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IRDA Rules
for Form of
Annual Statement of Accounts and Records
1.
Short title and
commencement
2. Definitions
3.
Annual statement of accounts and other relevant records
4. Maintenance of
accounts, etc.
5. Authorised signatory
In
exercise of the powers conferred by sub-section (1) of section 17,
read with section 24(2)(d) of the Insurance Regulatory and
Development Authority Act, 1999 (41 of 1999), the Central
Government, in consultation with the Comptroller and Auditor-General
of India, hereby makes the following rules, namely--
1.
Short title and commencement
(1)
These rules may be called the Insurance Regulatory and Development
Authority (Form of Annual Statement of Accounts and Records) Rules,
2001.
(2)
They shall come into force on the date of their publication in the
Official Gazette.
2.
Definitions
In
these rules, unless the context otherwise requires,--
(a)
"Act" means the Insurance Regulatory and
Development Authority Act, 1999 (41 of 1999);
(b)
"annexure" means an annexure appended to the Form;
(c)
"form" means a form appended to these rules;
(d)
all other words and expressions used in these rules but not defined,
and defined in the Act shall have the same meaning respectively
assigned to them in the Act.
3.
Annual statement of accounts and other relevant records
At
the expiration of a period of twelve months ending with March 31, of
every year, the Authority shall prepare with reference to that
period, a balance-sheet, an income and expenditure account and
receipt and payment account in the forms as specified below:
(a) Balance-sheet in Form "A".
(b)
Income and expenditure account in Form "B".
(c)
Receipt and payment account in Form "C".
4.
Maintenance of accounts, etc.
The
Authority shall preserve the balance-sheet, income and expenditure
account and receipt and payment account referred to in rule 3 above,
for a minimum period of five years following the year to which they
relate.
5.
Authorised signatory
The
balance-sheet, income and expenditure account and receipt and
payment account mentioned in rule 3 shall be signed by the Chief
Accounts Officer, if any, of the Authority and for purposes of
authentication be signed by the Chairman and two members of the
Authority.
FORM A
INSURANCE
REGULATORY AND DEVELOPMENT AUTHORITY
Balance-sheet
as at 31st March, .............
|
Figures
for the previous
year (Rs.)
|
Liabilities
|
Figures
for the current year (Rs.)
|
Figures
for the previous year (Rs.)
|
Assets
|
Figures
for the current year (Rs.)
|
| _______________________________________________________________________________________________________ |
|
(1)
|
(2)
|
(3)
|
(4)
|
(5)
|
(6)
|
| _______________________________________________________________________________________________________ |
|
| |
General fund |
-- Fixed assets
(see Note 1) as
per
Annexure I |
| |
(i)
IRDA fund (see Note 4)
-- At
beginning of the year
-- Receipts
in the year
-- Balance
at end of the year
(ii)
Capital fund
-- Capital
grants
-- Balance
at the beginning of the year
-- Add
: Value of fixed assets received as grants during the year
(iii)
Surplus and funds
-- Balance
as per last balance-sheet
-- Add
: Excess of income over expenditure as per income and expenditure
account annexed.
-- Less
: Excess of expenditure over income as per
income and expenditure account annexed.
-- Balance
at end of year
(iv)
Gift and donations
(v)
Other balances
|
|
| |
Loans
:
(i)
Secured (stating the security offered for the purpose)
(ii)
Unsecured
(iii)
Loan from Government of India
(iv)
Other loans
|
Investments
(method of valuation--at cost or at market value or any other
valuation to be indicated against each category of investment)
(see Note 2)
(i)
Securities of Central and State Government
(ii) Units
(iii) Fixed deposits with banks
(iv) Others : (Specify type of instrument if the amount invested
is 5 per cent or more of total investments)
|
| |
Current liabilities
and provisions (see Note 6) |
Current Assets
(see Note 3) |
| |
|
(i) Deposits with
agencies; |
| |
(i) Sundry creditors |
(ii) Loans and
advances to staff; |
| |
-- for capitals
items |
(iii) Amounts
due from insurance companies and others (to be specified) |
| |
-- for other items |
(iv) Other current
assets; |
| |
(ii) Provisions |
(v) Cash and bank
balances; |
| |
-- Provision for
doubtful debts and advances |
(a) Cash in hand
(including cheques
in hand and cash in transit); |
| |
-- Provisions
for depletion in value of investment |
(b) Bank balances. |
| |
(iii) Other liabilities |
|
| |
1. Unspent
grants
2. Interest
payable to Government/ other loans
3. Provident retirement and other welfare funds
(a) provident fund
(b) other welfare funds
(c) retirement benefit fund and staff benefit fund
4. Others
|
|
Notes
:
(1)
The information relating to fixed assets is to be given in
Annexure I.
(2)
The information relating to investments is to be given in
Annexure II.
(3)
The information relating to current assets, is to be given in
Annexure III.
(4)
Details of IRDA Fund are to be given in
Annexure IV (Fund
should include grants received from Central Government, other organisations and bodies in terms of section 16 of the Act).
(5)
Details of contingent liabilities are to be given in
Annexure
V.
(6)
All information relating to significant accounting policies
and notes forming part of accounts is to be given in
Annexure IX.
(7)
All annexures to statement of affairs and notes/information
relating to accounting policy forming part of accounts.
FORM B
INCOME
AND EXPENDITURE ACCOUNT FOR
THE YEAR ENDED 31ST MARCH, .......
|
Expenditure
|
(Rs.)
|
Income
|
(Rs.)
|
|
(1)
|
(2)
|
(3)
|
(4)
|
| Payment to Chairperson
and members |
|
Grants-in-aid |
|
| Payment to and
provision for members of staff (see Note 1) |
|
Received |
|
| Establishment
expenses |
|
Receivable |
|
| Rent |
|
Less : Transferred
to capital fund |
|
| Research and consultation
fees |
|
Fees: |
|
| Seminars conference
publications etc. (see contra) |
|
Registration fees |
|
| Interest (see
Note 3) |
|
Renewal fees |
|
| Depreciation |
|
Others |
|
| Capital asset
written off |
|
Penalties fines
etc |
|
| Loss on write-off
of assets |
|
Seminar conferences
and publications etc |
|
|
Provision
for doubtful debts and advances |
|
Income from investments |
|
| Interest on deposits |
|
| Interest on advances: |
|
|
1. (i)
granted to members of staff for housing purposes
(ii)
for other purposes
|
|
| 2. Others |
|
| Development expenditure |
|
Miscellaneous
income |
|
|
Promotional
expenditure |
|
Excess of expenditure
over income carried to balance-sheet |
|
| Other expenses |
|
|
|
| Excess of income
over expenditure carried to balance-sheet |
|
|
|
Significant
accounting policies and notes forming part of accounts--Annexure
IX.
Notes
:
(1)
The information relating to payment to and provision for
employees is to be given in Annexure VI.
(2)
The information relating to establishment expenses is to be
given in Annexure VII.
(3)
The information relating to interest amount is to be given in
Annexure VIII.
(4)
All annexures to income and expenditure account and
notes/information relating to significant accounting policies form
part of accounts.
FORM C
RECEIPTS
AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31ST MARCH,.........
| _________________________________________________________________________________________________________ |
|
Receipts |
(Rs.) |
Payments |
(Rs.) |
| _________________________________________________________________________________________________________ |
| (1) |
(2) |
(3) |
(4) |
| _________________________________________________________________________________________________________ |
| To balance brought forward |
By research and consultation
fees |
|
(i)
Cash at bank
(ii)
Cash in hand
(iii)
Cheques in hand
(iv)
Cash/Cheques in transit
|
|
| Registration fees : |
By seminars conferences publications
etc. |
|
-- Insurance
companies
-- Insurance
brokers
-- Insurance
surveyors
-- Insurance
agents
-- Others
|
|
| Renewal fees : |
By rent |
|
-- Insurance
companies
-- Insurance
brokers
-- Insurance
surveyors
-- Insurance
agents
-- Others
|
By development
expenditure
By development expenditure
|
| To penalties fines from insurers
and intermediaries |
By payment to
Chairperson and members |
| |
(i)
Pay and allowances
(ii)
Other benefits
(iii)
Travelling expenses
|
| To seminar conferences etc. |
By establishment
expenses |
| |
(i)
Pay and allowances
(ii)
Other benefits
(iii)
Travelling allowances
(iv)
Retirement benefits
|
| To income from investments |
By office expenses |
| To sale of investments |
By interest on
|
| |
(i)
Government loans
(ii)
Other loans
|
| To grants |
By purchase of
assets (specify) |
| (i) Grants from Central Govt./State
Government/others |
|
| (ii) Gifts and donations |
|
| To loans |
By capital work-in-progress |
| To sales of publication etc. |
By loans/advances
to staff and others |
| To sale of assets |
By investments |
| To interest received on |
By repayment
of Government loans |
|
(i)
Deposits
(ii)
Advances
(iii)
Others
|
By repayments
of other loans |
| To recoveries from employees |
By other expenses |
| (a) Loans and advances |
|
| (b) Interest on loans and
advances |
|
| (c) Miscellaneous |
|
|
To other receipts |
By balance
carried forward:
(i)
Cash at bank
(ii)
Cash in hand
(iii)
Cheques in hand
(iv)
Cash/cheques in transit
|
ANNEXURE I
SCHEDULE
OF FIXED ASSETS ANNEXURED TO AND FORMING PART
OF BALANCE-SHEET AS ON 31ST MARCH, ........
|
Gross block |
|
Particulars |
Cost as on 1-4... |
Additions during
the year |
Sold/disposed
of during the year |
Total as on 31-3.. |
|
(1)
|
(2)
|
(3)
|
(4)
|
(5)
|
|
Office
premises :
(a)
Land
(b)
Building
|
|
|
|
|
|
Residential
flats :
(a)
Land
(b)
Building
|
|
|
|
|
| Vehicles |
|
|
|
|
| Equipment |
|
|
|
|
| Furniture and
fixtures |
|
|
|
|
| Computers
|
|
|
|
|
| Equipment |
|
|
|
|
| Other
|
|
|
|
|
| Total |
|
|
|
|
|
Depreciation
|
Net block
|
|
As on
1-4-......
|
For the
year
|
Adjustments
|
As on
31-3-...
|
As on
31-3-..
|
As on 31-3-...
|
|
(6)
|
(7)
|
(8)
|
(9)
|
(10)
|
(11)
|
| |
|
|
|
|
|
ANNEXURE II
ATTACHED
TO AND FORMING PART OF BALANCE-SHEET
AS AT 31ST MARCH,......
INVESTMENTS
|
Sl. No.
|
Particulars
|
Figures
for the current year
|
Figures
for the previous year
|
| |
(i) Fixed deposits
with banks |
|
|
|
Name
of the bank
|
Date
|
Amt.
|
Rate
of interest
|
Period
|
Date
of maturity
|
Interest
received
|
Interest
accrued
|
| |
|
|
|
|
|
|
|
|
|
|
| (ii) Others
|
|
|
| |
(a)
Quoted--cost and market value
(b)
Unquoted
|
|
|
ANNEXURE III
ATTACHED
TO AND FORMING PART OF BALANCE-SHEET
AS AT 31ST MARCH,.....
CURRENT
ASSETS, LOANS AND ADVANCES
|
Particulars
|
Figures
for the current year
|
Figures
for the previous year
|
|
(1)
|
(2)
|
(3)
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
Advances recoverable
in cash or in kind or for value to be received |
|
|
- Advances on capital
account
|
|
|
|
|
|
|
|
|
|
|
-
Interest
accrued but not due
|
|
|
|
Other current
assets |
|
|
|
|
|
|
- Loans
to staff for various purposes
|
|
|
|
|
|
|
|
|
|
|
|
Cash and bank
balance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Balance with scheduled
banks
(a)
On current account
(b)
On deposit account
|
|
|
|
(a)
On current account
(b)
On deposit account
|
|
|
ANNEXURE IV
ATTACHED
TO AND FORMING PART OF BALANCE-SHEET
AS ON 31ST MARCH,.....
INSURANCE
REGULATORY AND DEVELOPMENT AUTHORITY FUND
|
Particulars
|
Amount
|
|
Different
sources to be mentioned |
|
| |
|
| |
|
ANNEXURE V
ATTACHED
TO AND FORMING PART OF BALANCE-SHEET
AS ON 31ST MARCH,.....
CONTINGENT
LIABILITIES
| Particulars |
Figures for the current year |
Figures for the previous year |
| Nature of items to be mentioned
separately |
|
|
| |
|
|
ANNEXURE VI
ATTACHED
TO AND FORMING PART OF INCOME AND EXPENDITURE
ACCOUNT FOR THE YEAR ENDED 31ST MARCH,........
PAYMENTS
TO AND PROVISIONS FOR EMPLOYEES
|
Sl. No.
|
Particulars
|
Figures
for the current year
|
Figures
for the previous year
|
|
(i)
|
Salaries allowances
wages and bonus |
|
|
|
(ii)
|
Contribution to
provident fund etc. |
|
|
|
(iii)
|
Gratuity |
|
|
|
(iv)
|
Staff welfare
expenses |
|
|
|
(v)
|
Others |
|
|
| Book grant |
|
|
| Leave travel concession |
|
|
| Insurance
|
|
|
| Canteen expenses |
|
|
| Monetary award--Studies |
|
|
| Contribution to
group insurance scheme |
|
|
| |
Reimbursement
of expenses incurred by staff |
|
|
| Total |
|
|
ANNEXURE VII
ATTACHED
TO AND FORMING PART OF INCOME AND EXPENDITURE
ACCOUNT FOR THE YEAR ENDED 31ST MARCH,........
ESTABLISHMENT
EXPENSES
| Particulars |
Figures for the current year |
Figures for the previous year |
| Repair and maintenance of
buildings and premises |
|
|
| House-keeping--Office maintenance |
|
|
| Repais and maintenance of
equipment |
|
|
| Repair and maintenance of
telephone |
|
|
| Equipment |
|
|
| Electricity |
|
|
| Insurance
|
|
|
| Rates and taxes |
|
|
| Printing and stationery |
|
|
| Books/Journals etc. |
|
|
| Postage telegraphs telephones
etc. |
|
|
| Travelling and conveyance |
|
|
| Legal and professional charges |
|
|
| Education/training/R and D/grievances/redressal
expenses |
|
|
| Audit fees |
|
|
| Software |
|
|
| Publicity and advertisement |
|
|
| Recruitment expenses |
|
|
| Expenses of meetings of authority
and advisory committee and others |
|
|
| Entertainment expenses |
|
|
| Other expenses |
|
|
| (Specify type of expenses
if amount exceeds 5 per cent of gross income/receipts)
|
|
|
| Total |
|
|
ANNEXURE VIII
ATTACHED
TO AND FORMING PART OF INCOME AND EXPENDITURE
ACCOUNT FOR THE YEAR ENDED 31ST MARCH,.......
INTEREST
|
Particulars
|
Figures
for the current year
|
Figures
for the previous year
|
| Government |
|
|
| Banks |
|
|
| Others |
|
|
| Total |
|
|
ANNEXURE IX
ATTACHED
TO AND FORMING PART OF ACCOUNTS FOR THE
YEAR ENDED 31ST MARCH,......
Significant
accounting policies and notes forming part of accounts--Details to
be given.
|
