Question

According to ICP 26 of IAIS, what is the purpose of requiring insurers to disclose relevant information?

a.

To limit stakeholders' view of business activities

b.

To hinder the understanding of risks

c.

To facilitate understanding of risks and financial position

d.

To discourage disclosure to supervisory authorities

Answer: (c).To facilitate understanding of risks and financial position Explanation:ICP 26 of IAIS states that insurers should disclose relevant information to facilitate stakeholders' clear view of business activities and financial position and to understand the risks they are exposed to.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. According to ICP 26 of IAIS, what is the purpose of requiring insurers to disclose relevant information?

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What is the role of disclosure requirements in achieving transparency in the insurance industry?

Q. Why is providing basic business, management, and corporate governance information important in disclosures?

Q. What is the purpose of disclosing financial performance for a specified period?

Q. How does disclosure contribute to comparability between insurers globally?

Q. What is the purpose of the guidelines on periodic disclosures issued by IRDA?

Q. According to the guidelines, how often are insurers required to display information based on audited statements for the last 5 years?

Q. When does the financial year ending on 31st March 2010 mark the end of the block of five years for the disclosure of past data?

Q. Which forms are for non-life insurance companies in the guidelines?

Q. What clarification does the circular provide regarding the revision of audited financial statements?

Q. What clarification is provided regarding the breakup of the motor segment in the guidelines?

Q. What is the requirement for reporting premium and claims in the guidelines?

Q. How does the guideline recommend clubbing certain items for newspaper publication?

Q. What is the purpose of providing relaxation for newspaper publication in the guidelines?

Q. When is the publication of half-yearly limited review required according to the guidelines?

Q. What is clarified regarding the computation of the Net Retention Ratio in the guidelines?

Q. What will be taken into account for the Underwriting Balance Ratio according to the guidelines?

Q. What is clarified regarding the Investment Yield (Gross and Net) in the guidelines?

Q. What is mentioned regarding the Conservation Ratio in the guidelines?

Q. How should the method of calculation of Persistency Ratio be as per the guidelines?

Q. What is confirmed regarding the L-7 Benefits Paid in the guidelines?

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!