Insurance Regulatory and Development Authority of India (IRDAI), Insurance regulatory body, on June 14 rationalised regulatory filing to be done by Insurance companies.
IRDAI in a statement said, “In its continuous endeavour towards promoting ease of doing business for insurance companies in India, has reviewed and rationalized the regulatory returns to be filed by the Insurance Companies.”
Recently on June 10, IRDAI had reduced the number of off-line returns being submitted by Life Insurers from forty to only four whereas the number of online returns would come down from eight to five. Further, three separate certification requirements have also been consolidated into one.
IRDAI said, “This comes after the similar relaxations extended to General insurers and Health insurers vide circulars dated 12.05.2022 and 23.05.2022 respectively. IRDAI has also discontinued submission of hard copies of any reports, returns or other documents related to actuarial valuation or reinsurance vide circular dated 11.05.2022.”
It added, “It is expected that reduced compliance burden will enable insurers to better focus their efforts and time in reaching out to every Indian with the ultimate goal of improving coverage and penetration.”