{"id":248083,"date":"2021-05-11T18:22:12","date_gmt":"2021-05-11T12:52:12","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=248083"},"modified":"2021-05-11T18:22:12","modified_gmt":"2021-05-11T12:52:12","slug":"insurance-regulatory-and-development-authority-of-india-preparation-of-financial-statements-and-auditors-report-of-insurance-companies-first-amendment-regulations-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/05\/11\/insurance-regulatory-and-development-authority-of-india-preparation-of-financial-statements-and-auditors-report-of-insurance-companies-first-amendment-regulations-2021\/","title":{"rendered":"Insurance Regulatory and Development Authority of India (Preparation of Financial Statements and Auditor\u2019s Report of Insurance Companies) (First Amendment) Regulations, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\"><span dir=\"ltr\">On May 5, 2021, Insurance Regulatory and Development Authority of India in order to provide the manner in which the premium and unearned premium reserve should be recognized by insurers carrying on general insurance business makes Insurance Regulatory and Development Authority of India (Preparation of Financial Statements and Auditor\u2019s Report of Insurance Companies) (First Amendment) Regulations, 2021.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\"><span dir=\"ltr\">For Para 2 of Part I of Schedule B relating to Account in principles for preparation of financial statements of the Insur<\/span><span dir=\"ltr\">ance Regulatory and Development Authority (Preparation of <\/span><span dir=\"ltr\">Financial Statements and Auditors Report of Insurance Companies) Regulations, 2002, the following shall be <\/span><span dir=\"ltr\">substituted, namely:<\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #008000;\"><span dir=\"ltr\">\u201c<\/span><span dir=\"ltr\">2<\/span><span dir=\"ltr\">. <\/span><span dir=\"ltr\">Premium<\/span><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 80px;\"><span style=\"color: #008000;\"><span dir=\"ltr\">(i) Premium shall be recognized as income over the co<\/span><span dir=\"ltr\">ntract period or the period of risk, whichever is <\/span><span dir=\"ltr\">appropriate. <\/span><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 80px;\"><span style=\"color: #008000;\"><span dir=\"ltr\">(ii)<\/span><span dir=\"ltr\">\u201cPremium received in Advance\u201d is the premium where the period of inception of the risk is outside the <\/span><span dir=\"ltr\">accounting period and is to be shown under current liabilities.<\/span><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 80px;\"><span style=\"color: #008000;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">iii)<\/span><span dir=\"ltr\">\u201cUnallocated premium\u201d in<\/span><span dir=\"ltr\">cludes premium deposit and premium which has been received but for which <\/span><span dir=\"ltr\">risk has not commenced. It is to be shown under current liabilities.<\/span><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #008000;\"><span dir=\"ltr\">2A. Unearned Premium Reserve <\/span><span dir=\"ltr\">A reserve for unearned premium shall be created as the amount representing that part <\/span><span dir=\"ltr\">of the premium written <\/span><span dir=\"ltr\">which is attributable to, and allocated to the succeeding accounting periods. Such Reserves shall be computed <\/span><span dir=\"ltr\">as under:<\/span><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 80px;\"><span style=\"color: #008000;\"><span dir=\"ltr\">(i)<\/span><span dir=\"ltr\">Marine Hull <\/span><span dir=\"ltr\">&#8211;<\/span><span dir=\"ltr\">100 percent of Net Written Premium during the preceding twelve months;<\/span><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 80px;\"><span style=\"color: #008000;\"><span dir=\"ltr\">(ii)<\/span><span dir=\"ltr\">Other Segments <\/span><span dir=\"ltr\">&#8211;<\/span><span dir=\"ltr\">50<\/span><span dir=\"ltr\">percent of Net Written Premium during the preceding twelve months; or on the <\/span><span dir=\"ltr\">basis of 1\/365<\/span><span dir=\"ltr\">th<\/span><span dir=\"ltr\">method on the unexpired period of the respective policies.<\/span><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #008000;\"><span dir=\"ltr\">However, Insurers shall follow the method of provisioning of Unearned Premium Reserve in a consistent <\/span><span dir=\"ltr\">manner. Any change in the method of provisioning can be done only with the prior written approval of the <\/span><span dir=\"ltr\">Authority.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On May 5, 2021, Insurance Regulatory and Development Authority of India in order to provide the manner in which the premium and <\/p>\n","protected":false},"author":8808,"featured_media":213447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-248083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Insurance Regulatory and Development Authority of India 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