IRDA tightens financial disclosure rules
India’s Insurance Regulatory and Development Authority (IRDA) has tightened financial disclosure norms by asking general insurers to give details of the reserves maintained for claims that have been paid but not reported adequately in the books of accounts.
IRDA chairman CS Rao said that insurers have to furnish details of reserves kept for 'incurred but not reported' claims (IBNR) for all category of business including fire, marine, cargo hull, motorOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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