006_52

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

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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


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


10 lakhs


201akhs

All kinds of group protection products lOlakhsAll kinds of health insurance products, except personal accident products.

3 lakhs


15 lakhs


301akhs

All kinds o f group protection products 15 lakhsAll kinds o f health insurance products, except personal accident products.

3 lakhs


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.


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.


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



(Name of Appointed Actuary) (Name of Principal Officer)


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 .


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;



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.


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;



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


(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




(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




(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


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


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




Recoverie s at the

end of the year

Recoverie s under dispute

Recoveries




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


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

006_52

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