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Viraj Londhe, Partner, M P Chitale & Co. November 6, 2007

IRDA – ICAI Round Table Meeting on Insurance Industry Compliance Aspects of Investment Regulations Experience gathered during IRDA Inspections about the aspects affecting Compliance of Investment Regulations. Viraj Londhe, Partner, M P Chitale & Co. November 6, 2007. Disclaimers.

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Viraj Londhe, Partner, M P Chitale & Co. November 6, 2007

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  1. IRDA – ICAI Round Table Meeting on Insurance IndustryCompliance Aspects of Investment RegulationsExperience gathered during IRDA Inspections about the aspects affecting Compliance of Investment Regulations Viraj Londhe,Partner, M P Chitale & Co. November 6, 2007

  2. Disclaimers • These are my personal views and can not be construed to be the views of M/s. M. P. Chitale & Co., Chartered Accountants or IRDA or ICAI. • These views do not and shall not be considered as professional advice. • This presentation should not be reproduced in part or in whole, in any manner or form, without my written permission.

  3. Compliance Aspects of Investment Regulations • Broad aspects that influence compliance of Investment Regulations: • Investment Process • Compliance function • Standard Operating Processes • Compiling of IRDA Returns • Systems Support • Integration with Accounting system • Risk Management Policy • Internal Audit

  4. Compliance Aspects of Investment Regulations • Investment Process • Front Office system • To support monitoring of Investment restrictions, what if analysis • Audit trail of all the deals, STP for back office and settlement • Investment Committee Composition and reporting • To be complied in letter and spirit particularly role of independent director and reporting • Independent Compliance function • Dedicated Compliance Team • Compliance Manual • Pre clearance of specific investment transactions • Standard Operating Processes • Front office, Mid Office and Back Office Operations • Valuation Policy

  5. Compliance Aspects of Investment Regulations • Compiling of IRDA Returns • Systems Support • Integration with Accounting system • Audit trail for returns compilation • Risk Management Policy • Risk Identification and Measurement • System supported checks for investment limit - Industry, Group • Counter Party selection in case of OTC trades • Internal Audit encompassing • Investment transactions and Systems • Compliance of Investment restrictions • Various IRDA returns filed by the company

  6. Thank you: viraj@mpchitale.com

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