IRDAI Decreased Burden Of Compliance For Insurance Firms

IRDAI has reviewed and rationalized the regulatory reports that insurance companies must file as part of its ongoing effort to promote ease of doing business for insurance businesses in India.

According to IRDAI’s most recent circular, dated 10.06.2022, the number of offline returns submitted by life insurers has decreased from 40 to merely 4, while the number of online submissions would decrease from 8 to 5. Additionally, one certification requirement was created from three separate ones.

This comes after General insurers and Health insurers received similar relaxations through circulars dated 12.05.2022 and 23.05.2022, respectively. In accordance with a circular dated 11.05.2022, IRDAI has also stopped accepting hard copies of any reports, returns, or other documentation relating to actuarial valuation or reinsurance. It is anticipated that a lighter compliance burden will free up insurers to devote more time and energy to reach out to every Indian in order to increase coverage and penetration.