CIRCULAR No. IRDA/F&I/CIR/INV/69/03/2012, dated 26-3-2012

  Ref:  1. Circular No. 32/IRDA/Actl/Dec-2005, dt. 21.12.2005 (Clauses 10.2 & 10.7)

2. Circular No. 55/IRDA/Actl/ULIP-G/2007-08, dt. 17.03.2008

3. Circular No.01/IRDA/Actl/Cir/Apr-08, dt. 04.04.2008

4. Communication from Member (Actuary) through e-mail dt. 31.12.2009

5. Circular No. IRDA/F&I/CIR/INV/173/08/2011, dt. 29.07.2011

Under Clause 4 of the reference first cited, Life Insurance Companies are required to compute and declare NAV on a daily basis as per the provisions of Circulars 1, 2 and 3 referred to above. In 2009, a one time relaxation was provided vide communication at SI. No. 4 above.

2. It is hereby clarified that the communication at SI. No. 4 above had only a limited application. In the above circumstances, the instructions issued in circulars 1 and 2 above and reiterated in circulars at 3 and 5 above are to be strictly complied with.

3. A certificate to this effect issued by the concurrent auditor shall be filed with the IRDA that the NAV is computed and declared for each “Segregated fund” on a day-to-day basis. This certificate shall be filed on or before 30th Mar, 2012.

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