In this article we will discuss about the final accounts of general insurance companies, explained with the help an illustration. General insurance business means business other than life insurance business. General insurance companies operating in India were nationalised on 13th May, 1971 by the Ordinance of the President of India. The accounts of the General Insurance Companies were maintained according [...]
In this article we will discuss about:- 1. Introduction to Insurance 2. Meaning of Insurance 3. Legal Framework for Insurance Business. Introduction to Insurance: There is always an element of uncertainty about the future. This compels man to take necessary steps to protect himself against unforeseen calamities. Man is always fighting for safety since the early age of life. Man's [...]
This article provides a format of final accounts of LIC. A life insurance company shall prepare the Revenue Account [Policyholders' Account], Profit and Loss Account [Shareholders' Account] and the Balance Sheet in Form A-RA, Form A- PL and Form A-BS, as prescribed in this Part, or as near thereto as the circumstances permit. Provided that an insurer shall prepare Revenue [...]