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Industry Specific - Insurance Central Insurance Regulatory Development Authority Insurance Act, 1938

Master Circular on Actuarial, Finance and Investment Functions of Insurers

17-May-2024 | IRDAI/ACTL/CIR/MISC/80/05/2024

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a Master Circular on the Actuarial, Finance, and Investment Functions of Insurers, effective from 17th May 2024.

Key Highlights of the Circular:

1. Electronic Submission of Documents:
a. Insurers are no longer required to submit hard copies of reports, returns, or other documents related to actuarial valuation or reinsurance.
b. PDF and MS Word/Excel copies of the relevant documents must be sent to the email address: `actuarial-valuation-l@irdai.gov.in` with a copy to the Nodal Officer in the Actuarial department of IRDAI.

2. Annual Statements Submission:
a. The statements specified under clauses 2(4) and 2(5) of Part IV of Schedule-I of the IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024, must be submitted annually.
b. These statements should be submitted within one month from the date of adoption of accounts by the Board or by 30th June, whichever is earlier.

3. Additional Actuarial Certification for Foreign Reinsurance Branches (FRBs):
a. Every FRB is required to submit an additional actuarial certification from the parent reinsurance company regarding the solvency and financial soundness of the foreign reinsurance company as a whole.
b. This certification must be submitted along with the regulatory returns filed with the IRDAI.
c. The certification should be based on the current solvency norms applicable to the parent foreign reinsurance company.



For more detailed information, please refer to the attached master circular issued by IRDAI.

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