The Insurance Regulatory and Development Authority of India vide its notification dated 23rd November 2020 has published the Insurance Regulatory and Development Authority of India (Minimum Information Required for Investigation and Inspection) Regulations, 2020 .
The Regulations is applicable to all Insurers and Intermediaries or Insurance Intermediaries, as defined under the Act or IRDA Act, 1999, for the purpose of investigation and inspection by the Authority.
The objective of these regulations is to specify minimum information required to be maintained by insurer, intermediary or insurance intermediary, so as to enable the investigating officer to discharge satisfactorily his or her functions
Every insurer shall maintain at their principal place of business in India, all records, information, data, documents, books or registers required to be maintained by them under the extant provisions of the Act, Rules, Regulations, Guidelines, Circulars or Directions applicable to the insurers and provisions of any other law, as applicable to its business.
Further, every insurer shall obtain and maintain a legally valid receipt for every payment made and issue a legally valid receipt for every payment received and shall maintain the invoices and receipts filed in a systematic manner either chronologically or in some other convenient order.
