IRDAI vide circular dated 05 April 2023 has issued clarification regarding IRDAI (Expenses of Management of insurers transacting Life Insurance business) Regulations 2023. Clarification is provided regarding Return of Expenses of Management. All insurers transacting Life insurance business, at the expiration of each financial year, shall prepare with reference to that year a Return of Expenses of Management.
The Return shall be signed by the Chief Executive Officer, the Chief Financial Officer, the Chief Compliance Officer and Appointed Actuary of the Insurer. The Return shall be certified by the Statutory Auditor of the Insurer and the certificate duly signed by at least one of the statutory auditors shall be filed.
The Return along with the statutory auditor’s certificate shall be reviewed by the Audit Committee prior to being placed for approval of the Board of the Insurer.