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

Master Circular on Submission of Returns

14-Jun-2024 | Ref: IRDAI/NL/MSTCIR/RT/93/6/2024

IRDAI has issued Master Circular on Submission of Returns to be reviewed every year unless review or repeal is warranted earlier. By virtue of this notification the regulations as mentioned in the circular and the corresponding Master Circulars require insurers and reinsurers, including Foreign Reinsurance Branches, to submit certain returns on periodical basis, wherein reference is made to the Master Circular on submission of returns. The Master Circular is divided into 3 parts:- 1. Part - I of the circular stipulates returns specified in the 8 regulations given above and corresponding master circulars. These returns will check the fulfillment of the objectives of the regulations and monitoring of the performance/ working of the insurers. 2. Part - II of the circular are business statistics that are collected either through BAP / email. This is to understand the growth and spread of the business in various geographies, distribution channels, demography, product segments, persistency, renewability, etc. It provides greater insights into the company?s business strategy. 3. Part - III of the circular repeals the various circulars which are no longer applicable, subsequent to the notification of this circular. The Returns mentioned above shall be submitted by the insurers in the desired frequency within the stipulated time as mentioned below, unless otherwise specified under the form:- a. Returns submitted though BAP will be continued to be submitted as per timelines stipulated therein b. Returns submitted through E-mails shall be submitted 21days from the end of reporting period for Unaudited Returns, and 45 days from the end of reporting period for Audited Returns The Master Circular shall apply to every life insurer, general insurer, health insurer and reinsurers and Foreign Reinsurance Branches transacting reinsurance business in India.

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