ANNOUNCEMENT FOR THE ATTENTION OF THE MEMBERS
Manner of Reporting by the Statutory Auditors on Accounting for Liabilities Arising on Dismantling of Indian Motor Third Party Insurance Pool (IMTPIP) Prescribed by IRDAOnline GST Certification Course by TaxGuru & MSME- Click here to Join
1. As the members are aware, the Insurance Regulatory and Development Authority (IRDA) had vide its Order No. IRDA/NL/ORD/MPL/277/12/2011 dated 23rd December 2011 had directed the dismantling of the Indian Motor Third Party Insurance Pool (IMTPIP) with effect from 31st March 2012.
2. Subsequently, vide its Order No. IRDA/F&A/ORD/MTPP/070/03-2012 dated 22rd March 2012, in exercise of its powers under section 34 of the Insurance Act, 1938, prescribed, inter alia, the following accounting treatment in respect of the “transitional liabilities” relating to the financial years 2009-10, 2010-11 and 2011-12, arising on account of such dismantling as follows: