In a step to reduce filing hardcopies of various actuarial returns, the Indian insurance regulator on Wednesday said that insurers will file them in a digital format.
In a circular, the Insurance Regulatory and Development Authority of India (IRDAI) said that the insurers are not required to submit hard copies of any reports, returns or other documents related to actuarial valuation or reinsurance.
The insurers can file the returns, reports or other documents in either PDF format or in Excel sheet, it said.
The PDF copies of all such documents shall be digitally signed by the required signatories. However, each page need not be initialled or digitally signed, the IRDAI said.
Reacting to this development, an experienced actuary told IANS: “It is a good move. Saves lot of paper.”
Last month when IRDAI said life, non-life and reinsurers-other than the Domestic Systemically Important Insurers – need not file documents relating to the actuarial matters — peer review report, audited annual financial report and financial statements, product planner, quarterly report on asset liability management and stress test, actuaries turned critical.
Industry officials said that the actuarial department of insurers have to file umpteen number of tables with the regulator, the rationalisation of which would have helped the industry.