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The Insurance Regulatory And Development Authority (Form Of Annual Statement Of Accounts And Records) Rules, 2001

UNION OF INDIA
India

The Insurance Regulatory And Development Authority (Form Of Annual Statement Of Accounts And Records) Rules, 2001

Rule THE-INSURANCE-REGULATORY-AND-DEVELOPMENT-AUTHORITY-FORM-OF-ANNUAL-STATEMENT-OF-ACCOUNTS-AND-RECORDS-RULES-2001 of 2001

Published on 25 June 2001
Commenced on 25 June 2001
[This is the version of this document from 25 June 2001.]
[Note: The original publication document is not available and this content could not be verified.]

The Insurance Regulatory And Development Authority (Form Of Annual Statement Of Accounts And Records) Rules, 2001Published vide G.S.R. 459(E), dated 25.6.2001.

14.

/684In 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 from 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 AThe Insurance Regulatory And Development AuthorityBALANCE-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:(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		-	Fixed assets (see Note 1) as per Annexure I
	Loans:(i) Secured(stating the security offered for the purpose)(ii) Unsecured(iii) Loan from Government of India(iv) Other loansCurrent liabilities and provisions(see Note 6)(i) Sundry creditors- for capitals items- for other items(ii) Provisions- Provision for doubtful debts and advances- Provisions for depletion in value of investment(iii) Other liabilities1. Unspent grants2. Interest payable to Government/other loans3. Provident retirement and other welfare funds(a) provident fund(b) other welfare funds(c) retirement benefit fund and staff benefit fund4. Others			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 Assets (see Note 3)(i) Deposits with agencies;(ii) Loans and advances to staff;(iii) Amounts due from insurance companies and others (to be specified)(iv) Other current assets;(v) Cash and bank balances;(a) Cash in hand (including cheques in hand and cash in transit);(b) Bank balances.

Note:

(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 BIncome And Expenditure Account For The Year Ended 31st March, .......................

Expenditure	(Rs.)	Income	(Rs.)
(1)	(2)	(3)	(4)
Payment to Chairperson and membersPayment to and provision for members of staff (see Note 1)Establishment expensesRentResearch and consultation feesSeminars conference publications etc.(see contra)Interest (see Note 3)DepreciationCapital asset written offLoss on write-off of assetsProvision for doubtful debts and advancesDevelopment expenditurePromotional expenditureExcess of income over expenditure carried to balance-sheet		Grants-in-aidReceivedReceivableLess: Transferred to capital fundFees:Registration feesRenewal feesOthersPenalties fines etcSeminar conferences and publications etcIncome from investmentsInterest on depositsInterest on advances:1. (i) granted to members of staff for housing purposes(ii) for other purposes2. OthersMiscellaneous incomeExcess of expenditure over income 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 CReceipts And Payments Account For The Year Ended 31st March................

Receipts	(Rs.)	Payments	(Rs.)
(1)	(2)	(3)	(4)
To balance brought forward(i) Cash at bank(ii) Cash in hand(iii) Cheques in hand(iv) Cash/Cheques in transitRegistration fees :- Insurance companies- Insurance brokers- Insurance surveyors- Insurance agents- OthersRenewal fees :- Insurance companies- Insurance brokers- Insurance surveyors- Insurance agents- OthersTo penalties fines from insurers and intermediariesTo seminar conferences etc.To income from investmentsTo sale of investmentsTo grants(i) Grants from Central Govt./State Government/others(ii) Gifts and donationsTo loansTo sales of publication etc.To sale of assetsTo interest received on(i) Deposits(ii) Advances(iii) OthersTo recoveries from employees(a) Loans and advances(b) Interest on loans and advances(c) MiscellaneousTo other receipts		By research and consultation feesBy seminars conferences publications etc.By rentBy development expenditureBy promotional expenditureBy payment to Chairperson and members(i) Pay and allowances(ii) Other benefits(iii) Travelling expensesBy establishment expenses(i) Pay and allowances(ii) Other benefits(iii) Travelling allowances(iv) Retirement benefitsBy office expensesBy interest on(i) Government loans(ii) Other loansBy purchase of assets (specify)By capital work-in-progressBy loans/advances to staff and othersBy investmentsBy repayment of Government loansBy repayments of other loansBy other expensesBy balance carried forward:(i) Cash at bank(ii) Cash in hand(iii) Cheques in hand(iv) Cash/cheques in transit

Annexure I

of fixed assets annexured to and forming part of Balance-sheet as on 31st March............................

	Gross Block	Depreciation	Net block
Particulars	Cost as on 1-4....	Additions during the year	Sold/disposed of during the year	Total as on 31-3..	As on 1-4...	For the year	Adjustments	As on 31-3...	As on 31-3...	As on 31-3...
(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)
Office premises :(a) Land(b) BuildingResidential flats :(a) Land(b) BuildingVehiclesEquipmentFurniture and fixturesComputersEquipmentOtherTotal

Annexure IiAttached 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	Amount	Rate of interest	Period	Date of maturity	Interest received	Interest accrued
(ii) Others(a) Quoted-cost and market value(b) Unquoted

Annexure IiiAttached 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* For premises* With othersAdvances recoverable in cash or in kind or for value to be received* Advances on capital account* Other advances* Prepaid expenses* Interest accrued but not dueOther current assets* Interest receivable* Loans to staff for various purposes* Housing loan to staff* OthersCash and bank balance* Cash in hand* Cheques in hand* Cash/Cheques in transit* Balance with scheduled banks(a) On current account(b) On deposit accountBalance with non-scheduled banks(a) On current account(b) On deposit account

Annexure IvAttached 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 VAttached to and forming part of Balance-sheet as at 31st March......................Contingent Liabilities

Particulars	Figures for the current year	Figures for the previous year
Name of items to be mentioned seperately

Annexure ViAttached 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)(ii)(iii)(iv)(v)	Salaries allowances wages and bonusContribution to provident fund etc.GratuityStaff welfare expenses* Others* Book grant* Leave travel concession* Insurance* Canteen expenses* Monetary award--Studies* Contribution to group insurance scheme* Reimbursement of expenses incurred by staffTotal:

Annexure ViiAttached to and forming part of Income and Expenditure Accounts for the year ended 31st March.......................Establishment Expenses

Particulars	Figures for the current year	Figures for the previous year
(1)	(2)	(3)
* Repair and maintenance of buildings and premises* House-keeping - Office maintenance* Repair 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 othersEntertainment expensesOther expenses(Specify type of expenses, if amount exceeds 5 per cent of gross income/receipts)Total

Annexure ViiiAttached 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
GovernmentBanksOthersTotal

Annexure IxAttached to and forming part of account for the year ended 31st March..................

Significant accounting policies and notes forming part of accounts - Details to given.

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