Important Points for IC 89 - Management Accounting Exam
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The following are the requisites of an effective management information system: Strong database, Qualified and dedicated Staff members, Support of Top management, Maintenance of MIS, Evaluation of MIS.
Public Disclosure of insurance companies help the regulator to formulate, revise and amend various regulations from time to time to bring more market discipline required for real and sustainable development of the insurance sector.
With adequate Public Disclosure in respect of product features and availability, corporate policy, solvency, liquidity, profitability and transparency in administration, the insured and the prospect can take conscious and informed decisions in regard to selection of insurers and insurance products or policies to meet their specific needs.
The International Association of Insurance Supervisors (IAIS), has also dealt with various aspects related to public disclosures by insurance companies through issuance of Guidance Papers, Standards and Principles.
In ICP 26 Information, disclosure and transparency towards the market, one of the 28 core principles of standards and codes in place by IAIS provides that The supervisory authority requires insurers to disclose relevant information on a timely basis in order to give stakeholders a clear view of their business activities and financial position and to facilitate the understanding of the risks to which they are exposed".
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