The Insurance Regulatory and Development Authority of India (IDRAI) on January 03, 2023, issued a notification regarding the submission of reinsurance returns.
This has reference to the circular on submission of Reinsurance Returns and Programme vide ref no. IRDA/RI/CIR/MISC/011/01/2019 dated 15th January,2019. On comprehensively examining the extant returns being submitted.
The following returns are hereby dispensed with immediate effect-
1. Form 1.1: Summary of reinsurance treaties, submitted on yearly basis.
2. Form LR-2: Particulars of Surplus Treaty, submitted on yearly basis.
3. Form LR-4: Particulars of Quota Share Treaty, submitted on yearly basis.
4. Form LR-6: Particulars of Excess of Loss cover/Catastrophe Treaty, submitted on yearly basis.
5. Form LR-9: Data Uploading Format for Reinsurance Rate data, submitted on yearly basis.
6. Statement 1: Statement of Reinsurance Statistics, submitted on a quarterly basis.
7. Statement 2: Reinsurance Details- Inforce, submitted on yearly basis.
8. Statement 3: Reinsurance Details- Withdrawn, submitted on yearly basis.
Life insurers are advised to continue filing the remaining returns in the existing formats to the reinsurance department till further instructions.
[Notification No. IRDAI/REIN/CIR/RT/1/1/2023]
