Question

According to IRDA (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations, 2002, what does Schedule 'A' contain, and which insurers should comply with it?

a.

Schedule 'A' contains requirements for life insurance business, and all insurers carrying on life insurance business should comply with it.

b.

Schedule 'A' contains requirements for general insurance business, and all insurers carrying on general insurance business should comply with it.

c.

Schedule 'A' contains requirements for both life and general insurance business, and all insurers should comply with it.

d.

Schedule 'A' is not mentioned in the regulations.

Answer: (a).Schedule 'A' contains requirements for life insurance business, and all insurers carrying on life insurance business should comply with it. Explanation:According to IRDA regulations, Schedule 'A' contains requirements for life insurance business, and all insurers carrying on life insurance business should comply with it.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. According to IRDA (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations, 2002, what does Schedule 'A' contain, and which insurers should...

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. According to Section 11 of the Insurance Act, 1938, what are the financial statements that every insurer is required to prepare at the expiration of each financial year?

Q. In the notes to accounts, what are the items that a company is required to disclose according to Schedule III?

Q. What does Schedule III of the Companies Act, 2013, contain?

Q. What does lAS 1 (International Accounting Standard 1) require a company to disclose in its financial statements?

Q. What is the requirement of Section 210 of the Companies Act, 1956, regarding financial statements at the annual general meeting of a company?

Q. According to Section 129 of the Companies Act, 2013, what does it state regarding the financial statements of a company?

Q. According to IRDA regulations, which method should be used for preparing the cash flow statement in an insurance company?

Q. In the context of an insurance company's cash flow statement, what is the primary indicator of the extent to which the operations have generated sufficient cash flows to maintain the operating capability and meet financial obligations?

Q. What do "Financing Activities" include for an insurance company?

Q. Which term refers to the principal revenue-producing activities of an insurance company and other activities that are not investing or financing activities?

Q. In the context of an insurance company's cash flow statement, what is the significance of "Cash Equivalents"?

Q. What should financial statements for non-life insurers be supported by, according to the IRDA Regulations?

Q. Which part of the IRDA Regulations specifies the forms for financial statements for non-life insurers?

Q. What is the purpose of the Cash Flow Statement in the context of the insurance industry?

Q. For non-life insurers, what are the specified forms for preparing Financial Statements according to the IRDA Regulations?

Q. According to the IRDA Regulations, what should be prepared separately in the Revenue Account for life insurers?

Q. For life insurers, which document provides comments on the financial performance and operations of the company?

Q. In the context of life insurance business, which of the following is NOT among the specified forms for preparing Financial Statements according to the IRDA Regulations?

Q. In the context of life insurance business, what are the specified forms for preparing Financial Statements according to the IRDA Regulations?

Q. Which of the following Accounting Standards is NOT applicable to insurers according to IRDA Regulations?

Recommended Subjects

Are you eager to expand your knowledge beyond IC 89 Management Accounting? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!