Reduced compliance burden for insurers

The Insurance Regulatory and Development Authority of India (IRDAI) has reviewed and rationalised the regulatory returns to be filed by the insurance companies.

In its latest circular the IRDAI has reduced the number of off-line returns being submitted by Life Insurers from 40 to only four whereas the number of online returns would come down from eight to five. Three separate certification requirements have also been consolidated into one.

This comes after the similar relaxations extended to General insurers and Health insurers. IRDAI has also discontinued submission of hard copies of any reports, returns or other documents related to actuarial valuation or reinsurance.

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.