Insurers told to disclose Govt penal actions

Insurers told to disclose Govt penal actions


The insurance companies are required to give details in a prescribed format designed by the insurance regulator within 30 days from today and signed by the statutory authority of the insurer.
“In view of the advanced stage of finalisation of accounts by the insurers, the said disclosures for 2008-09 may be made to the Authority through a separate filing,” the circular said.
The details should also be incorporated in their Annual Reports with effect from 2008-09 onward, the circular said. The insurance companies would send a ‘nil’ report in case no penalties have been imposed on them, the circular said.

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