The Insurance Regulatory and Development Authority said the move is part of promoting ease of doing business for insurance companies and reducing the compliance burden for all regulated entities. India (IRS).
Towards this endeavour, health insurance There has been a significant reduction in the returns being filed by the insurance companies. circular,
“Now, general and health insurers will have to file 8 returns and life insurers will file 3 returns instead of the 17 returns currently being filed. This move will help insurers to focus on their business instead of over compliance. and help in increasing the penetration of insurance in the country.”
These revised reporting norms will come into force with immediate effect.
In India, insurers are mandated to submit various returns to the regulator, including financial statements, valuation of assets and liabilities, as well as solvency margin and actuarial reports, on an annual basis.
reporting, among other things, the financial position for the life insurance business; Claims made but not reported (IBNR) in the case of general insurance business; Reinsurance plan on an annual basis; And monthly statement on underwriting of large risks is also mandatory in case of general insurance companies.
They are also required to report the details of capital market exposure on a monthly basis; Investment Policy, Quarterly and Annual Return on Investment.
The insurance regulator is making several reforms in this area to promote ease of doing business for insurance companies.
In July this year, Minister of State for Finance Bhagwat Karad had said Parliament That IRDA has constituted several working groups to comprehensively review the existing rules auspices Life Insurance Council and General Insurance Council.
(with PTI inputs)