The Insurance Regulatory and Development Authority of India (IRDAI) on January 05, 2024, issued the notification regarding the Submission of Advance Reinsurance Programme.
The following has been stated namely: -
• An advance reinsurance programme is to be submitted by every insurer in a specified summary format, to the Authority, at least 45 days before the commencement of the financial year.
• The formats for submission of summary advance reinsurance programme by General insurers are attached as Annexure A
• The formats for submission of summary advance reinsurance programme by Life Insurers are attached as Annexure B.
• The guidelines outlines in Annexure C must be followed while submitting information in the specified format.
• The Board of every insurer shall ensure that the advance reinsurance programme is submitted to the Authority in the specified format within the stipulated timeframe as mentioned in the regulations.
• Insurers shall submit a certificate confirming the information in the summary Reinsurance programme duly signed by CEO and CFO as per the attached Annexure D.
[Notification No. IRDAI/REIN/CIR/RISF/4/1/2024]
