Upload of Motor Third Party Data in IIBI Portal · IRDAI/ACTL/CIR/MISC/234/12/2022
IRDAI circular IRDAI/ACTL/CIR/MISC/234/12/2022 · 06 Dec 2022
Summary
Check the official recordWhat changed
Insurers must submit motor third party insurance data to the Insurance Information Bureau of India on time. This action supports the estimation of insurance premiums for vehicle categories. The Chief Compliance Officer of each insurer ensures adherence to submission timelines. The Appointed Actuary and the Chief Compliance Officer verify the completeness, reasonableness, and correctness of the data before submission. This requirement applies to all insurers that write motor insurance business.
What you must do
- Submit motor third party insurance data to the Insurance Information Bureau of India on time.
- Ensure adherence to submission timelines by the Chief Compliance Officer.
Document text
[Image omitted. See the official document.]
भारतीय बीमा विनियामक और विकास प्राधिकरण
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
Cir No. IRDAI/ACTL/CIR/MISC/234/12/2022
Date: 05.12.2022
To all insurers writing motor insurance business
Subject: Upload of Motor Third Party data in IIBI's portal
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This circular is issued under section 14 (2) (e) of the Insurance Regulatory and Development Authority Act, 1999.
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As per Section 147(2) of the amended Motor Vehicles Act, 1988, the Central Government prescribes premiums for motor third party insurance policies in consultation with the IRDAI.
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It is observed that the necessary data are not submitted by the insurers to the Insurance Information Bureau of India (IIBI) on time, leading to delay in estimation of the third party insurance premium for various categories of vehicles.
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In further reference to circular no. IRDA/SDD/CIR/MISC/175/07/2017 dated 28.07.2017, with particular reference to timeline for online submission of the required data along with reconciliation statements:
- 4.1. Insurers may please note that the Chief Compliance Officer of the respective insurer shall ensure adherence to the above timelines.
- 4.2. The Appointed Actuary and Chief Compliance Officer shall ensure completeness, reasonableness and correctness of the data before submission to IIBI.
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This circular shall come into force with immediate effect.
SHYAMA PRASAD CHAKRABORTY
Digitally signed by SHYAMA PRASAD CHAKRABORTY
(S P Chakraborty)
CGM (Actuarial)
Source details
- Source
- Insurance Regulatory and Development Authority of India
- Type
- circular
- Published by source
- 06 Dec 2022
- Document number
- IRDAI/ACTL/CIR/MISC/234/12/2022
- Issuing division
- Actuarial
- Effective date
- 05 Dec 2022
- Coverage area
- insurance