Insurance sector regulator, Insurance Regulatory and Development Authority (Irda) has asked all insurers to mention details of penal actions taken against them by the government bodies since the last financial in their financial statements.

“All insurers are required to provide details of various penal actions taken by various government authorities from the financial year 2008-09 onwards in their financial disclosure,” Irda Member (F&I), C R Muralidharan, said in a circular issued on Tuesday.

The insurance companies are required to give details in a prescribed format designed by the insurance regulator within 30 days from Tuesday and signed by the statutory authority of the insurer.

“In view of the advanced stage of finalisation of accounts by the insurers, the said disclosures for 2008-09 may be made to the Authority through a separate filing," the circular said.

The details should also be incorporated in their Annual Reports with effect from 2008-09 onward, the circular said.

The insurance companies would send a 'nil report in case no penalties have been imposed on them, the circular said.