IRDA (Life Insurance-Reinsurance) Regulations, 2013

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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 a 3THTWniT EXTRAORDINARY WTIII— 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 RjPH <ym ch 3 ?fT -fag T R T SUfil'ch<UT 1 9 9 9 OTTT 14 3?lT OTTT 26 % ^nsr trfe?r arRiPr*w, 1938 <*n a m H 43f "gm yrferrat ^rt iram 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'Tt 5-lchl ■gft clKI<3 '9>T y g n I 2. ^TfwmTTT- ^T3rFRmT"lT,^rT(ig?^vriT3FqWT3^t9?T-R'^T : ‘31 (S iftin ’ '^•'jflTTT3Tfirf5ratri938 (1938'grT4) 3Tfajt?T%; T3 \ • y ify c h < u i' ^ W T t f T a f l T y if ile M U l 1 9 9 9 ( 1 9 9 9 ^KT 4 % 3T8rPr w iflld ^ffaT'fa(Hi|W<*) 3Ttr'fechl« UllSl<*<U| | 01/20 n (l) ' ~ "Bo mo-33004/99 mmmuT EXTRAORDINARY mTTIII-~ 4 PART III-Section 4 ~ ~ w cf, I f¥r i1 PUBLISHED BY AUTHORITY ~ ~ . ~ . ~ 18, 2013/lmf 29, 1934 REGD. NO. D. L.-33004/99 ~. 521 No. 521 NEW DELHI, MONDAY, FEBRUARY 18, 2013/MAGHA 29, 1934 fi f~f.t414cfi atR" fcrcfim ~ ~ . 11 "Cfi"{q'U, 2013 ~ fqf.t414cfi atR" ~ ~ ( ~ mirr-~) ~. 2013 "Q;Q). v. ~.fcf:f~·.Jll.rfcr.117/75 12013 :- 'aTln"~rm,; &l'd~cflm '!11ftllfi<O'i aifi:lr-tqq, 1999 ~ mu 14 &R mu 26 ~ ~ lffixf 1"1'T s,4fuf-1:qq, 1938 ~ mu 114& am ~ ~ cfiT ~ ~a ~ g1fuc:.ti<o1 ci'lirr {it"ll&<Wilnriimr~~lffilfVf~~'IIT"c:. Q_?i"al(I R'"1f("lf-Oltt ~'IRTffl • 31Vffll:- ct>. ~ ~ li'tqrfuf.l:q1i:itfi ah -fis?fim111la.n:orc~"r-ni'lin -~) ~. 2013 "'""'1t')'.r\ 1 «. ~~ ~it~ di!Qi_t1-1i "qIT'!'ITT'lwcit1'11"'1'f11-n I 2. ~- '$-1' IQl-1<Qqi If, ~~~~~~...-m: ~- -~- "#~<l-i(Qf.t:qq 1938 (1938cfiT4) ~t; « .. Sllre3c:.fi(OI. "# ~ l'tf f.t:q,qqi &R -fis?fim'Sl1~or ~ 1999 ( 1999 cfiT 41) ~ mu 3 "qIT31f-QTU ( I) ~3Ml"=I" ~ ~faf.t:qrql!fi31't{hHr·gri!llli<o,~t 1 M, (;1!?_011 (I) 2 THE GAZETTE OF INDIA : EXTRAORDINARY [P art III— Sec. 4] T:3TSgrfur 7T. ‘3< 4u|«t,rlf’ ^ « T m i c » i d f ^"3ft TTfg^T <*><rl! % STSraT ■Wfcic^l ch<nl U. ‘ ^ viti dTwi^cif &k i, Rn'H-i «Ttni^hd oyfcKi c*Tl fc^^ll ■ZRT 3iyr 3Tf«iRT %; 31B!Tf^T'3$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?nT 3n=rn- -JTTrra^r-gft t cTOT ^ 4 T n r c h w f a ftr tfw-fcKtff % *m r y ^ c t , ^ q fg a c tt E ^ < h ■^^IcFTR cRT^ 3T8raT 3T^ftg>TT’35’^ c*>l (qchc^l ‘ y-ifltm tila 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 ^ su F . 3tVt Pif^jd ^tr^r^r"^TTTfTT% i ^T. ‘■gH:3T6ZJxflTr'^ 3TRl5l?r % i^R T ^ "5TTT T2i9fT ^*TVflTT®<Tf‘fevtfr 3T^T TV$Ti9vTf SR rai'2*rof:RT9>(Tf oKt 344^ ftUI snftrT i!!<l ^-(4Tni 3W<art d« « 6 r 3T5T 3i*^[ifd <*-,<<11 %; "^T. * S4Kl*MKui ’ ^ chi o?> 3TVT 34fa£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 giMkifi c a fta n atgr?) csrrgf arfiifrtT % -Eraft q g n ijfl ■hA f^rflg-gi -^va^riigi xf tt^ t ^<JPnmiRd aftr fatifi fga 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 % #nj; w ^x cich’l^chl fctci^ui R*Tll<4 yif? f^*i|rf4.n %; ■g. (iifH^n~I ■& M^~dRT afrr ajgRmfad u rg Tfm $riafenr, 1938 (1938 ■grr 4 ) arogT ^fwr "fgfrw r^ 3?tt Ri<«iy jii|ych<u! srfaPiAm, 1999 (1999 w 4 i)^ T r fw r f^ fr ':fT*ffyr«^i 3^ r«riiffi4l% artf y fi^ ^ft-uviiifeafd 4H aifarH-mil ^^%rf?TTT PtRw: m^I f 1 ■g>. ^fwr 3rfeft^nr, 1938^81111 'thto ■& vtrrrgvT ttRt %t ijRi^in ^ 1 ■gpvfm' *^111 ^ r r uiRicf><ui ■gnr arfir^cRT Pci pH fdrm jl 1 Q_l 11 1 I S . a y i t T I g ) Wt*>K I q ^ i ^ c e . tj.tTi ■^TRi'Hi % ^ T T O "^ < n * 4 l^ id <IIVI % rT ^ T irfe ? T tT % arferaFTH i j t '^ < 11 ?rerr TT. •qF^ryR f% 'fa-^W f& i"felfa-4 cIJlT^ [HU,R)faH ufdVId f^fnRhi fa^) "jTT TT^rrt rfWT ■et. W ^ ^ argmn 'fe?^ ^nr^ft ■gfirym''bkt aimCT srmfRr vtmgvrfait % ■afra-•fercn ^sttottt i ftPl«M^TU<<>M)^%-{?n3;-tfpqrra<fa[H^M, 1 9 3 8 'g?rqRT1013TT%r3q ^ m?,». ■Hftld <l(dd r>i.Mtj 41m chi f^^MHT=T3trT3Tyrgr <<si^eii^ MTri-^arlmft otifari h^i i 4 . •g ^ s T u i « ^ d 'W a id T l'% # n 3; 3iT T ^ T ^ -v jflrr^ ^ i^ y f * i ) i — ■gr. u«-t)c^ flimchdf /■g^mfmgrrrf■grri <♦><«! 11 : i. %yT%«fRRyfi)yKU| «bt 3<&*dH ehiHI; ii. JJPI'dl *<HI; iii. ijH<ST*4i Hi/<id>%1?n3;^gfTTff^mg-^<tttui ^Pifan » < n i; iv- cnivii •far |j-i<aTHi mTIci'hI c»mc)^i^i %TF^r»T^> #n3;Trpf vvi'W niet ryrcr 2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III- SEC. 4] TT. . ;,,i40 icfinf- ~ lt'g'TI~ ~ t -.it ~-l'fflntf~~ -~~l•ir t &l!J(!IT lt'g' !l•llfficlctitlF ~ t ~ y,=r: am1lfuT ~lfi'ffll' t ; V. 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'y,=r:am1lful· "« 11"( ~ ~ t ~ lITTT ~ 'f1'ifq1a,t1f ftf..-«r 3Rl cf1q1cfinf &l!J<fT g-tGn:llcfitif ~ a:iq~·-;:m 11,lfit enfuf ~m-~ffi"l·&ef~ 3~r ~ ~f.fn'~t: ~- · i;ifa&1<01 • -«~"&ir•af~r a:ifi1~n·tfJrn•lf'i~nl a:iq-..fr am -«·1;r~or~mt; ~- ''1mf\'tr !J-lffllcfinf· ~ ll"( 1'm0'1f Tt'1:fr ~ ~ i 'frit "lr«f it -~~~~-.,~ g I Iii <fi"('ul l[T(T l!ITTT 3 '?ifil 3 q _l!ITTf ( 2?li') '?$i a1 n 1"@' '¢:Im,; ~ a I WI I a I q :f g GR' ~ ~u '1'fln' t; i 'Z. 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J 32 THE GAZETTE OF INDIA : EXTRAORDINARY [Part III— Sec. 4] % ■ Is i Is 15 1 £ £ & I * Ms 15 i . & ? f fa H t i -•ts I n 1*1 - I i | /is hs i MS 4S It 15. 15 jq-0<*d f^cj<ui sjditsi-fcft I ^loflcJH 1 3^ I ^?rt7 3rrai^ / 3i^r #7 fM snt^l] 32 THE GAZETTE OF INDIA : EXTRAORDINARY [PART Ill-SEC. 4] nJ Httf1- ' ~· n--:;fi W, i llliH! l i! t•t11 t!ji f - tU !iH ... g I I i I 1t Wt t ~J., 1 ti · -r i f ij tl6 J u I I w ~~ t ~i g Wt 1Y Ii I ii ~ i t I le' it ,.. ~ ~ I I 1t ~6 I ~ I i ~ lj ~ .. - ,., 'i I ! r I M ~ I M ,i:r I I ~ - r ...... r ~ 'f ti 1i!ifit tl6 ' av >t,- II - ... i I ; ~ it r ,i:r i ,lf ; - ' ; } tl6 } j * I ff ~ - t I-ti I • H M M t I ...... r ~1', r - ;{ I J f i ... ... r I t Ii r ~ I ~ I ii r i J It ' r l } I ; -p; ;1 [^FT III—TsFS 4] ■qrer tfst o : 3raraTW 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 of the powers conferred by section 114A of 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 of 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 Act 1999(41 of 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 of 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 of or all of the insurance risk to a reinsurer f. ‘Facultative’ means the reinsurance of a part or all of 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 of 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) of section 3 by the Authority to carry on exclusively the reinsurance business in India; k. ‘pool’ means any joint underwriting operation of insurance or reinsurance in which the participants assume a predetermined and fixed interest in all business written. 1. ‘Treaty’ means a reinsurance arrangement between the insurer and the reinsurer, usually for one year or longer, which stipulates the technical particulars and financial terms applicable to the reinsurance of some class or classes of business; m. Words and expressions used and not defined in these regulations but defined in the Insurance Act, 1938 (4 of 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. [ '!WT III- ~ 4] INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY NOTIFICATION Hyderabad, the 11th February, 2013 Insurance Regulatory and Development Authority (Life Insurance-Reinsurance) Regulations, 2013 33 F. No. lRDA/Notification/17/75/2013.- In exercise of the powers conferred by section 114A of the Insurance Act, 1938, read with sections 14 and 26 of the Insurance Regulatory and Development Authority Act, I 999, the Authority, in consultation with the Insurance Advisory Committee hereby makes the following regulations, namely: I. Short title and commencement.- a. These regulations may be called the Insurance Regulatory and Development Authority (Life Insurance - Reinsurance) Regulations, 2013. b. They shall comt: into force on the date of 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 (I) of Section 3 of the Insurance Regulatory and Development Authority Act 1999 (41 of 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 of insurance passed to a re insurer by the insurer which issued a policy to the original insured; e. 'Fronting' means a process by which a primary insurer cedes most of or all of the insurance risk to a reinsurer f. 'Facultative' means the reinsurance of a part or all of 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 of 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) of section 3 by the Authority to carry on exclusively the reinsurance business in India; k. 'pool' means any joint underwriting operation of insurance or reinsurance in which the participants assume a predetermined and fixed interest in all business written. I. 'Treaty' means a reinsurance arrangement between the insurer and the reinsurer, usually for one year or longer, which stipulates the technical particulars and financial terms applicable to the reinsurance of some class or classes of business; m. Words and expressions used and not defined in these regulations but defined in the Insurance Act, 1938 (4 of 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 of 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 of the sum assured on such policy and c. Also different percentages may be specified for different classes of insurance and d. Also specify the proportions in which the said percentage shall be allocated among Indian reinsurers. e. For the purpose of this regulation, an Advisory Committee shall be constituted in accordance with the Section 10IB of the Insurance Act, 1938 consisting of not more than five persons having special knowledge and experience of 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 of insurance business; v. Simplify the administration of business. r b. Every life insurer shall draw up a programme of reinsurance in respect of lives covered and the profile of such a programme, duly certified by the Appointed Actuary and approved by the Board of Director, shall be filed with the Authority, at least forty five days before the commencement of 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 of existing reinsurance arrangements, including: a. In relation to the risk exposures for each class of 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 of premiums ceded in total. d. The name(s) of 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 of 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 of 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 34 THE GAZE'ITE OF INDIA : EXTRAORDINARY [PART III- SEC. 4] 3. Reinsurance with Indian reinsurers: a. In accordance with Section IO I A of 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 of the sum assured on such policy and c. Also different percentages may be specified for different classes of insurance and d. Also specify the proportions in which the said percentage shall be allocated among Indian reinsurers. e. For the purpose of this regulation, an Advisory Committee shall be constituted in accordance with the Section 10IB of the Insurance Act, 1938 consisting of not more than five persons having special knowledge and experience of life insurance business. 4. 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 of insurance business; v. Simplify the administration of business. 1 b. Every life insurer shall draw up a programme of reinsurance in respect of lives covered and the profile of such a programme, duly certified by the Appointed Actuary and approved by the Board of Director, shall be filed \\-ith the Authority, at least forty five days before the commencement of 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: l . 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 of existing reinsurance arrangements, including: a. In relation to the risk exposures for each class of 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 of premiums ceded in total. d. The name(s) of 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 of 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 of the reinsurance arrangements and explain the measures taken to mitigate such risks, if any, in the reinsurance programme. 1 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 of the business etc are considered in arriving at the retention limits. f. If the reinsurance programme of the insurers is found to be inconsistent with the overall objective of this Regulation, the Authority for the purposes of calculating solvency, may allow a lesser credit for reinsurance in the sum-at-risk factor. g. For the purpose of (e) and (f), the Authority shall examine all the necessary justifications, the technical & financial strength of 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 of 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 of 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 of every insurer shall: i. aim at retaining the maximum premium earned in India, maximizing the retention across products commensurate with his financial strength & volume of business and ii. 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 of starting operations for health insurance business and group term insurance business and ii. in the initial two years of 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 or 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 reinsurance programme 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 of business; vi. Capital requirements; vii. Past claims payment history of the reinsurers; viii. Capacity building measures taken in terms of building up capacity in underwriting, claims handling, risk management, pricing, valuation, etc. since introducing the risk; etc [ 'l=fPl 111 -(90.S 4] 'qffi'f cfi"I ~ : 3:rffi~ 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 of the business etc are considered in arriving at the retention limits. f. If the reinsurance programme of the insurers is found to be inconsistent with the overall objective of this Regulation, the Authority for the purposes of calculating solvency, may allow a lesser credit for reinsurance in the sum-at-risk factor. g. For the purpose of(e) and (t), the Authority shall examine all the necessary justifications, the technical & financial strength of 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 of 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 of 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 of every insurer shall: i. aim at retaining the maximum premium earned in India, maximizing the retention across products commensurate with his financial strength & volume of business and ii. estabiish 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 of starting operations for health insurance business and group term insurance business and ii. in the initial two years of 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 or the total reinsurance premium to the total premium received under a particular product exceeds 2% for all saving products and 30% for all term insurance/health products, in all such cases, the insurers shall report to the Authority along with the reinsurance programme 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 of business; vi. Capital requirements; vii. Past claims payment history of the reinsurers; viii. Capacity building measures taken in terms of building up capacity in underwriting, claims handling, risk management, pricing, valuation, etc. since introducing the risk; etc 35 36 THE GAZETTE OF INDIA : EXTRAORDINARY [P art III— Sec. 4] Table: 6 Regulatory Reporting Retention Limits S.No Age of 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 of savings products like endowment, ULIPS etc lOlakhs All kinds of group protection products 51akhs All kinds of 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 of savings products like endowment, ULIPS etc 201akhs All kinds of group protection products lOlakhs All 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 of savings products like endowment, ULIPS etc 301akhs All kinds of group protection products 15 lakhs All kinds of 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 of savings products like endowment, Unit linked products etc 301akhs All kinds of group protection products 201akhs All kinds of 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 of 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 of commencement of the financial year. b. Within 30 days of the commencement of the financial year, every insurer shall also file with the Authority a copy of every reinsurance treaty contract in respect of that year together with the list of 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 of 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 of 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 of reinsurance shall be on original premium basis. 36 S.No I 2 3 4 5 THE GAZETTE OF INDIA : EXTRAORDINARY [PART Ill-SEC. 4) Table: 6 Regulatory Reportine: Retention Limits Age of the insurer or year in which Type of the products or riders Retention limit on the the risk is introduced** sum at risk. Rs. 0 to 3 years both inclusive Pure protection products like term 5lakhs insurance, personal accident products etc All kinds of savings products like !0lakhs endowment, ULIPS etc All kinds of group protection products 5Iakhs All kinds of health insurance products, llakhs except personal accident products. 4 to 7 years both inclusive Pure protection products like term !Olakhs insurance, personal accident products etc All kinds of savings products like 20lakhs endowment, ULIPS etc All kinds of group protection products !0lakhs All kinds of health insurance products, 31akhs except personal accident products. 8 to 11 years both inclusive Pure protection products like term 15lakhs insurance, personal accident products etc All kinds of savings products like 30lakhs endowment, ULIPS etc All kinds of group protection products 151akhs All kinds of health insurance products, 3lakhs except personal accident products. 12 to 15 years both inclusive Pure protection products like term 20lakh3 insurance, personal accident products etc All kinds of savings products like 30lakhs endowment, Unit linked products etc All kinds of group protection products 20lakhs All kinds of health insurance products, 4lakhs except personal accident products. Above 15 years The Authority may prescribe from time to time the limits for all the four types of 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. 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 of commencement of the financial year. b. Within 30 days of the commencement of the financial year, every insurer shall also file with the Authority a copy of every reinsurance treaty contract in respect of that year together with the list ofreinsurers, their ratings and their shares in the reinsurance arrangP.ment. 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 of 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 of 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 of 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 of the Authority, which shall be final and binding. e. The life insurers shall, before placing the business with the reinsurers, consider past claims performance of 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 time Explanation: All the life insurers shall furnish the information and returns required as per Annexure 1: i. In the case of forms which are to be submitted on an annual basis, with in 45 days from the close of each financial year. ii. In all other cases, within 15 days from the close of 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 of 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 of business, geographical scope, underwriting limits and profit objective. i d. An insurer shall ensure that decisions on acceptance of 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.] ['IWI III-~ 4] 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 of the Authority, which shall be final and binding. e. The life insurers shall, before placing the business with the reinsurers, consider past claims performance of 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 I and in such other forms as the Authority may require or specify from time to time Explanation: All the life insurers shall furnish the information and returns required as per Annexure I: i. In the case of forms which are to be submitted on an annual basis, with in 45 days from the close of each financial year. ii. In all other cases, within I 5 days from the close of 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 of 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 of business, geographical scope, underwriting limits and profit objective. d. An insurer shall ensure that decisions on acceptance of 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. lll/4/1 61 /12/Exty.] 37 Form Code Form Nam e INPUT REINSURANCE 1 Form LR-1: List of reinsurance treaties for the year INPUT REINSURANCE 1.1 Summary o f reinsurance treaties during the year IN PU TR EIN SU R A N C E2 Form LR-2: Particulars of Surplus Treaty For the Year IN PU TR EIN SU R A N C E3 Form LR-3: Result o f Surplus Treaty for the Year Ended 31st M arch,.............. INPUT REINSURANCE 4 Form LR-4: Particulars of Quota Share Treaty For the Year INPUT REINSURANCE 5 Form LR-5: Result of Quota Share surplus Treaty for the Year Ended 31st M arch,.............. INPUT_REINSURANCE_6 Form LR-6: Particulars o f Excess of Loss cover/Catastrophe Treaty For the Year IN PU TR EIN SU 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 PU TR EIN SU R A N C E8 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 of 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 ithdrawan ' THE GAZETTE OF INDIA : EXTRAORDINARY [Part III—Sec. 4] Form Code Form Name INPUT REINSURANCE 1 Form LR-1: List of reinsurance treaties for the year INPUT_ REINSURANCE_l.1 Summary of reinsurance treaties during the year INPUT REINSURANCE 2 Form LR-2: Particulars of Surplus Treaty For the Year . INPUT _REINSURANCE_3 Form LR-3: Result of Surplus Treaty for the Year Ended 31st March, ............. INPUT REINSURANCE 4 Form LR-4: Particulars of Quota Share Treaty For the Year INPUT REINSURANCE 5 Form LR-5: Result of Quota Share surplus Treaty for the Year Ended 31st March, ............. INPUT REINSURANCE 6 Form LR-6: Particulars of Excess of Loss cover/Catastrophe Treaty For the Year INPUT_REINSURANCE 7 Form LR-7: Result of Excess of Loss/catastrophe Treaty for the Year Ended 31st March, ............. INPUT REINSURANCE 8 Form LR-8: Reinsurance Accounts for the quarter ended 31st March/30th June/30th Sept/31st Dec INPUT REINSURANCE 9 Data Uploading Format for Reinsurance Rate data INPUT REINSURANCE 10 Details of Outstanding Recoveries - To be furnished by the insurer INPUT REINSURANCE 11 Aging data of reinsurance recoverables INPUT REINSURANCE 12 Reinsurance Program Details - Inward INPUT_REINSURANCE 13 Reinsurance Program Details - Outward Statements Statement 1 Statement of Reinsurance Statistics for the quarter ended Statement 2 Reinsurance Details- lnforce Statement 3 Reinsurance Details- Withdrawan purpose end Objective The 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 Details 1. Reinsurer 1 2. Reinsurer 2 --U- M— ^ 1 I — a I Reinsurer Details (Name of Appointed Actuary) (Name of Principal Officer) — - M l — W W W (Oat.) ..._ ... Objedln The~afthe form Is ta ~re the lnfomi■liort on d'il! relnsuren, treaties •nd producb c~ lrt Heh tnaly. 1h1115 a rH!bplft!rMI lurm bawd on the em:~ loml Ul-1 The~ofthilfmnilyeillfy. Fllen and hnrMlen .... Na.aftraatil'I ..., ... .,_ AHmn1Dmih • • • r ' : ~ • p : •f-"~; : . ___ .... : :·· 'i.~-.,~t .. ~J .:~ .... ,•. !r/ _:r:, • ·-·. ··• .( ~ • ..... : . .-:·:.:vn.'t.'l.',_•_;,o; .--. •. .-.~ •. l.6/"l'"'•:lt..-·' L::,• --· ·L. abow ii INI ond --.. .,.- tNt ~ ~.,-..:.;. fl 1•-afPrlmlpallOffbrl ~ Purpose and Objective This 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 Surplus Particulars Treaty Quota Share Treaties Excess of Loss Cover Treaty Facultative ■ • i '' v. < j Catastrophe 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 : EXTRAORDINARY [Part III— Sec. 4] Purpose and Objective This 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 Oa11tftcatlon I Surplus f Quota Share I Excess of Loss Cover 11 Part,cu ars / : Treaty Treaties Treaty - - - ·- -- - ♦- - ~ - - - Column Code a I b ! c 1 Name of Insurer Category I Facultative Catastrophe I Any Other(s) - - - -· - ! - d e I f No. of treaties at the beginning of year I ·- --------1----- -- - - ·- 2 No. of treaties added --·1-------- - - 2.i No. of modification ----- ------ 3 No. of treaties terminated/suspended - -· - f-----·- ------·-·------'--~-----+-·------1----- 4 No. of treaties at the end of the year f t I ! I J f m J i I !I. f I l i I ~ ,!.. .0. s; ~ .!t .!,. f [ J i l I I 1 i f I f i i 1 s l I Iv J.nl.la~ : !..b..!lill. ~ fil,, f f ◄ I . i! !I. " a. l -;: a. i I ~ ~ i l I n l ! [ i!i! i {it, h .i ff! ◄ i Ji . f f I [ I f • l f~ - f Mi :; !' i ~ f J o!C [v ~ - Ill Wh) 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) Method 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 .vr.* ■ | | ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ 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; HXCfl o m m oT) 2o > m X 32 o § 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 treaty A ll figures / amounts ore in Rupees Ail figures / amounts w ill hove to be entered in absolute numbers (Name of Principal Officer) M S I - E H - 1— (Date) C/) mn ProfttCammlssian •) Pernnta1e c) lJ:m canwd forward provision d] Mm'mum no. of Ives lleseA"e/D1posits a) &ash al tetentiorl and pen::ent11.- b) Method of ,•.ase c:) lnternt Payable a) Notice 11:equired bJ RMtriction and Tenninatlon c) Penalty on tarly termination Ust of relftSI.I rers We certify that the information furnished above is true and correct as per our re-cords; (5ianaturo of Appointed Actuary) IN•m• of Appointed Actuary) Natl • lmurer nuds to submit seiJ.aTett! LR-2 forms for each treaty All fl9vr~/ amounb 01e in Rupees A.If figures/ amounts wllf hovt to be ente,ed ;n absolute rtumbas Nam£ ar B,aliEr tan~ (5.,iaturo ol l'rlndpal otricorJ (Nama of Prlnci11al Officer) (Oat•J -l ::c tT1 C) ~ 0 'Tl z 0 s;: Purpose and Objective The 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 reinsured Sum Reinsured Reinsurance P rem ium Reinsurance Claim s Paid I j j . Reinsurance k Cessions ' Ex,st'nR N ew Cessions j Existing Cessions ! N ow Cessions Existing Cessions ! C om m ission (If A ny) No. P ro fit Com m ission Current Year First Preceding Year Second Preceding Year Third Preceding Year Fourth Preceding Year All figures / amounts are in Rupees All 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) Purpose ■nd ObjKtlve The purpose of the form Is to collect the business data of the reiruurar,ce for surplus treaty This ls I renaineered form baSf!d on the exlstlnc form LR-3 The form Is yearly. Fllftn and l'llrarneters v- Catapry Nl, of l1vr~ rr111'u1rd St1m Rr111,;11,cc1 ' ' V ( ('~ < ,., F111,;t111r: '\lt'w Cessions [1usl1ng Cessions ,,, ,. •f11,;,· j " ( ,, 1 CtnentVe1r I 2 First Prec:edl"I Y•u I 3 Second Prtcedlr-c Year ' ; 4 Third Precedi<11 Year ! s fourth P.recedi"I Year ' All figures/ amounts are ,n Rup~es All figureJ / Offle)UII~ will ha'tie ta be entered in absolute numbet5 We certify that the information furnished above is true and correct as per our records; ISl1nature of Appointed Actuary) IName <tf Appointed Attuayl ,....., 1 ; ~ ........ Name of lnsurw Name <tf ~ ,....,,.,.. OHSlllallol, Rc,n,;urJn(c Premium R.r1n~urJnrc {l;mn s r rl R{'ln'iUfJrlCC Prcf1t (omn oe Nrv., l css1on~ [K1st111g Cessions (ommVi<ian !If An'I) No '' ,, r- f ' ' • I ,·I- I f l i i i ! ISlgnalllre of Prtnclpal Offit•rl IName of Principal Offkorl 44 THE GAZETTE OF INDIA : EXTRAORDINARY [P art III— Sec. 4] Purpose and Objective The objective o f th e fo rm is to capture th e details o f th e quota share treaties filed by the insurer This is a rengineered form based on the existing fo rm LR-4 The frequency o f this return 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 Retention a) 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/Deposits a) 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 44 THE GAZETTE OF INDlA EXTRAORDINARY [PART III-SEC. 4) lfi/NURMll;f._4 rm R-4-: Partlcufars of Quota Sha e T aty For the Year_..:;~....:...;::...L:::.:.;..:;;;...::__,.;_,..:....._,._._......i......._""-___ _.. Purpos■ and ObJoctlv• The objective of the form is to capture the details cf thl! quota share treaties filed by thfl! Insurer This is a ,~n1lneered form based on the uistln1 form LR-4 The frequency of this return Is yearly. Filters and Parametars Year Claulflcation Name of Treaty No. of Life lnsuran~e Products Covered Name of the products covered Risk Excluded Gross underwrltln1 llmlt a] Normal Risks bl Sub Standard risks Net Retention a) Normal Risk b) Sub-standard Risk Name of Insurer 1 • Click here to at:li"J more products ...... - ' - .... : ' . -~..,... Click here to add more risks Any Surplus treaty operatln1 on the top of the 1ross limlts Cession Percenta1e Treaty Umlts Rate of reinsurance premium a) As Original ( as per original terms) b) As per sclled,d• (attach schedule) Attach the relevant schedule tlf applicable) Tl!!rms of reinsurance (lncludln1 proportion) Reinsurance Commission Profit Commission b) Deduction for m1na1em1nt HpenH c) LOH tarried forward provision di Minimum no. of lives Reserve/Deposits a) Basis of retention and percenta1e b) Method of release [*TFT III— 4] 45 c) Interest Payable Termination a) 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.—-•£- • Name o f re in su re r Share in Treaty Nam e o f B roker, if 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 treaty All fig u re s / amounts are in Rupees All figures / amounts w ill have to be entered in absolute numbers /> 3 '~ ['IWT III-~ 4] ~ c) Interest Payable Termination a} Notice Required !Y;t!"l&'.1 b) Restriction and Termination c) Penalty on early termination List of relnsurers Name of reinsu,er Share 111 Treaty Name of Broker. 1f any ~~ ==c;-,-=--= -== = = +-=-===== ========t-== ===== = -r-=- --- ----,t J We certify that the Information furnished above is true and correct as per our record s; (Sl1n1ture of Appointed Actuary) IN■me of Appointed Actuary) Note • Insurer needs to submit separete LR-4 forms for each treaty All figures I amounts are in Rupees Al/figures I amounts will have to be entered In absolute numbers ID•t•I ISl1nature of Prlnclp■I Officer) !Name of Principal Officer) 45 ■ - a ‘ for the Year Ended 31st r ' Purpose and Objective The purpose of the form is to collect the business data of 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. of lives reinsured Sum Reinsured Reinsurance Premium Reinsurance j Reinsurance Claims Paid Profit Commission 4 Year New Cessions Existing Cessions New Cessions Existing Cessions New Cessions Existing Cessions Commission (If . v j No. Any) Amount L ______ . Balance 1 Column Code a b c d e f S 1 j h 1 1 | Current Year ...... . . ■ 4 2 j First Preceding Year j 1 j 3 i Second Preceding Year j ~ 4 iThird Preceding Year 5 Fourth Preceding Year II figures / amounts are in Rupees II 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 GAZETTE OF INDIA : EXTRAORDINARY [Part III— Sec. 4] Purpose and Objective The purpose of the form is to collect the business data of the reinsurance for quota shaTI!! treaty This is a n!ngineered form based on the existing form LR-5 The fonn Is yearly. Filters and Parameters Year Name of Treaty aasslflcatlon Name of lnswer Name of Re Insurer•• category No of lives remsured Sum Ae1nsured Reinsurance Premium Rr1n~urance Re1nsurancf' Claim,;; Paid Existing Comm1ss10r (If Profit Commission Balance 4 Year New Cessions Cessions New Cessions histing Cessions New Cessions Existing Cessions Any) No. Amount Column Code a b c d e • I • g • J • k ' I - .:~, .. ~ -i -------+---------+ ---- - JI figures I amounts are in Rupees II figure5 / amounts will have to be entered in absolute numbers 'le 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) --1 ;:c tTl a ~ tTl --1 --1 tTl 0 'Tl z 0 ► - Purpose and Obtectfve The 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-4 The frequency of this return r. yearty. FDten and Parameters ________ ________________________ m at risi per lf« far the portfolio EEE3 !■ I I " I M B MM 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 treaty AH figures /amours* art tr. Rupert AH fames J<umunts lo Jm ttntteo « tbsolute iwrerr* fehML life £Hh > [fr SnEh— III h ih ] n.. ... -.-,.,,....,~-1,_._....,.u-4 n .. ~Gfff'il~ .. _... ------- _____ ,...,_ ........ ,...,,..., ...._ •l .... 4 ........ ....... _.... ... _.,.. ... .. - ··------- ·-- .. -- ~-- ..... _ f--- .....,_,...,....~I • ._.,,_., ......... ..,....t.ta-4.tllnMltal-hbHIV .tli"1;wfl/~- ... ...,.,,,. .tlf~]ltln/,._.,,..wtl ff'Nf:lfftWO.,~~-.,...l --- ~ L....J ...... ~oa.--t ~ - 1 H H r a n n H M H B ■ l - ... ;.i-^;. m m mm wMM £ Purpose and Objective The purpose of the form is to collect the business data of the reinsurance for Excess of 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 Cessions Existing 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 Rupees Ali 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 for all possible combinations of 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 : EXTRAORDINARY [Part III— Sec. 4] Purpose and Objective The purpose of the form is to collect the business data of the reinsurance for Excess of Loss/catastrophe Treaty This is a rengineered form based on the existing form LR-7 The form is yeariy. Filters and Parameters Vear Classification Reinsurance Premium Remsurance Claims Paid Name of Insurer Category - h:141itmg Reinsurance Commission (If Any) Balance # Year New Cessions Number Amount Cessions Column Code a - b • - - c - f g h = c+g a-b 1 +current Y_e_a_r ___ _ ____ ~ ···- -·--- --- __ ,__ _____ _ - 2 -- , First- P, ;cedin1 Year , I -----·--- ____ _ ,_ __ I t-------- 3 Second Preceding Year 4 1 Third Preceding Year 5 !fourth Preceding Year -1---- ------ -t- !, ---------t----- - -- 1 --------1----------~ 1 --- All figures I amounts ore in Rupees All figures I amounts will hove 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) {Name of Appointed Actuary) (Date) Note •• This form should be filled up for all possible combinations of treaties and reins1;rers. So in case, "Treaty 1 • includes l different reinsurers - "Reinsurer 1" ond "Reinsurer 2''. then the form will be submitted twice. (Signature of Principal Officer) (Name of Principal Officer) --l ::i:: tT1 ~ ~ tT1 0 'Tl z ~ & 11 13 *— / Purpose and Objective The purpose of the form is to collect the 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 | Quarter 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 Deduct 2.i Gross Reinsurance premium paid 2.ii Any other payment to reinsurer (Please specify) 3 Add 3.i Commission received from reinsurer 3Ji Claims amount paid by reinsurer 3Jft Any other payment from reinsurer (Please specify) 4_ Closing balance of the account 5 Total premium received by the insurer during th e quarter 6 Total claims paid during the quarter by the insurer 1 B Accepted Business 1 Opening balance of the account 2 Add i Gross reinsurance premium paid by ceding companies ii Any other payment from the ceding companies (Please specify) 3 Deduct i Commission paid to ceding companies ii Claims amount paid to ceding company iH Any other payment to ceding companies(Please specify) 4 Closing balance of the 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) Note For specifying any other amount, there will be option to insert a new row fo r the details All figures / amounts are in Rupees Ai! figures / amounts w ill have to be entered in absolute numbers tiiMh. life tillh [fr gnis>—HI Mh] - -' : Reinsurance Accounts for the arter ended 30th June/30th Se V31st Dec/31st March Purpose and Objective The purpose of the form rs to collKr: lhe busineH data of the rrinsuranu for iilll tr-eaties This is a recreation of existing form LR-8. No diange has been math!. The form is quarterly FHters and Parameters Year Name of insu~r Sub daH '-------------------'--·· '------------ ----_,dasstfkatinn L_ ______________ ___JDhrisioa ._ _ _ _______ _ ____ __,Group a • _ ___ __ _ Partlt: au Arno.mt (m fh oo )) ' Column Cada , I Ceded Busmen ~ 1 Openlna balance of the accoun1 - -,-- [=°":.:d=u-"d'---------- 2.i Gross Reim;urance premium paid __ 3 _2:.i ~d~y other payment to rein surer (Please spe~ -_-_-_-_----f------_-:_:_--:_--:_--:_-:=_-:=_-:=_~..., ~ -- __ - ~ommission n!ceived from reinsurer -------~-~ 1______ _ A ~.:!!_-1- Claims amount paid byrl!insurer 3.iii Any other p;ayment from rHlsurer (_Pl_u_se_ sp __ ec_ify ~ ) ______ -~--------l 1---4 _ _ ~,. balana! of the account 5 Total pr■mllan ~ceM!!d by the lnsamir duril"II the_q~u_■_m_, _______ 1 ________ __, ti Total dalms paid durirc tM. qu,tar by die ~rer :; '.'tli ~- --:,. . __ ,- , ... . J•• • 8 Accepted Business 1 'OpHtina balance of the iK'COIJnt --,- --',;;w- ----------~ ---------,1>---------t i Gross reil'lsurance premium paid by cedin1 companies _ _ I _______ ___, li Any other payment from the cedinl companies IPluse specify) ~C~~ - - --- ---- i i Commission paid to cedtnr:._a>_m~ p•_n_;,,_, ______ _ ___ _,_ ______ _, >----~ I Qaims amD!-'nt pa~ tocedtn1 company ____ _ iii ·r-Any other payment to ceding companies(Please s~p_e<_ify=)~ ----+----------1 • ! Closin,: balance of thl! accounl · We certify that the information furnished above is true and correct as Pf!r our records; (Slp,ature of Appointed Act...;;;-=- IName of Appoint@d Actuary) Note For s~i/ying any other amount, thrre will be option ta insert an~ row for the details Air figures/ amounts are ir. RuOf'es A!I figures I amounts will have to be errteted in ,,b~olute !lumbers -- - I CSlf:natwe of Prlnclpal Offlcer) (Name of Principal Officer) 55 Purpose and Objective The 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 treaty Name 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 ! B g 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 1 All figures / amounts are in Rupees All figures / amounts will have to be entered in absolute numbers THE GAZETTE OF INDIA : EXTRAORDINARY [Part III— Sec. 4] Purpose and Objective The purpose of this format is to capture the data on reinsurance rates from the insurer. This is a data loading format which will be loaded by the insurer once a year Filters and Parameters Year .__ _______________ __.Quarter Name of insurer .__ _______________ __. Classification category - ----- - ---1-------------l All figures I amounts are in Rupees All figures/ amounts will have to be entered in absolute numbers ::rl trJ Cl ~ ::j trJ ~ z 0 > Purpose and Objective This 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 Recoverie s 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 Recoverie s 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 Recoverie s 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 1 Column 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 » ] r-, ~ Purpose and Objective This form collects information on outstanding recoveries for the reinsurers. This form would be furnished by each insurer .i::,.. This form is completely new and is created based on the requirements. L-J The frequency of this return is yearly Filters and Paramete~rs __________ __.., Year Name of in.::.su.::.r;..:e;..:r _________ ___. Line of Bus __ i_ne.:..sc..s __________ _ u, 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 | ~| Quarter | ~ j Insurer | frreatyTypj ] line 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 of reinsurer Registrati on 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 t l @ 9 R m m ■ ■ ■ m m H U H m m m m H g U M ■ ■ I l S ® S i m m ■ ■ ■ ■ ■ m m ■ H I H U H ■ m l i i l f i 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 m m 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 im mm wm ■■■■■■ ■ ■ ■ ■ m m m - 1 i>urpose and Objective This input form captures the details of reinsurance recoverables along with its aging as per different buckets The frequency of this return is quarterly FIiters and Paramete~rs-=-------- Year ,.__I _ _ _ _ _ _ _, Quarter '--------' Insurer .__ _____ __,~reatyTyp~'--------' line of Bu~,.__ ______ __,hassificatio'---------' L L _j I---'- ___ .,.._ __ --.::-=---.J --= =;=;1=====4--- ""'__,=:l== =l====I J L_ _J 52 THE OF INDIA : [PART lfl- SEC. 4) ~ / ? / - £ / / / ! ? £ > / Total Premium Collected Premium Ceded V . ' . / . ' • ■ • ' V ' •’ • " ' ••' , !< l } ' ‘J ) S Within fndlif i . Outside India •< v. ’ - A . . : ’ . . A t M v v - v V t 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 reinsurer 2.H..3 Type of the treaty 2.H.4! List of the Produces) 2 J..S I Retention lim it of the Cedant 2.It..6 Deductible of the Cedant 2JJ..7! Reinsurance Arrangements (Provide Oetafc) ?.li..8! Reinsurance Commissions 2.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 r e --- n..~-.. ~----., ... ,.....,, ... n..,b.....,.cyllfhtMiM1llll.,...., ----- ' ,.,,. •• .,. , toi, P,e.,.,umColected ,.,..,,umC.'4NI ..,, "!.~,, ' - ~ ,,. ' ...... j ... , ....... W,tt1,., ~ OUt, •Ind t ,.., ""'1 ,.· -''' • .:.,r, ~ , • •• • '• , ' . ---fL • ■ 1u1..._..,,1w__..,. ----- JU flt..,-•.,rM~r--..eii ' l.L.ll.,_..,.,.._ ' Jj4ln.- UM_,._ I >UI~~-~ ' u.aa.._.... .... r .... _ : ~ :--- ·--· I llehlut.-.,--... ... I I lJtPtlllftc..i-i~ ,.uo ~ .JL .... _~~ JLU ......... ,_tlid•~ I I -- Tot.ii Tc!" 11,.,. 1.,,,, tou1P,tm•u"IC01t ■md P,,m,ull'IC ■dilrd , ~• Cl.Jim, (°"'1mon,ot1, lh,o ,,.,i Pe,, •~ L w,•h,nt"ll• Ot 1,- rd•" ' -. . . , ' ·~· . . . - ... ' . ~~l -. -W•• I I ,4 f1 111 l1t,"Prndun11~I~----------------+-----------+------~ 2 "~'> Rf'lf'flhon limit of the Clld•M • --: ~, ••• u • ~ ll• d 11t1,t>1,,c<fth1 (acl.1 11I J .11~1 j 11..,,,.,.,11•n<f A1 r .anp11111!nb IP,ovi• 0....1111 I I • • '<t , • TculPr'""~"" , ,,r,d ,...,...,.. '"" 'YI <o"'"'""'Of\J'-"~"'•d , , ·• -_ 1 W"h 1111-.d l 0.1\ d_, nd 1 ~t••cll,"1 A,noufll -' 11 ~ 3 II .... -i I \ffl (• I ~ I •. _J ·•"'~ ,, I • c'J 54 THE GAZETTE OF INDIA : EXTRAORDINARY [Part III— Sec. 4] I if j I if i ! I2 5 11 I! 54 THE GAZETTE OF INDIA : EXTRAORDINARY [PART Ill-SEC. 4] ] ~ p, I;! I• I I I i I ! ' ! ,, I' r ~ ' ~ I I'.- Ii t ,! rlr i . _i L ;I r -• 1~ 1= 1::1 1,,;: I• i I I ' 1-, Statement 1 Statement of Statistics relating to the Reinsurance business for the Quarter ended Name of the Company Number o T f 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 Reinsured A B C D STATEMENT 2 Name of Linked/ the nonlinked S.No product UIN /VIP with profits/ withoutprofits Individual / groups Date of Minimum Maximum Average SA Reinsuran Type of Reinsuran Method of launch SA SA a |c y -i |CY-2 ce ceded ce reinsurance Retention Retention limits limit CY |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 1 Statement of Statistics relating to the Reinsurance business for the Quarter ended ......... . Name of the , Company Number of Policies Number of Lives Number of Claims Incurred Number of Claims Settled Number of Claims Outstandino Name of the Product Gross Rein sured Gross Re insured Gross Reinsured Gross Reinsured A B C D STATEMENT2 Linked/ Type of N1meof the product nonlinked with profits/ Individual Date of / groups launch Minimum Maximum f'-Ac.c.ve.cc•.cc•R._•..cSA'-T-------,,--~ Reinsuran Reinsuran Method of f'R'-"e"'te"'n-"tio"-'n'-'li'-im"'itsc:...._-,-------l SA SA CT CY-1 CY-2 ce ceded ce reinsurance ct CY-1 hi1hest limit S.No Toca! CY UIN tmium CY-1 ICY-2 Profit commission or any other CY !CY-1 ICY-2 / VIP withoutprofits Total risk premium in the gross premium Total premium ceded Risk premium/mortality/ CY ICY-1 CY-2 CY CY-1 ICY-2 CY ICY-1 CY-2 Gross premium as a percent.a e of total Total risk premium or mortality/ Tot.ill reinsurance premium as a CY CY-1 CY-2 CY CY-1 !CY-2 CY CY-1 CY-2 The above statement is to be separately furnished for endowment/ whole life/ money back/ health/ pension/ term ottien Reinsurance premium as a Reinsurance premium as a pen::enta e CY CY-1 CY-2 CY ICY-1 ICY-2 Comment comments Remartcs of s of thfl of AA on the AA, if Gross Reinsured ar reinsurance commission, Subsequent years reinsunnce ICY-1 ICY-2 CY ICY-1 CY-2 i 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 Retention limit 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 reinsurance 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 CY |CY-1 ;CY-2- ’ jCY |CY-1 \C<-1 CY |CT-1 |CY-2 HXm o>NCD HH tn O'TJ Profit commission or any other Gross premium as a percenta je of total Total risk premium or mortality / Total reinsurance premium as a Comment commentsjRemarks of CY |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 for endowment / whole life / money back / health / pension/ term others tn XH £o § l>rlnted by the Manager, Government o f India Press R in a o n J v7 ~ — --------------------------- -- w d m - . j t ress. King Road, Mayapuri, New Delhi-110064 Published by the Controller of Publications, Delhi-110054. H £3 C/3 m p STATEMENT 3 Linked/ Type of Name of the rocluct UIN nonlinked with profits/ / VIP withoutproflts D.1teof l.aunch :nimum :,aximum t-~-""-'"~e_SA,...CY_·_l __ 'lcr,,...--2---1:i=:/ ::insur.1n :::r~:e t-~-e_te_n_1,_·o_n...,li-~-l~-;--,..,h-l1..,h_es_t...,l,-lm_l_t -1 Total 1ross remium Total risk premium in the 1ross premium Toti! premium ceded Risk premium/mortality/ Reimurance premium as a Reinsurance premium as a percentage First year reinsurance commission, Subsequent ears reinsurance CY CY-1 CY-2 CY ICY-1 ICY-2 CY CY-1 CY-2 CY CY-1 CY-2 CY CY-l CY-2 CY ICY-1 1,cv-~- cv CY-1 c1-2 CY CY-1 cv-2 Profrt commission or any other Gross premium as a percenta e of total Taul risk premium or mortality/ Total reinsurance premium as a Comment comments Remuks of -'-CY===c,CY=-'-'1"'-'c....c;,-CY'-"--2--"-+a--~-rcv--1-....a.---f-CY--2--+-c;--~.la--1---,,-a- -2-~+a----rac-:-.1~-,l-,,cr-:-.-::-2---;, of the of AA on the AA, if The above satement is to be separately furnished for endowment/ whole life/ money back/ health/ pension/ term others Printed by th; Mana_ger, Government of India Press, Ring Road, Mayapuri, New Delhi-I 10064 an Published by the Controller of Publications, Delhi-I I 0054. - --l ::r:: tT1 C) ► N tTl --l -l (Tl 0 'T:1