To : All Chief Executive Officers / Chairman / Managing Directors of Non-Life Insurers(including Health Insurers) and Reinsurers
Re: Information to be submitted as part of the Annual Actuarial Valuation and related reports submission
1. This circular is issued in accordance with the powers vested under Section 14(2) and 14(h) of the IRDA Act, 1999
2. This circular is applicable to all non-life insurers (including health insurers) and reinsurers registered in India
3. This circular will be effective from the actuarial statutory valuation starting with valuation conducted as on 31 March 2017.
4. This circular stipulates the minimum information required to be submitted in respect of annual statutory valuation. Based on the analysis of information received as per this circular, the Authority may call for further information if deemed necessary.
5. Annexure I lists all the reports / other information to be submitted along with due dates of submission.
6. Annexure II contains additional IBNR Tables in excel format.
7. Annexure III stipulates the revised format of Financial Conditions Report, Annexure III (a) contains revised FCR tables in excel format.
7.1. The major change as compared with the current format is that the minimum information required has been simplified and more flexibility has been given to the Appointed Actuary in submission of information commensurate with the nature and complexity of the business of the insurer.
7.2. However, for the valuation as at 31 March 2017, the Appointed Actuary has the option of submitting the information as per previous Circular No. IRDA/ACTL/CIR/MISC/153/07/2014 dated 8th July 2014, if he/she desires.
8. The annual statutory valuation is one the most important aspects for the Insurers. All the Non-Life Insurers (including Health Insurers) and Reinsurers are advised to comply with this circular which stipulates the minimum information to be submitted to the Authority along with guidance for submission of the information. Any deviation in complying with the provisions of this circular may lead to action against the AA/CEO/CMD/insurer as per extant norms and Regulations after giving an opportunity of being heard.