FORM NL-16-ADVANCES AND OTHER ASSETS SCHEDULE

Name of the Insurer:  GENERAL INSURANCE CORPORATION OF INDIA   

ADVANCES AND OTHER ASSETS

( ₹ in 000)

Particulars

31.12.2020

31.12.2019

ADVANCES

1

Reserve deposits with ceding companies

86672 348

92785 734

2

Application money for investments

 0

 0

3

Prepayments

157 144

59 651

4

Advances to  Directors/Officers

3 202

5 778

5

Advance tax paid and taxes deducted at source (Net of provision for taxation)

7586 948

7217 682

6

Others

217 918

787 325

7

Deferred Commission

 0

 0

TOTAL (A)

94637 560

100856 170

OTHER ASSETS

1

Income accrued on investments

12148 759

10867 785

2

Outstanding Premiums

3

Agents’ Balances

4

Foreign Agencies Balances

2

Due from other entities carrying on insurance business  (including reinsurers)

176915 154

216851 729

Less: Provision for Doubtful Loans, Investment and Debts

10089 848

6868 601

166825 306

209983 128

3

Deposit U/S-7 of Insurance Act

 0

 0

4

Sundry Debtors

27 145

2100 431

5

Sundry Deposits

18368 374

13440 219

6

Provision for gratuity

 0

 0

7

MAT Credit Entitlement

12635 691

14438 189

8

Service Tax Unutilised Credit

 0

 0

9

GST Asset

818 791

2129 606

10

Others

 0

 0

a) VAT Asset Dubai

 0

 0

b)Pension Asset

 0

 0

c) Gratuity Asset

19 769

 0

TOTAL (B)

210843 835

252959 358

TOTAL (A+B)

305481 395

353815 528

Notes:

(a) The items under the above heads shall not be shown net of provisions for doubtful amounts. The amount of provision against each head should be shown separately.

(b) The term ‘officer’ should conform to the definition of that term as  given under the Companies Act, 2013.

(c)  Sundry Debtors will be shown under item 9(others)