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COMPLIANCE
INSURANCE COMPANY COMPLIANCE RAHUL AGARWAL IRDA COMPLIANCE The Insurance carries complicated business the requirement of compliances increases. The ultimate goal of reporting is transparency and accountability in the organisation. IRDA COMPLIANCE FOR INSURANCE COMPANY Insurance companies are surrounded by a complicated pattern of economic, social ideas and expectations. Insurance Company pull the resources and invest it. Insurance companies having complicated pattern and having fiduciary duty reporting becomes an importance part of an organisation. REPORTING REQUIRED UNDER 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. RETURNS BY INSURER OUTSIDE INDIA 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. REPORTING REQUIRED UNDER 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. REPORTING REQUIRED UNDER 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. CONCLUSION The Insurance Company shall comply with provisions of the reporting. Non- compliance of the same would liable to the various liabilities. THANK YOU
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