 "Insurers to file compliance to investment norms from March 2017")
Insurance Regulatory and Development Authority of India (IRDAI) has asked insurance companies to file periodical report on compliance to investment guidelines from quarter ending March 2017.
This follows notification of IRDAI (Investment) Regulations, 2016.
"As the Regulations mandate certain systems and process to be put in place, the IRDAI (Investment) Regulations, 2016 shall be effective from March 31, 2017. Thus, Insurers shall report compliance to regulator in the regulatory periodical submissions from quarter ended March 31, 2017," the regulator said.
Circulars and guidelines issued prior to notification of 2016 regulations, are based on the Insurance Act, 1938, IRDAI has made the necessary amendments and issued Master Circular on IRDAI (Investment) Regulations, which will serve as one stand point reference.
"Insurers are hereby directed to place the Regulations, Investment - Master Circular on IRDAI (Investment) Regulations, 2016 before their Board in their next meeting and apprise their Board of the changes that have been brought in the Investment Regulations," the regulator said.
The Master Circular covers all operational, procedural and guidelines on investment category, risk management concurrent audit, valuation guidelines, disclosure and reporting norms, among others.
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