Insurance Regulatory and Development Authority of India
Circular
Ref. No: IRDAI/F&A/CIR/MISC/256/09/2021 | Date:30-09-2021
Public Disclosures by Insurers
The Authority (IRDAI) had issued circulars ref: IRDA/F&I/CIR/F&A/012/01/2010 dt. 28.01.2010 and IRDA/F&I/CIR/PBDIS/105/05/2011 dt. 26.5.2011 on “Public Disclosures by Insurers”. Guidelines on Periodic Disclosures were also issued by the Authority on 9.4.2010 and vide circular ref: IRDA/CAD/CIR/245/11/2012 dt. 20.11.2012.
2. The revised instructions on Public Disclosures by Insurers placed at Annexure A will supersede the provisions of circular ref. IRDA/F&I/CIR/F&A/012/01/2010 dt. 28.01.2010, Guidelines on Periodic Disclosures dt. 9.4.2010, circular ref: IRDA/F&I/CIR/PBDIS/105/05/2011 dt. 27.05.2011 and circular ref: IRDA/CAD/CPR/245/11/2012 dt. 20.11.2012 issued by the Authority on Public/Periodic Disclosures by Insurers.
5. Insurers may note that the revised instructions shall come into effect from the financial year 2021-22 and the uploading of disclosures on website shall be on quarterly basis from the period ending 30th September, 2021 whereas publishing in Newspapers will be on half yearly basis from the period ending 30th September, 2021. The insurers may also make the quarterly disclosures in the revised formats for the period ending 30th June, 2021 on voluntary basis on their websites.
5. The insurers are hereby, directed under Section 14 (2) (e) of the IRDA Act, 1999 to take necessary action to ensure compliance with the public disclosures requirements as indicated in Annexure A, from the FY 2021-22.
S N Rajeswari
Member- F&A (In-charge)
