IRDAI has issued an Order bearing reference number IRDAI/F&A/ORD/MISC/109/6/2022 dated June 3, 2022 in the matter of Aditya Birla Health Insurance Co. Ltd ( ‘ABHICL’ ), pertaining to Section 40C of the Insurance Act, 1938 (Act) i.e. limitation of expenses of management in general, health insurance and re-insurance business read with Regulation 11 of IRDAI (Expenses of Management of Insurers transacting General or Health Insurance Regulations, 2016..
- IRDAI basis the representation made by M/s ABHICL had granted an exemption to ABHICL for Financial Years 2016-17 to 2020-21 (Five financial years) from furnishing the details of expenses of management vide its order dated January 23, 2017.
- ABHICL vide its representation to IRDAI submitted that the business operations had commenced in the second half of the Financial Year 2016-17 i.e. being partial year of operation. Accordingly, ABHICL requested the Authority for extension of the first five-year exemption period upto Financial Year 2021-22 as the period of exemption shall commence from the immediately succeeding Financial Year i.e., 2017-18.
Decision of the Authority
IRDAI basis the submission made by ABHICL granted an exemption from complying with the limits of expenses of management upto Financial Year 2021-22.
Source category: IRDAI
Attachments
- /2022/51_2022-06-02_Order_in_the_matter_of_Aditya_Birla_Health_Insurance_Company_Ltd.pdf
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