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Unit 3: Insurance Business Audits - Coggle Diagram
Unit 3: Insurance Business Audits
What does the IRDA Regulate ?
Regulates insurer registration status changes.
Controls insurer rates and terms.
Regulates insurance-related professional organizations.
Promotes efficiency in insurance operations.
Enactments affecting general insurance
Insurance Act, 1983
IRDA Act, 1999
General Insurance Business ( National-ization) Act, 1972
Companies Act, 1956
Audit of revenue accounts
Check internal controls for premium income
Ensure no risk assumed without premium
Study revenue recognition policy (AS9)
Verify premium income allocation
Ascertain premium deficiency for long-term policies
Cross-reference premium income with receipts, notes, policies
Confirm remittance of branch premium
Verify reinsurance premium due from other companies
Vouch agent collections
Note risk commencement date
Examine outstanding premium schedule
Review accounting control and service tax payment
Address risk for canceled policies
Reverse and adjust commissions for refunded premiums
Types
Life Insurance
General Insurance