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Sl No
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Compliance
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Details of the Compliance
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Date of Compliance
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1
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Statements Related to Finance
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Insurance companies have to mandatory file Balance Sheet, Directors Report, Auditors Report, Consolidated Financial Statement in the XBRL (Extensible Business Reporting System) Format.
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This specific MCA Compliance must be carried out 30 days after the Annual General Meeting.
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2
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Annual General Meeting
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The insurance company has to conduct an Annual General Meeting as per the provisions of the act. This is another mandatory MCA Compliance as per the companies act.
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This must be held within 30 days of incorporation of the insurance company.
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3
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Annual Return
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Return that is filed as per the requirements of tax purposes. Annual return is required to be filed by the company.
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Annual Return must be filed 60 days after the Annual General Meeting.
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4
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Income Tax Return
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These returns must be filed before the tax department. This is a mandatory MCA compliance to be filed by the company.
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Before 30th September every financial year.
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5
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Directors Reports
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The insurance company has to hold its meeting within 30 days of incorporation. Four meetings have to be held every year and not more than 120 days should be between any meetings.
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30 days after incorporation of the company. 4 meetings have to be conducted by the company every year.
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6
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Audit and Secretarial Report
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The company must publish secretarial and audit reports. This is when the paid-up capital of the company is more than Rs 50 Crore or its annual turnover is more than Rs. 250 crore. This is a Mandatory MCA compliance which has to be followed by an insurance company.
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This compliance has to be carried out by the Company Secretary.
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7
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SEBI related Compliances that have to be followed by the Insurance Company.
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Listing regulations of the SEBI(LODR) 2015 specify certain compliances that have to be carried out by the company in compliance with the SEBI Rules.
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8
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Corporate Social Responsibility Compliance by Insurance Company (MCA Compliance). Approve the CSR activities.
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Every insurance company that has a net worth of 500 Crore, Turnover of 1000 Crore, or a Net Profit of 5 Crore has to have a Corporate Social Responsibility Committee (CSR Committee).
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This would be applicable for a company that is disclosing profits. Four meetings must be conducted every year by the company.
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9
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Selection and Appointment of the CEO and the CFO
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Appointment of CEO and CFO must be carried out by Insurance Company. This is a mandatory MCA Compliance carried out by an insurance company.
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This must be done 30 days after having the annual general meeting of the company.
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10
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Declaration of Dividend
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Dividends have to be declared as per the company's act 2013.
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Dividends have to be declared after holding the first annual general meeting. The first annual general meeting is held nine months after forming the company.
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11
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Special Resolution that is passed in the Annual General Meeting.
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In a special resolution 75% votes are required from the majority. Special resolution requires to be passed at the annual general meeting.
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This must be done within 30 days of passing the resolution.
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12
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Disclosure of Financial Interest in the company
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This must be done by the directors if they are interested in a contract or special transaction with the company.
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Directors must disclose any special form of interest after their first appointment at the meeting.
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13
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Appointment of Cost Accountant
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A cost accountant must be appointed by the company. The cost accountant must not be the same as the chartered accountant.
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Appointment must be made 30 days after the meeting or 180 days of the financial year whichever is earlier.
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