Section 64V of IA : Section 64V: Assets And Liabilities How To Be Valued
IA
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Explanation using Example
An insurance company, "SecureLife Insurance," is preparing its annual financial statements for regulatory submission. According to Section 64V of The Insurance Act, 1938, the company must value its assets such as investments, properties, and stocks at their current market or realisable value, without inflating their worth. For example, if SecureLife owns a property that has a market value of $1 million, it cannot be listed as $1.5 million in its financi...
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