IRDAI vide Master Circular bearing reference no: IRDAI/NL/MSTCIR/RT/93/06/2024 dated June 14, 2024, issued Master Circular on Submission of Returns (“ Master Circular ”). The Master Circular shall apply to all Insurers including Foreign Reinsurance Branches in India.
The Master Circular supersedes the following Guidelines/Circulars:
1. Submission of Health Insurance Regulatory Returns through the Business Analytics Project (BAP) Module bearing reference no. IRDAI/HEALTH/GEN/BAP HEALTH INS/56/2 dated December 23, 2014.
2. Changes in Health Insurance Regulatory Returns as published under IRDA(Health Insurance) Regulations, 2013 bearing reference no. IRDA/HEALTH/GEN/BAPHEALTH/1/2015-16 dated December 23, 2014.
3. Submission of data in BAP Health Insurance Module-reg. bearing reference no. IRDAI/HEALTH/GEN/BAPHEALTH/1/2015-16 dated May 15, 2015.
4. Filling of Health Insurance Products through BAP F&U Health Insurance Module bearing reference no. IRDA/HEALTH/GEN/BAPHEALTH/2/2015-16 dated May 26, 2015.
5. Partial Modification of the provisions of Guidelines on Standardization in Health Insurance yearly returns to be furnished within 90 days from the close of the Financial year.
6. Extension of timelines for filing of health Quarterly Returns to the Authority bearing reference no. IRDAI/HLT/CIR/MISC/235/12/2022 dated December 06, 2022.
7. Submission of Reinsurance Returns bearing reference no. IRDAI/REIN/CIR/RT/1/1/2023 dated January 03, 2023.
8. Public Disclosures by FRBs/Lloyd’s India bearing reference no. IRDAI/REIN/CIR/MISC/112/6/2022 dated June 03, 2022.
9. Submission of Reinsurance Returns and Programme bearing reference no. IRDA/RI/CIR/MISC/011/01/2019 dated January 15, 2019/
10 . Periodical returns on grievance Redressal process bearing reference no. IRDAI/CAD/CIR/MISC/01/2016 dated January 31, 2016.
Major highlights of the Master Circular are as follows:
1. Submission of returns as specified under various regulations and corresponding Master Circulars: Insurers shall submit the returns specified under various IRDAI Regulations and corresponding master circulars as per the format prescribed under Book 1 attached herewith.
2. Submission of returns under BAP/Email: Insurers shall submit the returns as specified under various IRDAI Regulations and corresponding master circulars as per the format prescribed under Book 2 attached herewith.
3. Time Line for Submission: All the returns prescribed under the Master Circular shall be submitted by the Insurers in the desired frequency within the stipulated time as mentioned below:
a. Returns submitted through BAP will be continued to be submitted as per timelines stipulated in therein.
b. Returns submitted through E-mails shall be submitted 21 days from the end of the reporting period for Unaudited Returns, and 45 days from the end of reporting period for Audited Returns.
A copy of the Master Circular along with the formats (Zip Folder) is attached herewith for your reference.
Source category: IRDAI
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