Regulator has asked insurance companies to file periodical report on compliance to investment guidelines from quarter ending March 2017.
This follows notification of Insurance Regulatory and Development Authority of India (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 IRDAI (Investment) Regulations, 2016 in the regulatory periodical submissions from quarter ended March 31, 2017,” the regulator said.
With reference to earlier circulars and guidelines issued prior to notification of 2016 Regulations are based on the earlier 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.