III IC-46 study guide
III IC-46 · Work through your exam, one topic at a time.
IC-46, titled General Insurance Accounts Preparation and Regulation of Investment, is a professional examination subject offered through the Insurance Institute of India's examination stream, and it appears in the Institute's study material list in both English and Hindi. It is aimed at candidates working in or moving toward finance, accounts, and investment functions inside general insurance companies - people who need to read and prepare insurer financial statements and who must understand how insurance funds may be invested and regulated. The subject is split evenly between two halves: general insurance accounts preparation and regulation of investment, so preparation should treat them as equal partners rather than treating accounts as the main course and investment rules as an appendix. Study material is available through the Institute's study material purchase channels, which list hard copy, e-book, and audio book options; note that 5% GST charges are applicable on e-books from 20.03.2026. Topics on this exam: General Insurance Accounts Preparation and Regulation of Investment. The III IC-46 study guide has 2 sections and about 707 words.
01General Insurance Accounts Preparation
This domain tests whether you can build and read a general insurer's financial statements: Revenue Account, Profit and Loss Account, Balance Sheet and supporting schedules. The exam focuses on premium earned, claims incurred, reserves, reinsurance and solvency, not on bookkeeping mechanics. A general insurer prepares financial statements under the Insurance Act, 1938 and the IRDAI (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations, 2002, with segmental Revenue Accounts for classes such as fire, marine, motor, health and miscellaneous. Gross premium written less reinsurance ceded gives net premium.
362 words, about 2 min02Regulation of Investment
This domain tests the rules and governance around investing insurance funds, especially policyholders' funds. It covers the legal framework, permitted asset classes, exposure limits, valuation, ALM and compliance. Insurer investments are governed by the Insurance Act, 1938, the IRDA Act, 1999 and IRDAI investment regulations, principally the IRDAI (Investment) Regulations, 2016, read with circulars and the insurer's Board-approved investment policy. Policyholders' funds must be invested under the prescribed pattern: minimum holdings in government and approved securities, ceilings on corporate bonds, equity, real estate, infrastructure and mutual funds, and limits by issuer, group, sector and related party.
345 words, about 2 min