In a circular issued the insurance regulator IRDA said, “Information pertaining to policies on which premiums are awaited for more than a quarter shall be furnished to the Authority.” This implies that insurance companies have to furnish details in a format designed by IRDA.
“Data of premiums awaited in the individual business of non-single premium type alone shall be included for this purpose,” it said.
The data shall include both number of policies on which premium is awaited as also the premium amount on these policies, the circular added. Life insurance companies would have to submit data with linked or non-linked, premium slab-wise, mode-wise, distribution channel-wise break-ups, beginning with the first quarter of 2009-10, the circular added.
“The premiums awaited on the policies sold under Rural and Social Sector Obligations shall be furnished separately,” said the circular.
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