Date: May 10, 2010,
The CMDs/ CEOs of All Non-Life Insurance Companies/Reinsurance Company
Reporting of Maintenance of Solvency Margin Ratio
Authority vide circular No. 46/IRDA/F&A/Nov.-07 dated 22.11.2007 has made it mandatory for to file quarterly report of solvency margin. The said circular mandates filing of Table II – Available solvency margin and solvency ratio as mentioned in IRDA (Assets, Liabilities and Solvency margin of Insurers) Regulations, 2000.
All the insurers are hereby directed to submit all the Forms of solvency margin as prescribed under IRDA (Assets, Liabilities and Solvency margin of Insurers) Regulations, 2000 w.e.f. FY 2010-11. Date of submission of quarterly solvency reporting will be the same as prescribed for the Public Disclosure.
Further, it is clarified that for the purpose of calculation of RSM 1 premium of the last 12 months on rolling basis will be taken into account and for purpose of calculation of RSM 2 claims will continue to be taken as clarified under circular 045/IRDA/F&A/Mar-06 dated 31.03.2006.
Half yearly solvency statements must be signed by the Auditor, Appointed Actuary and the CFO of the company.
Kindly acknowledge the receipt.
(R. K. Nair)