Insurance regulator may issue ‘embedded value’ normsJune 10th, 2009 - 6:16 pm ICT by IANS
Kolkata, June 10 (IANS) The country’s insurance regulator may issue norms for estimating “embedded value” of future insurance premiums by August, a top official said here Wednesday.
“The guidance note is ready and it would be issued within two months,” J. Hari Narayan, chairman of the Insurance Regulatory Development Authority (IRDA), said while addressing a conference on insurance.
Embedded value relates to future premiums of the policies sold by an insurance company. A standardised norm for calculating the embedded value is one of the requirements for eventual listing of insurance companies.
He added that the regulator would also issue guideline for insurance companies to adopt the International Financial Reporting Standard (IFRS), a widely-used set of accounting rules, within a month.
“The IFRS for insurance companies are ready and we are waiting for comments of the Institute of Chartered Accountants,” Narayan said.
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Tags: accounting, financial reporting standard, guidance note, ifrs, institute of chartered accountants, insurance, insurance companies, insurance company, insurance premiums, insurance regulator, insurance regulatory development authority, international financial reporting standard, irda, norm, norms, regulatory development