Laws and sections by number or title, due dates, pages, and updates.
Insurers, intermediaries, and other regulated entities must provide accurate and complete data for onsite inspections within the specified timelines. The Authority notes delays in submitting pre-inspection data and data requested during inspections. Every inspected entity must provide requested pre-inspection data within the timelines in the inspection notice. The entity must also provide data requested by the onsite inspection team within the timelines specified by the team. All submissions must be accurate and complete. Entities must submit data through e-mail to the extent possible. Data not submitted according to these requirements is treated as non-submission for onsite inspections under Section 14 (2) (h) of the IRDA Act 1999.
What you must do
Key dates
Who is affected
If you do not comply
Ask about this circular
[Image omitted. See the official document.]
Ref: IRDA/INS/CIR/IONS/157/09/2018
Date: 19th September, 2018.
To:
All Insurers, Intermediaries and other entities liable for inspection by IRDAI.
Re: Data Submission for onsite inspections conducted by Authority under Section 14 (2) (h) of IRDA Act, 1999.
IRDAI conducts onsite inspection of insurers, intermediaries, insurance intermediaries and other organizations connected with insurance business under the provisions of Section 14 (2) (h) of IRDA Act, 1999 by normally providing three weeks of notice for inspection.
Along with the notice for inspection, the entities to be inspected are requested to provide for pre-inspection data by a specific date through an email and a physical letter. With regard to the submission of pre-inspection data requirements, it has been noticed in some cases, there is undue delay in providing pre-inspection data.
On commencement of onsite inspection, based on the examination of the data already submitted, the inspection teams request for further data to enable them to make final conclusion on the area being inspected. Such data requests are being made, generally, through an email communication to the entity specifying a timeline within which, the inspected entity has to respond. In this regard, it is observed that in some cases, the data is not being submitted within the specified time lines, though the requested data is expected to be within the premises of the entity such as audit reports, Form 26AS, payments to various entities, rental agreements, due diligence and cost benefit analysis in respect of outsourcing arrangements, etc.
In this context, it is brought to the notice of all the entities that the delays in submission of data beyond the specified time limits or non-submission of requisite data defeat the purpose ofonsite inspections conducted by the Authority and is a serious cause of concern. In this regard, it is advised that every inspected entity shall:
[Image omitted. See the official document.]
(निर्दलेश साठे) सदस्य - जीवन (Nilesh Sathe) Member - Life
