Registration with IRDA : This Department is registered with IRDA under Reg. No.539 as per 3 of Insurance Act 1938 and Registration is renewed every year as per 3(a) of the same Act on remitting the renewal fees.
Proforma Accounts : Since State Insurance Department is a commercial department, Proforma accounts is prepared in the prescribed form and Accountant General certifies the Fund Balance of the Department every financial year. Entire management expenses of the Department and Pension Contribution of employees are deducted from the Fund Balance of the department. Even after this the department is making profit in both Life Insurance and General Insurance.
Fund Balance & Profit : This department is sharing a portion of profit earned in General Insurance business every financial year. Total Fund Balance for the financial year 2013-2014 is Rs. 3542.55 Crores.