INSURANCE REGULATORY AND
DEVELOPMENT AUTHORITY OF INDIA
Ref No. IRDA/ACTL/CIR/ARA/073/03/2016-17
Date: 31 March 2017
TO : All Chief Executive Officers/Chairman/Managing Directors of life insurers
Re: Circular No. IRDA/ACT/CIR/MISC/035/01/2014 dated 23.01.2014 – Report on Persistency rate and Renewal rate.
In response to requests received from many of the life insurance companies, the captioned circular has been reviewed by the Authority. It is has been decided to delink the submission of the above report along with the Appointed Actuary’s Annual report.
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 shall be effective with immediate effect from the date of its publication.
3. In response to requests received from many of the life insurance companies, the captioned circular has been reviewed by the Authority. It is has been decided to delink the submission of the above report along with the Appointed Actuary’s Annual report.
4. Accordingly, the first sentence of Para – 3 of the captioned circular, namely, “All the insurers shall submit a Report on Persistency” along with the Appointed Actuary’s Annual report” is hereby deleted till further instruction. The report shall however be submitted as mentioned in para 9 of the above referred circular i.e. on or before 30 June every year.
5. Other conditions of the aforementioned circular shall remain unaltered.
Pournima Gupte
Member (Actuary)
