CIRCULAR NO. IRDA/F&I/CIR/INV/187/08/2011, DATED 17-8-2011

This is further to the Circular IRDA/F&I/CIR/INV/173/08/2011, dated 29th Jul, 2011, on the above subject, the Authority has received few representations from Insurance Companies. After due consideration of the representations made in this respect, and in partial modification the Authority hereby directs the Life insurer to read the following points as under:

Annexure -1: Fund Approval Procedure – ULIPs

Point B (2) (x): Transfer of funds, as stipulated under IRDA Circular No. IRDA/FA/02/10/2003-04 Dt. 29th Oct, 2003, between ULIP funds would be done during Market Hours, for Equity and Debt at the prevailing price. The Concurrent Auditor shall certify that the Insurer has the required automated System in place to ensure compliance of this requirement.

Annexure-2: Guidelines on NAV Process

Note: In supersession of earlier provisions issued vide Circular No. 24/IRDA/ACTL/2009-10, Dt. 5th Aug, 2009 with respect to calculation of NAV, the NAV shall, henceforth, be computed without appropriation/expropriation price as required under the said Circular under Unit Pricing Methodology. The same shall be applicable for all existing policies effective from the date immediately following the date of issue of this Circular.

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