Question

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

a.

They must be reported on a gross basis for all years

b.

They must be reported on a net basis for all years

c.

For previous years, they may be reported on a net basis, and from 2010-11 onwards, they must be reported as per the prescribed format

d.

There is no specific requirement for reporting premium and claims

Posted under IC 89 Management Accounting

Answer: (c).For previous years, they may be reported on a net basis, and from 2010-11 onwards, they must be reported as per the prescribed format Explanation:The guidelines state that for previous years, premium and claims may be reported on a net basis as per accounting regulations. From 2010-11 onwards, they must be reported as per the prescribed format.

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