Saturday, May 14, 2011

ACCOUNTING NORMS FOR INSURERS RELAXED

Insurance regulator IRDA relaxed accounting norms for insurance companies to take care of higher liability arising out of enhanced outgo towards gratuity for their employees. The regulator allowed
the insurance and reinsurance companies to amortise (pay off in regular intervals) the additional liability on account of gratuity over a period of five years starting from financial year 2010-11.

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