Discontinuation of monthly Solvency Returns for Non Life insurers and Reinsurers

[Image omitted. See the official document.]

भारतीय बीमा विनियामक और विकास प्राधिकरण
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

Cir No. IRDAI/F&A/CIR/MISC/98/5/2022
12^th May, 2022

To

CEOs of General Insurers, Reinsurers and FRBs (including Lloyd's)

Subject: Discontinuation of monthly Solvency Returns

Ref: Circular No. IRDAI /F&A/Cir/ Misc.126/05/2021 dated 6^th May 2021

In view of the difficult and challenging times faced by the Indian economy due to the pandemic, IRDAI felt the need to closely monitor the health and solvency position of all the Insurers at shorter intervals. Accordingly, the Insurers were advised to submit the monthly solvency returns within 15 days from the end of the respective month.

1. As the economic situation due to the pandemic is moving towards normalization, it has been decided to discontinue the filing of monthly solvency returns by the Insurers with immediate effect. However, the insurers whose solvency margin is less than 1.55 as at the end of any quarter, shall continue to report the monthly solvency position until the solvency position is restored to 1.55, by e-mail at finance-nonlife@irdai.gov.in.

2. This circular is issued under section 14(2)(e) of the Insurance Regulatory and Development Authority Act, 1999.

MAMTA SURI
Digitally signed by MAMTA SURI
Date: 2022.05.13 17:01:50 +05'30'
Mamta Suri
Executive Director

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सर्वे नं. 115/1, फाइनेंशियल डिस्ट्रिक्ट, नानकरामगुड़ा, हैदराबाद-500 032, भारत
[unclear in source] : +91-40-2020 4000 वेबसाइट : www.irdai.gov.in

Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India
[unclear in source] : +91-40-2020 4000 Website : www.irdai.gov.in