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IAI Actuarial Core Principles · Business Finance · Regulation of financial reporting of incorporated entities

Which body issues the regulations that prescribe the form and content of financial statements for Indian insurance companies, in addition to the requirements of the Companies Act?

IRDAI prescribes the form and content of insurers' financial statements through its financial statement regulations, which operate alongside the Companies Act. SEBI, RBI and the IAI do not set these insurer-specific formats, although SEBI affects listed insurers' disclosures more generally.

  1. AInsurance Regulatory and Development Authority of India (IRDAI)Correct
  2. BSecurities and Exchange Board of India (SEBI)
  3. CReserve Bank of India (RBI)
  4. DCompetition Commission of India
  5. Institute of Actuaries of India

Explanation

IRDAI issues the regulations governing the preparation of financial statements and auditor's report of insurance companies, which prescribe the formats of the revenue account, profit and loss account and balance sheet. SEBI regulates listed-company disclosure and RBI regulates banks, but neither prescribes insurer financial statement formats. The IAI is a professional body and has no such power.

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