Latest News | Irdai Reduces Number of Returns to Be Filed by Insurers for Health Insurance

New Delhi, Sep 13 (PTI) Easing compliance burden for insurers, regulator Irdai on Tuesday rationalised health insurance business returns reporting norm by reducing the number of returns that need to be filed in a year.

Insurance Regulatory and Development Authority of India (Irdai) said the move is part of promoting ease of doing business for insurance companies and it has been constantly striving to reduce the compliance burden for all the regulated entities.

Also Read | Little Women: 5 Characters In Kim Go-eun, Nam Ji Hyun Netflix Series Who May Not Be What They Seem.

Towards this endeavour, the health insurance returns being filed by the insurance companies have been significantly reduced, it said in a circular.

"Now, the general and health insurers will have to file 8 returns and life insurers will be filing 3 returns in place of 17 returns being filed currently. This step will further help insurers in focusing on their business rather than a plethora of compliances and in turn help in increasing the insurance penetration in country," it said.

Also Read | Vande Bharat 2: Indian Railways to Introduce Upgraded Avtar of Train 18 on September 30; From Newer Facilities To Technical Changes, Here’s Everything You Need to Know.

These revised reporting norms will be applicable with immediate effect.

In India, insurers are mandated to submit various returns to the regulator, including financial statements on annual basis, valuation of assets and liabilities as well as solvency margin and actuarial report.

Among others, reporting of financial condition for life insurance business; Incurred But Not Reported (IBNR) claims in case of general insurance business; reinsurance plans on an annual basis; and monthly statement on underwriting of large risks in case of general insurance companies are also mandated.

They are also required to report about the details of capital market exposure on a monthly basis; investment policy, quarterly and annual returns on investments.

The insurance regulator is carrying out a series of reforms in the sector to promote ease of doing business for the insurers.

In July this year, minister of state for finance Bhagwat Karad said in Parliament that Irdai has formed several working groups in order to make a comprehensive review of the existing regulations under the aegis of Life Insurance Council and General Insurance Council.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)