Chennai, Oct 18 (TIWN) Transparency is certainly at a premium in cash-rich Insurance Regulatory and Development Authority of India (IRDAI) that had earned over about Rs 268 crore during FY20, mostly from policyholders and has fixed deposits of over Rs 1,450 crore, a senior official said.

While prescribing the detailed public disclosure norms for insurers, the IRDAI does not disclose its full accounts in its annual reports, an official, who spoke on condition of anonymity, told IANS.  The IRDAI's annual report for 2019-20 does not contain its full accounts: Receipts and Payments Account, Income and Expenditure Account, and the Balance Sheet.  An official told IANS that for fiscal 2019-20, the IRDAI had earned a total income of about Rs 268 crore and the excess of income over expenditure was a whopping Rs 102.44 crore.  The IRDAI's asset side of the balance sheet for FY20 is about Rs 1,805 crore of which Rs 1,644.59 crore consists of investments/fixed deposits, current assets (cash and bank balances, loans and advances, and others), the official added.  The Central government has been asking the IRDAI to transfer its funds to the Public Account of India and withdraw a specified amount at the beginning of the fiscal.