Miranjit Mukherjee - Actuarial Society of India

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INSURANCE CONTRACTS Insurance Contract Insurer accepts Insurance Risk Significant Risk Insurer accepts Significant Risk No numerical range fixed for what is significant risk Meaning of significant : Payment of significant additional benefit Another Party Insurer must accept risk from another party . Insurer must be separate from the policy holder . Accordingly self insurance is not an insurance contract as per IND AS 104 8
SIGNIFICANT INSURANCE RISKS INSURANCE RISK The underlying tenet behind insurance transactions. The purpose of this action is to take a specific risk, which is detailed in the insurance contract, and pass it from one party who does not wish to have this risk (the insured) to a party who is willing to take on the risk for a premium (the insurer). RISK TRANSFER Underwriting risk Risk transfer Conditions Timing Risk Amount Risk 9
Page 1 and 2: TATA AIG GENERAL INSURANCE COMPANY
Page 3 and 4: IFRS 4 - Phase I - BACKGROUND April
Page 5 and 6: WHAT IS IFRS 4 - PHASE I - IND AS 1
Page 7: INSURANCE CONTRACTS IND AS 104 cov
Page 11 and 12: EXAMPLES OF INSURANCE CONTRACTS - I
Page 13 and 14: HOW DO YOU CARRY OUT LIABILITY ADEQ
Page 15 and 16: PRINCIPLES OF DISCLOSURES UNDER IFR
Page 17 and 18: EXISTING ACCOUNTING REQUIREMENT VS
Page 19 and 20: ADDITIONAL DISCLOSURES UNDER IND AS
Page 21 and 22: IMPACT OF IND AS 104 / IFRS ON INDI

Miranjit Mukherjee - Actuarial Society of India

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