Declaration of NAV on a Quarter Ending Day Holiday · IRDAI/F&I/INV/CIR/248/12/2022
IRDAI circular IRDAI/F&I/INV/CIR/248/12/2022 · 26 Dec 2022
Official title
Declaration of NAV on a quarter ending day, which is a holiday.
IRDAI circular IRDAI/F&I/INV/CIR/248/12/2022 · 26 Dec 2022
Official title
Declaration of NAV on a quarter ending day, which is a holiday.
Summary
Check the official recordLife insurers may declare the Net Asset Value on the last day of each quarter even if that day is a non-business day. This action aligns the published Net Asset Value of a quarter end non-business day with the Net Asset Value as per the financials of Unit Linked Insurance Plan funds on that day. The Insurance Regulatory and Development Authority of India issues this clarification under the IRDAI Investment Regulations, 2016.
What you must do
Who is affected
भारतीय बीमा विनियामक और विकास प्राधिकरण
INSURANCE REGULATORY AND
DEVELOPMENT AUTHORITY OF INDIA
CIRCULAR
REF: IRDAI/F&I/INV/CIR/248/12/2022
26^th^ December, 2022
Sub: Declaration of NAV on a quarter ending day, which is a holiday.
Attention is drawn to Para 2 and 3 of Schedule I to IRDAI Investment Regulations, 2016 and by virtue of the power conferred under Regulation 17 of IRDAI Investment Regulations, 2016, it is clarified that Life Insurers can declare NAV on last day of each quarter, even if it is a non-business day, to sync the published NAV of a quarter end non-business day with the NAV as per the financials of ULIP Funds on that day.
(Ammu Venkata Ramana)
GM (F&I)