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Reinsurance and Composite Insurance Broking Companies must file a half-yearly return with the Authority for foreign to foreign reinsurance transactions. The company submits the return within forty-five days after the end of each half-year. This requirement starts from the financial year 2016-17.
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[Image omitted. See the official document.]
IRDA/ BRK/ CIR/ NOT/243/ 12/ 2016 7th December, 2016.
To,
Principal Officers of
Reinsurance and Composite Insurance Brokers
Re: Filing of Returns for Foreign to Foreign Reinsurance Transactions
It has been brought to the notice of the Authority that Reinsurance/ Composite brokers undertake reinsurance transaction between entities that are domiciled in foreign jurisdictions.
The Authority is of the view that such transactions may have a bearing on the servicing of the India policyholders. Therefore, the Authority advises the reinsurance/ Composite Insurance Broking Companies to file a return with the Authority in the format enclosed
The return shall be submitted within 45 days of end of the half-year in the attached format beginning from the financial year 2016-17.
P.J. Joseph Member (Non-Life)
परिष्रम भवन, तीसरा तल, बशीरबाग, हैदराबाद-500 004. भारत (C): 91-040-2338 1100, फैक्स: 91-040-6682 3334 ई-मेल: irda@irda.gov.in वेब: www.irda.gov.in
Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India. Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334 E-mail : irda@irda.gov.in Web.: www.irda.gov.in
Annexure "1"
Name of the Reinsurance / Composite Broking Company: ...........
Return for the Financial Year: (I half-year/ II half-year) ........................
Date of filing: ......
| S. No | Nature of Transaction | Unique Transaction ID/ cover note no. | Underwriting year | Date of reinsurance transaction | Premium Receipt No. | Remittance Date | Name of the Reinsured & Country | Name of Reinsurer & Country | Reinsurance Premium Amount (in Foreign Currency ) | Reinsurance Commission Earned (in Foreign Currency ) | Remarks |
|---|---|---|---|---|---|---|---|---|---|---|---|
