The Insurance Regulatory and Development Authority (IRDA) has finalized the disclosure norms for insurance companies.

Under the new guidelines the companies must have to disclose their balance sheet, profit and loss account, revenue account. Even they have to disclose key ratios related to premium collections and company expenses.

The data must be published in English daily (at least one) on half yearly basis and on the company website on quarterly basis.

Disclosures also have to be available on the website for the past five years.

The statement released by the authority read: “Several insurance companies will complete 10 years shortly and may be allowed by the regulator to go for IPOs. It is essential that investors are fully aware of financial performance, profile, financial position, risk exposure and managements of insurance companies.”

The new guidelines will be applicable on all life and non-life insurers from the period ended March 31, 2010.

Follow @ TWITTER | Join @ FACEBOOK

Tags: car insurance, insupedia.com, insurance aggregators, insurancemall.in, irda, Motor Insurance, niraj jain, Online Insurance, tax saving

This entry was posted on Saturday, January 30th, 2010 at 4:25 am and is filed under India InsuranceMall, Insurance Companies, Insurance India News, Insurance World News, indian insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.