any one explain catastrophic reserve
7 Replies
triumph-CMA
(Chartered Accountant)
(503 Points)
Replied 23 February 2009
any one explain catastrophe reserve maintained by Insurance companies.
Rahul Gupta
(CA Final Student)
(1780 Points)
Replied 24 February 2009
Hello sir.
catastrophe reserve is a reserve which is to be created in accordance with the norms prescribed by the authority.
Investment of funds out of catastrophe reserve shall also made in accordance with the prescripttion of the authority.
catastrophic reserve means a reserve which is meant for meeting losses arising from an entirely unexpected set of events and not for any specific purpose.
This reserve is in the nature of an amount set aside
Losses from storms, tornadoes, floods, earthquakes
Reserves against these types of losses are termed
IRDA has not yet specified any
However creation of catastrophe
Note: Application of Accounting Standard-28,
Regards
Rahul Gupta
Rahul Gupta
(CA Final Student)
(1780 Points)
Replied 24 February 2009
Hello sir.
catastrophe reserve is a reserve which is to be created in accordance with the norms prescribed by the authority.
Investment of funds out of catastrophe reserve shall also made in accordance with the prescripttion of the authority.
catastrophic reserve means a reserve which is meant for meeting losses arising from an entirely unexpected set of events and not for any specific purpose.
This reserve is in the nature of an amount set aside
Losses from storms, tornadoes, floods, earthquakes
Reserves against these types of losses are termed
IRDA has not yet specified any
However creation of catastrophe
Note: Application of Accounting Standard-28,
Regards
Rahul Gupta
Rahul Gupta
(CA Final Student)
(1780 Points)
Replied 24 February 2009
Hello sir.
catastrophe reserve is a reserve which is to be created in accordance with the norms prescribed by the authority.
Investment of funds out of catastrophe reserve shall also made in accordance with the prescripttion of the authority.
catastrophic reserve means a reserve which is meant for meeting losses arising from an entirely unexpected set of events and not for any specific purpose.
This reserve is in the nature of an amount set aside
Losses from storms, tornadoes, floods, earthquakes
Reserves against these types of losses are termed
IRDA has not yet specified any
However creation of catastrophe
Note: Application of Accounting Standard-28,
Regards
Rahul Gupta
triumph-CMA
(Chartered Accountant)
(503 Points)
Replied 28 February 2009
Thanks Rahul
Best wishes for your Final Exams
Sakshi Chanana
(Article)
(141 Points)
Replied 03 March 2009
Catastrophic reserve means a reserve which is meant for meeting losses arising from entirely unexpected set of events & not for any specific known purpose.
kamlesh
(Asst. Audit Officer)
(24 Points)
Replied 03 July 2012
whether provision for catastrophe losses compulsory for reinsurance business, if yes under what circumstances and under which section. of the act
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