annual report 2009-10 - IRDA

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ANNUAL REPORT 2009-10ANNEXURE VIIIINSURANCE REGULATORY AND DEVELOPMENT AUTHORITYAttached to and forming part of Income and Expenditure Accountfor the year ended 31 st March, 2010INTERESTPARTICULARS Figures for the Figures for theCurrent Year Previous Year(2009-10) (2008-09)``Government - -Banks - -Others - -Total - -(N Srinivasa Rao) (G.Prabhakara) (R.Kannan)FA & CAO Member Member(K.K.Srinivasan) (R.K Nair) (J Hari Narayan)Member Member Chairman244
ANNUAL REPORT 2009-10Annexure-IX1. BACKGROUNDTHE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITYNOTES TO THE ANNUAL STATEMENT OF ACCOUNTS for the year 2009-10[Unless otherwise specified, all amounts are in Rupees]INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (The Authority) was established by an Actof Parliament – Insurance Regulatory & Development Authority Act, 1999 [Act] - and was constituted on April19, 2000 by a notification issued in the Gazette of India. The Authority was established with a view to protectingthe interests of the holders of insurance policies, to regulate, promote and ensure orderly growth of the insuranceindustry and for matters connected therewith or incidental thereto, issue to the applicant a certificate of registration,renew, modify, withdraw, suspend or cancel registration, and levy fees and other charges for carrying out thepurposes of the Act. The Authority, in terms of section 13 of the Act has been vested with the assets andliabilities of the Interim Insurance Regulatory Authority as are available on the appointed day i.e. April 19, 2000.In terms of section 16 of the Act a fund shall be constituted namely ‘‘The Insurance Regulatory and DevelopmentAuthority Fund” [Fund]. The Fund shall constitute of all Government grants, fees and charges received by theAuthority, all sums received by the Authority from such other source as may be decided upon by the CentralGovernment and the percentage of prescribed premium income received from the insurer. The Fund shall beapplied for meeting the salaries, allowances and other remuneration of the members, officers and other employeesof the Authority and the other expenses of the Authority in connection with discharge of its functions and for thepurposes of the Act.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe financial statements are prepared under the historical cost convention, on the accrual basis of accountingsave for revenue recognition on cash basis as explained hereunder, and in accordance with the applicablestandards on accounting issued by the Institute of Chartered Accountants of India. The significant accountingpolicies are as follows:(a)Fixed assets and depreciationFixed assets are stated at cost less accumulated depreciation. Depreciation on fixed assets is provided pro-ratato the period of use on reducing balance method using rates determined based on the rates specified in ScheduleXIV to the Companies Act, 1956. Assets costing less than `5,000 have been depreciated 100 per cent in theyear of purchase unless the assets constitutes more than 10 per cent of the respective block, in which case theasset is depreciated at the rates specified in the said Schedule XIV.(b)InvestmentsInvestments in the nature of fixed deposits with banks are stated at cost.(c)Revenues(i)Registration Fee(a)(b)Received from insurer seeking for the first time, registration for carrying on any class of insurancebusiness in India is treated as income of the year of receipt.Received in advance from insurers for renewal of registration is treated as income of the year towhich it relates.245
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ANNUAL REPORT 2009-10ANNUAL REPORT2
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ANNUAL REPORT 2009-10PART IIISTATUT
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ANNUAL REPORT 2009-1027. Net Incurr
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ANNUAL REPORT 2009-1046. Underwriti
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ANNUAL REPORT 2009-10TEAM AT IRDAJ.
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ANNUAL REPORT 2009-10Prabodh Chande
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ANNUAL REPORT 2009-10NAMEMahesh Aga
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ANNUAL REPORT 2009-10Randip Singh J
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ANNUAL REPORT 2009-10in financial s
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ANNUAL REPORT 2009-10during the yea
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ANNUAL REPORT 2009-10Corporate Gove
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ANNUAL REPORT 2009-108
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ANNUAL REPORT 2009-10during 2009-10
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ANNUAL REPORT 2009-10Insurance pene
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ANNUAL REPORT 2009-103. APPRAISAL O
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ANNUAL REPORT 2009-10Market ShareI.
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ANNUAL REPORT 2009-10I.3.16 The ope
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that companies in the life sector t
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ANNUAL REPORT 2009-10department, un
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ANNUAL REPORT 2009-10declined in ca
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ANNUAL REPORT 2009-10TABLE 23PAID U
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ANNUAL REPORT 2009-10TABLE 28INCURR
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ANNUAL REPORT 2009-10Star Health an
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ANNUAL REPORT 2009-10prevailing as
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ANNUAL REPORT 2009-104.2 MAINTENANC
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ANNUAL REPORT 2009-10I.4.3.3 The Re
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ANNUAL REPORT 2009-10I.4.4.1 During
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ANNUAL REPORT 2009-10TABLE 38DEVELO
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I.4.5.5 Based on a further segregat
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ANNUAL REPORT 2009-10I.4.6.5 The re
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ANNUAL REPORT 2009-10In the days to
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ANNUAL REPORT 2009-10I.4.6.13 The A
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ANNUAL REPORT 2009-10into account w
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ANNUAL REPORT 2009-10actually make
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ANNUAL REPORT 2009-10was a quantum
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ANNUAL REPORT 2009-10TABLE 51GROUP
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ANNUAL REPORT 2009-10II.2.2 The tur
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ANNUAL REPORT 2009-10TABLE 58GROUP
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ANNUAL REPORT 2009-10II.2.12 During
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ANNUAL REPORT 2009-10Since no relie
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ANNUAL REPORT 2009-10II.5.2 During
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ANNUAL REPORT 2009-10TABLE 69STATUS
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ANNUAL REPORT 2009-10GENERAL INSURA
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ANNUAL REPORT 2009-10• Disseminat
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ANNUAL REPORT 2009-102. Protection
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ANNUAL REPORT 2009-107. Levying fee
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ANNUAL REPORT 2009-10III.11.4 Also,
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ANNUAL REPORT 2009-10(b)Social Sect
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ANNUAL REPORT 2009-10issues on the
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ANNUAL REPORT 2009-10IV.6.13 The pr
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ANNUAL REPORT 2009-10INTERNATIONAL
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ANNUAL REPORT 2009-10TOTAL LIFE INS
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ANNUAL REPORT 2009-10INDIVIDUAL NEW
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ANNUAL REPORT 2009-10GROUP NEW BUSI
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ANNUAL REPORT 2009-10STATE WISE IND
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ANNUAL REPORT 2009-10INDIVIDUAL BUS
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ANNUAL REPORT 2009-10LINKED AND NON
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ANNUAL REPORT 2009-10LINKED AND NON
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ANNUAL REPORT 2009-10INDIVIDUAL DEA
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ANNUAL REPORT 2009-10GROUP DEATH CL
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ANNUAL REPORT 2009-10DURATION WISE
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ANNUAL REPORT 2009-10ASSETS UNDER M
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ANNUAL REPORT 2009-10EQUITY SHARE C
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ANNUAL REPORT 2009-10LIFE INSURERS
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ANNUAL REPORT 2009-10LIFE INSURANCE
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ANNUAL REPORT 2009-10INDIVIDUAL BUS
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ANNUAL REPORT 2009-10STATEMENT 27DE
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ANNUAL REPORT 2009-10REGION WISE DI
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ANNUAL REPORT 2009-10STATEMENT 31NE
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ANNUAL REPORT 2009-10Cont’d... ST
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ANNUAL REPORT 2009-10DEATH CLAIMS U
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ANNUAL REPORT 2009-10STATEMENT 35DU
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ANNUAL REPORT 2009-10LIST OF MICRO
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ANNUAL REPORT 2009-10SEGMENT WISE G
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ANNUAL REPORT 2009-10CHANNEL WISE G
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ANNUAL REPORT 2009-10STATEMENT 43NE
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ANNUAL REPORT 2009-10INCURRED CLAIM
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ANNUAL REPORT 2009-10UNDERWRITING E
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ANNUAL REPORT 2009-10ASSETS UNDER M
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ANNUAL REPORT 2009-10SOLVENCY RATIO
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ANNUAL REPORT 2009-10PUBLIC SECTOR
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ANNUAL REPORT 2009-10PUBLIC SECTOR
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ANNUAL REPORT 2009-10PRIVATE SECTOR
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ANNUAL REPORT 2009-10HEALTH INSURER
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ANNUAL REPORT 2009-10HEALTH INSURER
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ANNUAL REPORT 2009-10EXPORT CREDIT
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ANNUAL REPORT 2009-10AGRICULTURE IN
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ANNUAL REPORT 2009-10STATEMENT 65AG
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ANNUAL REPORT 2009-10STATEMENT 67GE
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ANNUAL REPORT 2009-10STATE-WISE NUM
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ANNUAL REPORT 2009-10STATEMENT 70TH
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ANNUAL REPORT 2009-10STATUS OF GRIE
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ANNUAL REPORT 2009-10STATUS OF GRIE
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ANNUAL REPORT 2009-10PERFORMANCE OF
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ANNUAL REPORT 2009-10PERFORMANCE OF
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