The Insurance Regulatory and Development Authority (IRDA) has decided to go for onsite inspection into the accounts of insurance companies, both public and private, to check whether they are adhering to the investment norms.
Irda chairman N Rangachary told the media on the sidelines of a two-day bancassurance seminar that the regulator would use its empanelled auditors and take the help of outside chartered accountants to check the investments made by insurance companies, and whether they meet the prudential norms laid down. "We have limited staff at Irda, so we will have to rely on outside help," said Rangachary.
Irda also intends to look into the claim registered for general insurance companies next month.
To date, only one company has filed its accounts with the Irda, which has given the industry up to six months to file the same. The second report on the industry's performance will be brought out by the regulator in December, said Rangachary.
