CIRCULAR NO.IRDA/F&A/MISC/CIR/026/2016, DATED 10-2-2016

SUBMISSION OF RETURNS FOR F&A NON-LIFE THROUGH BUSINESS ANALYTICS PROJECT (BAP) MODULE

CIRCULAR NO.IRDA/F&A/MISC/CIR/026/2016DATED 10-2-2016

Ref: 1. CIRCULAR NO.IRDA/F&A/MISC/CIR/026/02/2015, dated 5-2-2015
2. E-mail dated 30-7-2015

Attention of the Insurers is drawn to circular No. IRDA/F&I/CIR/F&A /012/01/2010, dated 28-1-2010regarding ‘Public Disclosures by Insurers’. As per this circular, timelines for public disclosures are as follows:

45 days from the quarter ending June, September, December and March;
For the half year ending September – within 2 months of the close of the half year or 15 days from the date of approval of the Accounts by the Board of Directors, whichever is earlier;
For the annual account ending March – within 6 months of the close of the financial year or within 30 days from the date of adoption of final Accounts by the Board of Directors, whichever is earlier.

All insurers are hereby informed that the above timelines shall also be applicable for filing of BAP Returns. In view of the above, it is directed that all the Non-life Insurers and Standalone Health Insurers shall comply with the provisions of above referred circular in word & spirit and shall file all the quarterly, half-yearly and annual Returns from December 2015 onward within the stipulated time.

In case Insurers require any clarifications, they may contact Ms. Jamuna Choudhary, AD (e-Mail ID – iamunachoudhary@irda.gov.in) under a copy to Mr. Ammu Venkata Ramana, DD (e-Mail ID – ammuvenkat@irda.gov.in).

This circular comes into force with immediate effect.

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