IRDAI Directs Life Insurers to Submit Data to IIBI by 30th September 2024

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a directive to all life insurance companies, requiring them to submit data to the Insurance Information Bureau of India (IIBI) by September 30, 2024. The data submission pertains to several categories, including Individual Life Insurance (2023-24), Individual Annuitant Policies (2016-24), Group Annuitant Policies (2016-24), Critical Illness Products (2019-24), Group Credit Life (2020-24), Group Term Insurance (2020-24), and PMJJBY (2020-24). The specified formats for each category are detailed in annexures provided with the circular. From the financial year 2024-25 onwards, insurers are required to submit this data annually within three months of the financial year’s end. This circular replaces earlier circulars issued in November 2014, August 2019, and October 2019, which dealt with similar data submission requirements. The directive is issued with the approval of the competent authority, ensuring standardized and timely data submission to the IIBI.
INSURANCE REGULATORY ANDDEVELOPMENT AUTHORITY OF INDIA
Circular Ref: IRDAI/LIFE/CIR/MISC/ 109/8/2024 Dated: 08 August 2024
ToAll Life Insurers
Re: Submission of data by life Insurers to Insurance Information Bureau of India (IIBI)
(1) All the life insurers are hereby directed to submit data to IIBI for the period and in the formats as specified in the table below by 30.09.2024.

Sr. No.
Category
Period
Format

1
Individual Life Insurance
2023-24
Annexure I

2
Individual Annuitant Policies
2016-24
Annexure II

3
Group Annuitant Policies
2016-24
Annexure III

4
Critical Illness Products
2019-24
Annexure IV

5
Group Credit Life
2020-24
Annexure V

6
Group Term Insurance
2020-24
Annexure VI

7
PMJJBY
2020-24
Annexure VII

(2) The insurers shall continue to submit the data at annual frequency from FY2024-25 within a period of three months of completion of every Financial Year.
Repeal and Savings:
(3) This Circular supersedes the following Circulars:
a) Circular Ref. IRDA/SDD/MISC/CIR/228/ 11/2014, dated 19th November, 2014 for submission of Individual Life Data
b) Circular Ref. IRDAI/ SDD/ Misc / CIR/ 228/08/2019, dated 08th August, 2019 for submission of Group Annuitants data
c) Circular Ref. IRDAI/SDD/CIR/MISC/191/10/2019, dated 16th October, 2019 for submission of Critical Illness Policy data
This has the approval of the competent Authority.
Meena Kumari JaggaliExecutive Director (Life)