Discontinuation of monthly Solvency Returns- (Insurance Regulatory and Development Authority) (12 May 2022)

MANU/IRDA/0023/2022

Insurance

Ref: Circular No. IRDAI/F&A/Cir/Misc. 126/05/2021 dated 6th May 2021

In view of the difficult and challenging times faced by the Indian economy due to the pandemic, IRDAI felt the need to closely monitor the health and solvency position of all the Insurers at shorter intervals. Accordingly, the Insurers were advised to submit the monthly solvency returns within 15 days from the end of the respective month.

1. As the economic situation due to the pandemic is moving towards normalization, it has been decided to discontinue the filing of monthly solvency returns by the Insurers with immediate effect. However, the insurers whose solvency margin is less than 1.55 as at the end of any quarter, shall continue to report the monthly solvency position until the solvency position is restored to 1.55, by e-mail at finance-nonlife@irdai.gov.in.

2. This circular is issued under section 14(2)(e) of the Insurance Regulatory and Development Authority Act, 1999.

Tags : DISCONTINUATION SOLVENCY RETURNS FILING OF