IRDAI vide reference no. IRDAI/NL/CIR/MISC/77/4/2022 has issued a Circular on ‘Dispensing with certain Non-Life Insurance returns’ dated April 28, 2022 (Circular).
Major highlights of the Circular are as follows:
IRDAI reviewed various returns collected from the insurer and has decided to dispense with the requirement of submission of the following returns:
- Data/statement covered in Sr. No. 3 to 7 of Schedule IV of Guidelines on Product Filing procedure for General Insurance products (5 returns) namely: Underwriting policy on product filing procedures for general insurance products as approved by the Board Changes in underwriting policy, if any List of all Products scrutinized by PMC under File and Use and Use and File procedures List of all new products introduced /Revision of existing product/Add on Cover by the insurer during the quarter under File and Use and Use and File procedures List of large risks underwritten( including credit risks of Rs. 100 Crs) . IRDAI has also clarified that the above statements shall be maintained systematically by the Insurers
- Offline Submission of Form I to X (business information related to policies, premium, claims and offices of general insurance companies) and Monthly Business Figures (11 returns) IRDAI has directed to discontinue submission of the aforementioned returns in offline mode. However, the same has to be submitted via BAP portal as per the periodicity and time-limits prescribed.
Source category: IRDAI
Attachments
- /2022/21_Dispensing_of_certain_returns28042022.pdf
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