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Circular>>Life Insurers
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16th April 2007
IRDA/F&A/001/Apr-07
Re
:
Unit Linked Disclosure Norms
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To
CEO’s of
All Life Insurance Companies
- This is further to Circular No. 054/IRDA/F & A/FEB-07 dated February 20, 2007 on the subject. At the request of the Life Insurance Companies, the requirement of ‘Industry wise disclosure of Investments (with exposure of 5% and above) segregated at scrip level’ under “Disclosures for ULIP Business” in the circular under reference, is being relaxed. The stipulations in the said para may now be read as “Industry wise disclosure of Investments (with exposure of 10% and above) segregated at scrip level”.
- Further, in view of the difficulty expressed by the life insurance industry in complying with the disclosure requirements for the corresponding previous year, the Authority hereby relaxes the requirement for the Financial Year 2006-07. In cases, where the insurers are unable to incorporate the previous year information, they are allowed to make the disclosures as stipulated in the circular under reference, only for the year 2006-07.
It is reiterated that this relaxation is provided only for the FY 2006-07 Yours faithfully
/sd./
(C.R. Muralidharan)
Member
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