Irda's new disclosure norms to bring more transparency

In the much awaited draft on disclosure norms, the Insurance Regulatory and Development Authority (Irda) wants insurers to disclose at least four to five years of important data to help policy holders and prospective investors in taking informed decisions. Once finalised, Irda will bring out the guidelines for public disclosure for insurance companies, to be effective from November 1. The insurers, both life and non-life, have to disclose their balance sheets, premium, commission expenses, operating expenses, on annual, half yearly, quarterly basis, according to the draft. Besides, they also have to disclose their revenue, profit and loss account. It is ...

More...