Question

What disclosure requirements are required by IRDA for insurers under IFRS?

a.

Process of determining assumptions of assets and liabilities

b.

Insurance risk, sensitivity to insurance risks, and exposure to market risk

c.

Key performance indicators such as lapsation rate, claim ratio, and premium collection

d.

All of the above

Answer: (d).All of the above Explanation:IRDA requires insurers to disclose the process of determining assumptions of assets and liabilities, the insurance risk, sensitivity to insurance risks, concentration of insurance risk, exposure to market risk under embedded derivatives, and key performance indicators such as lapsation rate, claim ratio, and premium collection. These disclosure requirements are in line with the guidelines of the International Financial Reporting Standards (IFRS).

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Q. What disclosure requirements are required by IRDA for insurers under IFRS?

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