IRDAI vide reference no. IRDAI/F&A/CIR/MISC/98/5/2022 has issued a Circular on ‘Discontinuation of monthly Solvency Returns’ dated May 12, 2022 (Circular).
Major highlights of the Circular are as follows:
In accordance to the Circular, insurers are directed to discontinue with the filing of monthly solvency returns to IRDAI with immediate effect. However, IRDAI has further clarified that the insurers whose solvency margin is less than 1.55 as at the end of any quarter shall continue to report the monthly solvency position until the solvency position is restored to 1.55, by an e-mail marked to finance-nonlife@irdai.gov.in .
Source category: IRDAI
Attachments
- /2022/35_2022-05-12_Discontinuation_of_monthly_Solvency_Returns.pdf
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