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The Insurance Regulatory and Development Authority of India specifies the submission formats for annual certificates regarding rural and social sector obligations. Life insurers use RSO Form A. General and health insurers use RSO Form B. All insurers submit the annual certificates to the respective departments of the authority. The Chief Executive Officer or the Principal Officer signs the certificate.
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भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA CIRCULAR
IRDAI/Life/ MISC /CIR/130/06/2016
June 30, 2016
To All the Insurers,
Obligations of Insurers to Rural and Social Sectors Formats for submission of Annual Certificates
Reference is invited to the Regulation 5.3 of the IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015 which stipulates that "every insurer shall furnish an annual certificate by the Chief Executive Officer or the Principal Officer within ninety days from the end of the Financial Year submitting the actual business details of the obligations fulfilled towards these Regulations."
The Authority now specifies the formats for submission of Annual Certificates to be furnished by the Life Insurers, General and Health Insurers as required under the said Regulations. The Attached 'RSO Form A' is applicable for Life Insurers and 'RSO Form B' is applicable for General and Health Insurers. All the Insurers are required to submit the Annual Certificates only in the specified formats.
The required RSO Form A/RSO Form B has to be submitted by the Insurer to the respective Departments (Life, General and Health) of the Authority.
This Circular is issued by exercising the powers vested under Regulation 7 of IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015.
This has the approval of Chairperson of the Authority.
Encl: RSO Form A, RSO Form B
(V. Jayanth Kumar) Joint Director (Life)
परिश्रम 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
RSO Form - A (For Life Insurers)
Annual Certificate for the Financial Year (FY) _____ in terms of Regulation 5.3 of IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015
Name of the Life Insurer : Year of operation @ : Age of the Insurer in years :
Table No.1 - Rural Sector
| Policies written in the FY for which figures are reported | Number of policies covered under rural sector | Rural sector policies as % to column (1) | Required % as per the above Regulations | Compliance with the above Regulations (Yes/No) |
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) |
Table No.2 - Social Sector
| Total business * in the preceding Financial Year | Number of lives covered under Social Sector in the FY for which figures are reported | Social sector lives as % to the column (1) | Required % as per the above Regulations | Compliance with the above Regulations (Yes/No) |
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) |
(* Total business as defined in the Note to Regulation 3.1 (B) of IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015.
@ If it is first year of operation, refer proviso to Regulation 3 of IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015.)
This is to certify that the Insurer has written the percentage of policies referred under 'Table No.1 - Rural Sector' above towards rural sector obligations as specified in Regulation 3.1 (A) of IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015. It is also certified that the Insurer has covered the lives referred under 'Table No.2 - Social Sector' above towards Social Sector obligations as specified in Regulation 3.1 (B) of IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015.
I confirm that business reported towards rural sector complies with the definition specified under Regulation 2.3 of IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015 and is in compliance /non-compliance (strike-out whichever is not applicable) with fulfilling obligations towards rural sector.
I also confirm that business reported towards social sector complies with the definitions specified under Regulations 2.4, 2.5, 2.6, 2.7 and 2.8 of IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015 and is in compliance/non-compliance (strike-out whichever is not applicable) with fulfilling obligations towards social sector.
Date: Place:
Chief Executive Officer/Principal Officer Name of the Insurer Company Seal
RSO Form - B (For General/Health Insurers)
Annual Certificate for the Financial Year (FY) _____ in terms of Regulation 5.3 of IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015
Name of the General/Health Insurer : Year of operation @ : Age of the Insurer in years :
Table No.1 - Rural Sector
| Gross premium for the FY for which figures are reported | Amount of premium procured in Rural Sector | Rural sector premium as % to column (1) | Required % as per the above Regulations | Compliance with the above Regulations (Yes/No) |
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) |
Table No.2 - Social Sector
| Total business * in the preceding Financial Year | Number of lives covered under Social Sector in the FY for which figures are reported | Social sector lives as % to the column (1) | Required % as per the above Regulations | Compliance with the above Regulations (Yes/No) |
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) |
(* Total business as defined in the Note to Regulation 3.1 (B) of IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015. @ If it is first year of operation, refer proviso to Regulation 3 of IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015.)
This is to certify that the Insurer has written the percentage of gross premium referred under 'Table No.1 - Rural Sector' above towards rural sector obligations as specified in Regulation 3.1 (A) of IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015. It is also certified that the Insurer has covered the lives referred under 'Table No.2 - Social Sector' above towards Social Sector obligations as specified in Regulation 3.1 (B) of IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015.
I confirm that business reported towards rural sector complies with the definition specified under Regulation 2.3 of IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015 and is in compliance /non-compliance (strike-out whichever is not applicable) with fulfilling obligations towards rural sector.
I also confirm that business reported towards social sector complies with the definitions specified under Regulations 2.4, 2.5, 2.6, 2.7 and 2.8 of IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015 and is in compliance/non-compliance (strike-out whichever is not applicable) with fulfilling obligations towards social sector.
Date: Place:
Chief Executive Officer/Principal Officer Name of the Insurer Company Seal
