Dispensing with certain Non-Life Insurance returns
Dispensing with certain Non-Life Insurance returns
The various returns being collected by the Authority in respect of Non-Life insurance have been reviewed. It has been decided to dispense with the requirement of submission of following 16 returns by Non-Life Insurers:
1. Data / statement from serial nos. 3 to 7 of Schedule IV of Guidelines on Product Filing procedure for General Insurance products (5 returns): With reference to Schedule IV of Guidelines on Product Filing procedures for General Insurance products and IRDAI Circular Ref IRDAI/NL/GDL/CIR/F&U/188/10/2019, dated 15th October 2019, kindly note that the data / statements from serial nos. 3 to 7 of Schedule IV are not required to be submitted to the Authority. However, these statement shall be maintained systematically by the insurer at their end.
2. Offline Submission of Form I to X and Monthly Business Figures (11): Since the data being submitted vide these returns is also being collected under through BAP, from the FY 2022-23, Insurers are not required to submit Offline Form 1 to X and Monthly Business Figures in physical form. However, Insurers shall ensure that they submit Non-Life Operational Returns in BAP as per the periodicity and time-limits prescribed.
Also Read: Rationalization of certain compliance requirements
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