IRDAI has issued a circular vide reference number IRDA/ACT/CIR/GEN/74/4/2022 on ‘Rationalization of certain compliance requirements’ dated April 27, 2022 (Circular).
Background
IRDAI has carried on a preliminary review of the extant compliance requirements pertaining to actuarial matters and has rationalized certain compliance requirements for life and non-life insurers (including standalone health insurers)
Summary of the changes pertaining to General insurance (including Standalone Health insurance) are is as follows:
Title and circular reference number
Existing Provision
Nature of Change
Information to be submitted as part of the annual actuarial valuation and related reports submission” (for non-life insurers & reinsurers)
Circular reference number – IRDAI/ACT/CIR/GEN/075/03/2017 dated 31.03.2017
5. Annexure I lists all the report / other information to be submitted along with due dates of submission.
Annexure I
Item
Source
Timeline
Audited Annual Financial Report along with all the Financial Statements
IRDAI (Preparation of Financial statements and Auditor’s report of Insurance Companies) Regulations, 2002
Along with IBNR report
Omitted
The requirement specified in Annexure I of the said circular pertaining to submission of Audited Annual Financial Report along with all the Financial Statements has been omitted.
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Domestic Systemically Important Insurers (including reinsurers) shall submit Peer Review Report, prepared as per the applicable standards of the Institute of Actuaries of India, along with the IBNR Report.
Source category: IRDAI
Attachments
- /2022/20_Rationalization_of_certain_compliance_requirements.pdf
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