IRDAI issues timeline for submission of Life Operational Returns in BAP

Jun 30, 2020 | by Avantis RegTech Legal Research Team

Industry Specific Compliance

The Insurance Regulatory and Development Authority of India (IRDAI) on June 29, 2020 issued a circular for timelines for submission of Life Operational returns in BAP. It was observed that certain insurers were not submitting returns according to the timeline. 

Thus, the authorities have issued instructions to streamline the process of submitting the returns according to the timeline. 

 Monthly returns should be carried out by the 8th of the month. 

 Unaudited quarterly returns should be made by the 30th of the end of the month. 

 Audited annual returns should be completed by June 30. 

 Yearly Outsourcing Returns shall be completed by 15th May. 

 Other Yearly Returns shall be done by June 30th. 

All Life Insurers are hereby directed to adhere to the above timelines and ensure submission of life operational returns accordingly.

[Circular No. IRDAI/Life/Cir/Misc/165/06/2020]


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