Page 49 - Insurance Times Janaury 2021

(e) The outer time limit for closure of audit gaps is two intermediaries and insurance intermediaries to ensure
months. However, priority for closure of gaps should be digitization of physical records in a phased manner so
decided based on risks associated with each gap. as to convert them into electronic format within pre-
fixed timelines. You are requested to indicate, within
(f) Insurer should submit the closure report to IRDAI on the next 15 days, the timeline needed for your company.
the identified audit gaps within two months of
completion of Annual Assurance Audit. (J. Meenakumari)
CGM (Inspections)
(g) Insurer need not wait completion of assurance audit to
close the audit gaps. As soon as any gap is noticed Guidelines for all General Insurance
during the course of the audit, effort should be made
to close the gaps. Companies for submission of Reports
IRDA/SUR/GDL/MISC/289/12/2020
Member (Life)
Date:02-12-2020
Maintenance of records under IRDAI
1. This has reference to Notification of IRDAI (Insurance
(Minimum Information Required for Surveyors and Loss Assessors) (Amendment)
Regulations, 2020 whereby
Investigation and Inspection) a. Vide Regulation 21(3) insurer are required to file
Regulations 2020. with the Authority report on misconduct of licensed
surveyors annually
IRDAI/INSP/CIR/293/12/2020
b. Vide Regulation 21(4) Insurers are required to
Dt. 08th December 2020 maintain half yearly data in the prescribed format.

1. The Authority has notified IRDAI (Minimum Information 2. All Insurers are directed to file and maintain above
Required for Investigation and Inspection) Regulations information in the formats prescribed hereunder.
2020 in the official gazette on 23rd November 2020. a. Format for filing misconduct annual report is at
These regulations will come into force after 6 months Annexure I
from the date of notification i.e., from 23rd May 2021. b. Format for maintaining half yearly data is at
2. Though these Regulations allow maintenance of records Annexure II.
either in physical form or in electronic form, the 3. This is issued in exercise of the powers conferred under
insurers, intermediaries and insurance intermediaries Sec. 34(1) of Insurance Act, 1938
are encouraged to maintain the records in electronic
These guidelines shall be applicable with immediate effect.
format so as to ensure cost effectiveness; and
accessibility of these records for investigation and (Suresh Mathur)
inspection by the /authority. Therefore, it is advised that
Executive Director
necessary steps may be taken by the insurers,

GlobalData projects APAC life insurance premiums to grow in 2023

GlobalData has released new data that predicts life insurance written premiums in the Asia-Pacific region will grow in
2023. Written premium is set to rise from $1.2 trillion in 2019 to $1.5 trillion. The insight report calculates life insurance
in the region will grow at a compound annual growth rate (CAGR) of 4.9% during 2019-2023. This is supported by its
ageing population and an expanding middle-class population with a growing disposable income. Pratyusha Mekala,
Insurance Analyst at GlobalData, commented: "Despite the disruption due to the COVID-19 pandemic, several countries
are now seeing gradual recovery following the lifting of lockdown restrictions.

The Insurance Times, January 2021 49