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Spring / February 2012

Master of Business Administration- MBA Semester 4
MF0015 — International Financial Management – 4 Credits
(Book ID: B1316)
Assignment Set- 1 (60 Marks)
Note: Each Question carries 10 marks. Answer all the questions.

Q1. You are given the following information:
Spot EUR/USD : 0.7940/0.8007
Spot USD/GBP: 1.8215/1.8240
Three months swap: 25/35
Calculate three month EUR/USD rate.

Ans:-
Forward Points = ((Spot * (1 + (OCR rate * n/360))) / (1 + (BCR rate * n/360))) – Spot
OCR = Other Currency Rate
BCR = Base Currency Rate
Forward points = ((0.07940 * (1 + (0.018215 * 90/360))) / (1 + (0.08007 * 90/360))) — 0.07940
SWAP = -0.00120
Forward rate = 0.07940 – 0.00120 = 0.0782
Customer sells EUR 3 Mio against USD at 0.0782 at 3 month (0.07940 – 0.00120).
Customer wants to Buy EUR 3 Mio against USD 3 months forward.

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Q2. Distinguish between Eurobond and foreign bonds. What are the unique characteristics of Eurobond markets?
Ans:- A Eurobond is underwritten by an international syndicate of banks and other securities firms, and is sold exclusively in countries other than the country in whose currency the issue is denominated. For example, a bond issued by a U.S. corporation, denominated in U.S. dollars, but sold to investors in Europe and Japan (not to investors in the United States), would be a Eurobond. Eurobonds are issued by multinational corporations, large domestic corporations,

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Q3. What is sub-prime lending? Explain the drivers of sub-prime lending? Explain briefly the different exchange rate regime that is prevalent today.

Q4. Explain (a) Parallel Loans (b) Back — to- Back loans

Q5. Explain double taxation avoidance agreement in detail

Q6. What do you mean by optimum capital structure? What factors affect cost of capital across nations?

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Spring / February 2012

Master of Business Administration- MBA Semester 4
MF0015 — International Financial Management – 4 Credits
(Book ID: B1316)
Assignment Set- 2 (60 Marks)
Note: Each Question carries 10 marks. Answer all the questions.
Q1. “Because of its broad global environment, a number of disciplines (geography, history, political science, etc.) are useful to help explain the conduct of International Business.” Elucidate with examples.

International Finance is a distinct field of study and certain features set it apart from other fields. The important distinguishing features of international finance are discussed below:
– Foreign exchange risk: An understanding of foreign exchange risk is essential for managers and investors in the modern day environment of unforeseen changes in foreign exchange rates. In a domestic economy this risk is generally ignored because a single national currency serves as the main medium of exchange within a country. When different national currencies are exchanged for each other, there is a definite risk of volatility in foreign exchange rates. The present International Monetary System set up is characterized by a mix of floating and managed exchange rate policies adopted by each nation keeping in view its interests. In fact, this variability of exchange rates is widely regarded as the most serious international financial problem facing corporate managers and policy makers.
– Political risk: Another risk that firms may encounter in international finance is political risk. Political risk ranges from the risk of loss (or gain) from unforeseen government actions or other events of a political character such as acts of terrorism to outright expropriation of assets held by foreigners. MNCs must assess the political risk not only in countries where it is currently doing business but also where it expects to establish subsidiaries. The extreme form of political risk is when the sovereign country changes the “rules of the game” and the affected parties have no alternatives open to them.
– Expanded opportunity sets: When firms go global, they also tend to benefit from expanded opportunities which are available now. They can raise funds in capital markets where cost of capital is the lowest. In addition, firms can also gain from greater economies of scale when they operate on a global basis.
– Market imperfections: The final feature of international finance that distinguishes it from domestic finance is that world markets today are highly imperfect. There are profound differences among nations’ laws, tax systems, business practices and general cultural environments. Imperfections in the world financial markets tend to restrict the extent to which investors can diversify their portfolio. Though there are risks and costs in coping with these market imperfections, they also offer managers of international firm’s abundant opportunities.

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Q2. What is a credit transaction and a debit transaction? Which are the broad categories of international transactions classified as credits and as debits?

Q3. What is cross rates? Explain the two methods of quotations for exchange rates with examples.

Q4. Explain covered and uncovered interest rate arbitrage.

Q5. Explain briefly the mechanism of futures trading
Q6. Briefly explain the difference between ‘functional currency’ and ‘reporting currency’. Identify the factors that help in selecting an appropriate functional currency that can be used by an organisation.

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Spring / February 2012

Master of Business Administration- MBA Semester 4
MF0016 — Treasury Management – 4 Credits
(Book ID: B1311)
Assignment Set- 1 (60 Marks)
Note: Each Question carries 10 marks. Answer all the questions.
Q1. Bring out in a table format the features of certificate of deposits and commercial papers.

Commercial Papers (CPs)
Commercial Papers (CPs) is a type of instrument in money market and it was introduced in Jan 1990. Commercial paper is a short-term unsecured promissory note issued by large corporations. They are issued in bearer forms on a discount to face value. It issued by the corporations to raise funds for a short-term. The maturity period ranges from 30 days to one year. CPs is negotiable by endorsement and delivery. They are highly liquid as they have buy-back facility.
The CPs is issued in denominations of Rs. 5 lakh or multiples of Rs. 5 lakh. Generally CPs is issued through banks, dealers or brokers. Sometimes they are issued directly to the investors. It is purchased mostly by the commercial banks, Non-Banking Finance Companies (NBFCs) and business organisations. CPs is issued in domestic as well as international financial markets. In international financial markets, they are known as Euro-commercial paper.
Certificate of Deposits (CDs)
Certificate of deposit (CDs) is a short-term instrument issued by commercial banks and financial institutions. It is a document issued for the amount deposited in a bank for a specified period at a specified rate of interest. The concerned bank issues a receipt which is both marketable and transferable in the market. The receipts are in bearer or registered form. CDs are known as negotiable instruments and they are also known as Negotiable Certificates of Deposit. Basically they are a part of bank’s deposit; hence they are riskless in terms of payments and principal amount. CDs are interest-bearing, maturity-dated obligations of banks. CDs benefit both the banker and the investor. The bankers need not encash the deposit before the maturity and the investor can sell the CDs in the secondary market before the maturity. This contributes to the liquidity and ready marketability for the instrument. CDs can be issued only by the schedule banks. It is issued at discount to face value. The discount rate depends on the market conditions. CDs are issued in the multiples of Rs. 25 lakh and the minimum size of the issue is Rs.1 crore. The maturity period ranges from three months to one year.
The introduction of CDs in Indian market was assessed in 1980. RBI appointed the Vaghul Working Group to study the Indian market for five years. Based on the suggestions of Vaghul committee; RBI formulated a scheme for the issue of CDs. As per the scheme, CDs can be issued only by the scheduled banks at a discount rate to face value. There is no restriction on the discount rate by the RBI.

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Features of commercial papers

Q2. What is capital account convertibility? What are the implications on implementing CAC?

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Q3. Distinguish between CRR and SLR
Cash Reserve Ratio

Q4. Explain various sources of interest rate risk.

Q5. Describe the three approaches to determine VaR

Q6. What is liquidity gap and detail the assumptions of it?
Liquidity Gap Report

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Spring / February 2012

Master of Business Administration- MBA Semester 4
MF0016 — Treasury Management – 4 Credits
(Book ID: B1311)
Assignment Set- 2 (60 Marks)
Note: Each Question carries 10 marks. Answer all the questions.
Q1. What are the features of ADRs and GDRs?

ADRs and GDRs
A Depository Receipt (DR) is a versatile financial security that is traded on a local stock exchange but it represents a security that is issued by a foreign publicly listed company. Two of the most common types of DRs are the American Depository Receipt (ADR) and Global Depository Receipt (GDR).
ADR is a security issued by a non-U.S. company and is traded on U.S. stock exchanges. ADRs are issued to offer investment methods that avoid the unwieldy laws applied to the non-citizens who buy shares on local exchanges. ADRs are listed on NYSE, AMEX or NASDAQ.
Few advantages of ADRs are:
– ADRs are easy and cost efficient methods to buy shares in foreign companies.
– ADRs save money by reducing administration costs and avoiding foreign taxes on the transaction.
GDRs were developed on the basis of ADRs and are listed on stock exchanges outside US. GDRs are traded globally instead of the original shares on exchanges. The objective of GDR is to enable investors to gain economic exposure to a planned company in developed markets.
Features of GDRs are as follows:

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GDR holders do not have a voting right.
– It has less exchange risk as compared to foreign currency loan.
– GDR investors may cancel his receipt by advising the depository.
ADRs and GDRs are excellent means of investment for NRIs and foreign nationals who want to invest in India.

Q2. Explain FEMA and highlight the effect of FEMA on liberalisation.

Q3. What are the factors which distinguishes multinational cash management from domestic cash management?

Q4. Explain the framework for measuring and managing the liquidity risks.
Measuring Liquidity Risk

Q5. Discuss the interest rate management using FRAs and swaps and the role of financial intermediaries.

Q6. Illustrate few issues that need to be considered while developing market risk management policies.

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Spring / February 2012

Master of Business Administration- MBA Semester 4
MF0017 — Merchant Banking and Financial Services – 4 Credits
(Book ID: B1318)
Assignment Set- 1 (60 Marks)
Note: Each Question carries 10 marks. Answer all the questions.
Q1. Discuss the role of a custodian of shares.
Custodial services refer to the safeguarding of securities of a client. The activities relating to custodial services involve collecting the rights benefiting the client in respect to securities, maintaining the securities’ account of the client, informing the clients about the actions taken or to be taken, and maintaining records of the services.
Custodian of services is a person who proposes or carries on the business of providing custodial services. The custodian provides the services to a client. To receive custodial services, the client enters into an agreement with the custodian of securities. The custodian of securities must be registered with the SEBI. The person proposing to carry on business as custodian of securities after the commencement of the SEBI regulations has to send an application to the Board to grant a certificate. The applicant has to provide the necessary information to the Board to receive the certificate of registration. The application without complete information is rejected. However, before rejecting any application, the Board gives an opportunity to the applicant to remove the objection within a specified time.
Custodial services is a new method of services provided to Foreign Institutional Investors (FIIs) and Mutual Funds (MFs) to protect their assets such as security certificates and documents of ownership. Every custodian should have adequate facilities, sufficient capital and financial strength to manage the custodial services.
Roles and responsibilities of custodians
The SEBI regulations prescribe the roles and responsibilities of the custodians. According to the SEBI the roles and responsibilities of the custodians are to:
– Administrate and protect the assets of the clients.
– Open a separate custody account and deposit account in the name of each client.
– Record assets.
– Conduct registration of securities.
– Segregate securities and cash belonging of each client from others including custodian himself.

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Take adequate insurance of risks.
– Maintain records manually or in machine readable form.
– State clearly the method and system of receiving instructions from the client regarding collection, receipt, reporting and delivery of securities.
– Conduct verification of securities and to follow the stated control mechanism.
– Mention specifically the fees charged in the agreement.
– Conduct audit annually.
The custodian should have an adequate internal control system to prevent the manipulation of records and documents, which includes audit for securities and entitlements arising from securities, and held on behalf of the clients. To ensure that securities are protected from theft and natural hazards, the custodian must have appropriate safekeeping measures. On behalf of the client, the custodians have to maintain records and documents such as details of securities, money received and released registration of securities, and all reports submitted to the SEBI.
To monitor the compliance to the SEBI Act, every custodian of securities appoints a compliance officer. The SEBI can ask for any information with respect to any matter relating to the activities of the custodian. The SEBI is authorised to conduct inspection or investigation of accounts, documents or records of the custodians to ensure that the provisions of the SEBI Act and regulations are followed. In case of default, the SEBI can suspend or cancel registration of a custodian.
Every registered custodian must follow the code of conduct prescribed by SEBI. The following are the code of conduct prescribed by SEBI:
– Integrity — The custodian of securities must maintain high standards of integrity and professionalism while discharging duties.
– Prompt distribution — The custodian of securities must be prompt in distributing interests and divide

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nds collected by him, on behalf of his clients on the securities held in custody.
– Infrastructure — The custodian of securities must establish and maintain suitable infrastructure to discharge custodial services to the satisfaction of the clients. The operating procedures and systems of the custodian of securities need to be well documented.
– Accountability — The custodian of securities is responsible for the movement of securities. The movement of securities can be from custody account, deposit and withdrawal of cash from the client’s account. Whenever demanded by SEBI or the client, the custodian of securities must provide the complete audit trail.
– Confidentiality — The custodian of securities has to maintain confidentiality regarding the client.
– Precautions — The custodian of securities must take necessary precautions to ensure that continuity in custodial records is not lost or destroyed. To maintain sufficient backup records, the custodial records are kept electronically.
– Records — The custodian of securities must create and maintain records of securities held in custody appropriately. This must be done to locate securities or obtain duplicate documents easily if the original records are lost due to any reason.
– Cooperation — The custodian of securities must cooperate with other custodial entities and depositories which are necessary for the conduct of business, especially in the areas of inter custodial settlements and transfer of securities and funds.
– Diligence — The custodian of securities must exercise diligence in administrating and safekeeping the client’s assets which are in his custody.

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Q2. What are the provisions for prevention of fraudulent and unfair trade practices by SEBI regulations?

Q3. Explain the different life insurance products.

Q4. Describe the deposit products and loan products.

Deposit products

Q5. Discuss about the two important credit rating agencies in India.

Q6. Describe issue management in merchant banking.

Spring / February 2012

Master of Business Administration- MBA Semester 4
MF0017 — Merchant Banking and Financial Services – 4 Credits
(Book ID: B1318)
Assignment Set- 2 (60 Marks)
Note: Each Question carries 10 marks. Answer all the questions.
Q1. Give examples of various venture capital funds that are present and examples of some business ventures that have been successful with venture capital financing.

Indian Venture Capital Scenario
In India, the emergence of venture capital companies is a relatively new phenomenon. Until 1985, individual investors and Development Finance Institutions (DFIs) have played the role of venture capitalists in the absence of an organised venture capital industry. During that time entrepreneurs have largely depended on private placements, public offerings and lending by financial institutions. The venture capital phenomenon has arrived at a take-off stage in India with the easy availability of risk capital in all forms. In the earlier stage, it was easy to raise only growth capital but financing of ideas or seed capital is now available after the introduction of venture capital phenomenon. The number of players offering growth capital and the number of investors is rising rapidly.
In India, the concept of venture capital was initiated by the Industrial Finance Corporation of India (IFCI) when it established the Risk Capital Foundation (RCF) to provide seed capital to small and risky projects. However, the concept of venture capital financing first time got statutory recognition in the fiscal budget for the year 1986 to 1987.
The venture capital companies operating at present in India can be divided into four categories based on their mode of promotion. Let us read about each mode.

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Promoted by All-India Development Financial Institution (IDFI)
The ICICI provided the required impetus to venture capital activities in India. In 1986 it started providing venture capital finance. In 1998, it promoted with the Unit Trust of India (UTI) and Technology Development and Information Company of India (TDICI) as the first venture capital company registered under the Companies Act, 1956.
The risk capital foundation established by the IFCI in 1975 was converted to Risk Capital and Technology Finance Company (RCTC). The RCTC was established as a subsidiary company of IFCI to provide assistance in form of conventional loans and to give financial support to high technology projects.
Promoted by state level finance institution
In India, the state level financial institutions in some states like Gujarat, Uttar Pradesh have done an excellent job by providing venture capital finance to small scale enterprises.
Promoted by commercial banks
Venture capital funds have been established by their corresponding commercial banks to undertake venture capital financing activity. Examples of these funds are Canbank venture capital fund, State bank venture capital fund, and Grindlays bank.
Private venture capital funds
In India, several venture capital funds have been established to provide funding to various small scale enterprises. Examples of these funds established in India are 20th Century Venture Capital Corporation and Indus venture capital fund.

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Q2. Mutual fund schemes can be identified by investment objective, List one scheme within each category.

Q3. What are the advantages of leasing to a company ?
Advantages of leasing

Q4. What is the provision of green shoe option and how is it used by companies to stabilize prices?

Q5. What do you understand by insider trading? What are the SEBI rules and regulations to prevent insider trading?

Q6. A company wishes to take machinery on lease. Study the lease options available to the company.

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Spring / February 2012

Master of Business Administration- MBA Semester 4
MF0018 —Insurance and Risk Management- 4 Credits
(Book ID: B1319)
Assignment Set- 1 (60 Marks)
Note: Each Question carries 10 marks. Answer all the questions.
Q1. Discuss the guidelines for settlement of claims by Insurance company.

General guidelines for claims’ settlement
There are some guidelines that must be followed while settling the claims. These guidelines are general in nature, and are not compiled to be the same always. Therefore, the claim settling authority uses discretion and records reasons.
Appointment of surveyor
The Insurance Act states that surveyor should survey claims above Rs. 20,000. The surveyor’s appointment should be based on the following points:
– The surveyor should have a valid license.
– The surveyor selected should consider the type of loss and nature of the claims.
– Depending on the situation, if technical expertise is required, a consultant having technical expertise assists the surveyor.
– One surveyor can be used for various jobs, if the surveyor’s competence is good for both.
Appointment of investigator
Depending on circumstances, it is necessary to appoint an investigator for verifying the claim version of loss. The appointing letter of the investigator o mentions all the reference terms to perform.
Guidelines for Settlement of Claims by IRDA
1. Proposal for insurance
The proposals for insurance are:
– In all cases to claim insurance, a proposal for grant of cover should be submitted with proof (a written document). But a written proposal form is not required for marine insurance markets.
– Depending on the circumstances of the claim, forms and documents in the grant of cover can be made available in the languages recognised by the constitution of India.

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– The prospect is to fill the form of proposal, under the guidance of the provisions of section 45 of the Insurance Act.
– If a proposal form is not used, the insurer has to record the information obtained, orally or in writing, and confirmation is to be done by the insurer within 15 days. If any information is not recorded, the burden of the missing information lies on the insurer, in case he claims that the insured is suppressing information or is providing misleading information.
– The insurer is to educate the proposer, concerning the facilities available, like appointing nominee or any facility based on the terms of act or conditions of policy.
– The insurer has to process the proposal quickly and efficiently. All the decisions and confirmations should not exceed 15 days from the receipt of proposal by the insurer.
2. Matters to be stated in life insurance policy
A life insurance policy should clearly state the following:
– The name of plan in the policy, its terms and conditions.
– Whether participating in profits or not.
– The profits such as cash bonus deferred bonus, simple or compound bonus, if participating.
– The terms and conditions of the contract, benefits payable and contingencies on which the benefits are payable.
– The dates of commencement of the policy, benefits availing date and maturity date.
– The time gap to pay premiums, the amount of premium, the grace period to pay premium.

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– The implications of not paying premium and the provisions of a surrender value.
– Policy requirements for converting the policy into paid-up policy, surrender value, non-forfeiture and to revive lapsed policy.
– The provision for loan keeping the policy as the security and the rate of interest on the loan amount is to be mentioned at the time of taking the loan.
– The address of the insurer to communicate with regard to the policy.
– All the documents to avail claim under a policy.
– When acting under regulations to forward policy to the insured, the insurer has to inform that the letter forwarded has a time span of 15 days from the date of receipt, to review the terms and conditions of the policy. If, in case, the insured do not agree, they can return the policy stating the reasons for objection. The insured is entitled to refund the premium which is subjected to a deduction with respect to a proportionate risk premium.
With respect to the policy coverage, if the premium charge depends on age, the insurer should verify the age before issuing the policy document. If the premium charge does not depend on age, the insurer is to obtain the proof of age as soon as possible.
3. Claims procedure of life insurance policy
The claims procedures with respect to life insurance policy are:
1. A life insurance policy should state all the documents to be submitted by a claimant, to support a claim.
2. A life insurance company on receiving a claim, has to process the claim. Any additional document, if needed, is to be raised within a period of 15 days of the receipt claim.

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3. A claim under a life policy has to be paid or disputed, by giving relevant reasons, and clarifying within 30 days from the date of receipt. All investigations, that is, initiations and completions of investigations, must be done not later than 6 months.
4. If a claim is ready for payment, but the payment is not made because of reasons related to proper identification of the payee, the insurer has to hold the amount for the benefit of the payee, and earn interest at the rate applicable to a savings bank account.
5. If there is a delay in payment from the part of the insurer, in processing a claim, then the insurance company has to pay the claim amount at a rate two percent above the bank rate, according to the rate at the beginning of the financial year, in which the claim is reviewed.

Q2. What is premium accounting and claim accounting?
Premium accounting

Q3. Critically evaluate the role of agents in insurance industry.

Q4. Explain product design and development process in Insurance Industry.
Q5. What is facultative reinsurance and treaty reinsurance?

Q6. What is the role of information technology in promoting insurance products?

Spring / February 2012

Master of Business Administration- MBA Semester 4
MF0018 —Insurance and Risk Management- 4 Credits
(Book ID: B1319)
Assignment Set- 2 (60 Marks)
Note: Each Question carries 10 marks. Answer all the questions.
Q1. What is the procedure to determine the value of various investments?

Procedure to determine the value of investments
According to this sub clause of the Regulations, a detailed procedure has been prescribed for determining value of various investments like real estate, debt securities and equity securities.
Real estate
– Investment property — The investment property can be valued at a historical cost after deducting the accumulated depreciation and impairment loss. Residual value is considered zero and no re-evaluation is allowed. The change in the carrying amount of the investment property shall be taken to Revaluation Reserve.
– The insurers can asses at every balance sheet date to check whether an impairment of the investment property has occurred.
– All impairment losses are recognised as expense in the Revenue/Profit and Loss account.
Debt securities
Debt securities that include the government securities and the redeemable preference share must be considered as “held to maturity” securities and can be measured at an historical cost that is subjected to amortisation.

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Equity securities and derivative instruments that are traded in active markets
– Limited equity securities and derivative instruments that are traded in active markets must be measured at a fair value according to the balance sheet date. The lowest of the last estimated closing price of the stock exchanges where securities are listed can be considered for estimating the fair value.
– The insurer can assess the balance sheet date to check whether an impairment of the listed equity security instruments has occurred.
– An active market means the market where the securities that are traded are homogenous, it has normal willing buyers and sellers and the prices are available publicly.
– Unrealised gains or losses that arise due to the change in the fair value of listed equity shares and derivative instruments can be considered under the heading “Fair Value Change Account” and reported in Profit or Loss account. The profit or loss on sale of such investments can include the accumulated changes of the fair value that was previously recognised under the heading Fair Value Change Account with respect to a particular security and recycled to Profit and Loss Account on actual sale of that listed security.
– The balance in Fair Value Change Account or any part thereof cannot be distributed as dividends. In addition to this, while declaring dividends, any debit balance in the Fair Value Change Account can be reduced from the profits or free reserves.
Loans
Loans can be calculated at a historical cost that is subjected to impairment provisions.
Catastrophe reserve
Catastrophe reserve can be created according to the norms, if any prescribed by the authority. Fund investment out of catastrophe reserve can be made according to the instruction given by the authority. Further it is clarified that this reserve is created to meet the losses that may arise because of some unexpected set of event and not any definite known reason.
The following need to be disclosed as notes to the Balance Sheet:
– Contingent liabilities:
– Partly paid-up investments.
– Outstanding underwriting commitments.
– Claims not judged as debts.
– Guarantees provided by or on behalf of the company.
– Statutory demands.
– Reinsurance commitments.
– Others (to be specified).
– Encumbrances to company assets (inside and outside India)
– Obligations made for loans, investments and fixed assets.
– Agein

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g of claims.
– Premiums, less reinsurance.
– Recognition of premium income extent based on different risk patterns.
– Contract values with respect to investments.
– Procurements where deliveries are delayed and pending.
– Sales where payments are not settled.
– Operational expenditures of the insurance business.
– Historical costs of valued investments on a fair value basis.
– Calculation of remuneration of managers.
– Amortisation basis of debt securities.
– Unrealised gains or losses due to fair value changes of equity shares and derivative instruments.
– The credit balance in Fair Value Change account is not available for distribution when realisation is pending.
– Fair value of investment property and its basis.
– Claims settled and outstanding claims for a period of more than six months on the balance sheet date.
The following accounting policies form an integral part of financial statements:
– All important accounting policies with respect to accounting standards issued by ICAI, important policies mentioned in Part I of Accounting Principles. Other accounting principles of an insurer are stated according to Accounting Standard AS 1 by ICAI.
– Any departure from the accounting policies as abovementioned need to be separately revealed with reasons.
The following information also needs to be disclosed:
– Investments made according to statutory requirements need to be disclosed separately together with its amount, security and special rights inside and outside India.
– Segregation of performing and non performing investments for income purpose as per the directions issued by authorities.
– Percentage of business sector-wise.
– Summarised financial statements of last five years prescribed by authorities.
– Accounting ratios provided by authorities.
– Allocation of interests, dividends and rents among revenues, profits and losses.

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Q2. Explain chance of loss and degree of risk with examples.
Q3. Explain in detail Malhotra Committee recommendations?
Q4. What is VAR and how it is useful in risk management tool?
Q5. List and explain briefly the organisations of insurers in India.
Q6. Explain different types of pricing objectives and methods.

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