Circular No. IRDA/F&I/CIR/DATA/091/06/2010, dated 10-6-2010
Attention is drawn to section 31B(2) of the Insurance Act, 1938 by virtue of which “Every insurer shall before the close of the month following every year, submit to the Authority [a statement, in the form specified by the Regulations made by the Authority,] showing the remuneration paid, whether by way of commission or otherwise, to any person in cases where such remuneration exceeds (such sum as may be specified by the regulations made by the Authority.)”
2. The Authority has now decided that the details of remuneration paid whether by way of commission or otherwise to any person, in cases where such remuneration exceeds Rs. 1 lakh per annum may be furnished to the Authority in the format prescribed in the Annexure.
3. The said details pertaining to the financial year ending 31st March may be furnished by 30th April of every year. However, for the year ending 31st March 2010, details may be furnished by 30th June 2010.
4. Employee remuneration details which are being furnished as part of the Director’s Report as required under Section 217 (2A) (a) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 may continue to be provided along with Director’s Report.
5. This circular supersedes the circular dated 9th May 2003 on the subject.