CIRCULAR NO. IRDA/F&I/MISC/CIR/026/02/2015, DATED 5-2-2015


CIRCULAR NO. IRDA/F&I/MISC/CIR/026/02/2015DATED 5-2-2015

The Authority is opening the process of online filing and submission of returns to the insurers and other regulated entities, for different functions, in a phased manner. The module enabling the filing or submission of returns relating to financial statements and related disclosures is now ready for release.

Insurers are required to access the website for submitting the returns. The Administrator credentials have already been provided to the Compliance officers of Non Life insurers during the release of investment module. The administrators may create sub-IDs for the F&A Non Life module.

The closing balances for various account heads as on 31st March, 2013 were obtained from Non Life insurers in the form of cut-over data and have already been uploaded in the server. Insurers are advised to submit the quarterly returns relating to the Financial Statements, Equity Shareholding Pattern, Solvency Margin and annual returns in the provided templates from the quarter ending 30th June, 2013 and onwards in the F&A Non Life Module. The timelines for submission of the quarterly and annual returns shall be as follows:

Period of the Return Timelines for submission with digital Signatures
Quarter ending 30th June, 2013 By 28th February, 2015
Quarter ending 30th September, 2013 By 15th March, 2015
Quarter ending 31st December, 2013 By 31st March, 2015
Quarter ending 31st March, 2014 By 15th April, 2015
Quarter ending 30th June, 2014 By 30th April, 2015
Quarter ending 30th September, 2014 By 15th May, 2015
Quarter ending 31st December, 2014 By 31st May, 2015

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. The Authority shall organize a session to enable insurers to file the returns in an online environment. Details of the same shall be communicated to all the insurers separately.

Insurers are required to note that:

I. The instructions for filling and furnishing the data templates are placed in the login area of the F&A 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 all users.

II. Insurers have already furnished/published the quarterly returns/disclosures for FY 2013-14 in physical/PDF form and the same may be cross checked with the returns that would be submitted through the BAP Module. It is expected that minor differences in amounts may arise in the returns, as compared with the already furnished information, due to rounding off of the figures.

III. A helpline system to assist users at insurers’ side for filling up and uploading and submitting the templates has been made available. The helpline number is 020-66416473. Insurers may also escalate the issues that remain unresolved through the helpline for a reasonable time, at the following:

Issues Contact Particulars Contact number
Technical Issues bap. support @irda. gov. in 020-66416473
Form related issues Mr. Ram from L&T infotech 98920 07559
[email protected]
Mr. Ammu Venkataramana – 040-23381175
[email protected]
Mr. Raj Kumar Sharma – 040-23381172
[email protected]

IV. Insurers are required to use Class 2 and Class 3 digital signatures of the Authorized Signatories for the submissions through the BAP system. Insurers may obtain the digital signatures from the Authorized Vendors.

V. Insurers are advised to take suitable steps to generate input files as per the prescribed templates, from their accounting and MIS systems, to be directly uploaded in the BAP Module without manual intervention. The insurers shall apprise their respective Boards about the progress in complying with the submissions as advised in this circular. Insurers are also advised to ensure that there are adequate manual controls and validations in order to ensure that the data that is submitted through the system is factually correct and matches with the accounting and other records.

A certificate from an Independent Chartered Accountant to the effect that the data furnished through the BAP system is as per the books and records maintained by the insurers may be furnished within a period of 30 days of the timelines as prescribed above for each quarter.

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