SUBMISSION OF RETURNS FOR F&A NON-LIFE THROUGH BUSINESS ANALYTICS PROJECT (BAP) MODULE
CIRCULAR NO.IRDA/F&A/MISC/CIR/026/2016, DATED 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.
This circular comes into force with immediate effect.