Chapter 11
Audit of Insurance Companies
11.1 AUDIT OF COMPANIES CARRYING ON LIFE INSURANCE BUSINESS
Due to liberalisation of the economy, the economic policies of India have witnessed a significant transformation during the last decade. A new regulatory framework in the insurance sector has brought sweeping changes not only in terms of number of participants, but also in terms of portfolio of insurance business and the way the business is conducted.
The conduct of life insurance business is unique in the sense that the concept of ‘Life Fund’ and consequential segregation of Shareholders Fund from Life Fund and conditionalities of financial transactions between these two funds are not present in the conduct of any other business. This uniqueness ...
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