Submission of Life Returns Through Business Analytics Project

[Image omitted. See the official document.]

भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

CIRCULAR

REF: IRDA/LIFE/CIR/MISC/104/05/2015

11th May, 2015

To

CEOs of all Life Insurers

Sub: Submission of Returns for Life through Business Analytics Project (BAP)

Authority is initiating the process of online filing and submission of returns to the insurer and other regulatory entities, for different functions, in a phased manner. The module enabling the filing or submission of returns relating to Life Department is ready for release.

Insurers are required to access the website http://www.irdabap.org.in for submission of returns. The Administrator User-Id and Password was made available to the Principal Officers / Compliance officers in separate emails. The profiles of the other Users (sub id) have to be created by the Administrator.

Insurers are advised to submit the Life returns from FY 2013-14 onwards in the Life Module. The timelines for submission of these returns shall be as follows:

From the period 1.7.2015 all the insurers are required to comply with the following timelines for the various periodical returns to be filed online:

All the returns are required to be filed in ONE GO, duly digitally signed by the authorized signatories as provided in the circular reference No. IRDA/LIFE/MISC/CIR/049/03/2013 dated 8th March 2013.

The offline submission of existing returns shall continue parallelly till further orders.

The templates to be used for the purpose of filing the returns are available on the website of the Authority as well as on the portal as indicated above.

Insurers are required to note that:

• I. The instructions for filing and furnishing the data templates are placed in the login area of Life Module of the BAP. The Authority may revise the same based on requirements and suggestions, and the updated version, if any, shall be made available to the users.
• II. Insurers have already furnished the returns from FY 2013-14 onwards in physical/ excel form and the same may be cross checked with the returns, wherever applicable, that would be submitted through BAP module. The helpline system is made available in the BAP module and the queries will be attended by the team on priority basis. Insurers may also escalate the issues at the following:

*Please note that queries have to be routed through Helpline in the Module. If not resolved within reasonable time, escalations can be made to these IDs/contact nos.

• III. Class 2 and Class 3 digital signatures of the Authorized signatories shall be accepted by the Module. Insurers are required to obtain Digital Signatures from Authorized Vendors (i.e. E-Mudra, Sify, etc).
• IV. Insurers are advised to take suitable steps to generate input files as per prescribed templates, from their accounting and MIS systems, to be directly uploaded in the BAP module without manual interventions. The insurer shall apprise their respective Boards about the progress in complying with the submissions as advised in the circular. Insurers are also advised to ensure that there are adequate manual controls and validation in order to ensure that the data is submitted through the system in factually correct and matches.
• V. The Data Submission Guideline document is placed along with the input templates at our portal and will be updated on a regular basis. We shall also place an FAQ document in our portal. These documents have also been attached with this circular.

All life insurers are advised to take a note of the above for compliance.

[Image omitted. See the official document.]

(V. Jayanth. Kumar)

J D (Life)