IRDA's Mandate on Public Disclosures by Insurers

IRDA’S MANDATE ON PUBLIC DISCLOSURES BY INSURERS

Public Disclosures by Insurers

CIRCULAR NO. IRDA/F&I/CIR/PBDIS/105/05/2011, DATED 26-5-2011

Attention is invited to IRDA’s Circular No. IRDA/F&I/CIR/F&A/012/01/2010, dated 28th January, 2010 and further clarifications issued thereon vide Circular dated 9th April, 2010, wherein the Authority has mandated Public Disclosures by the insurers at periodic intervals.

2. Effective from the year ending March 2011, all insurers are required to file a Certificate confirming compliance with the stipulations on public disclosures as under:

 (1)  Compliance with disclosure requirements on the Insurer’s website (Annexure 1) ; and

 (2)  Compliance with the requirements on publication in the Newspapers (Annexure 2).

3. The Certificate is required to be submitted to the Authority within one week of applicable timelines under respective disclosure requirements as stipulated in the Circular under reference.

Annexure 1

Name of the Insurer:

Compliance Certificate

(Disclosures on Insurer’s website)

This is to certify that in compliance with IRDA circular No. IRDA/F&I/CIR/F&A/012/01/2010, dated 28th January, 2010 and further clarifications thereon vide circular dated 9th April 2010, all the forms required to be published by M/s. …(Name of the Insurer)… have been published on the website for the quarter ended….…………/half year ended…………./year ended ………….on………..(date), as per the prescribed format.

There are no deviations from the stipulated requirements.

It is further certified that the information furnished in the prescribed formats is complete and correct to the best of my knowledge and belief and nothing has been concealed or suppressed.

Annexure 2

Name of the Insurer:

Compliance Certificate

(Publication in Newspaper)

This is to certify that publication of the half yearly/yearly results in the Newspapers for the period/year ending ………..… was done in the following newspapers within the  timelines  as  indicated  in the aforesaid circular and  in  the  prescribed manner:

It is further certified that the information furnished in the prescribed formats is complete and correct to the best of my knowledge and belief and nothing has been concealed or suppressed.