Working Group on Accounting of Premium_ Claims and Related Expenses on Estimation Basis a

IRDAI vide its order bearing ref. no. IRDAI/F&I/ORD/MISC/152/7/2022 dated July 21, 2022 has formed a Working Group on Accounting of Premium, Claims and Related Expenses on Estimation Basis and Repatriation of Surplus by Branches of Foreign Reinsurers (FRBs) (Order).

IRDAI vide its Circular dated June 15, 2022, provided framework for ‘Accounting by FRBs on estimation basis’. Further, IRDAI has been receiving requests for approval for repatriation of surplus under Regulation 28(11) of the IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015. In order to examine above, IRDAI has formed a Working Group with the following members.

Sr.

Name

Designation and Organisation

Role in Working Group

1

Smt. Jayashree Ranade

GM & CFO, GIC Re

Chairperson

2

Mr. Hadi Raichi

CEO, Swiss Re India Branch

Member

3

Mr. Hitesh Kotak

CEO, Munich Re India Branch

Member

4

Mr. G.L.N. Sarma

CEO, Hannover Re India Branch

Member

5

Mr. Pankaj Kumar Tewari

GM (Reinsurance), IRDAI

Member

6

Mr. Mahesh Agarwal

GM (F&I), IRDAI

Member

7

Mr. Nirmal Jain

AM (F&I), IRDAI

Member-Convener

1.) The Terms of Reference of the Working Group are as follows:-

1. Study the existing practices being followed by FRBs and suggest the procedure to be followed with regard to accounting on estimation basis

2. Suggest framework to be put in place to permit the repatriation of surplus

3. Restrictions/conditions, if any, to be placed while permitting the repatriation of surplus.

4. Any other matter as may be considered appropriate regarding above

2.) The Working Group shall meet as often as may be required and submit its recommendation within 3 weeks of this Order.

Source category: IRDAI

Attachments

• /2022/67_ORDERO~1.PDF