SUBMISSION OF RETURNS FOR NON LIFE (REINSURANCE) THROUGH BUSINESS ANALYTICS PROJECT (BAP)
CIRCULAR NO. IRDA/NON-LIFE/CIR/MISC/031/02/2015, DATED 11-2-2015
We refer to the circular ref IRDA/NON-LIFE/CIR/MISC/005/01/2015, dated 13-01-2015regarding the submission of Returns of Non-Life through Business Analytics Project (BAP). As informed earlier, the 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 Non Life (Reinsurance) Department is ready for release.
Insurers are required to access the website http://www.irdabap.orq.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.
The closing balance of various returns as on 31st March 2013 is provided in respect of insurers who have submitted cut over data. Those insurers who have not submitted the cut over data are requested to submit immediately without any further delay.
Insurers are advised to submit the Non Life returns from FY 2013-14 onwards in the Non Life (Reinsurance) Module. The timelines for submission of these returns shall be as follows:
|Returns||Timelines for Submission with Digital Signature|
|Half yearly/Yearly Returns for FY 2013-14
i.e. Returns due from 01st April 2013 to 31st March 2014
|31st March 2015|
|Half yearly/Yearly Returns for FY 2014-15
i.e. Returns due from 01st April 2014 to 31st December 2014
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 filing and furnishing the data templates are placed in the login area of Non 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 that would be submitted through BAP module. It is expected that minor differences in the amount may arise in the returns, as compared with already furnished information, due to rounding off of the figures.|
|III.||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:|
|Issues||Can be escalated to*||Contact No.|
|Technical Issuesfirstname.lastname@example.org||040 2338 1111|
|Form Related Issues||Ms. Chinsi Chandra, OSD, email@example.com||040 2338 1249|
|Form Related Issues||Mr. Sudha Ramanujam, Deputy Director firstname.lastname@example.org||040 2338 1250|
|*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.|
|IV.||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.).|
|V.||Insurers are advice 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. Insurer are also advise 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.|