Page 47 - Insurance Times May 2019

as part of policy servicing. Providing mobile amendment the guidelines on Public Disclosures to the
number and e-mail ids by a policyholder shall extent it is applicable to other than life insurance
be voluntary and shall not be made mandatory. companies. A brief summary of the amendments proposed
Services shall be made available to enable the is as under:
policyholders to update their mobile numbers 1. The revised guidelines differentiate between the
and e-mail ids, be it in web portal or APPs of general insurers and reinsurers;
the insurers. It will be the responsibility of the 2. New forms for branch of foreign reinsurers have been
insurers to ensure total confidentiality of introduced;
policyholders information.
3. Analytical Ratios: the following amendments have been
v) Consent of the policyholders shall be
proposed:
specifically obtained for notifying the services a. A few of the ratios [such as combined ratio,
rendered by the insurers and no other underwriting results etc.], have been aligned with
unsolicited information shall be sent to the IAIS Standard;
policyholders.
b. New ratios [Debit Equity Ratio, Debt Service
2. Care may be taken to use simple language that is easy Coverage Ratio] have been introduced;
to read and understand in these communications.
Wherever feasible, the communications may be in c. A few ratios have been aligned with the revised /
regional or local language of the place of residence of new Regulations issued by the Authority;
the policyholder / claimant, besides English/Hindi. 4. In order to have uniformity in the disclosures, the
amended guidelines to include the following:
This shall be implemented by Insurers with effect from 01/ a. Segmental Revenue Account and its schedules;
07/2019.
b. NL-9: Shareholding Pattern: additional line item for
(TS Naik) investors;
General Manager c. NL-8: Investment: Segregation of Investments:
Policyholders and Shareholders;
Exposure Draft on IRDAI (Public d. NL-24: Ageing of the Claim to include amount also;

disclosures by Insurers transacting other e. NL-40: Business Acquisition through different
than Life Insurance Business) Guidelines channels: On-line to be a sub-channel of Direct
channel;
2019
f. New Disclosures on:
Ref. No:167/F&A (NL)/PD/01/2018-19 i. Disclosures on underwriting performance
Date:25-03-2019 (Segment-wise);
ii. Development of Insurance Losses (On gross
The Insurance Regulatory and Development Authority of basis);
India (IRDAI) is entrusted with the regulation, promotion
++++++++- and orderly growth of insurance business in 5. In order to avoid de-duplication, a few disclosures have
India. Maintaining an efficient, fair and stable insurance been aligned with Other statutory requirements to the
market is necessary for the growth of the industry as well extent as applicable
as for the protection of the interests of policyholders. The
The draft guidelines along with the formats are attached
IRDAI has been bringing out various regulations for fulfilling
its mandate. Another important measure in this direction herewith. All are requested to offer their valuable comments
is Guidelines on Public Disclosures issued on January 28, / suggestions on the proposed Guidelines by 15th April,
2010. However, the Authority has come out with 2019 in the format (Annexure A). The comments /
amendment in the existing regulations and have also suggestions may be e-mailed to Mrs. Jamuna Choudhary,
notified a few new regulations post Insurance Laws AGM at jamunachoudhary@irda.gov.in and Mr. Sumit Arora,
(Amendment) Act, 2015. Further, the Authority is of the AM at sumit.arora@irda.gov.in with a copy to the
view that few of the disclosures may not be mandated for undersigned at rksharma@irda.gov.in .
the reinsurers.
R K Sharma
In view of the same, the Authority has decided to General Manager-F&A-NL

The Insurance Times, May 2019 47