Irda panel likely on reporting expenses

The Insurance Regulatory and Development Authority (Irda) is likely to set up a committee to standardise the format of reporting expenditure management by life insurance companies. On the sidelines of a conference of actuaries, R Kannan, member-actuary, Irda, said there was no standard procedure and the companies followed different methods.“We have analysed various categories of expenses..and have seen some anomaly in the expenses companies claim to have incurred.”