Upload of Motor Third Party data in IIBI’s portal

IRDAI vide ref No: IRDAI/ACTL/CIR/MISC/234/12/2022 dated December 05, 2022 has issued a Circular on “Upload of Motor Third Party data in IIBI’s portal”(Circular).

Background: Central Government prescribes the premiums for motor third party (Motor TP) insurance policies in consultation with the IRDAI. However, non-submission of the data to the Insurance Information Bureau of India (IIBI) on time, leads to delay in estimation of the TP insurance premium for various categories of vehicles. Therefore, the Authority has issued certain directions to the insurers to ensure timely submission of the requisite data.

The major highlights of the Circular

• A reference is drawn to Circular no. IRDA/SDD/CIR/MISC/175/07/2017 dated 28.07.2017, and emphasis has been laid on timeline for online submission of the required data along with reconciliation statements.
• The Chief Compliance Officer shall ensure adherence to the above timelines.

The Appointed Actuary and Chief Compliance Officer shall ensure completeness, reasonableness and correctness of the data before submission to IIBI

Source category: IRDAI

Attachments

• /2022/125_Motor_TP_data_submission_Circular_05_12_2022.pdf