Progressive Stance Towards Insurance Accounts
Our progressive stance in insurance accounts includes prompt service, hassle-free processes, fair settlements, and trusted service since 1906. We provide induction training, maintain accounting functions, handle collections, internal controls, premium classification, claims processing, and commission management.
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Rtrewq ghjk `` The new look of our progressive stanceThoda simple socho Prompt Service. Hasslefree Process. Fair Settlements. qy=9ih . Trusted since 1906 PRESENTED BY Prabir Banerjee, Manager & Faculty Member (Retd.)
Insurance Accounts For Induction Training On 25th January, 2016 AT NCIL
Accounting Functions To Maintain Books of Accounts To Summarize Transactions and form Periodical Reports To Exercise Budgetary Controls To Coordinate with Various Departments for Compiling Accounts
Collections Risk Verification, Scrutiny of Proposals & Acceptance Collection of Premium by Cash Cash Deposits Bank Guarantee RTGS/NEFT Credit Card Other Dishonor of Cheques / Sec. 64 VB
Internal Control on Collections Acceptance Advise Post dated/third party/outstation cheques Late collection period Overwriting on receipts/advance/duplicate receipts Daily cash balance statement Cash Box/Cash in safe Frequent dishounered Outstanding cheques
Classification of Premium A. Fire B. Marine I. II. Cargo Other than Cargo C. Miscellaneous (AS 17) 1. 2. 3. 4. 5. 6. 7. 8. (Commissions and Claims are classified based on classification of premium) Motor OD & TP WC Public/ Product Liability Engineering Health PA Aviation Others
Claims Claim Intimation Sanctioning of Claims Claim Discharge Voucher Payment of Claims Payment of Advocate Fees/ Surveyors Fees etc. Claim Paid Register
Commission & Brokerage Varied Rates of Brokerage & Commission Brokerage / Commission Business Statement Brokerage / Commission Payments Administrative Expenses Acquisition Cost
Collection Account Direct Premium/Coinsurance Premium Reinsurance Premium Premium Deposits/Cash Deposits Transfer/Duplicate Fees Misc. Collection Excess Disbursement
Financial Authority Extend of authority Exercise of power One step higher authority Passing of voucher validity
Disbursement Account Claims Surveyor s Fees/Investigator s Fees/Advocate s Fees Refund of Premium Commission/Brokerage/Administrative Exp. Other Disbursement: Exp. of Management (e.g. Salary, Rent) Deposits Advances Outstanding Exp. Other Payments
Disb for Management Exp. Expense of Management Salaries & Allowances Printing and Stationeries Telephone Travelling Motor Car Expenses Leave Encashment & LTS Postage Repairs & Maintenance AMC of various IT equipments Rent, Electricity Terminal Benefits (Depreciation - Adjustment Basis)
Advances Festival Draught / Flood Motor Car Repair Salary LTS Tour Other
Deposits Rent Electricity Telephone Motor Vehicle Security Others
Capital Expenditure IT Equipments Furniture & Fixtures Electrical Fittings Air Conditioners Motor Car etc.
Transfer of Funds & BRS Utilization Monitoring Automatic Weekly Transfer Laid-up Fund Bank Reconciliation Statement
Earned Premium A. Current Premium B. Add Opening Premium Reserve C. Less Closing Premium Reserve A + B C = Earned Premium
Premium Liabilities Premium Received in Advance Unearned Premium Premium Reserve for Unexpired Risk (Premium Deficiency-pricing)
Claims Liabilities a) Claims Paid b) Closing Outstanding Claims c) Opening Outstanding Claims a + b c = Incurred Claim a) IBNR / IBNER
Operating Result A. Earned Premium B. Incurred Claim C. Commission / Policy Stamps D. Management Expenses A (B+C+D) = Operating Result
Accounting Standard (AS) ICAI / IFRS Balance Sheet / Receipts & Payments and P & L Account in conformity with AS except AS 3 (Cash Flow- Direct Method) AS 13 (Accounting for Investment) AS 17 ( Segment Reporting)
Miscellany Catastrophe Reserves Reinsurance Investment Pattern of Investment as per IRDA Investment Regulations 2008 Determined Value of Real Estate / Debt Securities/Equities / Derivatives / Unlisted / Actively Traded in Investments/ Accounting Foreign Operations
Insurance Reserves Fate of KOYENA Insurance Co. of Japan A story of Additional Claim Liability of Rs.2760.00 Crore from Motor Pool Losses
Technical Reserves Reserves for unexpired risks Reserves for incurred but not reported claims IBNER Reserves for outstanding claims Fluctuation reserves
Thank You THANK YOU With Seasons Greetings 25