A. This Master Circular is issued under Section 34 of the Insurance Act, 1938, Section 14 (2) (i) of the IRDA Act 1999 and
i. Insurance Regulatory and Development Authority of India (Rural, Social Sector and Motor Third Party Obligations) Regulations, 2024.
ii. Insurance Regulatory and Development Authority of India (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024.
iii. Insurance Regulatory and Development Authority of India (Expenses of Management, including Commission, of Insurers) Regulations, 2024.
iv. Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024.
v. Insurance Regulatory and Development Authority of India (Corporate Governance for Insurers) Regulations, 2024
vi. Insurance Regulatory and Development Authority of India (Insurance Products) Regulations, 2024
vii. Insurance Regulatory and Development Authority of India (Protection of Policyholder’s Interests, operations and allied matters of insurers) Regulations, 2024
viii. Insurance Regulatory and Development Authority of India (Registration and operations of Foreign Branches and Lloyd’s India) Regulations, 2024.
B. This master circular shall be known as Master Circular on Submission of Returns.
C. The Master Circular shall be reviewed every year unless review or repeal is warranted earlier.
D. The Returns referred to under this circular shall be submitted as per the provisions herein.
E. All words and explanations used herein and not defined in this Master Circular but defined in the Insurance Act, 1938 (4 of 1938) or Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) or Rules or Regulations made thereunder shall have the meanings respectively assigned to them in those Acts or Rules or Regulations.
F. In Order to remove any doubts or difficulties that may arise in the application or interpretation or any of the provisions of this Master Circular, the Competent Authority may issue appropriate clarifications, as and when deemed necessary.
This has approval of the Competent Authority.
