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

Posted under IC 89 Management Accounting

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.

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