCHEDULE-2 CLAIMS INCURRED (NET] '>' ~ :, l' ~rticutar• Current Year J'l"e!ffQQl•IYfar ',, .,_ll: (Rs. '.OOO}'Jic :; 'i, , I» (;ls. ':W()Jrt '( ,/1"' ,,, ., Clauns paid Direct Add :Re-insurance accepted Less :Re-insurance Ceded Net Claims paid Add Claims Outstanding at the end of the year Less Claims Outstanding at the begiQ.Jling Total Claims Incurred Notes: a) Incurred But Not Reported (JBNR). Incurred but not c·nough reported {JBNERJ claims should be included tn the amount.for outstanding claims. b) Claims includes spec4ic claims settlement cost but not expenses of management c) The surveyor fees, legal and other expenses shall also.form part of claims cost. d) Claims cost should be adjusted for estimMed salvage value !{there is a s~fficient certainty of its realisation. SCHEDULE-3 COMMISSION Conunisinon paid Direct Pa c an Add: Re-insurance Accepted Less: Commission on Re-insurance Ceded Net Commission 71 Note: The priifitl commis.l'ion, if any, are to he combined wit the Re-insurance accepte or Re-Insurance ceded figures. SCHEDULE-4 OPERATING EXPENSES RELATED TO INSURANCE BUSINESS Partlculan CurtelR;N~,··· 1• • ~'.f,T'fT'--1'-t.· ,,, (Rs,'.Ouot lRS! ·uuo) .,,;1 1. Employees' remuneration & welfare benefits 2. Travel, conveyance and vehicle runmng expenses 3. Training expenses 4. Rents, rates & taxes 5, Repairs 6. Printing & stationery 7, Communication 8, Legal & professional charges 9, Auditors' fees, expenses etc (a) as auditor (b) as adviser or in any.other capacity, in respect of (i) Taxation·matters (ii) Insurance matters (iii) Management services; and (c) in any other capacity 10. Advertisement and publicity 11. Interest & Bank Charges 12. Others (to be specified) 13. Depreciation TOTAL Note: Items of expenses and income in excess of one percent of the total prerrnums (less reinsurance) or Rs.S,00,000 whichever is higher, shall be shown as a separate line item. SCHEDULE-5 SHARE CAPITAL Particular■ · 1. Authorised Capital Equity Shares of Rs ..... each 2. Issued Capital Equity Shares of Rs ...... each 3. Subscribed Capital Equity Shares of Rs ....... each 4. Called-up Capital Equity Shares of Rs ...... each Less : Calls unpaid Add: Equity Shares forfeited (Amount originally paid up)· Less : Par Value of Equity Shares bought back Less: Preliminary Expenses Expenses including commission or brokerage on . Underwnting or subscription of shares TOTAL Notl:!s: (a) Purtit.:ular.1· of the different t.:lasses of capital should he separntely .~tated. -~·~· ,fi1J.i1 !' uu~ 'OOQl, .. (h) The amount C"apttali1·ed on account of t.uue of honus shares should be disclosed. A tM:8:'IJIM)t (c) In ca,1·e any part of the cap1tC1l is held by a holding company, the same should be ~·eparately du·closed. ~-· 72 SCHEDULE - 5A SHARE CAPITAL THE GAZETTE OF INDIA. EXTRAORDINARY PATTERN OF SHAREHOLDING [As certlfled by the Management) Shareholder Current Year Previous Year Number of % of Number of % of Holding Shares Holding Shares Promoters • Indian • f-on,;ign Others TOTAL SCHEDULE-6 RESERVES AND SURPLUS Particulars Current Year Previous Year (Rs. '000) (Rs.'000) I. Capital Reserve 2. Cap1t.:il Redemption Reserve 3 Share Premium 4 Gcne1~nl Rl.'~l'l'l'l.'S Less: I >eh11 halanct: in Profit and Loss Account Less: Amount utilized for Buy-back 5 C.:itastrophe Reserve 6 Other Reserves ( tn be specified) 7 Balance of Profit in Profit & Loss Account TOTAL Note: Add1tion.1· fo 1111d dei/11ctw11.1 from the resen·e.1· should he d1.1closl'd l//1(/er each of th(' spec(fied heads SCHEDIILE-7 HORROWIN(;S 1. 01.:bcnturcs/ Bonds 2. Banks 3. Fmnncrnl Institutions 4. Others (to be specified) TOTAL Noles Particulars Current Year Previous Year (Rs. '000). (Rs.'000). a) l'll(' <'.l'lc'III lo w/11clr !Ire ho1·ro11·i11g.1· are secwnf shall he st'J)(tratelr dtsdosed stating the ll<lf11re rf the .1·en1r1tv 1r11dcT l'OC'li rn/1-lieacl h) A11101111r.1· il11v ,,,it/1111 I:! 111011ths fiw11 !he date ofBa/w1ce Shel'I should he .1how11 separarefv ['<WTIII-~4] 73 ,. Schedule-8 Investments < ,f,'je'- 1, ',i'j ', ,,, Pa~tlqJJ,rs,:; 1 1, ', CuM'ent1iif:eaj/,'. 1 ,,;, , , " I, , }:;,L-i ,,,,,·, ',,I 'I 11,, --··-- ■ '""i l{s_. 'UUO) ___ , - /'l~~~~ !~ ''(ils.:•oo: )'"---,-,---:--• · · LONG TERM INVESTMENTS ·- - -- __ ,,_.1.-.Ji-.. L -• l. Government securities and Government guaranteed bonds including Treasury Bills 2. Other Approved Securities 3. Other Investments ( a) Shares (aa) Equity (bb) Preferenc1; ( b) Muhial Funds (c) Derivative Instruments (d) Debentures/ Bonds (e) Other Securities (to be specified) (t) Subsidiaries (g) Investment Properties-Real Estate 4. Investments in Infrastructure and Social Sector 5. Other than Approved Investments SHORT TERM INVESTMENTS 1. Government securities and Government guaranteed bonds includmg Treasury Bills '2, Other Approved Securities 3. Other Investments (a) Shares (aa) Equity (hb) Preference (b) Mutual Funds (c) Derivative Instruments (d) Debentures/ Bonds (e) Other Securities (to be specified) (f) Subsidiaries (g) Investment Properties-Real Estate 4. Investments in Infrastructure and Social Sector 5. Other than Approved Investments TOTAL Notes: (a) Investments m subsidiary/holding companies, joint ventures and associates shall be separately disclosed, at cost. (1) Holding company and subsidiary shall be construed as defined in the Companies Act, 1956: (ii) Joint Venture is a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to Jomt control. (iii) Joint control - is the contractually agreed sharing of power to govern the financial and operating policies of an economic activity to obtain benefits from 1t. (iv) Associate - 1s an enterprise in which the company has significant influence and which is neither a subsidiary nor a joint venture of the company. (v) Significant influence (for the purpose of this schedule) - means part1c1pat1on in the financial and operating policy decisions of a company, but not control of those policies. Sign~ficanl influence may be exercised 111 several ways, for example, by representation on the board of directors, participation in rile policymaking process, material inter-company transactions, interchange of managerial personnel or dependence on technical information. Significant influence may be gained by share ownership, mtute or agreement As regards share owne'tship, if Wl investor holds, directly or 111d1rectly through subsidiaries, 20 percent or more of (he voting power of the investee: it is presumed that the investor docs have significant influence, unless it can be clearly demonstrated that this is not the case. Conversely, if the investor holds, directly or indirectly through subsidiaries, less than 20 percent of the voting power of the investee, it 1s presumed that the investor does not have significant influence, unless such influence is clearly demonstrated. A substantial or majority ownership by another investor-does not necessarily preclude an investor from having significant influence. (b) Aggregate amount of company's investments other than listed equity securities and derivative instruments and also the market value thereof shall be disclosed. (c) Investments made out of Catastrophe reserve should be shown separately. 1ocnv,t I oi...- TO 74 THE GAZETTE OF INDIA: EXTRAORDINARY [PART IJJ-SEC. 41 (d) Debt securities will be considered as "held to maturity'' securities and will be measured at historical cost subject to amortisation. (e) Investment Property means a property [land or building or part of a building or both] held to earn rental income or for capital appreciation or for both. rather than for use in services or for administrative purposes. (f) Investments matw:ing within twelve months from balance sheet date and investments made with the specific _ intention to dispose of within twelve months.from balance sheet date shall be classified as short-term investments SCHEDULE-9 LOANS (a) On mortgage of property (aa) In India (bb) Outside India (b) On Shares, Bonds, Govt. Securities (c) Others (to be specified) Unsecured TOTAL , 1 __ +-, __ -==--==-c-:,--=--::=,=-,c-==-=~-------------+----------+-----~-,-------j 1 2. BORROWER-WISE CLASSIFICATION I (a) Central and State Governments I (b) Banlcs and Financial Institutions '-----..~....:.... ____ .,.__.... ____________ ~-------+---------+----------1 I ( c) Subsidiaries l--+--.:..,C.---,-.--,-----,--~--------=--~,--------------+-------+-,_;_..._------1 ( d) Industrial Undertakings ~e--~--'----'----------=--------------+---------+------------, l _, __ -J..-...:.( e..:.) ___ O_th_e_r_s ...:...(t_o_b~e_s<--p_ec_1fi_1e_d_:._) _____________ +----~-----+-----------, j 3. 4, TOTAL PERFORMANCE-WISE CLASSIFICATION (a) Loans classified as standard (aa) In India (bb) Outsidt: India (b) Non-perfoTIJling Joans less provisions ( aa) In India (bb)Outside India TOTAL MATIJIUTY-WISE CLASSIFICATION (a) Short Term (b) Long Term TOTAL Notes: (a) Short-term loans shall include those, which are repayable within 12 months from the date of balance sheet. Long term loans shall be the loans other than shon-tenn loans. (b) Provisions against non-pe,jorming loans shall be shown separately. (c) The nature uf the security in case of all long term secured loans shall be specified in each case. Secured loans/or the purposes<~( this schedule, means loans secured wholly or partly against an asset of the company. ( d) Loans considered doubtful and the amount of provision created against such loans shall he disclosed. SCHEDULE - IO FIXED ASSETS Particulars ( lllOd\\'111 f----- f--• >--- lntang,hlc, (,pn !ly) I .111d-J·1cd1,,ld I 1.::..1..;elrnld Pi 111lL 11'. ll111ld111~, .. _ ,_ I tll'll]lllll; L\.. hlll!lb" I- - 1111111117~111011 ll·4-h1wln~, l·qtll['111l:111 \'L'lrn:lc, l)llkc I 'l'"l""''"I Others (Spcutv nature) ~· TOTAL '"-- Work ;11 prob1t'ss (;r11nd Total 1•1rnvm1 s, i,: ,1< -~- Nnlc. 1lpc·11111g 75 (Rs.'000) Cost/ Gross Block Dccpreciatlon Net Block Add1t1011:-i. lledm:llon..; l 'lo..;1n_g l lpio hw ()11 To As at Prev1nu~ J a,t fhe Sulcs/ Oat,: }'C'UI Yl'ar ) cur Yea, Adjust end lllClltS A.1.1et1· 111d11d,·d I11 /,111</. huilclmg m11/ ,,,.0/1<'1"/\' ahm·e e_rc/rrdc /11n·,rr11,·111 P"111crrie., a.1· de/i1rt'i! i11 1101,· (<') 10 Sclf<'t/11/,• S. SCIIIWtlLE- 11 {';\Sil ..\NI> BANI\'. IULANCES -1. Particulars Current Yeiir Previous Year --- --------------------------------+-----c,----ccc--,..,.,..--i---,.,,c----:---;:-=,------, (Rs.'000) (Rs."000) - t ·asli ( 1i1cl11d1nt'.-l'i1cq11cs. drai'ls ,llld ,tamps) ~I,. 11.d,tllC~:s ____ · (,;)ill1~osll i\Lciiunt, (a.t) Short-1,·1 m (due· w1tl1111 12 1110111hs) I hh) \ lthcrs (h) ( ·ui'IL'lll ;\cco11111, ( l") { ltlll'1, I lo h,· Spl'CI r1cd) l'vlt!11,·v .11 ( ':ill and ,',ho1 I NPl1ce (a) \\~111lll.111b-· - ------ ---- ----. ----·-t-- ---~----+---------, (h) \\'1th olh,·1 l11,1i11111"11s ()1l1L~-:Z-(1,) ll:,-~~·c1f1~·l-l)- ------ ·---- _p·oT_:_~I_. - _________ ----· __ - -------=--·---_ __,___ ---j +---·--------+------ -- --- i'-fGi.1-,-i~-l", 1;1tll 1m11~-~cl1~;d1il~ifha11~111c·h1lkd i1l2:1;1;r~;" c;--- · ---,. - L_ --- --·--- ----- --- ---_-:_-_-+~------------~.---+~-,---~---- 1097 Gl/2002-11 7h THE GAZETTE OF INDIA EXTRAORDINARY SCHEDlTLE - 12 ADVANCES AND OTHER ASSETS Particulars Current Year Previous Year (Rs.'000) (Rs.'000) ADVANCES ------ - I. Resl.'.rve deposits with ceding companies 2. Applicat1nn money for mve~tment~ --- ~-~~- 3. Prepayments 4. Advance~ to Di, ectors/Officers 5. Advance tax paid and taxes deducted at source ( Net of prov1sw11 for taxation) - '" 6. Others ( lu be spei:ifo:d) "- TOTAL(A) ,. ., OTHER ASSETS I. Income accrued nn investments ~--- ~--- ~ -·- -~~·-- 2. Outstanding 1'1enm1ms -----~ ... ~' - -- ~~-~- ~ -- ~--• r --" 3. Agents' llnlance~ 4. Foreign AgL"nc1cs Balances 5. Due fro111 other t:nt1t1cs carry111g on 111surancc bus111rss ( incluJrng I crnsun;rs) -- 6. Due from ~ubmliarn:s/ holding 7. Deposit with Reserve Bank uf Jndia [Pursuant to section 7 of Insurance Act, 1938] ------~· 8. Others (tn he ,pec1fieJ) TOTAL(H) TOTAL (A+B) ·- ~·~-~· Nute.1· 1,1) '/'/w 1/,·1111 w11!t-r th,· uh,n·,· h,·,11/1· \'hull 110/ /w shmrn 11l'I of prov1.1·w11.1· for douhl/11/ u111ounl.1 The u11w11111 of ;1rn1·1.11()11 11g,111111 each hew/ sho11/d he sholl'll s,pur11i<'il' (h) 111c' term 'off1ca · shu11/d co11f"n11 lo lh<' def1111t1011 of t/1//t term as gl\'CII u1uh•1· the C'o111rw11e.1· .4cl, /')56. (cl S1111ilr1' l),·hton 11·i// he .1hm1'11 1111d,•r il,'111 tJ(ntlwrs) SCHEDULE - 13 CURRENT LIABILITH:S Agents' llalancn Particulars 2. Bal,rncc~ due t:; ·,'i°ih"e, msurance compa111es Current Year (Rs.'OOU) Previous Year (Rs.'000) -- ~ ---- ~~-------~----,----------------- .'\ Deposits held u_11_1_·.:_-1_n_s_u_ra_n_c_·e_c_·e_t_le_d ________________ ----, _______ -+--_____ _ 4. Premiums I eL·~·1vcd Ill advance 5. Un::dlocat.:d Prem-it-,n-1-----------------------+-----------+------------a '------·+-----~-----------~ -~-~-- ----- -- ----- ---- ' 6. Sundry crcd110rs _________________________ -+------------<------- 7. Due tn s11hsidiai-.ies/ hold111g company ~-- (:Iauns < )uhtundiny ·-- --·-~ ··----~ ,~~-- 9. Du,· i;·, .. iJiT1cer,1 llm:cto1s 10. ( l11i:;·~,,,, he· -qwr1l1cd) ----· -~-- -----------------------+--------t--------- TOTAL SCHEDULE - 14 PROVISIONS -------- _! ___ Ri:st'rvc for l '1w.,pJred Risk - Particula rs Current Year {Rs.'000) ----~---------- - For taxatum(l;_:-ss-udvanc,: lax paid and taxes ~ ) 4 3 For proposed d1v1dends 4 For d1v1dend distnbut10n tax 5 Oth,:rs ( to be specified) TOTAL - - SCHEl>Ul.E - 15 MISCELLANE<H!S EXl'ENDITllRE (To the exh'nt not writlcn off or ad_justcd) ------- Particulars deducted at aourc,: I - - - Current Year (Rs.'000) I. Discount Allowed m issue of shares/ debentures 2. Others (to be spcc1f~~if TOTAi, Prevloui Year {Rs.'000) --~ (a! No 11t·111 .1/wl/ /1,· 111d11,/ed 1mder the h,·/J/I "/lli.1c1.1lant:m11· l:\pt·nclintrl' 'anti carriedfhrward unless: I .10111,· /,('1w/11/11!111 the ("Y]'t·111'1111rl.' con rl'l/\oi1nhlr hL' ('Xf)•"c/L'd lo he n•c en('// 111 fwurc, and :!. /he <11111111111 of s11cli /,,,nl'/il 11· n•asmwh/1' dctcmu11nhlc 17 Previous Year {Rs.'000) (hi 7/i,· ,111H>11111111 /,,. t mr,,·,/ /inward in r,'Sf)('c/ of lll/J' 1/{'111 mc/111/nl 1111clcr the he//// "Mis1.:dlancou.1 Expe11diture "shall 11111 cYC<'cd the n1n·c1t·d /111111 (' 1v1·c1111d01her hc11cfits n·loll'cl 10 the expc11d11we SCHEDULEC (Sec /?cg1da111111 31 AUDITOR'S REPORT The report of thr auditors on the financial statements of every insurer shall deal with the matters specified herl'iu: I. (a) That they h<t\'C olnamcd ull the 111 rorrnat10n and cxplamnwns which, to the best of their knowledge and belief w..:1-c necessary for the purposes of their audn and whethn they have found them satisfactory; (b) Wheth..:r prnpcr hooks "1·a,·..:ounl have b,:en mai111ai11<.:d by the 111,urer so far as appears from at1 examination of those hool,: (() Whether p101w1 rcnnn,. :u1d1kd or unJudncd. from br.1111.:h,:s and other offices have been received and whether they Wl'l'L' adequate tor tiJL' purpD~e ol audit. (d) Whdhcr the llala11Lc ,hcct. Revenue account, Profit and Loss account and the Receipts and Payments Account dealt with by the 1epnr1 :1rc 111 agrcc1nrn1 with the hooks of account and returns; 7X THEGAZETTEOFINDIA EXTRAORDINARY ======================= ( e) Whether tht" aclltanal valuation of l1abilit1rs 1s duly certified by thr appointed actuary mcludmg to the effect that the assumptions for such Yaluat1on are in accordance with the guiddinrs and norms, 1f any, issued by the Authority, and/or the Actuarial Soc1dy of India m concurrence 1vith the Authority. 2. The aud1tms ,hJll L·xpn .. ·ss the11 npll\mn on. (a) (1) Wlwtlwr the bahllll'C sheet g1ws a true and Lm \it:w of the 11\SUrer's affairs as at the end of the financial ycaripcnod: (Ii) Whether the revenue account gives a true and fair view of the surplus or the deficit for the financial year/period; (iii) \Vhetlin tlw prnfit and lo~s account giv<.'s a rruc and fair nc11· of the profit or loss tor the fit1,J11<:1al year/period; '(iv) Whether the rl'ceipts :ind paymrnts account µ11·e, a trne and Ian 1·1l·11· or the receipts and paynwnts for the fmancial year,penod: (b) The fin:rnual ~l:1lc111en1s ~tc11t:d .:tl (a) abow are ptcpa1ed in accordance\\ 1111 thl· 1equ1n.'mc11ts or the ln:-.utJllCl' .\d, 193S (4 or li/_,S), the l11sur,111c,· Regulatory and Derl'lopment Authority :\cl.. JlJ1/9 (41 or PJ'J'J) and the Companies Act, 195<> ( I of llJ'-(>f .. lo lhc e\tl·nt applicable and Ill the m:in11er so rl'qllnl·d. (l') lnvrs1111e1lls li.i\·v been \ah1l·d 111 accordance with tlw pro\·1s10ns oftlw Act and these lkgt1lill1011s. (d) The acrnuntmg policil'S selected by thl' msurcr are appropnatc and arc in rnmpliancc with tlw appl1cabk acco1111tmg stand.irds and \\ i1h lhl· acrnt111ting pnnnpks, as prescribed Ill these Regulations or any order or direction issued by the Authority rn tills behalf. 3. 1 he .iud1t\ir, ,li;1II further c-:rt11'y that· (a) th,:y ha1·L· lL'\'IL'\\ l'll the rna11agL·me1ll rqmrl and there 1s IHl apparent 1111stakl' or mat<.'nal mco11s1s1e11cies 11 ith lhL· financial st:.i1c'lllL'l1(s .. (b) thl' rns111n h,1, ,"llilll'IIL'd 1\ 11h !Ill' lenm and 1.·011d1l1ons ofthc 1eg1sua11011 stipulated by the 1\u1hor11y. 4. :\ n..'lf1fica1c ~i:-•11,·d l,y Ilic aud11n1s !which sh,ill lw Ill add111on lo any othcr Cl'r\tl'icate or report \\hid1 1s 11.•qunnl hy law to hL· g1H·111111h IL'spcct tti the b;ila11c1: sheet I certit'ymg that:- (a) they have verified the cash balances and the securities relating to the insurer's loans, reversions and life interests (in the case of life insurers) and investments; (b) tn what extent, 1r any. th,·y ha1T 1•,·ril'icd !he m1·est111c11ts a11d lr;1nsaCl1\l11~ l'l'laling lo .iny lru~ts u11de1!.ikL'll hj tliv insurn as trustee; and (c) no part of the as~ts of the policyholders' funds has been directly or indirectly applied in contravention of the provisions of the Insurance Act, 1938 (4 of 1938) relating to the application and investments of the policyholders' funds. Prrnh:d 11' !Iii .. : \Lrrwg1,,.'r_ (,P,t Pi' l11d1.1 1'11..'""· Rm!!, H11,1d \l.1,.1ptlf1. \1..·11 lJ1:lh1-J !r,01i I :111d P11hlish,d ill ihc· (',,111ndk1 "' l'ulil,,,11,,,11,_ lklh,-1111•>' I