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Industry Specific - Insurance Central Ministry of Finance Insurance Act, 1938

IRDAI Circular on Discontinuation of Filing of Certain Returns by Insurers and Insurance Brokers

24-Nov-2023 | IRDA/INT/CIR/IB/206/11/2023

Insurance Regulatory and Development Authority of India (IRDAI) has issued a circular regarding the discontinuation of filing certain returns by insurers and insurance brokers. The circular, effective from November 24, 2023, clarifies that insurers and insurance brokers are not required to furnish the following returns and certificates to the Authority: Returns by Insurance Brokers: Returns as per Clause (d) of sub-regulations (1) of Regulations 39 of the IRDAI (Insurance Brokers) Regulations, 2018, along with a certificate related to the confirmation that the insurance broker has received remuneration for direct insurance business within the prescribed limits outlined in Regulation 26 of the said regulations. Certification by Insurance Brokers: Certificate (Schedule II ? Form W of the IRDAI (Insurance Brokers) Regulations, 2018) endorsed by the Principal Officer and CFO (or equivalent), related to the confirmation that the remuneration and other payments received from the insurer are within the specified limits as per sub-regulations (9) of Regulation 34 of the said regulations. Certificate by Insurers Engaging Insurance Brokers: Certificate (Schedule II ? Form W of the IRDAI (Insurance Brokers) Regulations, 2018) signed by the CEO and CFO of the insurer, separately for each broker, if the remuneration and other payments made to the broker exceed the stipulated limits as per sub-regulation (9) of Regulation 34 of the said regulations.

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