In order to further cut compliance burden for insurance companies, regulator IRDAI rationalised health insurance business returns reporting norm by reducing the number of returns that need to be filed in a year.
The move is part of promoting ease of doing business for insurance companies and to reduce the compliance burden for all the regulated entities, said IRDAI.
Towards this endeavour, the health insurance returns being filed by the insurance companies have been significantly reduced, it said in a circular.
“Now, the general and health insurers will have to file 8 returns and life insurers will be filing 3 returns in place of 17 returns being filed currently. This step will further help insurers in focusing on their business rather than a plethora of compliances and in turn help in increasing the insurance penetration in country,” it said.
