JOIN USIRDA seeks draft on public disclosures
The move comes ahead of several companies about to complete 10 years of their operations, after which they can go for a listing. The regulator has asked various stakeholders in the insurance market for their comments on the draft.
Remarks required
“The stakeholders in the insurance market such as agents, brokers, analysts, rating agencies and the media are requested to offer their remarks on this exposure draft before October 25,” IRDA said in a circular here on Friday. “It is essential that the investors are fully aware of the financial performance, company profile, financial position, risk exposure, corporate governance and the management of the insurance company well before the companies go for their IPO,” IRDA said. Once finalised, IRDA is proposing to bring out guidelines for public disclosure for insurance companies to be effective from November 1 this year.
“The disclosure requirement has been kept at the minimum, keeping in view the costs involved in making such disclosures and balancing with the need for transparency in the insurance market,” the regulator said. The disclosures proposed are a subset of the quarterly and annual returns which have already been prescribed by regulations out by IRDA.