Life insurers to furnish details of premium-awaited policies

Insurance regulator Insurance Regulatory and Development Authority (IRDA) today asked life insurance companies to give details of those policies for which premiums have not been received for more than one quarter.     

"Information pertaining to policies on which premiums are awaited for more than a quarter shall be furnished to the Authority," IRDA said in a circular.     

The companies have to give details in a format designed by IRDA.     

"Data of premiums awaited in the individual business of non-single premium type alone shall be included for this purpose," IRDA said.     

The data shall include both number of policies on which premium is awaited as also the premium amount on these policies, the circular added.     

"The premiums awaited on the policies sold under Rural and Social Sector Obligations shall be furnished separately," it said.     

Individual business reckoned for the purpose of Rural and Social Sector Obligations only needs to be considered for this purpose.

The data will also be furnished separately for the annualised premium slabs. Life insurance companies would have to submit data with linked or non-linked, premium slab-wise, mode-wise, distribution channel-wise break-ups, beginning with the first quarter of 2009-10, the circular added.     

Insurers are required to furnish data for the year 2008-09 not later than September 30.

The data for first quarter of 2009-10 onwards shall be furnished by the 15th of the month following the subsequent quarter.