The Insurance Regulatory and Development Authority of India on 29th June 2020 has mandated life insurers to submit the monthly, quarterly and annual returns. While monthly returns are being submitted through Business Analytics Project (BAP) module and also manually, the quarterly and annual returns are being submitted only through BAP module since 2018-2019.
The due date for submitting monthly return shall be 8th of the following month and Unaudited quarterly returns shall be filed on 30th day from the end of the quarter and Audited Annual Returns shall be filed on 30th June.
Further, the yearly Outsourcing Return shall be filed on 15th May and Other yearly returns by 30th June.
Therefore IRDAI has directed Life Insurers to adhere to the above timelines and to ensure submission of life operational returns accordingly and these instructions shall come into force for the returns to be filed for the period pertaining to June 2020 onwards.
A provision is made in the BAP Module to enable Insurers to unlock returns up to 3 times without reference to the Authority, from the date of submission till the due date. Insurers can utilize this opportunity to rectify any errors detected in the returns and re-upload the revised returns. This option of unlocking is provided only for the Chief Compliance Officer. Once all the 3 unlocking attempts or due date of submission of the returns, whichever is earlier, elapses, the unlocking facility will be disabled to the Insurer.
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