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Technical Guide on Internal/Concurrent Audit of Investment Functions of Insurance Companies

Written By Admin on Monday, 17 June 2013 | Monday, June 17, 2013

Internal/Concurrent Audit of investment functions of an insurer is an essential 
part of management process to ensure effective controls and in short, a  comprehensive compliance checking mechanism. This audit is essential for  ensuring sound internal accounting functions and effective controls and  setting tone for a vigilant internal audit to preclude the incidence of serious 
errors and fraudulent manipulations. It attempts to shorten the interval  between the occurrence of a transaction and its examination by an  independent person not involved in its documentation.

The Insurance Regulatory and Development Authority (IRDA) has mandated  the insurers to have their investment functions verified through internal or concurrent audit (depending on the AUM of insurers), either through internal resources or by an independent audit firm. This is to be done in order to ensure that the transactions/decisions are within the policy parameters laid down by the Investment Committee of the insurers and are in compliance with the terms and conditions for exercise of delegated authority and not violating the Guidelines and Regulations of IRDA and the provisions of Insurance Act and other applicable Laws. 

Recently, to keep pace with the dynamics of the economic landscape of the nation as well as insurance industry, the IRDA has amended its Investment Regulations for insurance companies. Consequent to the amendments to the Investment Regulations, it is imperative that the Technical Guide on Internal/Concurrent Audit of investment Functions of Insurance Companies issued by the Committee on Banking, Insurance and Pension (COBIP) in 2009 be revised so as to cover the requirements of the amended  Regulations. The Technical Guide has been revised thoroughly for providing guidance to the members on conducting internal/concurrent audit of investment functions of insurers.

Click on Download for detailed Technical Guide on Internal/Concurrent  Audit of Investment Functions of  Insurance Companies issued by ICAI.

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