Meeting IRDAI Guidelines: Your Timely Checklist Enterslice is a consultancy company providing comprehensive services on the IRDAI compliance calendar and various other services and corporate licenses that are issued by the Insurance Regulatory and Development Authority of India (IRDA). As a leading consultancy company, we are committed to providing the most accurate up-to-date IRDAI compliance calendar services. IRDAI acronym stands for Insurance Regulatory and Development Authority of India is a statutory authority formed under the Parliament Act under the Government of India, to ensure an overall inspection, supervision, and development of the insurance sector in India. We at Enterslice, help customers or a company to meet all the IRDAI compliance requirements single-handedly. Our, team of experts in the IRDAI compliance calendar will guide you and your company through obtaining a various license for an insurance-run business under the framework of IRDAI, meeting and aligning with all the necessary documentation and various other IRDAI compliance requirements. The objective behind the IRDAI compliance calendar services by professional teams of Enterslice shall help the clients and companies to protect and safeguard the interest in dealing with the various insurance policies ensuring that the financial security terms and conditions are aligned with the Insurance market trends. Why is the IRDAI compliance calendar Important? Any insurance business in India needs to comply with the IRDAI compliance requirement to stay relevant in the market and to operate the insurance businesses. Choose Enterslice to serve you an end-to-end specific IRDAI compliance requirement such as filings, returns, tax, etc. Compliance, in general, means meeting the applicable prescribed rules and regulations. Every entity is indeed governed by various laws and regulations to avoid any discrepancies and legal liabilities. Hence, the insurance business operations incorporated in India also need to meet the IRDAI compliance requirements since it is an integral part of organizations' relevant laws and regulations. Enterslice experts and professionals in IRDAI, compliance calendar services, shall ensure that the respective insurance company board of directors and management understand the scope, requirements, and various repercussions or consequences of not meeting the IRDAI compliance laws and regulations governed by the government of India. We shall help companies with our expertise in IRDAI compliance service by setting up a compliance team management system to support the management program so that various apprehensions of potential risk are safeguarded, damaging the reputation of an organization. There are various IRDAI compliance requirements that an insurance company has to fulfill once they start the business operations. It is indeed mandatory for every insurance business in India to meet IRDA compliance to operate the insurance business across the Indian market under the supervision of the government of India. This IRDAI objective is to keep checking and monitoring the workings of an insurance company. A team of Enterslice professionals in IRDAI compliance shall assist the insurance company in making a report to the concerned authority i.e. Insurance Regulatory and Development Authority of India. Such submission of the report to the concerned authority maintains transparency and accountability of the IRDAI compliance calendar ensuring a better governance of the insurance business operations. Understand the Need for IRDA Compliance Service Considered the service from an Enterslice professional to stay equipped with the requirements of IRDAI compliance laws and regulations. We shall ensure that the companies are meeting the laws and rules under the IRDA compliance laid down by the IRDA under the authority of the government of India. Here, given below are a few of the major reasons why IRDAI compliance service is necessary for an insurance company It assesses an assurance that the concerned insurance company is aligned or registered according to the requirements under the IRDAI compliance laws and regulations. To make assurance that the claims and grievances of the insurance policyholders are settled systematically. To ensure that the insurance company is operating in the interest of policyholders. This IRDAI compliance keeps a check on the insurance company to see if they are meeting the specified laws and regulations. The foreign exchange is indeed acceptable to India's insurance company if the concerned company has complied with the FEMA compliance regulations. What are the Eligibility Criteria for IRDAI Compliance? Firstly, a company to operate an insurance business must be registered under India’s Companies Act, 2013. Moreover, such an insurance company must be registered as a public company under the Companies Act, 2013 to meet the criteria for IRDAI compliance. The company to come under IRDAI compliance has to comply with various insurance acts and laws and accompanied with minimum capital requirements such as Rs.100 crores of minimum capital amount has to be incurred for launching an insurance company and Rs.200 crores of minimum capital for operating a reinsurance company. Enterslice Assistance in Reporting Under IRDAI Compliance The Insurance Regulatory and Development Authority of India is always monitoring the Indian insurance companies checking their alignment with the IRDAI calendar. Our, team of expert professionals will guide the insurance companies in filling a report based on quarterly, monthly, and annually on the workings of the insurance business operation to the concerned respective authority within the stipulated time frame. Such reports on IRDAI compliance are either filled in online or offline according to IRDAI compliance laws and regulations. According to the IRDAI compliance calendar, an insurance company must file monthly reports on the insurance business operations and various policyholders' grievances. Thus, our team of expert professionals shall assist the company in filing such reports seamlessly within a stipulated time frame. Enterslice experts in audit service shall also help the insurance company to evaluate the overall business performance such as risk management, details of policyholders, management details, claim details, and information, etc are also sent to the concerned authorities. We, shall help the insurance company to maintain the IRDA compliance requirement to maintain a solvency margin ratio requirement. Our team will also guide in maintaining and preparing the accounts of the business operations according to the IRDAI compliance guidelines. An annual return is another mandatory IRDAI compliance requirement that an insurance company has to fulfil. By the end of the financial year, four copies of the annual return have to be filled out by the concerned authorities within six months. It is indeed a difficult task for company management to conduct such a hectic assessment; do not worry; our Enterslice professional expert teams are on your doorsteps for a seamless filling of an annual return. However, in case the insurance business is carried outside India, such annual return has to be filled at the end of the financial year with an extension of 3 months, unlike the insurance company in India. Role of FEMA in Insurance Company FEMA means Foreign Exchange Management Act, 1999. This act is mainly designed to specifically regulate the insurance companies that are supported by foreign investments and have a foreign promoter. Thus, an Insurance company supported by foreign investment shall aligned with the FEMA guidelines We, shall ensure that such insurance companies who have a foreign flow shall be disclosed to the Reserve Bank of India according to the FEMA regulations. An annual report shall also be maintained by the insurance company under the FEMA Act filled before the RBI within the specific provisions and stipulated time frame. Thus, for seamless business operations of an insurance company, it is indeed important that such company are meeting the laws and regulations under the IRDAI compliance calendar. Why Choose Enterslice? Enterslice is a consultancy company comprising 30 plus offices across the globe with 10 plus years of experience in the service sector dealing with compliance, regulations, accounting, advisory, CFO, risk and assurance, etc. We not only provide a service but also craft solutions for our clients. Our services are comprehensive, meeting the end-to-end requirements of our clients. Choose us to boost your business growth with a money-back guarantee. Obtain an insurance license through our expert professionals and determine your specific requirements as per your business structures. At the IRDAI compliance calendar, we understand the level of complexities involved in issuing an IRDAI compliance license by any company seeking an insurance license. However, Enterslice provides a personalized approach to every type of client to understand their requirements and ensure IRDAI compliance requirements. Our team of expert professionals in the IRDAI compliance calendar will work closely with the respective clients to understand the insights of the compliance needs and thus accordingly provide a tailored solution that meets the specific requirements. So, choose the Enterslice experience team if you are seeking to expand an insurance business in India and to operate your business smoothly to increase business growth. Contact us today to learn about our services and how we help companies obtain a license from an IRDAI. IRDAI COMPLIANCE CALENDAR OBJECTIVE The Enterslice team took the initiative to create a comprehensive guide for Compliance Officers, CFOs, and Company Secretaries to provide a comprehensive overview of compliance reporting dates for various applicable laws. The guide covers the most important dates, which cover regular compliance, event-based compliance, registration, authorization, and policies. Our team is committed to constantly updating the compliance calendar by adding laws and ensuring regular updates. We encourage users to visit our website frequently to access the latest versions of the calendar. DISCLAIMER It is important to note that the relevant authorities can often change the regulations. Therefore, the reader/user should perform their due diligence before relying on this information. REGULAR COMPLIANCE S.No. Compliance Due Date 1. Quarterly Return of Life and general insurance data under BAP Module 15th April 2. Unaudited annual accounts (to be verified as regulations are silent) for the period ending 31st March are to be submitted along with various certificates 30th April 3. Quarterly Return of Life and general insurance data under BAP Module 15th July 4. Submission of the audited Annual accounts along with various certificates either latest by 30th Sept or within 30 days from the date of holding the AGM, whichever is earlier 30th September 5. Half-yearly Return under BAP Module 15th October 6. Quarterly Return of Life and general insurance data under BAP Module 15th October 7. Unaudited annual accounts (Yet to be verified by the IRDA as Regulations are silent) for the period ending 30th Sept to be submitted along with various certificates 31st October 8. Annual Return under BAP Module 31st October 9. Quarterly Return of Life and general insurance data under BAP Module 15th January EVENT-BASED S.No. Event Description 1 License Renewal 90 days before the license expiring date. To file under the BAP module 2 Professional Indemnity Insurance 2 times the remuneration at the end of every financial year 3 Renewal Training for PO and BQP complete the renewal training within six months prior to the expiry of three years from the time the previous training was completed 4 Appointment/resignation of BQP Intimation to IRDAI 5 Opening/closing of branch Intimation to IRDAI 6 Appointment/resignation of PO Prior Approval of IRDAI 7 Appointment of Director Prior Approval of IRDAI 8 Resignation of Director Intimation to IRDAI 9 Change in shareholding <5% Intimation to IRDAI 10 Change in shareholding >5% Prior Approval of IRDAI REGISTRATION REQUIRED S.No. Event Description 1 ISNP to promote e-commerce in the insurance business 2 IBAI To provide an avenue to the members for further education, training and research in all fields of insurance and reinsurance and represent the interests of Brokers with other Industry trade bodies. 3 FIU – IND It is the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions to enforcement agencies and foreign FIUs. AUTHORISATIONS IN BM Authorised Principal Officer or Compliance Officer or Director to comply with all the regulations within the time limit as prescribed in the regulations. Authorised Principal Officer or Compliance Officer or Director to submit necessary certificates to the authority within the time limit as prescribed in the regulations. Authorise PO/Head Accounts/Head IT are authorised to tag each and every policy solicited by the company to the respective Broker Qualified Person. Appointment of Compliance Officer The authorised PO/Director/CO shall provide the details of all the "Outsourcing Activities" and ensure that the outsourcing activities comply with the requirements as defined in the regulations. POLICIES KYC AML Policy Policy for comparison and distribution of insurance products Grievance Redressal Policy POSH Policy Fair Practise Code IT Framework Policy Outsourcing Policy BCP and DRP Policy Privacy Policy Claim Policy
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