IRDA to create new transparent format for invt disclosures

By Priyal Gulani, CNBC-TV18

The Insurance Regulatory and Development Authority, IRDA is not happy with the investment disclosures of the insurance companies that they are making currently. Therefore, it is in talks with Actuarial Board, Institute of Chartered Accountants of India (ICAI) and Life Insurance Council to prepare a new transparent format in the public view. Following this it will be decided whether these submissions will be weekly, monthly or quarterly disclosure subsequently. Earlier, the disclosures reflected the compliance to the regulatory investment norms.