Rationalization of regulatory returns and other compliance requirements

Date : 10/06/2022

To,
All Life Insurers

With an objective to enhance ease of doing business and reduce compliance burden, it is decided to rationalize the regulatory returns and other compliance requirements from life insurers as per the following. These directions are issued under Section 14(2) (e) of the Insurance Regulatory and Development Authority Act, 1999.

1. 1. The requirement of submission of the following returns is discontinued :
2. 1. 1.1.Fortnightly return containing details of branches fully / partially closed – ref circular dated 23/03/2020.
   3. 1.2.Monthly statement of grievances related to OTP based consent for proposals – ref circular dated 12/11/2020.
   5. 1.3.Monthly Statement of Renewal Premium and Policy Payouts – ref circular dated 10/08/2021.
   7. 1.4.Monthly report on sale of Saral Jeevan Bima – Standard Life Product – ref email dated 29/04/2021.
   9. 1.5.Monthly report on sale of Saral Pension- Standard Annuity Product – ref email dated 08/06/2021
   11. 1.6.Monthly report on NCFE Trainings – ref email dated 5/10/2021
   13. 1.7.Monthly NB Premium on Fund Based Products.
   15. 1.8.Monthly report of products launched during the period – ref circular dated 03/04/2008.
   17. 1.9.Annual Statement of number of agents /intermediaries trained in ULIPs – ref circular dated 26/09/2019.
   19. 1.10. Quarterly Life Operational BAP Return on “Names of MI products on offer”.

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Circular : https://www.dropbox.com/s/990fvnajkdwaxhj/Rationalization%20of%20regulatory%20returns%20and%20other%20compliance%20requirements.pdf?dl=0