{"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 v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Insurance Regulatory and Development Authority of India (Preparation of 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The Regulation seeks to inculcate the process of registration and operations of insurance intermediaries in an International Financial Services Centre under the regulatory purview of The International Financial Services Centres\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":251190,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/13\/insurance-regulatory-and-development-authority-of-india-indian-insurance-companies-amendment-regulations-2021\/","url_meta":{"origin":248083,"position":2},"title":"Mandatory compliances introduced for registration of an Indian Insurance Company having foreign investment","author":"Prachi Bhardwaj","date":"July 13, 2021","format":false,"excerpt":"The Insurance Regulatory and Development Authority of India (IRDAI) has passed Insurance Regulatory and Development Authority of India (Indian Insurance Companies) (Amendment) Regulations, 2021 on July 07, 2021, by amending the corresponding regulations which are mentioned herein: Amendment to Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations,\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":180704,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/01\/12\/exposure-draft-insurance-regulatory-development-authority-india-minimum-information-inspection-investigation-regulations-2018\/","url_meta":{"origin":248083,"position":3},"title":"Exposure Draft on Insurance Regulatory and Development Authority of India (Minimum Information for Inspection or Investigation) Regulations 2018","author":"Saba","date":"January 12, 2018","format":false,"excerpt":"Exposure Draft on Insurance Regulatory and Development Authority of India (Minimum Information for Inspection or Investigation) Regulations 2018 Ref: 40\/IRDA\/INSP\/Min-Info-Reg\/2017 Rule 39 of the Insurance Rules, 1939 prescribed certain minimum information to be maintained, the checks and other verifications to be adopted by the insurers. The Government of India issued\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":338836,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/01\/11\/insurance-regulatory-and-development-authority-of-india-regulatory-sandbox-regulations\/","url_meta":{"origin":248083,"position":4},"title":"IRDAI notifies Regulatory Sandbox Regulations, 2025 repealing the 2019 regulations","author":"Kriti","date":"January 11, 2025","format":false,"excerpt":"No relaxations will be granted in respect of compliance with Insurance Act, 1938 and IRDAI Act, 1999.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Insurance Regulatory and Development Authority of India","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Insurance-Regulatory-and-Development-Authority-of-India.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Insurance-Regulatory-and-Development-Authority-of-India.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Insurance-Regulatory-and-Development-Authority-of-India.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Insurance-Regulatory-and-Development-Authority-of-India.webp?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Insurance-Regulatory-and-Development-Authority-of-India.webp?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":251364,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/16\/pension-fund-regulatory-and-development-authority-pension-fund-sixth-amendment-regulations-2021\/","url_meta":{"origin":248083,"position":5},"title":"Pension Fund Regulatory and Development Authority (Pension Fund) (Sixth Amendment) Regulations, 2021","author":"Bhumika Indulia","date":"July 16, 2021","format":false,"excerpt":"The Pension Fund Regulatory and Development Authority makes the Pension Fund Regulatory and Development Authority (Pension Fund) (Sixth Amendment) Regulations, 2021 to amend the Pension Fund Regulatory and Development Authority (Pension Fund) Regulations, 2015 namely, In regulation 8 relating to Eligibility Criteria, in clause (g), the words \u201cforty nine per\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Pension-Fund-Regulatory.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Pension-Fund-Regulatory.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Pension-Fund-Regulatory.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Pension-Fund-Regulatory.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Pension-Fund-Regulatory.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/248083","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=248083"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/248083\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/213447"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=248083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=248083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=248083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}