@pandit_pujari said:brother, this is not how the system works. In a company whether govt. or pvt., the responsibility of financial loss is fixed on the officer whose duty was to submit the challans to IRDA in time. Because NICL will recover this amount from the person(s) concerned. If he shows that somehow the delay was caused due to some extraneous factors beyond his control, other dept./sections despite his repeated requests or acts of God, then only the financial loss will be written off from the account books. Most often, the officer held responsible for making timely payments is an AO!
READ THE "CIRCULAR NO. IRDA/NL/CIR/MISC/159/07/2011, DATED 8-7-2011" GIVEN BELOW; THEN FIX THE RESPONSIBILITY.
INSURANCE : SUBMISSION OF BUSINESS INFORMATION RELATED TO POLICIES, PREMIUM, CLAIMS AND OFFICES OF GENERAL INSURANCE COMPANIES
INSURANCE : SUBMISSION OF BUSINESS INFORMATION RELATED TO POLICIES, PREMIUM, CLAIMS AND OFFICES OF GENERAL INSURANCE COMPANIES
CIRCULAR NO. IRDA/NL/CIR/MISC/159/07/2011, DATED 8-7-2011
Please refer to Circular 40/NL/IRDA/08-09, dated 3rd March, 2009 wherein, the Authority has mandated all non-life Insurance Companies to submit quarterly and yearly business information.
In view of the changing industry scenario and to make the information analysis more meaningful, the Authority has decided to replace the existing formats with the new ones as provided below:
Form No.
Particulars of the Format
Frequency
Last date for submission
Form I
State-wise Policies and Premium
Quarterly
Within 21 days of end of the Quarter
Form II
Channel-wise Policies and Premium
Quarterly
Within 21 days of end of the Quarter
Form III
State-wise Reported Claims
Quarterly
Within 21 days of end of the Quarter
Form IV
State-wise Incurred Claims
Quarterly
Within 21 days of end of the Quarter
Form V
Channel-wise paid Claims
Quarterly
Within 21 days of end of the Quarter
Form VI
Statement of Incurred Claims
Quarterly
Within 21 days of end of the Quarter
Form VII
Micro Insurance- Business and Claims
Quarterly
Within 21 days of end of the Quarter
Form VIII
Micro Insurance - Incurred Claims
Quarterly
Within 21 days of end of the Quarter
Form IX
Agency Organization
Quarterly
Within 21 days of end of the Quarter
Form X
State-wise Office
Quarterly
Within 21 days of end of the Quarter
While submitting the above forms, all non-life Insurers are advised to follow the following instructions:
1. The information should be submitted only in the prescribed format (Excel Sheet).
2. The submitted information should be duly validated (as per the instructions given under individual format) and certified by CEO of the Company.
3. The information submitted in wrong or invalidated formats shall not be accepted and deemed to be not submitted.
4. All the formats are to be submitted within 21 days of the end of the previous quarter.
5. All the formats should be submitted through e-mails (in excel format)
6. This circular will be effective from 1st April, 2011(1st Quarter of FY 2011-12).
7. In view of the time requirement for incorporating the changes in their systems by non-life Insurance Companies, the Authority allows them to submit the information (for the 1st quarter, FY12) in prescribed format by 15th August, 2011.
8. All the insurers are advised to acknowledge the receipt of this circular and intimate the names and contact details of the person responsible for submitting the information to the Authority, within 10 days of receipt of this circular.
This may be kindly noted that the above forms are available on IRDA website in Excel format.
NOW
WHAT DO YOU THINK?
IT'S THE RESPONSIBILITY OF AO, ONLY.
I AM GOING TO BE OFF-LINED NOW. BUT YOUR FURTHER COMMENTS ARE WELCOMED, AND I WILL ANSWER THAT WHEN I BECOME ONLINE, AFTER A FEW DAYS.
THANKS FOR YOUR COMMENTS.
