IRDAI notifies on Discontinuation of monthly Solvency Returns

May 13, 2022 | by TeamLease RegTech Legal Research Team

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Industry Specific ComplianceThe Insurance regulatory and Development Authority of India (IRDAI) on May 12, 2022 has issued a circular regarding discontinuation of monthly Solvency Returns, in which the Insurers were advised to submit the monthly solvency returns within 15 days from the end of the respective month that was notified by the IRDAI to all the Insurers when the difficult time struct the Indian economy.

Now the Indian economy is reviving IRDAI has decided to discontinue the filing of monthly solvency returns by the Insurers with immediate effect. However, the insurers whose solvency margin is less than 1.55 as at the end of any quarter, shall continue to report the monthly solvency position until the solvency position is restored to1.55, by e-mail at [email protected]

[Circular No. IRDAI/F&A/CIR/MISC/98/5/2022]


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