Draft of Insurance Regulatory and Development Authority of India (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) (First Amendment) Regulations, 2021

RBI on 07-01-2021 has issued exposure Draft of Insurance Regulatory and Development Authority of India (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) (First Amendment) Regulations, 2021.

A brief summary of the draft regulations is as under:

•    Provisions on “Premium received in Advance” and “Unallocated Premium” stated in master circular shall form part of the Regulations.

•  Provision on “Unexpired Premium Reserve” which is presently governed by the master circular shall form part of the Regulations.