Electronic Transaction Administration and Settlement System (ETASS)—Co-insu

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Ref IR DAIN L/C IR/MI SC/101/06/2018 ~1{814 itirl ~ ~41+-ltfi ~ ~cfilft ~ INSURANCE REGULATORY AND irJai DEVELOPMENT AUTHORITY OF INDIA Dated 27th June 2018 CIRCULAR ALL CEOs/CMDs of General Insurance Companies Re: Electronic Transaction Administration and Settlement System (ETASS)- Co-insurance Module The General Insurance Council, as you are all aware, has been entrusted with the administration of the Electronic Transaction Administration and Settlement System (ETASS). Recently, the status of implementation of the Co-insurance Module of ETASS was reviewed by us and we are glad to note that considerable progress has been made in its implementation . However, the module needs to be fully implemented and indeed it would be necessary for all insurers to be on board fully in order to make ETASS a complete success. In this backdrop, kindly note the following (1) Clause 8 of I ROAi Guidelines on ET ASS bearing Ref: IROA/NL/ETASS/RIN/103/05/2015 dated 11 th May, 2015 stipulates that all insurers shall comply with the Guidelines and that when it comes to implementation , all the members shall adhere to the rules , guidelines and operational framework of ETASS as prescribed by the Adm inistrator from time to time. All insurers shall necessarily use ETASS for settlement of coinsurance balances due and carry out reconciliation of all outstanding co-insurance balances through ETASS alone Please ensure that this is carried out without fail in respect of all transactions carried out from 1st April, 2018 onwards; (2). Target dates for ETASS activities have been mandated by the Administrator In order to ensure speedy settlement and reconci liation of ba lances, it would be necessary for insurers to adhere to the time lines laid down. Insurers may bear this in mind when audit is carried out and ensure that statutory auditors are advised to comment on the implementation of ET ASS including adherence to timelines. Please acknowledge this circu lar and confirm having noted the contents. ~ ~ :::> (P.J.Joseph) Member (Non-life) TP-f ;:r_ 11511. 'f.T:-;fr~m 1,:J½ 'P., •'fPTTflH[?l" ~-500 032. ·1-1"1"! Survey No 11511. Financial District Nanakrarnguda Hyderabad-500 032 lnd1il )' •91_40.2020 4000.•.f:"",,'! : +91-40-2020 4555 --; ·. +91-40-2020 4000. Fax• +91 -40-2020 4555 T~ www.1rda1.gov in Website : www 1rdai gov 111