Exposure Draft of Insurance Regulatory and Development Authority of India (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) (First Amendment) Regulations, 2021

Last updated: 08 January 2021

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The IRDAI has released an exposure draft for the first amendment to the 2002 regulations concerning the preparation of financial statements and auditor's reports for insurance companies. This amendment aims to incorporate provisions for Unexpired Premium Reserve (UPR), Premium Received in Advance, and Unearned Premium directly into the regulations, replacing previous circular-based arrangements. The changes are being made as the implementation of Ind-AS standards is not currently feasible. Stakeholders are invited to submit their comments and suggestions by 22nd January 2021.

Insurance Regulatory and Development Authority of India Ref. No:- Date:07-01-2021 Exposure Draft of Insurance Regulatory and Development Authority of India (Preparation of Financial Statements and Auditors Report of Insurance Companies) (First Amendment) Regulations, 2021 Background The Unexpired Premium Reserve [UPR] provisions formed part of Para 2 of Schedule B of IRDA (Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations, 2002. On notifica

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FAQ :

The exposure draft proposes the first amendment to the IRDAI (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, to update provisions related to Unexpired Premium Reserve, Premium Received in Advance, and Unearned Premium.

The amendment is proposed because the previous provisions for Unexpired Premium Reserve were part of the 2002 regulations, which were amended via a circular as a temporary measure following the Insurance Laws (Amendment) Act, 2015. Also, the implementation of Ind-AS standards is not feasible in the near future.

The amendment proposes to replace the existing provisions relating to Unexpired Premium Reserve, Premium Received in Advance, and Unearned Premium within the regulations.

Comments and suggestions can be provided by any interested party, including insurance companies and other stakeholders.

The deadline for submitting comments and suggestions is 22nd January 2021.

Comments should be forwarded to Mr. Sumit Arora at sumit.arora@irdai.gov.in with a copy to Mrs. R Uma Maheswari at uma@irdai.gov.in, using the format provided in Annexure-1.