The Insurance Regulatory and Development Authority (Irda) has asked the insurance companies to publish

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balance sheet, profit and loss account, revenue account and key analytical ratios on a half yearly basis. The half yearly accounts will be subject to limited review by the auditors.

Announcing the public disclosure norms for insurance companies, Irda has asked the insurers to publish the aforesaid details in at least one “English daily newspaper circulating in the whole or substantially the whole of India and in one newspaper published in the regional language of the region where the registered office is situated or in Hindi.”

The regulator has also asked the companies to upload all the details including revenue account, profit & loss account, balance sheet, segmental reporting, schedules to accounts and other forms, on their website on quarterly/half yearly/ yearly basis.

The disclosures will be effective from the period ending March 31, 2010. The insurers will have to make available the disclosures of the earlier quarter under archives for a minimum period of 5 years.

The disclosure norms are said to be the precursor of listing of insurance companies on the exchanges.

The Irda in its circular said that several insurance companies would be completing 10 years, after which they may be allowed to go for an initial public offer (IPO). It is, therefore, essential that the investors are fully aware of the financial performance, company profile, financial position, the risk exposure, the elements of corporate governance in place and the management of the insurance companies.