Reporting required under the Insurance Act

The Insurance Regulatory and Development Authority of India is a statutory body who regulates the Insurance Company. The Insurance Company need to file monthly reports, Quarterly Report, Annually Reports or event based report to the Authority in a prescribed time.

The reports shall be filed by the Authority offline as well as online during the prescribed time in the manner prescribed by the Authority under the respected rules, regulation or circular as may be.

The Insurance Company shall file monthly reporting like information of information of Business information, Policyholders grievances, claims report etc in the prescribed time. Same above the various quarterly report or annual report shall be filled.

The Insurance Company shall timely intimate the Board about the performance of the Company. The Board shall be intimated about the risk raised how resolved, details of policyholders details, details of claims, management report etc.

The accounts shall be prepared by the Company in the manner prescribed by the authority. The Insurance Company shall maintain the solvency Margin ration at all time.

The Annual return of the company shall be filed with Authority in the four copies within the six months from the end of the financial Year. If Insurer carries business outside India than said six months will extended by the three months. The Annual Return shall be signed by the chairman and two directors and by principal officer.

Returns by insurer who established business outside India

Insurer who have establishment outside India have furnish to the Authority four certified copies in the English language of every balance sheet, account, abstract, report and statement supplied to the public authority along with statement audited by an auditor or by a person duly qualified under the law of the insurer’s country showing the assets held by insurer in India as at the date of any balance-sheet so furnished and separate abstract of the valuation report and separate abstract of the valuation report within the time prescribed above.

Reporting required under the Companies Act

All the Insurance Company in India shall be a public Company registered under the Companies Act, 2013. Since the insurance company are public company, they have to comply the provisions of the Companies Act 2013 for Public Company. The provisions for declaration from directors, filing of the resolutions to the Ministry of Corporate Affairs or any other provisions as and when applicable shall be complied duly. The provisions of appointment of Directors, Auditors, annual filing, issue of shares etc shall be complied. In case of contradiction between the Acts the stringent provisions shall prevail.

The Insurance Company has to file the various board resolution related to appointment or resignation of directors, issue of shares, appointment of auditor etc with ROC.

The Annual return in MGT-7 and AOC-4 shall be filed within the 60 days of the AGM. For an Insurance company filing of balance sheet in XBRL is exempted.

The IRDAI has also issued the Corporate Governance Guidelines for an Insurance Company. Insurance company shall comply with the provisions of the said guidelines. The Company shall constitute the committees as prescribed under the guidelines. Insurance Company has to file the annual report as prescribed under the said guidelines in the time prescribed under the guidelines.

Reporting required under the FEMA

The Insurance Company shall have foreign investment or foreign promoters. Such insurance company shall have to comply with the provisions of the FEMA. The inflow and outflow of the foreign flow shall be duly intimated to the Reserve Bank of India in the form prescribed.

Insurance Company has to file annual return of foreign flow in the manner prescribed and time prescribed to RBI.

Conclusion

The Insurance Company shall comply with provisions of the reporting. Non-compliance of the same would liable to the various liabilities.