IRDAI vide Circular bearing reference number: IRDA/REIN/CIR/RISF/4/1/2024 dated January 05, 2024, has issued an advisory with respect to submission of the Advance Reinsurance Programmes by the Insurers.
The major highlights of the Circular are as follows:
The Authority has advised all insurers and exempted to ensure the following services:
1. The formats for submission of summary advance reinsurance programme has been provided as Annexure A for General Insurers (including SAHI, Reinsurance, FRBs and Exempted Insurers) and as Annexure B for Life Insurers and FRBs.
2. It has been advised to all Insurers to follow the guidelines outlined in Annexure C while submitting information in the specified format.
3. The Board of all Insurers have been advised to ensure that the advance reinsurance programme is submitted to the IRDAI in the specified format and within the stipulated timeframe.
4. In the case of Exempted Insurers, if there is no Board/CEO/CFO, the Authorised Persons to ensure the submission of the advance reinsurance programme in the specified format.
5. The Insurers have been directed to submit a Certificate duly signed by CEO and CFO in the format provided as Annexure D , confirming the information in the summary Reinsurance programme.
A copy of the Circular and the Annexures are attached for your ready reference .
Relevant Governing law:
Regulation 3(A) of the IRDAI(Re-Insurance) Regulations, 2018 requires the Insurers to submit to IRDAI an advance reinsurance programme in a specified summary format, at least 45 days before the commencement of any financial year.
Source category: IRDAI
Attachments
- /2024/328_Annexure_C.pdf
- /2024/328_Annexure_D.pdf
- /2024/328_Submission_of_Advance_Reinsurance_Programme.pdf
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