Finance and Accounts

Functions and Responsibilities of Finance and Accounts  Department

  1. Process the requests of Insurers for:
  • Transfer of shares/ change in Shareholding 
  • Amalgamation and mergers and Arrangements of Life Insurers
  • Appointment of Nominee Directors of Agents, Intermediaries on the Board of Insurers (48A)
  • Issuance of other forms of capital and payment of Interest thereon
  • Processing of new Insurer Registration application
  • IPO, Offer for Sale(OFS) applications
  1. Monitor compliance of Insurers with Corporate Governance stipulations, Public Disclosures and Stewardship Code.
  2. Monitoring status of foreign investment limits of insurers
  3. Receipt and Validation of the F&A Returns furnished by the insurers periodically.
  4. Consolidation of various returns, such as Shareholding pattern, Unclaimed Amounts of Policyholders, etc.
  5. Review of Act, Regulations, Circulars, Guidelines, reporting formats, etc. and initiating changes, wherever necessary
  6. Off-site Monitoring and review of financial statements and reports furnished by insurers.
  7. Co-ordination with other financial sector regulators 
  8. MD/CEO Remuneration Guidelines and related references
  9. Monitoring of appointment of Statutory and other Auditors
  10. Data inputs for Annual Report, Handbook on Statistics, Committees, Govt of India, etc.
  11. Attending RTI requests & Parliament Questions pertaining to F&A Department
  12. Inputs to other departments, wherever necessary.
  13. Inputs to the Government regarding Direct/ Indirect Tax proposals and FDI Policy.
  14. Misc. matters pertaining to F&A Department