Regulatory Alerts2024-01-31
Added
I/LTI/01/2024 & I/STI/01/2024 – Submission of Quarterly Reports and Audited Annual Financial Statements
All registered insurers must submit quarterly returns within 30 calendar days of the quarter end and reinsurers within 60 calendar days, while all registered insurers and reinsurers must submit specified annual information within six months after the end of their financial year until quarterly returns are realigned to collect data based on IFRS 17. Long-term insurers and reinsurers must continue measuring technical liabilities under section 35(1) of the LTI Act and inform the Registrar of any methodology changes upon submission, whereas short-term insurers and reinsurers may measure liabilities in accordance with IFRS 17 if systems have changed, provided the Registrar is notified upon submission. External auditors are required to perform agreed-upon procedures on annual return information not explicitly disclosed in audited financial statements, and levy returns must be submitted in the current form based on gross written premiums.
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