Effective from year ending March 2011
Insurance Regulatory Development of India (IRDA), effective from the year ending March 2011, have asked all the insurers to file a certificate confirming compliance with the stipulations on public disclosures.
IRDA had issued the Exposure draft inviting comments from all the stake holders on public disclosures by the insurance companies in 2009 and finalized the public disclosures to be made by the insurers in January, last year.
In April 2010, in order to have uniformity among the insurers on disclosures IRDA mandated that all insurers should file public disclosures at periodic intervals. Insurers were also asked to host on their website the disclosures for a minimum period of 5 years. But the insurers were not required to display last 5 years data on quarterly and half yearly basis. According to the formats specified by IRDA, insurers were required to display information based on the yearly audited statements.
Now the IRDA have asked all the insurers to file a certificate confirming the compliance with the stipulations on disclosures requirements on the insurer's website and on publication in the newspaper. The certificate is to be submitted to the authority within one week of applicable timelines under respective disclosures requirements as stipulated by IRDA.