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Insurance Regulatory and Development Authority (Irda) has asked life insurance companies to submit a 'Report on persistency' alongwith the Appointed Actuary's Annual Report.
Presently, insurers are required to analyse persistency as part of the Annual Report.
The regular has said that owing to the emerging experience on persistency, the managerial oversight on the persistency and its impact on the overall business and financial soundness needs to be focused.
The regular has directed life insurers to adhere to the standard methodology of calculation of persistency, as described in the circular.
