ToAll Life Insurers

Re:Timelines forsubmission of Life operational returns in BAP

LifeInsurers have been mandated to submit various returns- monthly, quarterly andannually. While monthly returns are being submitted through BAP module and alsomanually, the quarterly and annual returns are being submitted only through BAPmodule since 2018-2019.

Authorityobserved that some Insurers are not submitting the returns within the timelinesprescribed and some are frequently requesting for unlocking of the alreadysubmitted returns to revise the same. This is hampering the regulatory reviewand analysis by the Authority.

Hencethe following instructions are being issued to streamline the process ofsubmission of life operational returns through BAP.

a) Timelines:

i)    Monthlyreturns: 8^thof followingmonth.

ii)   Thetimelines for all other returns remain unchanged, as follows:

(1) Unauditedquarterly returns: 30^th day from the end of the quarter.

(2) AuditedAnnual Returns: 30^th June.

(3) YearlyOutsourcing Return: 15^th May.

(4) OtherYearly Returns: 30^th June.

b)   AllLife Insurers are hereby directed to adhere to the above timelines and ensuresubmission of life operational returns accordingly.

c)   Aprovision is made in the BAP Module to enable Insurers to unlock returns up to3 times without reference to the Authority, from the date of submission tillthe due date. Insurers can utilize this opportunity to rectify anyerrors detected in the returns and re-upload the revised returns. Thisoption of unlocking is provided only for the Chief Compliance Officer.

d)   Onceall the 3 unlocking attempts or due date of submission of the returns,whichever is earlier, elapses, the unlocking facility will be disabled to theInsurer.

e)   Delayedsubmission of returns or submission of inaccurate returns is liable for regulatoryaction under the relevant provisions of the Insurance Act, Regulations andGuidelines or Circulars.

f)    Theseinstructions shall come into force for the returns to be filed for the periodpertaining to June 2020 onwards.

(K.Ganesh)

Member(Life)