IRDAI circular regarding the upload of Motor Third Party data in IIBI’s portal

LegalitySimplified

The Insurance Regulatory and Development Authority of India (IRDAI) on December 05, 2022, issued a circular regarding the upload of Motor Third Party data in Insurance Information Bureau of India (IIBI) portal. Delays occurs in the estimation of the third-party insurance premium for various categories of vehicles because necessary data are not submitted by the insurers to the Insurance Information Bureau of India (IIBI) on time. 

The Appointed Actuary and Chief Compliance Officer shall ensure the completeness, reasonableness, and correctness of the data before submission to IIBI.

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