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Title: Circular
Reference No.: IRDA/SDD/CIR/MISC/175/07/2017
Date: 28/07/2017
Submission of data to Insurance Information Bureau of India (IIBI)
Ref: IRDA/SDD/CIR/MISC/175/07/2017 28th July, 2017
Circular
Re: Submission of data to Insurance Information Bureau of India (IIBI)
This has reference to the circular of Ref: IRDA/ADM/CIR/093/03/2014 dated 24.03.2014 on the captioned subject.
In view of the feedback from the industry as well as IIBI, it was decided to have a relook on the existing formats so as to meet the emerging analytical requirements. Accordingly, Data Expert Committee comprising representatives from General insurers, GI Council and IIBI was constituted to examine all data related issues.
Based on the recommendations of the committee and further examination at the Authority, the revised formats for “Motor”, “Health” and “Other Lines of Business (OLB)” segments of business have been finalized.
In this connection, General Insurers including Standalone Health Insurers are advised to submit the data to IIBI, as per the revised formats, w.e.f. 01.04.2017. Further, the insurers are advised to furnish monthly data by the end of the immediately following month so that IIBI can provide value addition to all stakeholders through timely and useful insights and information. They are also advised to submit annual financial reconciliation statements in respect of all lines of business to IIBI well before 30th June of immediately following financial year.
The revised formats of all lines of business are hosted on the websites of IRDAI and IIBI.
(Nilesh Sathe)
Member
To
All CMDs/CEOs of General Insurance Companies including Health Insurers
The Secretary, General Insurance Council
Copy to CEO, IIBI
