Circular no. IRDA/NL/Cir/Misc/129/06/2012, dated 7-6-2012

With reference to Para 11 of IRDA circular IRDA/NL/CIR/Cre/205/12/2010 dated 13.12.2010, which mandates non-life insurance companies to submit regular reports to the Authority regarding the performance of Trade Credit Insurance portfolio.

With a view to maintain consistency in reporting and better analysis of the credit insurance portfolio, the authority has devised certain forms for reporting under credit insurance, which are presented in the table below:

Form No Form Name Frequency
Form 1 Policy-holder wise SI and premium under trade credit insurance (for domestic sale) Half Yearly/Yearly
Form 1A Policy-holder wise SI and premium under trade credit insurance (for export sale) Half Yearly/Yearly
Form 2 Policy-holder-buyer wise claim reserves and claims paid (for domestic sale) Half Yearly/Yearly
Form 2A Policy-holder-buyer wise claim reserves and claims paid (for export sale) Half Yearly/Yearly
Form 3 Policy-holder-buyer wise claims recoveries (for domestic sale) Half Yearly/Yearly
Form 3A Policy-holder-buyer wise claims recoveries (for export sale) Half Yearly/Yearly
Form 4 Credit Insurance Performance Review (For domestic and Export Policies) Half Yearly/Yearly

Therefore, all non-life companies are advised to submit yearly report for the financial year 2011-12 in the prescribed formats, within 15 days of receiving this circular.

Further on, all insurance companies will submit these forms within 30 days of expiry of Half year (half yearly reports) and the financial year (yearly report).

These forms will also be submitted in excel format by email to the following email IDs

Randip@irda.gov.in

Vikas.jain@irda.gov.in

The copy of prescribed forms is enclosed herewith the circular.

Form 1

Policy holder wise SI and Premium under Trade Credit Insurance (for Domestic policies)

(Frequency of Statement: Half Yearly/Yearly)

Name of the insurer:

Frequency (Half Yearly/Yearly)

period ending on

SA in lakhs of Rs
Amount in Rs
Sr. No
Policy No
Policy Period
Name of the Policy Holder
Industry /Sector
Perils covered
No of Buyers
Maximum overall Limit (SI)-in lakhs of Rs
Maximum SI (retained by insurer)-in lakhs of Rs
Gross Written Premium (GWP)-in Rs
Gross Earned Premium (GEP)- In Rs
Net Earned Premium (NEP)- In Rs
From
To
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Total

Note: Totals of GWP, GEP and NEP during the period should equal the corresponding figures in form 4

Form 1A

Policy holder wise SI and Premium under Trade Credit Insurance (for Export Polices)

(Frequency of Statement: Half Yearly/Yearly)

Name of the insurer:

Frequency (Half Yearly/Yearly)

Period ending on

SA in lakhs of Rs
Premium amount in Rs
Sr. No
Policy No
Policy Period
Name of the Policy Holder
Industry/ Sector
Perils covered (Insolvency/ Protracted default/Pol. Risk cover)
Number of Buyers covered
Maximum Overall Limit
Insurer’s Exposure (SI Retained by Insurer)
Gross Written Premium (GWP)
Gross earned Premium (GEP)
Net Earned Premium (NEP)
From
To
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Total

Note: Totals of GWP, GEP and NEP during the period should equal the corresponding figures in form 4

Form 2

Policy holder-Buyer Wise Claims Reserves and Claims paid (for domestic buyers)

(Frequency: Half Yearly/Yearly)
Name of the insurer:
Frequency (Half Yearly/Yearly)
period ending on

 

Amount in Rs
Sr. No
Policy No
Name of the Policy Holder
Name of the Buyer
Reason of claims (Insol-vency/ Prot Default
IN the beginn-ing of period
Transferred to reserve
Claims Paid during the period
At the end of period
Amount to be recovered
from Re-
insurer
Name of Reinsurer
Gross Cl. Res. (Rs)
Net Cl. Res. (Rs)
Date of Overdue Notific-
ation
Date of
Transfer to Claim
Reserve
Amt. Transf-
erred to Gross Cl. Res.
Amt. Transf-
erred to
Net Cl. Res.
Gross claims in paid Rs
Net Claims paid in Rs
Gross Claim Reserves in Rs
Net Claim Reserves
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Total

Note:

1.  Total of Gross Claims Reserve and Net Claims Reserves in the beginning and at the end of the period should match with the corresponding figues in Form 4

2.  Total of Gross Claims Paid and Net claims Paid during the period should tally with the corresponding figures in form 4

Form 2A

Policy holder-Buyer Wise Claims Reserves and Claims paid (for Export buyers)

(Frequency: Half Yearly/Yearly)

Name of the insurer:
Frequency (Half Yearly/ Yearly)
period ending on

 

amount in of Rs
Sr. No
Policy No
Name of the Policy Holder
Industry / Sector
Name of the Buyer
Country of Buyer
Reason of claims
(Insolvency/ Prot
Default/
political
risk)
In the beginning of period
Transferred to reserve during the period
Claims Paid during the period
At the end of period
(outstanding)
Amount to
be recovered
from Re-
insurer
Name
of Re-
insurer
Gross Cl. Reserves
Net Cl. Reserves
Date of
Overdue Notific-
ation
Date of
Transfer to Reserve
Gross Claim Reserves
Net Claim Reserves
Gross claims
Net Claims
Gross Claim Reserves
Net Claim Reserves
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Total

Reasons of Claims: Insolvency/Protracted Default/Political Risks

Note:

1.  Total of Gross Claims Reserve and Net Claims Reserves in the beginning and at the end of the period should match with the corresponding figues in Form 5

2.  Total of Gross Claims Paid and Net claims Paid during the period should tally with the corresponding figures in form 5

Form 3

Policy holder-Buyer Wise Claims Recoveries (for domestic buyers)

(Frequency: Half Yearly/Yearly)

Name of the insurer:
Frequency (Half Yearly/Yearly)
period ending on

 

amount in Rs

Sr. No

Policy No

Name of the Policy Holder

Name of the Buyer

Recoveries from buyer dur. Period

Gross Recovery Amt.

 Net Recovery Amt.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

Total

Note:

1. Totals of Gross Recovery and Net recovery amount should tally with the corresponding figures in form 4

Form 3A

Policy holder-Buyer Wise Claims Recoveries (for Export buyers)

(Frequency: Half Yearly/Yearly)

Name of the insurer:
Frequency (Half Yearly/Yearly)
period ending on

 

amount in Rs

Sr. No

Policy No

Name of the Policy Holder

Name of the Country of Buyer

Recoveries made from buyer

Gross Amount of Recovery

Net Amount of Recovery

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

Total

Note:

1. Totals of Gross and Net recovery amount from buyer should tally with the corresponding figures in Form 4

 

Form 4

Credit Insurance Performance Review

(Frequency Half Yearly / Yearly)

Name of the insurer:
Frequency (Half Yearly/Yearly)
period ending on

 

Amount in Rs.

Premium and Claims

Domestic Sales

Export Sales

Total

Gross Written Premium(GWP)
Gross Earned Premium (GEP) during the period
Net Earned Premium (NEP) during the period
Gross Claims Paid during the period (GCP)-excl. of recoveries
Net Claims Paid during the period (NCP)- recoveris excluded
Gross Claims Reserve at the beginning of the period (GCRB)
Net claims reserve at the beginning of the period (NCRB)
Gross claims reserve at the end of the period (GCRE)
Net claims reserve at the end of the period (NCRE)
Gross Recoveries made during the period (GR)
Net recoveris made during the period (NR)
Gross Incurred Claims (GIC)=GCP+GCRE-GCRB-GR

0

0

0

Net Incurred Claims (NIC)=NCP+NCRE-NCRB-NR

0

0

0

Gross Incurred Claims Ratio=GIC/GEP%

 #DIV/0!

#DIV/0!

#DIV/0!

Net Incurred Claims Ratio=NIC/NEP%

#DIV/0!

#DIV/0!

#DIV/0!

Note:

Gross Incurred Claims Ratio- GIC/GEP%

Net Incurred Claims Ratio- NIC/NEP%

Gross Incurred=Gross Claims paid during the period + Gross Claims reserve in the end of the peirod -Gross Claims Reserve at the beginning of the period-Gross recoveries made

Net Incurred Claims Ratio=Net Claims Paid during the Period+Net Claims Reserve in the end- Net claims reserve at the beginning of the period-net recoveries

GWP, GEP and NWP figures should tally with the respective figures in Form 1 and 1A

GCRB, NCRB, GCRE, NCRE, GCP and NCP amount should tally with the res. Figures in Form 2 and 2A

GR and NR amount should tally with the corrresponding figures in form 3 and 3A

More Under Corporate Law

Posted Under

Category : Corporate Law (3530)
Type : Circulars (7563) Notifications/Circulars (30685)
Tags : IRDA Notifications (274)

Leave a Reply

Your email address will not be published. Required fields are marked *