Draft IRDAI (Public disclosures by Insurers transacting other than Life Insurance Business) Guidelines 2019

Mar 26, 2019 | by Avantis RegTech Legal Research Team


The Insurance Regulatory and Development Authority of India (IRDAI) on March 25, 2019, amends the guidelines on Public Disclosure to the extent it is applicable to other than life insurance companies. The Authority had previously issued Guidelines on Public Disclosures vide Circular dated January 28, 2010. The Authority came out with an amendment in the existing regulations and also notified a few new regulations post Insurance Laws (Amendment) Act, 2015.  A few of the insurance entities have already listed on the stock exchanges and some disclosures may not be relevant for Re-insurers. In view of the same, the Authority has decided to amendment the guidelines on Public Disclosures. The revised Guidelines differentiate between general insurers and reinsurers and introduced new forms of branch of foreign reinsurers. 

The main objective is to:

•Ensure safety of policyholders;

•Assess risk exposure of an insurer;

•Educate investors on company’s financial performance, financial position, risk exposure, corporate governance and management of the insurance companies;

•Measure orderly growth of the Insurance Sector;

•Have uniformity in the performance indicators

Applicability:

•These Guidelines shall be called Insurance Regulatory and Development Authority of India (Public Disclosures for insurers transacting other than Life Insurance Business) Guidelines, 2019;

•These Guidelines shall be applicable to all General Insurers, Health insurers and Specialized Insurers and Reinsurers including branch of foreign reinsurers;

•These guidelines shall come into effect from the financial year 2019-20 and the uploading on website shall be on quarterly basis whereas publishing in Newspaper will be on half yearly basis;

•These guidelines will supersede the provisions of Circular dated 28th January, 2010 as amended to the extent applicable to General Insurers, Health Insurers and Reinsurers,

•All General Insurers, Health Insurers and Reinsurers are required to make disclosures on their website as per formats applicable.  For applicability of the formats, please refer Annexure-A.

The Draft Guideline invites comments or suggestions by April 15, 2019 in the format (Annexure A). The comments or suggestions may be e-mailed to Mrs. Jamuna Choudhary, AGM at [email protected] and Mr. Sumit Arora, AM at [email protected] with a copy to the undersigned at [email protected]

[Ref. No: 167/F&A (NL)/PD/01/2018-19]

Click here to download the Draft.

 


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