Question
a.
Monthly reconciliation of premium received with fund values
b.
Reporting on the automated system and process quarterly
c.
Annual reconciliation of premium received with fund values
d.
Reconciliation of premium received with fund values on a daily basis
Posted under IC 89 Management Accounting
Interact with the Community - Share Your Thoughts
Uncertain About the Answer? Seek Clarification Here.
Understand the Explanation? Include it Here.
Q. What is the responsibility of the internal/concurrent auditor related to the reconciliation of product and fund information?
Similar Questions
Explore Relevant Multiple Choice Questions (MCQs)
Q. What is the applicable NAV for applications received after Cut-off Time (3.00pm) on a business day?
View solution
Q. What does the insurer need to reconcile on a day-to-day basis for Unit-linked business?
View solution
Q. What is the requirement for applications received with local cheques, cash, or demand drafts after Cut-off Time (3.00 pm) on a business day?
View solution
Q. What is the basis for determining the applicable NAV for allotment of units?
View solution
Q. What does a "Business Day" mean?
View solution
Q. What is the frequency for reviewing the Investment Risk Management Systems and Process?
View solution
Q. What is required to be filed with the Authority along with the first quarter Returns regarding the Investment Risk Management Systems and Process?
View solution
Q. What is the responsibility of the board regarding the Investment Risk Management System and process?
View solution
Q. Who is typically expected to head the Audit Committee of the Board?
View solution
Q. What is the responsibility of the Internal or Concurrent Auditor with regard to investment transactions?
View solution
Q. What should be covered in the quarterly Internal/Concurrent audit report?
View solution
Q. What details should be included in the reports to be placed before the Board's Audit Committee?
View solution
Q. What category of investments is an insurer expected to invest in?
View solution
Q. How should the accounting of investments be conducted according to Regulation 14(a)?
View solution
Q. What authority does the IRDA have in modifying or changing regulations for insurers?
View solution
Q. What is the scope of dealing in financial derivatives for insurers according to Regulation 15(a)?
View solution
Q. How should margins or unamortized premiums paid in connection with financial derivatives be treated as per Regulation 15(b)?
View solution
Q. Which of the following is NOT considered an Approved Investment for Life Insurers?
View solution
Q. What additional investments are deemed as approved by the Authority for Life Insurers under Section 27A of the Act?
View solution
Q. Under what conditions are bonds or debentures issued by companies considered "Approved Investments" for Life Insurers?
View solution
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!
