Section 33 in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
33. Computation of NAV.
(a)The NAV of the Segregated FUND [SFIN] shall be computed as:Market value of investment held by the fund + value of current assets - (value of current liabilities and provisions, if any)Number of units existing on Valuation Date (before creation / redemption of units)(b)The NAV computed as above, in respect of 'each' Segregated Fund, shall be audited by the Concurrent Auditor on a day-to-day basis.(c)The NAV calculated as above, in respect of 'each' Segregated fund, shall be declared daily on the Insurer's Website and at the Life Insurance Council's website, as and when the same is ready.Note. - (i) Value of Current Assets represents Accrued interest, Dividend Receivable, Bank Balance, Receivable for Sale of Investments and Other Current Assets (for Investments).(ii)Value of current liabilities represents Payable for Investments.(iii)Number of units derived from the investment accounting system shall be reconciled on a day to day basis with the policy administration system.(iv)Provisions shall include expenses for brokerage and transaction cost, NPA, Fund Management Charges (FMC) and any other charges approved by the Authority.
