IRDAI vide reference no. IRDAI/HLT/CIR/MISC/190/9/2022 has issued a Circular on ‘Revision of Health Insurance Regulatory Returns’ dated September 13, 2022 and has issued Press Release on same as “Rationalization of Health Insurance Business Returns” dated September 13, 2022 with an objective of promoting ease of doing business.
Major highlights of the Circular are as follows:
- The Circular supersedes following:
- Chapter V of Section I of Master Circular on standardization of health insurance products, dated July 22, 2020.
- Circular on Revision of Health Insurance Regulatory Returns, dated May 23, 2022.
- The Health and General insurance Companies will have to file 8 returns and Life insurer Companies will file 3 returns instead of 17 returns being filed currently
- Annexure – I of the Circular specifies the list of revised Health insurance Returns (HIR’s) along with its periodicity of filling as follows:
- Yearly returns within 90 days from the close of the reporting financial year.
- Quarterly returns within 5 days from the close of the reporting quarter.
- These norms are applicable with immediate effect and are applicable to all returns to be filled for FY 2022-23 and onwards.
Source category: IRDAI
Attachments
- /2022/86_CIRCUL~1.PDF
- /2022/86_PRESSR~11.PDF
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