The Insurance Regulatory and Development Authority of India (IDRAI) has issued a notification regarding the submission of reinsurance returns. This notification was issued on 3rd January, 2023.
The present notification was in reference to the circular on submission of Reinsurance Returns and Programme dated 15th January, 2019. The notification contemplates amendments in the returns under the previous circular.
Hence the following returns are dispensed with immediate effect-
a. Form 1.1: Summary of reinsurance treaties, submitted on yearly basis.
b. Form LR-2: Particulars of Surplus Treaty, submitted on yearly basis.
c. Form LR-4: Particulars of Quota Share Treaty, submitted on yearly basis.
d. Form LR-6: Particulars of Excess of Loss cover/Catastrophe Treaty, submitted on yearly basis.
e. Form LR-9: Data Uploading Format for Reinsurance Rate data, submitted on yearly basis.
f. Statement 1: Statement of Reinsurance Statistics, submitted on a quarterly basis.
g. Statement 2: Reinsurance Details- Inforce, submitted on yearly basis.
h. Statement 3: Reinsurance Details- Withdrawn, submitted on yearly basis.
Life insurers shall continue filing the remaining returns in the existing formats to the reinsurance department till further instructions.