The Insurance Regulatory And Development Authority (Form Of Annual Statement Of Accounts And Records) Rules, 2001
Published vide G.S.R. 459(E), dated 25.6.2001.
14/684
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:—
- 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.
- 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.
- 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”;
- 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.
- 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
The 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:
(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 loans
Current 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 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
|
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 B
Income And Expenditure Account For The Year Ended 31st March, .......................
| Expenditure | (Rs.) | Income | (Rs.) |
| (1) | (2) | (3) | (4) |
| Payment to Chairperson and members
Payment to and provision for members of staff (see Note 1) Establishment expenses Rent Research and consultation fees Seminars conference publications etc. (see contra) Interest (see Note 3) Depreciation Capital asset written off Loss on write-off of assets Provision for doubtful debts and advances
Development expenditure Promotional expenditure Excess of income over expenditure carried to balance-sheet |
Grants-in-aid
Received Receivable Less: Transferred to capital fund Fees: Registration fees Renewal fees Others Penalties fines etc Seminar conferences and publications etc 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 Miscellaneous income Excess 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 C
Receipts 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 transit Registration fees : - Insurance companies - Insurance brokers - Insurance surveyors - Insurance agents - Others Renewal fees : - Insurance companies - Insurance brokers - Insurance surveyors - Insurance agents - Others To penalties fines from insurers and intermediaries
To seminar conferences etc.
To income from investments To sale of investments
To grants (i) Grants from Central Govt./State Government/others (ii) Gifts and donations To loans To sales of publication etc. To sale of assets To interest received on (i) Deposits (ii) Advances (iii) Others To recoveries from employees (a) Loans and advances (b) Interest on loans and advances (c) Miscellaneous To other receipts
|
By research and consultation fees
By seminars conferences publications etc.
By rent By development expenditure By promotional expenditure
By payment to Chairperson and members (i) Pay and allowances (ii) Other benefits (iii) Travelling expenses By establishment expenses (i) Pay and allowances (ii) Other benefits (iii) Travelling allowances (iv) Retirement benefits By office expenses By interest on (i) Government loans (ii) Other loans
By purchase of assets (specify)
By capital work-in-progress By loans/advances to staff and others By investments By repayment of Government loans By repayments of other loans
By other expenses
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 | 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) Building Residential flats : (a) Land (b) Building Vehicles Equipment Furniture and fixtures Computers Equipment Other Total |
||||||||||
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 | Amount | 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
* For premises * With others Advances recoverable in cash or in kind or for value to be received * Advances on capital account * Other advances * Prepaid expenses * Interest accrued but not due Other current assets * Interest receivable * Loans to staff for various purposes * Housing loan to staff * Others Cash and bank balance * Cash in hand * Cheques in hand * Cash/Cheques in transit * Balance with scheduled banks (a) On current account (b) On deposit account Balance with non-scheduled banks (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 at 31st March......................
Contingent Liabilities
| Particulars | Figures for the current year | Figures for the previous year |
| Name of items to be mentioned seperately |
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)
(ii) (iii) (iv) (v) |
Salaries allowances wages and bonus
Contribution to provident fund etc. Gratuity Staff welfare expenses * 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 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 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 account for the year ended 31st March..................
| Significant accounting policies and notes forming part of accounts – Details to given. |