IRDAI vide notification dated 5th January,2024 has issued clarification regarding Submission of Advance Reinsurance Programme. An advance reinsurance programme shall 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 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. In case of Exempted insurers, if there is no Board/CEO/CFO, then the Authorized Person(s) shall ensure the submission of advance reinsurance programme in the specified summary formats.
Insurers shall submit a certificate confirming the information in the summary Reinsurance programme duly signed by CEO and CFO.
