Insurance companies disclosures as per IRDAI prescribed format in place of Schedule III to the Companies Act, 2013 – SEBI Circular

Insurance companies disclosures as per IRDAI prescribed format in place of Schedule III to the Companies Act, 2013

SEBI CIRCULAR

CIR/CFD/DIL/115/2016
October 24, 2016

To
All issuers
All Recognized Stock Exchanges

Dear Sir/Madam,

Sub: Disclosures in case of listed insurance companies

1. SEBI circular No. CIR/CFD/CMD/15/2015 dated Nov 30, 2015 provides for formats for publishing financial results by listed companies.

2. Subsequently, vide circular No. CIR/CFD/FAC/62/2016 dated July 05, 2016, the following was specified:

“For the period ending on or after March 31, 2017, the formats for Unaudited/Audited quarterly financial results to be submitted by the Listed Entities, with the stock exchanges, shall be as prescribed in Schedule III to the Companies Act, 2013. However, Banking Companies and Insurance Companies shall follow the formats as prescribed under the respective Acts/Regulations as specified by their Regulators.”

3. In view of the recent listing by insurance companies, in consultation with Insurance Regulatory and Development Authority of India (IRDAI), it is now clarified:

(a) The insurance companies (life and non-life) shall submit the following disclosures for quarters ending 30thSeptember, 2016 and 31st December, 2016 in the format as specified by IRDAI:

i. Format for quarterly financial results
ii. Format for Reporting of Segment wise Revenue, Results and Capital Employed along with the quarterly results

(b) With respect to the format for Newspaper Publishing Purpose (Standalone/Consolidated), the insurance companies shall continue to follow the format as specified under the aforesaid circulars issued by SEBI. Additional disclosures may also be made as prescribed by IRDAI.

(c) The other requirements specified under the aforesaid circulars shall continue to apply to insurance companies.

4. This Circular is being issued in exercise of powers conferred under Section 11 and Section 11A of the Securities and Exchange Board of India Act, 1992 read with Regulation 33, Regulation 47 and Regulation 101(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

5. This circular is available on SEBI website at http://www.sebi.gov.in under the category “Circulars”.

Yours faithfully,

Pradeep Ramakrishnan
Deputy General Manager
Corporate Finance Department
Tel No.022-2644 9246
Email id – pradeepr@sebi.gov.in