Section 7 in The Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000
7. Principles adopted in distribution of profits
.-The general principles adopted in distribution of profits among policy-holders including statements on following points, shall be furnished:-(i)Whether the principles were determined by instruments constituting the insurer, or by its regulations or bye-laws or how otherwise;(ii)The number of years premium to be paid, period to elapse and other conditions to be fulfilled before a bonus is allotted;(iii)Whether the bonus is allocated in respect of each year's premium paid, or in respect of each calendar year or year of assurance or how otherwise; and(iv)Whether the bonus vests immediately on allocation, or, if not, conditions of vesting.
