CIRCULAR No. IRDA/F&I/CIR/INV/081/03/2012,
It is hereby informed that the 31st Mar, 2012 of financial year 2011-12 falls on a Saturday. Hence, all Life Insurers, in connection with processing of applications of Unit Linked Business shall apply the following rule:
a. Companies may declare 31st Mar, 2012 as a Working Day for accepting applications
b. If 31st Mar, 2012 is declared as a Working day, the Insurer shall declare NAV for 31st Mar, 2012
c. All applications received on Saturday (31st Mar, 2012 ) UPTO 15.30 Hrs shall be “Stamped” and NAV of 31st Mar, 2012 shall be applied
d. Applications received AFTER 15.30 Hrs on 31st Mar, 2012 shall fall into the next Financial Year
All Insurers shall file a certificate in compliance of the above directions, issued by the Statutory Auditors and shall file the same along with the Annual Accounts.