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The Insurance Regulatory and Development Authority of India extends the time limit for public disclosures on websites by insurers for the period ending on 31 March 2020. The authority grants an extension of 30 days due to the lockdown and restrictions of the COVID-19 pandemic. Insurers must follow the new time limits and ensure regulatory compliance.
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Ref.: IRDA/F&A/CIR/MISC/ 132/06/2020
To All Insurers
[Image omitted. See the official document.]
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
CIRCULAR
Date: 03.06.2020
Sub: Extension of time limit applicable to Public Disclosures on websites
The Authority has issued directions vide circular ref. IRDA/F&I/CIR/F&A/012/01/2010 dt. 28th January 2010 for hosting the financial and other information in specified formats on the respective websites by insurers. Similarly, the Authority has also mandated insurers to furnish various online returns and financial information through the BAP Portal.
In view of the lockdown and restrictions imposed to contain the spread of the COVID 19 pandemic, the Authority had already extended the time limit for furnishing various returns and reporting compliances by insurers, vide circular ref. IRDAI/Life/Cir/Misc/079/04/2020 dt. 4th April, 2020 to mitigate any hardships. The time limit for furnishing all quarterly, half-yearly and annual returns for the period ending on 31.03.2020 has been extended by 30 days.
It is hereby clarified that the time limit for ensuring compliance with the directions regarding Public Disclosures on websites by insurers for the period ending 31st March 2020 is also extended by 30 days.
All insurers are advised to adhere to directions regarding the time limits and ensure regulatory compliance.
Pravin Kutumbe (Member F&I)
[Image omitted. See the official document.]
Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India [Image omitted. See the official document.] : +91-40-2020 4000 [Image omitted. See the official document.] : www.irdai.gov.in [Image omitted. See the official document.] : +91-40-2020 4000 Website : www.irdai.gov.in
