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General insurance companies, standalone health insurance companies, and GIC Re must fill all data fields in the information sheet when filing Cross Border Reinsurer details on the portal. The authority observes that insurers omit required data such as solvency ratios, ratings, incurred claim ratios, combined ratios, and Annexure A details. Insurers must conduct due diligence and ensure compliance before filing documents to enable fast allotment of the Filing Reference Number.
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CIRCULAR
Ref: IRDA/NL/CIR/RIN/2°^l/10/2016
Date: 13-10-2016
To
All CEOs/CMDs of General Insurance Companies/ Standalone Health Insurance Companies / GIC Re
Re: Quality of data filed for online allotment of FRN to Cross Border Reinsurer.
As per the guidelines Ref: IRDA/NL/RIN/017/01/2016 on Cross Border Reinsurer dated 19.01.2016, the CBR has to file its information sheet (in Form-A) online with/ through the insurer in whose reinsurance program it proposes to participate.
The guidelines also specify that the insurer shall necessarily conduct the required due diligence and ensure strict compliance with the eligibility criteria prescribed, before filing the documents with the Authority. The objective of granting approval through portal is to enable the insurers for fast allotment of Filing Reference Number.
It is observed from the information sheets filed, in the portal, that some insurance companies are not providing complete data in the information sheet while filing the CBR online i.e.
Moreover, it is also observed that the solvency requirements for the last three years, as specified by the home regulator of the CBR, are not provided in "Annexure A".
As a result of the above, it becomes difficult to make any comprehensive analysis on the CBRs.
Therefore, the insurers are advised to strictly ensure filling of all data fields in information sheet while filing the CBR details for auto generation of Filing Reference Number (FRN).
(Yegna Priya Bharat) CGM (NL)
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
