006_52
Post on 15-Jan-2016
218 Views
Preview:
DESCRIPTION
TRANSCRIPT
Tftrcet TTo ^to-33004/99 REGD. NO. D. L.-33004/99
3 T R T T ^
(Lhz ( S a x e t t e o f 3 u d i a3THTWniT
EXTRAORDINARY
W TIII— WTg 4 PART III—Section 4
Tnfsrenr ^ m iPvm PUBLISHED BY AUTHORITY
K 521 18, 2013/iTm 29, 1934
No. 52] , NEW DELHI, MONDAY, FEBRUARY 18, 2013/MAGHA 29, 1934
sjfal M W r ^ i 3ftT f e w w f e w r
StfSTCJERT
ii xf>r 6', 2013
# q r f pHAJWch 3 ^
(■sfreR^HT-^-rafin) f t f r o , 2013
T jp j . ■ ? t . '& . i ^ .y T . / ' f 5 . / 1 7 /7 5 /2 0 1 3 ^ T T R jPH <ym ch 3 ?fT -fag T R T SUfil'ch<UT 19 99 OTTT 14 3?lT OTTT
26 % ^nsr trfe?r arRiPr*w, 1938 <*n a m H 43f "gm yrferrat ^rt ira m cfrrrf urftrarnn ^fwr
l tp t aflrprnT-
^ T . - f r *ffrTT R i r 4A|IHcH d f r U lR lc h < U | ( xrflc H J im - tj - f j T m ) 2 0 1 3 i d [^ I
13". ^ -H-lchKt TTW a'T t 5-lchl ■gft clKI<3 '9>T y g n I
2. TfwmTTT- ^T3rFRmT"lT,^rT(ig?^vriT3FqWT3^t9?T-R'^T :
‘31 (S ift in ’ '^•'jflTTT3Tfirf5ratri938 (1938'grT 4) 3Tfajt?T%;
T3 \ • y i f y c h < u i ' ^ W T t f T a f l T y i f i l e M U l 19 99 ( 1 9 9 9 KT 4 1 ) a m 3 ■ g f t ^ q - S i m ( 1 )
% 3T8rPr w iflld ^ffaT'fa(Hi|W<*) 3Ttr'fechl« UllSl<*<U| |
01/20 n ( l )
2 THE GAZETTE OF INDIA : EXTRAORDINARY [P art III— Sec . 4]
T:3TSgrfur7T. ‘ 3 < 4 u |« t,r lf’ ^ « T m i c » i d f ^"3ft TTfg^T <*><rl! % STSraT
■Wfcic l ch<nlU. ‘ ^ viti dTwi^cif &k i , Rn'H-i «Ttni^hd oyfcKi c*Tl fc ll
■ZRT 3 iy r 3Tf«iRT %;
31B!Tf T'3$iT?TT %;*r. ■ ijfajcft Tpwfaf Tf T^ft TJcFTFT Ufi~H-tfT '9iT 3Tff?W W ( % OTT3T Tjof ^TT 3TfHT ?T t ftrfT^ 3 &iJufuI
^ f?n T 3n=rn- -JTTrra^r-gft t cTOT ^ 4 T n r c h w f a f t r tfw-fcK tff % * m r y ^ c t , ^ q fg a c t t E ^ < h
■^^IcFTR cRT^ 3T8raT 3T^ftg>TT’35’ c*>l (qchc^l
‘ y-ifltm t i la g ’ % w f f UtjTl ifr fciij, ehi'j^'i ,?S T % «ni>n<»ii<l qg 3lfavld %" h" tlfcjc;i ctTl TT*Tt
v id f 3^tr ■3:n=9r "3 T®rErt cb i t^sft ^ s u F . 3tVt P if^ jd ^tr^r^r"^TTTfTT% i
^T. ‘■gH:3T6ZJxflTr'^ 3TRl5l?r % i^ R T ^ "5TTT T2i9fT ^*TVflTT®<Tf‘fevtfr 3T^T TV$Ti9vTf S R ra i'2 * ro f:RT9>(Tf oKt
344^ ftUI snftrT i!!<l ^-(4Tni 3W<art d « « 6 r 3T5T 3i*^[ifd <*-,<<11 %;
" T. * S4Kl*MKui ’ ^ ch i o?> 3TVT 34 fa£ ld ^ Hsi^ «Ti^lcibdf 3JM*T! 3?H % 4J 6 U* %;
oT. * ‘ profmSFT^f' % 3Tfa lRT ^ I^Tft ^4Hd ^ ^>c*n ^'I^Thi o!J TT T fcH^
yiiydKTUT'SHT STITT 3 4h\ dH-OTCT (25?) % 3idjfd 'qsiDcfciUI SWIUI1!* U<R feH ir■’T n'%■;
<r. -ft -tftm sm m ^h^Tmi srt -gftf ifor ■h^crt giMkif i c a f ta n atgr?) csrrgf arfiifrtT % -Eraft q g n ijfl
■hA f^rflg-gi - va^riigi xf tt t ^<JPnmiRd aftr fatifi f ga en<m g n r t f ;
"S. ‘ ^ «^Hicr»nf 3^T ^J"T4f*TTcF<Tf F> ‘sft’ET ^'1a5Thi cf>t cj^ oyq+*yf 3Tfv PET%, 'fll : Cjct> c(tf 3T5T3TT3 ^ ^ "
arfira? arallr % f^ro; ^t?fr % wot % -fenft -grf araraT cprff % ^haThi % #n j; w ^ x
cich’l^chl fctci^ui R*Tll<4 y if? f^*i|rf4.n %;
■g. (iifH^n~I ■& M ~dRT afrr ajgRm fad u r g T fm $ria fen r, 1938 (1 9 3 8 ■grr 4 ) arogT ^fwr " fgfrw r^
3?tt Ri<«iy jii|ych<u! srfaPiAm, 1999 (1999 w 4 i)^ T r fw r f^ fr ':fT*ffyr«^i 3 ^ r« r iiff i4 l% artf
y f i^ ^ft-uviiifeafd 4H aifarH-mil ^^%rf?TTT PtRw: m I f 1
■g>. ^fwr 3rfeft^nr, 1938^81111
'thto ■& vtrrrgvT ttRt %t ijRi^in ^ 1 ■gpvfm' *^111 ^ r r uiRicf><ui ■gnr arfir^cRT
Pci pH fdrm jl 1 Q_l 11 1
I S . a y i t T I g ) Wt*>K I q ^ i ^ c e . tj.tTi ■^TRi'Hi % ^ T T O " ^ < n * 4 l^ id <IIVI % rT ^ T ir f e ? T tT % arferaFT H i j t ' < 11
?rerr
TT. •qF^ryR f% 'fa -^W f& i"fe lfa -4 cIJlT^ [HU,R)faH ufdVId f^fnRhi fa^) "jTT TT^rrt rfWT
■et. W ^ ^ argmn 'fe? ^nr ft ■gfirym''bkt aimCT srmfRr vtmgvrfait %■afra-•fercn sttottt i
ftPl«M^TU<<>M)^%-{?n3;-tfpqrra<fa[H^M, 1 9 3 8 'g?rqRT1013TT%r3 q ^ m?,». ■Hftld <l(dd
r>i.Mtj 41m chi f^^MHT=T3trT3Tyrgr <<si eii^ MTri-^arlmft otifari h^i i
4 . •g ^ s T u i « ^ d 'W a id T l '% # n 3; 3 iT T ^ T ^ -v jflrr^ ^ i^ y f * i ) i —
■gr. u«-t)c flimchdf /■g^mfmgrrrf■grri <♦><«! 11 :
i. %yT%«fRRyfi)yKU| «bt 3<&*dH ehiHI;
ii. JJPI'dl *<HI;
iii. ijH<ST*4i Hi/<id>%1?n3;^gfTTff^mg-^<tttui ^ P ifan » < n i;
iv- cnivii •far |j-i<aTHi mTIci'hI c»mc)^i i %TF r»T^> #n3;Trpf vv i'W niet
ryrcr
I ' m i n — 4 ]
V. tlTMlrl'l chi fliM I I
TST. y r t l c n ^T |c j- | « T lm c h r i f 'y < li* l r l ■ f e f t T r f t % - * T w f t ^ - I f lT m ^>TT£g> 4 h l4 c h l{ « H I ^ » I I rR IT -g-RT
e»il * 1 <c\m!.<s i Pi^cJrl *fl±(ifchch & m y m fu m 3?fT [ - f^ ic n H s n SKI aT'pftfi^rT f t yr[St<h{U|
■&rmrryr^n f a i i l y ^ ^ ; w t*rftgi*r'ft'gnT'§:«r«l*j few ^iftsc’f <hl m)iu,jT1, faiyft i5T*=rR-if<3i<ti viifaH
? t f t :
i. 'Tft'tfWraifTfaft'&j 'ferr: -i-l^» iJvjflcH<t»| wdti ft ywifcici -tsTTni IQT, sy-a-HIAl 3#lT yld«IHUll% U'Wtifqo £>4; ^H*T(iJlchnf 3?TT j-icht fa«H m; 3?tT P<*l^u| y i/itRh-mTI
ii. drf^M •TlHicnnloit'ifc) (clij,:
1. -3*ie ^J^eh<ui ‘Ho'&i ft y*ciifcin &|q4*4i CT, cqg^m 3?|< sfjnmoj) ft> y+fllfqo '3Tf; •iHih
vhrTaftr mTci «*Tl \ (d j t r(*iii2 . c f r fm - t ^ n a T m w a ^ g -i f t etTi d i f ? ^ -m i , TSri-m H f a n f a f c r a y n f c n > jlf t :
■gf. f^R art -fltRT WJWZT ■SfT TJrftcF cpf % -fcnT ^ t f o m U.<»MmVjI<1 % w re r f t ; y fdaR tu
Wrrtf, ■fgfrnm6 ft fHffoii fatHqnr<» yEwuui 41m<af t ^ « ia g?f=Ti, afrr ^fa^I■j*rcT y<-d •y ^ i <*Ti srforzrf;
Tsr. t^grihrft -gfr ■pnrmfr etnft tott suwufui sftr ^wsr ft -g^ft % fcnr^d4T«4l "frii^UI yuilfHilT;
■>t. y y < a a r a f f ^ f * ^ ^ h a T m i -w fcK i % 3 i d > f a 3 f w f i f a SJlfii-iiM l % 20 u R i v m
ft srfire. ft -geRT ^ 4 Tm<*df trerr ^k=t srezrfcfa y t fw f t % s gf?rvm f t srisrer f t
■j rjRftraiwf 1'ET. ^*l«JT*4lchaf( 3 l t ) eh l/ifcf HIM "RTO^T/'Rl-TdT W 8T ^ iH ie u n T ft 6yq*«iiiY eb l
3ftT-frR3 'invri9^'^r’fHx "3 {9>Y f Tr 1 o v i ? y i i y e h < u i Tsrf srraygaFT ■hh?) <ft 'sfrtn^rf f t w rzr-w ry trr * 1 ^ ftt stRtItert ^ep tt yi^r «A»n crar■ < fm ich d f T ftT ETMI y ifyoF T C U T 'ail d c * I H i r e j d c h i ' l l I
t t . «Jlmchtif inr <3 Pi fa a ch -Hi far fa R-i—1 Ai<yi«Hi<ch 3<m<l nfttjV4! Q'fRjroft'5FT y<ilM Sdilldl Miiriawl %"ftder"ft ■ g f t ^ h4Tmi viy-mir^ imfid ^‘fraT WT*Tsfir»i % frrer yilyai^tri % ttrt cjiRai^ '•aF>T f t
Mt5 ) •3»i«»ii 3Tyft^T'fe^Tr%' 1
tr. fllmcbnf ynflTm oiid-^idft^r■^trr ^itfcre aftr ^ftftgrr^rr [hkiUui ii crtt f t ^ r t ■ » T l ^
- & , * 1 » H Ch~<^ % «hl<fthnf t WfcA ch>JH I
jS7. y il^ c b iu i chi<fc*>H, fcifdiJlil 5 f t fnf^^c f t y R iu k ^ i fc <4 <U| TTHIT ’f^f-T^nT 6 'ftf STTTft T
3lftf^RT rft 31Fir UTrTf '2fT ■Wl*il-tii>a <4? -y P lfan «h<-^ fcnli,, y-nTfm ftn ■MiiUy4<Jn yfd^4Kui ^♦Jl'aft ct>\ Mlt fch :
i . ^TT-[d fn ^ n 4 ( ^ ) f t fnf^ td ^ v - i i ^ - f a ^ T r f t f ;
ii. ufdyuui fthnaft -grr gR*<HH grrft f t TfPrranrf ■aifr viR w , ^nft^ifr c ^ f b m
s r a P T ) ^ r a m , ’s y a R T r y g f t t r n f r s r r f ^ x r r R j t j u f e i i i T r ? r r % i
^r. ThTT^RTfaft ^ tt ■jr ^ i % ^toxj % s t jc t ^rff titot Wfrr, rft yify*<uiVFlyMrlI chl MRchciH ch<^ Rn 1 ^TtfePT Mi. <1 fvI ( f<4ch ) chH<h ft l HcThI "ft? fciM,
<iltsl chl 3i^JHln % IJ S . C57) atfT C T) vkTImii ■&> frli^ ylfceniui 3 ) r a ^ | i 3flf«irt<-yrnm<^*il, «ilHlchflf g f t ne»ri\ehi aflT fcnnl^
Vlf^W, t)H«fen 3rt fT5t, >31 chii.uil cm M<i iui ch" il Rh cblJ*«iH ft ytfjn f t ychK chi
oud+yi chl sii,avii*Hcfi cpil ^frfr i
3r. jnHranrn ^r^ytn^TTT ft^ft"grnfgrtr c^l ^ral^rr ?twt <4f^ 3<iq^qch rft ^ 9*i^ i i
3?! ^iHichnT chj<J"«hMft nc«hlH 0. 1 MRqrfH cti^JU I
5 . y f r i^ K ^ ! - i l f n :
■gr. y ^ * -sflmchrif * ir Y % a t^r yfam w r ^ m r ftfiftr afrr -ftrtfrr 3tott -cr y ^ « »Wr %a?Tr</'jiinain ft> <m^<w y fd y u u i ftlfw ■amftnr ttsit yilwcKTui g ft y+^jri •aif^sF <hi«i«hH f t
©
wa
i f i i l |
I?onS’.1
0]2jn
t
*
%
%
%Urii&H
i f I ,
i # a
/a
IP H ^ 1 1 1 111SP
* sp £
I f i ! I h J i i *,# * * t i f f !
$a1
%
THE G
AZETTE
OF INDIA
: EXTRA
ORD
INA
RY
[Part
III—S
ec.
4]
[*rm
il
l—'
4]
155CV)
\ 0
THE
GA
ZETT
E OF
IN
DIA
: EX
TRA
ORD
INA
RY
[Par
t III
—S
ec
. 4]
■*wt
fr
imgV
ttm
gl O
bi -H
UI fid
15 f<H
%i
' 3T
T I
S? 1—I5- 0£ fcV .
(N3 I—1* — VO
15-
S ’&
IIIu
i l l
i i i i i i
£
4
SK
I
I13 iIi
%
I I
i 1M
Sp sp
si
i a f
a-1 " aa,SP
I
a- !a i i
2 aII
a
I
L inilisMie : I h i> life tiih O S joEL— I I I k ih ]
^lh
>J
p
frfc
rt’h
paj
Ihjf
eh
h.
8 THE GAZETTE OF INDIA : EXTRAORDINARY [Part III— Sec. 4]
[*TFT I I I — '* 3 ^ 4 ] *TRct ,ef)T : sraTSJRUT
10 THE GAZETTE OF INDIA : EXTRAORDINARY [P art III— Sec. 4]
JIff
i
[MFT 111—7 3 ^ 4 ] ’TRcf 13
- iK
Is£
i/—N
<1
THE GAZETTE OF INDIA : EXTRAORDINARY [P art III— Sec . 4]
16 THE GAZETTE OF INDIA : EXTRAORDINARY [Part III— Sec. 4]
f/—S
!/—sI'.5r
i IT
%
I I
Js -6 •’b- 7Vu55
I11
1 1
18 THE GAZETTE OF INDIA : EXTRAORDINARY [Part III— S ec. 4]
I5
II15
VO
I & £ &
15
I { IS
l i tis ( i ^ P t»' (*
* $ e
1 1
I' 11
f]
15 IP
TT) yijijljcf :
Imeh'fffart <*l ^ J i :i£H<iTmchdf #»l HIM Artld chi
nr iimfuid ch't | f f a <m^ctd aq^nr w*< d fc w t% i
(Ph cM fl MifchtS'&J RTT T) (jraFrarisrenft^i^RrcsrT)
( fn<jcw tfwtfea; chi *im) (o t r 3(&rart <*>i hih>
f Ticfi' : cf^T) (W ) (^ f)
fenjufr ;iir*)* n.W’aK-6 mi«f n-^n <*A i
w i f s r f ^ r u f v m f w r ^ ^ t /
vm tsrm rk/tifyiyl<*>) im f* ! ^y/««£ «»<•»/ il<iu
THE GAZETTE OF INDIA : EXTRAORDINARY [P art III— Sec . 4]
11
£
i i # I£
I £I
I Is | Fi i l l i * * *
'IS'
»f
l |
15
15
15
n<s
15 15
III
I’tit/
i n <js■8(10
11 i
Ms
ri*
22 THE GAZETTE OF INDIA : EXTRAORDINARY [Part III— Sec. 4]
'*I
2L(
f 1
3 ’
f *
EZ : fchl*l> life. P>IK [> ? n|s>— III k lh]
24 THE GAZETTE OF INDIA : EXTRAORDINARY [P art III— Sec. 4]
% !> 19
5sErV #
| I to fc
E ■> *£u
42I &
! r7
(J #K> !wII 1 1®
i i ] 1 11 l»
1 4 * 1V # to
I
TtI4 1 to
1
1
1 1O' (5J2
I 1*
(
* t ! X l ‘
F
tr #1? |5 M |9 flv +
a f f t?
fcr # 19
III7tP 1
/1?
1
6 i v < 5
021
•
i r7I
f
ii&
f IS K
1 4 -
UV >& ’ i t I f f 1 P
py 1 &>
i :
7I
1 IS
1 1 >> B 1
%
r
=T: aT
Epfa
rgft-
farff
ril-
28 THE GAZETTE OF INDIA : EXTRAORDINARY [Part III— S ec. 4]
%
tfcj#
AS
%
Iff
1
15
E?
/Iff
15
Iff
f i
I I
*■
15 * I #
II*
✓iff
*
# 1t
i i
%
6Z KhMl life, iiiih, [P gala.— I l l id k ]
30 THE GAZETTE OF INDIA EXTRAORDINARY [Part III— Sec . 4]
||f.p
s PP
4h
4 h±
ite
teh
%
JZiie
/
I -fc
fciJM
/
4£if
I i£
£^liC
I
int^
t J
^lh
£
Ii
S .
%
i
i
%to
I ft p
sp .
I I'1
Sp
ISL
?L
i
n
H
1 sp sp
a l li l l
3J i H
sp sp
• I . If
g ,
I
X
a)3 ) i l l
*
1
1
$I
5>5>
a£«i-S
£
f
*
a ’
a
N>
5>n
I£ inillsilite fchfrl> life. DVIk [> S joEL III kih]
32 THE GAZETTE OF INDIA : EXTRAORDINARY [P art III— Sec . 4]
% ■
Isi
Is15
1
£ £
&I
*
Ms
15
i .
&
?f
f a
H
t i
-•ts I n1*1 -
I i |/is hs i
MS
4S It
15.
15
jq-0<
*d
f^cj<
ui
sjdits
i-fcft
I
loflcJ
H 1
3 I
^?rt
7 3r
rai
/ 3i
^r
#7 fM
snt^
l]
[^FT III—TsFS 4] ■qrer t f s t o : 3 raraT W 33
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
Hyderabad, the 11th February, 2013
Insurance Regulatory and Development Authority (Life Insurance-Reinsurance) Regulations, 2013
F. No. lRDA/Notification/17/75/2013.— In exercise o f the powers conferred by section 114A o f the Insurance Act, 1938, read with sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999, the Authority, in consultation with the Insurance Advisory Committee hereby makes the following regulations, namely:
1. Short title and commencement.—a. These regulations may be called the Insurance Regulatory and Development Authority (Life
Insurance - Reinsurance) Regulations, 2013.b. They shall come into force on the date o f their notification in the Official Gazette.
2. Definitions. — In these regulations, unless the context otherwise requires:a. ‘Act’ means the Insurance Act 1938 (4 of 1938);b. ‘Authority’ means the Insurance Regulatory and Development Authority established under
sub-section (1) of Section 3 of the Insurance Regulatory and Development Authority Act1999(41 o f 1999);
c. ‘Cedant’ is an insurer who enters into a reinsurance contract or a reinsurer who enters into a retrocession contract;
d. ‘Cession’ means the part o f insurance passed to a reinsurer by the insurer which issued a policy to the original insured;
e. ‘Fronting’ means a process by which a primary insurer cedes most o f or all o f the insurance risk to a reinsurer
f. ‘Facultative’ means the reinsurance o f a part or all o f a single policy in which cession is negotiated separately and that the reinsurer and the insurer have the option of accepting or declining each individual submission;
g. ‘Reinsurance contract is the legally binding document on all the parties that provide a complete, accurate and definitive record of all the terms and conditions and other provisions o f the reinsurance contract.
h. ‘Retrocession’ means the transaction whereby a reinsurer cedes to another insurer or reinsurer all or part of the reinsurance it has previously assumed;
i. ‘Retention’ means the portion of the risk which an insurer assumes for his own account.j. ‘Indian re-insurer’ means an Indian insurance company which has been granted a certificate
of registration under sub-section (2A) o f section 3 by the Authority to carry on exclusively the reinsurance business in India;
k. ‘pool’ means any joint underwriting operation o f insurance or reinsurance in which theparticipants assume a predetermined and fixed interest in all business written.
1. ‘Treaty’ means a reinsurance arrangement between the insurer and the reinsurer, usually forone year or longer, which stipulates the technical particulars and financial terms applicable to the reinsurance o f some class or classes of business;
m. Words and expressions used and not defined in these regulations but defined in the InsuranceAct, 1938 (4 o f 1938) or Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), shall have the meanings respectively assigned to them in those Acts as the case may be.
34 THE GAZETTE OF INDIA : EXTRAORDINARY [P art III—-Sec . 4]
3. Reinsurance with Indian reinsurers:
a. In accordance with Section 101 A o f the Insurance Act, 1938, every insurer shall reinsure with Indian reinsurers such percentage of the sum assured on each policy as may be specified by the Authority by notification,
b. Provided that no percentage so specified shall exceed thirty percent o f the sum assured on such policy and
c. Also different percentages may be specified for different classes o f insurance andd. Also specify the proportions in which the said percentage shall be allocated among Indian
reinsurers.e. For the purpose o f this regulation, an Advisory Committee shall be constituted in accordance
with the Section 10IB o f the Insurance Act, 1938 consisting o f not more than five persons having special knowledge and experience o f life insurance business.
Procedure to be followed for reinsurance arrangements.—a. The Reinsurance Programme of every insurer/reinsurer shall be guided by the following
objectives to:i. Maximize retention within the country;
ii. Develop adequate capacity;iii. Secure the best possible protection for the reinsurance costs incurred;iv. Ensure that the reinsurance policy does not lead to fronting o f insurance business;v. Simplify the administration o f business. r
b. Every life insurer shall draw up a programme o f reinsurance in respect o f lives covered and the profile o f such a programme, duly certified by the Appointed Actuary and approved by the Board o f Director, shall be filed with the Authority, at least forty five days before the commencement o f each financial year, by the insurer, which shall include:
i. For new insurers: their proposed reinsurance arrangements in relation to their capitalisation, proposed classes of business and retentions; their reinsurers and ratings for the past five years; and control systems.
ii. For existing insurers:1. The proposed reinsurance arrangements in relation to their capitalisation,
proposed classes of business and retentions; their reinsurers, shares and ratings for the past five years and
2. An annual review o f existing reinsurance arrangements, including:a. In relation to the risk exposures for each class o f insurance
business written: Retention limits, comparison to the Regulatory Reporting Retention Limits in Regulation 6, and the types of cover provided by treaties;
b. Reinsurance control systems for monitoring exposures and making cessions and claims recoveries;
c. Major reinsurers, i.e. reinsurers accounting for more than 20 per cent of premiums ceded under any one reinsurance contract and reinsurers accounting for more than 5 per cent o f premiums ceded in total.
d. The name(s) o f the reinsurer(s) with whom the insurer has the reinsurance arrangements, their shares and their rating for the past five years.
Provided that the Authority may, if it considers necessary, elicit from the insurer any additional information, from time to time, and the insurer shall furnish the same to the Authority forthwith.
c. The insurer shall ensure that the reinsurance arrangements in respect o f catastrophe risks, using various realistic disaster scenario testing, are adequate and approved by the Board of Directors before filing the same with the Authority along-with the reinsurance programme.
d. The insurer shall determine the credit risk and concentration risk o f the reinsurance arrangements and explain the measures taken to mitigate such risks, if any, in the reinsurance programme.
e. The Authority shall examine the reinsurance programme, the retention policy details as in Regulation 5 and the detailed report on regulatory reporting retention limits, if required under
[STPT I I I — 4] 'RTOT '3FT W R : 35
Regulation 6, submitted along with the reinsurance programme to ensure, amongst others, that the:
i. The objectives in sub-regulation 4 (a) are met;ii. The insurer’s financial strength, the reinsurance policy, underwriting capacity,
volume o f the business etc are considered in arriving at the retention limits.f. If the reinsurance programme o f the insurers is found to be inconsistent with the overall
objective o f this Regulation, the Authority for the purposes o f calculating solvency, may allow a lesser credit for reinsurance in the sum-at-risk factor.
g. For the purpose o f (e) and (f), the Authority shall examine all the necessary justifications, the technical & financial strength o f the insurer, all the supporting data and the reasons why such an arrangement would be required as submitted in the reinsurance programme.
h. The Authority shall scrutinize such a programme o f reinsurance as above, and may suggest changes, if it consider necessary, and the insurer shall incorporate such changes forthwith in his programme.
5. Retention Policy:a. Every insurer shall build the retention capacity within the company and formulate suitable
retention policy for each type o f product/risk on an ongoing basis and justify on an ongoing basis such retention policy in accordance with the emerging claims experience, financial standing, underwriting capacity etc. in the annual reinsurance programme submitted to the Authority.
b. The above such retention policy o f every insurer shall:i. aim at retaining the maximum premium earned in India, maximizing the retention
across products commensurate with his financial strength & volume o f business andii. establish the above in the reinsurance programme as referred to in sub-regulation 4
(b).c. Insurers may be allowed to reinsure on quota share:
i. in the initial two years o f starting operations for health insurance business and group term insurance business and
ii. in the initial two years o f introducing a new risks/product for health insurance business and group term insurance business
Provided the minimum retentions in all such cases shall be at least as referred in Table: 6 (1) applicable to health insurance business and group term insurance business.
d. The Authority may require an insurer to further justify its retention policy and may give such directions as considered necessary.
6. Regulatory Reporting Requirements:a. If the retention levels of such retention policy for mortality / morbidity risks is less than the
regulatory reporting retention limits stated in Table: 6 o r the total reinsurance premium to the total premium received under a particular product exceeds 2% for all saving products and 3 0 % for all term insurance/health products, in all such cases, the insurers shall report to the Authority along with the reinsuranceprogramme for approval a detailed working for each product on:
i. The underwriting processes;ii. Claims fluctuations and claims experience;
iii. Current retention levels;iv. Their financial strength;V. Volume o f business;
vi. Capital requirements;vii. Past claims payment history o f the reinsurers;
viii. Capacity building measures taken in terms o f building up capacity in underwriting, claims handling, risk management, pricing, valuation, etc. since introducing the risk; etc
36 THE GAZETTE OF INDIA : EXTRAORDINARY [P art III— Sec . 4]
Table: 6
Regulatory Reporting Retention Limits
S.No Age o f the insurer or year in which the risk is introduced**
Type of the products or riders Retention limit on the sum at risk. Rs.
1 0 to 3 years both inclusive Pure protection products like term insurance, personal accident products etc
51akhs
All kinds o f savings products like endowment, ULIPS etc
lOlakhs
All kinds o f group protection products 51akhsAll kinds o f health insurance products, except personal accident products.
1 lakhs
2 4 to 7 years both inclusive Pure protection products like term insurance, personal accident products etc
10 lakhs
All kinds o f savings products like endowment, ULIPS etc
201akhs
All kinds of group protection products lOlakhsAll kinds of health insurance products, except personal accident products.
3 lakhs
3 8 to 11 years both inclusive Pure protection products like term insurance, personal accident products etc
15 lakhs
All kinds o f savings products like endowment, ULIPS etc
301akhs
All kinds o f group protection products 15 lakhsAll kinds o f health insurance products, except personal accident products.
3 lakhs
4 12 to 15 years both inclusive Pure protection products like term insurance, personal accident products etc
201akhs
All kinds o f savings products like endowment, Unit linked products etc
301akhs
All kinds o f group protection products 201akhsAll kinds o f health insurance products, except personal accident products.
41akhs
5 Above 15 years The Authority may prescribe from time to time the limits for all the four types o f products
** If the insurer is introducing the risk for the first time, in such cases the limits in # 1 would apply irrespective of the age of the insurer. i
Provided further that the Authority shall review the Regulatory Reporting Retention Limits every two years and if necessary, may revise these limits upwards from time to time.
7. Submissions of Reinsurance Treaties:a. All reinsurance arrangements shall be documented and filed with the Authority within 30 days
o f commencement o f the financial year.b. Within 30 days o f the commencement of the financial year, every insurer shall also file with
the Authority a copy o f every reinsurance treaty contract in respect o f that year together with the list o f reinsurers, their ratings and their shares in the reinsurance arrangement.Provided that any change in the terms and conditions of the reinsurance treaty shall be filed with the Authority within 15 days of such changes.
8. Placement of Reinsurance Business:a. Insurers shall place their reinsurance business outside India with only those reinsurers who
have over a period o f the past five years counting from the year preceding for which the business has to be placed, enjoyed a credit rating of at least BBB (with Standard & Poor) or equivalent rating o f any other international rating agency.
b. Provided that placement of business by the insurer with any other reinsurer shall be with the prior approval of the Authority.
c. Provided further that no programme o f reinsurance shall be on original premium basis.
[*TFT III— 4 ] *TR?T WHT : 3WTWT 37
d. Provided further that no life insurer shall have reinsurance treaty arrangement with its promoter company or its associate/group company, except on terms which are commercially competitive in the market and with the prior approval o f the Authority, which shall be final and binding.
e. The life insurers shall, before placing the business with the reinsurers, consider past claims performance o f the reinsurers, as available, while accepting their participation in the reinsurance programme.
9. Submission of Returns:a. Every insurer shall be required to submit to the Authority information and returns relating to
its reinsurance transactions as per Annexure 1 and in such other forms as the Authority may require or specify from time to timeExplanation: All the life insurers shall furnish the information and returns required as per Annexure 1:
i. In the case o f forms which are to be submitted on an annual basis, with in 45 days from the close o f each financial year.
ii. In all other cases, within 15 days from the close o f each quarter/half-year as the case may be.
10. Inward Reinsurance Business:a. Every insurer wanting to write inward reinsurance business shall seek specific approval o f the
Authority providing all the business projections and all documentation as may be required for such business.
b. Every insurer wanting to write inward reinsurance business shall have a well-defined underwriting policy approved by its Board of Directors for underwriting inward reinsurance business.
c. An insurer shall file with the Authority, at least forty five days before the commencement of each financial year, its underwriting policy stating the classes o f business, geographical scope, underwriting limits and profit objective.
i d. An insurer shall ensure that decisions on acceptance o f reinsurance business are made by persons with adequate knowledge and experience, preferably in consultation with the insurer’s Appointed Actuary.
e. An insurer shall also file with the Authority any changes to the underwriting policy as and when a change is made duly approved by its Board of Directors.
f. An insurer shall show all the receipts and payments like premiums, claims, etc. relating to reinsurance business accepted separately from direct insurance business.
11. Repeal and Savings:a. These Regulations repeal the Insurance Regulatory and Development Authority (Life
Insurance - Reinsurance) Regulations, 2000.b. Unless otherwise provided by these regulations, nothing in these regulations shall deem to
invalidate the arrangements entered prior to these regulations coming into force.
J. HARI NARAYAN, Chairman
[ADVT. 111/4/161/12/Exty.]
Form Code Form N am e
INPUT REINSURANCE 1 Form LR-1: List o f reinsurance treaties fo r the year
INPUT REINSURANCE 1.1 Summary o f reinsurance treaties during the year
IN P U TR E IN S U R A N C E 2 Form LR-2: Particulars o f Surplus Treaty For the Year
IN PU TR EIN SU R A N C E 3 Form LR-3: Result o f Surplus Treaty for the Year Ended 31st M arch,..............
INPUT REINSURANCE 4 Form LR-4: Particulars o f Quota Share Treaty For the Year
INPUT REINSURANCE 5 Form LR-5: Result o f Quota Share surplus Treaty fo r the Year Ended 31st M arch ,..............
INPUT_REINSURANCE_6 Form LR-6: Particulars o f Excess o f Loss cover/Catastrophe Treaty For the Year
IN P U TR E IN S U R A N C E7 Form LR-7: Result o f Excess o f Loss/catastrophe Treaty for the Year Ended 31st M arch ,..............
IN P U TR E IN S U R A N C E 8 Form LR-8: Reinsurance Accounts for the quarter ended 31st M arch /30th June/30th Sept/31st Dec
INPUT_REINSURANCE_9 Data Uploading Format for Reinsurance Rate data
INPUT REINSURANCE 10 Details o f Outstanding Recoveries - To be furnished by the insurer
INPUT_REINSURANCE_11 Aging data o f reinsurance recoverables
INPUT_REINSURANCE_12 Reinsurance Program Details - Inward
INPUT REINSURANCE 13 Reinsurance Program Details - Outward
Statements
Statem ent 1 Statem ent o f Reinsurance Statistics for the quarter ended
Statem ent 2 Reinsurance Details- Inforce
Statem ent 3 Reinsurance Details- W ithdraw an
'
THE G
AZETTE
OF INDIA
: EXTRA
ORD
INA
RY
[Part
III—S
ec.
4]
purpose end ObjectiveThe objective o f the form I* to capture the information on the reinsurers, treaties and products cowered in each treaty. This is a re-engineered form based on the existing form IR -l The frequency o f this return is yearly.
Filters and Parameters Year
No. o f treaties
Treaty Details1. Reinsurer 12. Reinsurer 2
--U-
M— ^ 1 I — a I
Reinsurer Details
(Name of Appointed Actuary) (Name o f Principal Officer)
— - M l — W W W(Oat.)
Purpose and ObjectiveThis form captures the summary of the treaties done by the insurers during the year
This is a new form created based on the requirements of the department.
The frequency of this return is yearly.
Filters and Parameters Year
Classification
Name of Insurer
Category
#'
i SurplusParticulars
Treaty
Quota Share
Treaties
Excess of Loss Cover
TreatyFacultative
■ • i '' v. < jCatastrophe Any Other(s)
Column Code j a b c i f ! e f '
1 No. of treaties at the beginning of year
2 No. of treaties added
2.i No. of modification
3 No. of treaties terminated/suspended
4 No. of treaties at the end of the year
THE GAZETTE
OF INDIA
: EXTRA
ORD
INA
RY
[Part
III—S
ec.
4]
Profit Commission
Reserve/Deposits
a) Percentage
b) Deduction for management expense
c) Loss carried forward provision
d) Minimum no. of fives
a) Basis of retention and percentage
b) M ethod of release
c) Interest Payable
List of reinsurers
a) Notice Required
b) Restriction and Termination
c) Penalty on early termination
|v j g j
Name o f reinsurer Share in Treaty Name of Broker, if any
■ , V , - - ■■ 1 1 ■ 1 I •w .v r.* ■ | | ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■
j b »' iiiin'i)' >iii■ '■ r (v ' " 11 * ' 1! H H H H M H■ H i ■ ■ ■ ■ ■ ■ ■ ■ ■
■ H I ■ w -, ; ■ ■ ■ ■ ■ ■ ■ ■ ■■ 1 v , ■
■ 1 1 ■ 1 ■ 1 1 . v . ' 5 1 M ■ ■ H I 1 ■ g — H H g H — g — — g
■ ■ i | | ■ ■ ■ | H ■ , | . ■ M H M M H H H H H H B H r i l l i i H i l■ ■ ■ ■ ■ B H H H H I B H m H B M B i S H V I N I i
■ 1 1
■ ■ ■ ■ ■ I
We certify that the information furnished above is true and correct as per our records;
HXCflo
m
moT)2o>mX
32o§2>3
(Signature of Appointed Actuary) (Signature of Principal Officer)
(Name of Appointed Actuary)
Note* Insurer needs to submit separete LR-2 forms fo r each treatyA ll figures / amounts ore in RupeesAil figures / amounts w ill hove to be entered in absolute numbers
(Name of Principal Officer)
M S I - E H - 1—(Date) C/)mn
Purpose and ObjectiveThe purpose of the form is to collect the business data of the reinsurance for surplus treaty This is a rengineered form based on the existing form LR-3 The form is yearly.
Filters and Parameters Year
Treaty Name
Category
Name of insurer
Name of Re Insurer**
Classification
No. o f lives re insu red Sum Reinsured R einsurance P rem ium Reinsurance C laim s Paid
I j j . R einsurance
k Cessions ' Ex,st' nR N ew Cessions j Existing Cessions ! N ow Cessions E xisting Cessions ! C om m iss ion ( If A ny) No.P ro fit Com m ission
Current YearFirst Preceding YearSecond Preceding YearThird Preceding YearFourth Preceding Year
All figures / amounts are in RupeesAll figures / amounts will have to be entered in absolute numbers
We certify that the information furnished above is true and correct as per our records;
(Signature of Appointed Actuary) (Signature of Principal Officer)
(Name of Appointed Actuary) (Name of Principal Officer)
44 THE GAZETTE OF INDIA : EXTRAORDINARY [P art III— Sec . 4]
Purpose and ObjectiveThe o b jec tive o f th e fo rm is to cap tu re th e de ta ils o f th e quo ta share tre a tie s file d by th e insurer
This is a reng ineered fo rm based on th e ex is ting fo rm LR-4
The frequency o f th is re tu rn is yearly .
Filters and Parameters Year
Classification
Name of Treaty
Ti emly Vcdi
No. of Life insurance Products Covered
Name of the products covered
Name of insurer
Category
Risk Excluded
Gross underwriting limit
a) Normal Risks
b) Sub Standard risks
Net Retentiona) Normal Risk
b) Sub-standard Risk
Any Surplus treaty operating on the top of the gross limits
Cession Percentage
Treaty Limits
Rate of reinsurance premium
a) As Original ( as per original terms)
b) As per schedule (attach schedule)
Attach the relevant schedule (If applicable)
Terms of reinsurance (Including proportion)
Reinsurance Commission
Profit Commission
a) Percentage
b) Deduction for management expense
c) Loss carried forward provision
d) Minimum no. of lives
Reserve/Depositsa) Basis of retention and percentage
b) Method of release
H H
E E ] *1 1 I I i 1 i 1 •:
lick here to add more products
[*TFT III— 4] 45
c) Interest Payable
Terminationa) Notice Required
b) Restriction and Termination
c) Penalty on early termination
List of reinsurers
B H H| .~T s?y*mm \ , r-
atoCCiv+tMtfirtifti f~!»- kuzt/au.—-•£- •
Nam e o f re in su re r Share in T rea ty N am e o f B roke r, i f any
■lOTil .Wf i>i
■ HIHMIkl : ■ „ - I ■■ > vt ■■
■ ■ ■H HH ' Hi ■ — g— mi j i wiiiii 11 irnmmmmmmmssmm. 1— g— — —■ ■ h I k ri ■ l ■ .. Ik■ ■ ■ ■ ■
mm ■ — |
■ ■ ■ 1 1 ■ ■ ■ ■ ■ ■ v - ■
■ ■ ■ | ■ ■ ■ j | ■
■ -. §■■■
MHlHMMIIfeMftHHflkNIlMIINtaMHli
We certify that the Information furnished above is true and correct as per our records;
(Signature of Appointed Actuary) (Signature of Principal Officer)
(Name of Appointed Actuary) (Name of Principal Officer)
I o l D 1 - j M I M ! - 1 Y-I 'Y I V I Y-l
(Date)
Note* Insurer needs to submit separete LR-4 forms for each treatyAll f ig u re s / amounts are in RupeesA ll figures / amounts w ill have to be entered in absolute numbers
/> 3 '~
■ - a ‘ fo r the Year Ended 31st r '
Purpose and ObjectiveThe purpose of the form is to collect the business data o f the reinsurance for quota share treaty This is a rengineered form based on the existing form LR-5 The form is yearly.
Filters and Parameters Year
Name of Treaty
Classification
■
Name of Insurer
Name of Re Insurer**
Category
&
1 No. o f lives reinsured Sum Reinsured Reinsurance Premium Reinsurance j Reinsurance Claims PaidProfit Commission
4 Year New CessionsExistingCessions
New Cessions Existing Cessions New Cessions Existing CessionsCommission (If
. v j No. Any) AmountL ______ .
Balance
1 Column Code a b c d e f S 1 j h 11 | Current Year ...... . . ■ 42 j First Preceding Year
j 1 j3 i Second Preceding Year j ~
4 iThird Preceding Year5 Fourth Preceding Year
II figures / amounts are in RupeesII figures / amounts will have to be entered in absolute numbers
/e certify that the information furnished above is true and correct as per our records;
(Signature of Appointed Actuary) (Signature of Principal Officer)
(Name of Appointed Actuary) (Name of Principal Officer)
THE G
AZETTE
OF INDIA
: EXTRA
ORD
INA
RY
[Part
III—S
ec.
4]
Purpose and ObtectfveThe objective of the fona a to capture the details of the t n u of k»s/c«tastrophe tn This B * fonn based on the f*U » term IR-4The frequency of this return r. yearty.
FDten and Parameters ________ ________________________
m at risi per lf« far the portfolio
EEE3!■ I I " I M BMM I ! I I 111:
r-l-'-ls.-Dr-ltelivT
We certify that the information furnished above is true and correct as per our records;
(Sif nature of Appointed Actuary) (Senators of Madpal Officer)
(Name of Appointed Actuary) (Ram of Principal 0*M»t
mm u»m v.-i(Date)
Note• Insurer needs to submit separete Ut-6 forms tor each treatyAH figures /amours* art tr. RupertAH fames J<umunts lo Jm ttntteo « tbsolute iwrerr*
fehM
L life
£H
h >
[fr Sn
Eh—
III
hih
]
1H H r a n n H M H B
■ l - ... ;. i-^;.m m mm
wMM£
Purpose and ObjectiveThe purpose o f the form is to collect the business data o f the reinsurance fo r Excess o f Loss/catastrophe Treaty This is a rengineered form based on the existing form LR-7 The form is yearly.
Filters and Parameters
Year
Classification
Name of Insurer
Category
1 1 1 - •• - ^ Reinsurance Premium Reinsurance Claims Paid
# Year New CessionsExisting
Cessions
Reinsurance Commission (If Any)Number Am ount
Balance
Column Code a b c f g h = c+g-a*b
1 {Current Year
2 j First Preceding Year __________3 Second Preceding Year
4 Third Preceding Year
5 j Fourth Preceding Year
All figures / amounts are in RupeesAli figures / amounts will have to be entered in absolute numbers
We certify that the information furnished above is true and correct as per our records;
(Signature of Appointed Actuary) (Signature of Principal Officer)
(Name of Appointed Actuary) (Name of Principal Officer)
(Date)
Note** This form should be filled up fo r all possible combinations o f treaties and reinsurers. So in case, "Treaty 1" includes 2 different reinsurers - "Reinsurer 1" and "Reinsurer 2", then the form will be submitted twice.
THE GAZETTE
OF INDIA
: EXTRA
ORD
INA
RY
[Part
III—S
ec. 4]
&11
13 *—
/
Purpose and ObjectiveThe purpose of the form is to collect th e business data of the reinsurance for all treaties . _This is a recreation of existing form LR-8. No change has been made.The form is quarterly
Filters and Parameters __________________________________ ____ ________________________________________Year 1 | Q uarter I 1
Name of insurer | |Classification f ________________________________________ j
Category 1 1 Division 1 _j
Sub Class 1 [Group I _____________________________________________1
tf ParticAar.s Amount'(in Rs.’OGO)' - Column Code -•
A \Ceded Business_1_ Opening balance of th e account
2 Deduct2.i Gross Reinsurance premium paid2.ii Any other payment to reinsurer (Please specify)
3 Add3.i Commission received from reinsurer3Ji Claims amount paid by reinsurer3Jft Any other payment from reinsurer (Please specify)4_ Closing balance of the account5 Total premium received by th e insurer during th e quarter6 Total claims paid during th e quarter by the insurer
1
B Accepted Business1 Opening balance of th e account2 Addi Gross reinsurance premium paid by ceding companiesii Any other payment from the ceding companies (Please specify)3 Deducti Commission paid to ceding companiesii Claims am ount paid to ceding companyiH Any other payment to ceding companies(Please specify)4 Closing balance of th e account
We certify that the information furnished above is true and correct as per our records;
(Signature of Appointed Actuary) (Signature of Principal Officer)
(Name of Appointed Actuary) (Name of Principal Officer)
(Date)
NoteFor specifying any other amount, there w ill be option to insert a new row fo r the details
A ll figures / amounts are in RupeesAi! figures / amounts w ill have to be entered in absolute numbers
tiiM
h. l
ife till
h [fr
gnis>
—HI
M
h]
55
Purpose and ObjectiveThe purpose of this form at is to capture the data on reinsurance rates from the insurer.
This is a data loading form at which will be loaded by the insurer once a year
Filters and Parameters Year
Name of insurer
Quarter
Classification
Category
# Name of treatyName of reinsurer
Age last
birthday/Age
Group
Gender v Reinsurance rate
Column Code a b c d
■ M M h b b w h b p r i m m H H B H H I ■ IB H IH H IH B B B IIIflB B II
B I ■ M
B 1 ! Bg g m m m
• | B B B -—
!•? B B
B 1 B B
f l f i H S B B . | B
B P f v & u M M B B B B M f l l
B B 11 ■ ■ 1 1 1 ■ 1 ■nn
B
B B B B f ' i t ■
■ B 1All figures / amounts are in RupeesAll figures / amounts will have to be entered in absolute numbers
THE G
AZETTE
OF INDIA
: EXTRA
ORD
INA
RY
[Part
III—S
ec.
4]
Purpose and ObjectiveThis form collects information on outstanding recoveries for the reinsurers. This form would be furnished by each insurer This form is completely new and is created based on the requirements.The frequency of this return is yearly
Filters and Parameters Year
Name of insurer
Line of Business
(Rs in Lakhs)Proportional Treaty Excess of loss cover treaty Facultative Placement
'
#
Name of reinsurer
Recoveries
outstandi ng at the beginning
New recoverie s during the year
Recovere d during the year
Recoverie s at the
end of the year
Recoverie s under dispute
Recoveries
outstandi ng at the beginning
New recoverie s during the year
Recovere d during the year
Recoverie s at the
end of the year
Recoverie s under dispute
Recoveries
outstandi ng at the beginning
New recoverie s during the year
Recovere d during the year
Recoverie s at the
end of the year
j '
!
Recoverie, s under dispute
Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount 1Column Code a b c d=a+b-c e f g h i=f+g-h j k 1 m n=k+l-m o I
• 1■ ! ■
;-
i— i
•_ -
-
•1
C/1
11b U>
lk O
III
M»
]
Purpose and O bjective
This input form captures the details of reinsurance recoverables along with its aging as per different buckets The frequency of this return is quarterly
Filters and Param eters___________________ __________________Year | ~ | Q uarter | ~ j
Insurer | frreatyTypj ]
lin e o f Buj tlassificatio| |
| Information on reinsurance recoveries pending from Reinsurers upto__‘ • i •>;
. • v 1 . •■■'‘■A
1 Figure"5 in Crores
1- *?' Name and address
ofreinsurer
Registration
number
Particular . s of
Registerin g/
Superviso ry
Authority
Pending for less than 6 months
Pending for 6
months to 1 year
Pending for 1 year to 3 year
'ii>s
Pending for more than 3 years
• -t -
; . Total
Recoverie s pending
'
H H ■ ■ ■ ■ ■ ■ ■ 1WSSSMi■ ■ i m m i■ ■ ■ I i m m m m ■ ■ ■ ■ l i ^ i i m m m a n
■ ■ 1 ■ ■ ■ m m ■ ■ ■ I I m i■ ■ ■ ■ ■ m i ■ m u H H m i
■ ■ ■ ■ h i m ■ 1 H I m m ■ ■ m tl @ 9 R m m ■ ■ ■ m m H U H m m m mH g U M ■ ■ I l S ® S i m m ■ ■ ■ ■ ■
m m ■ H I H U H ■ m l i i l fi S i l t t ■ H U H ■ m ■ ■ m ■ H IllBifl m m ■ ■ ■ ■H IH H ■ m | ■ ■ H im
| ' V ; m m ■ I ^ ■ m I ' V r « a m■ ■ ■ ■ ■ ■ m ■ ■ ■ ■ m m m m mm m H H M H i ■ n ■ ■ W i m m
fM S A 1 m m mmmMM i l l i M I ■ ■ i s is s immm wm ■ ■■■■■ ■ ■ ■ ■ m m m - 1
/?
/-
£/
//
!?
£>
/
Total Premium Collected Premium CededV . ' . / . '
• ■ • ' V ' •’ • " ' ••' , !< l } ' ‘J) S
Within fndlif i . Outside India •< v. ’ - A . . : ’ . . A t M v v - v Vt T.^mojmt
Reinsurer T ota 1 Pre mium Collected Premium Ceded
j •Commissions Received
j ' Total• 1 Total'' , Claims ; Received'
Within Ind.a Outside India ’ ' {'1 1 ........................................................... ....................................... ......................1 1 I I 1__
2.R.. 1 • Name of the insurer/reinsure*2.K..2 i Nature of rhk expected to reinsurer2.H..3 Type of the treaty2.H.4! List of the Produces)
2 J..S I Retention lim it of the Cedant2.It..6 Deductible of the Cedant2JJ..7! Reinsurance Arrangements (Provide Oetafc)?.li..8! Reinsurance Commissions2.H..9! Profit Commissions
2.K.. 10 Changes in program (if any) (Provide Details)2.H.. 11 j Rationale for such a change
m m
. ■' ! V .v &Sb*\ ■Total Premium Collected y ? ™ ■-iy ijM f . S ij[ T*fe»niurt» Ceded
• ’“v- ' - . v.. . I + \ U >'■/.: •'• Commissions fte<e rved
- Wittiidflndia . 1 Outside India . -, .'■•■ "'1 ■ i I| Amount | Amount
[w h
i—wrs
4] <
*rror w
re
54 THE GAZETTE OF INDIA : EXTRAORDINARY [Part III— Sec. 4]
I
i f j I i f
i !
I2 5
11
I !
Statement 1
Statement of Statistics relating to the Reinsurance business for the Quarter ended
Name of the Company Number o
Tf Policies Number of Lives Number of Claims Incurred Number of Claims Settled Number of Claims Outstanding
Name of the Product Gross Reinsured Gross Reinsured Gross Reinsured Gross Reinsured Gross ReinsuredABCD
STATEMENT 2
Name of Linked/the nonlinked
S.No product UIN /VIPwith profits/ withoutprofits
Individual / groups
Date of Minimum Maximum Average SA ReinsuranType of Reinsuran Method of
launch SA SA a |c y - i |CY-2 ce ceded ce reinsurance
RetentionRetention limits limitCY |CY-1 | highest limit applicable
Total risk premium in the gross premium Total premium ceded Risk premium/mortality/ Reinsurance premium as a Reinsurance premium as a percentage First year reinsurance commission. Subsequent years reinsurance
CY |CY-1 |CY-2 CY |CY-1 ICY-2 CY |CY-1 [CY-2 CY |CY-1 | CY-2 CY |CY-1 | CY-2 CY |CY-1 | CY-2 CY |CY-1 | CY-2 a |CY-1 I CY-2
Profit commission or any other Gross premium as a percenta ;je of total Total risk premium or mortality / Total reinsurance premium as a Comment com m ents Remarks of
CY |CY-1 I CY-2 CY |CY-1 CY-2 CY |CY-1 | CY-2 CY |CY-1 |CY-2 s of the of AA on the AA, if
The above statement is to be separately furnished for endowment / whole life / money back / health / pension/ term others
STATEMENT 3
Name of the
Linked/ non linked with profits/ Individual Date of Minimum Maximum Average SA Reinsuran
Type of Reinsuran Method of Retention limits
Retentionlimit
S.No product UIN /VIP withoutprofits / groups launch SA SA CY |CY-1 |CY-2 ce ceded ce reinsurance CY |CY-1 (highest limit applicable
Total gross premium Total risk premium in the gross premium Total premium ceded Risk premium/mortality/ Reinsurance premium as a Reinsurance premium as a percentage [First year reinsurance commission. Subsequent years reinsuranceCY |CY-1 |CY-2 CY (CY-1 |CY-2 CY |CY-1 [CY-2 CY [CY-1 [CY-2 CY |CY-1 |cy-2 CY |CY-1 ;CY-2- ’ jCY |CY-1 \C<-1 CY |CT-1 |CY-2 H
Xmo>NCDHHtn
O'TJProfit commission or any other Gross premium as a percenta je o f total Total risk premium or mortality / Total reinsurance premium as a Comment commentsjRemarks ofCY |CY-1 |CY-2 CY |CY-1 CY-2 CY |CY-1
, ........CY [CY-1 |CY-2 s of the of AA on |the AA, if
The above statement is to be separately furnished fo r endowment / whole life / money back / health / pension/ term others
tnXH£o§
l>rlnted by the M anager, Government o f India Press R in a o nJ v 7 ~ — --------------------------- --w d m - . j t ress. King Road, Mayapuri, New Delhi-110064
Published by the Controller of Publications, D elhi-110054.H£3
C/3mp
top related