Executive Summary
The Insurance Regulatory and Development Authority of India (IRDAI) issued Circular IRDAI/F&I/CIR/MISC/102/8/2026 on 07 August 2026. The circular requires all life, general, standalone health insurers, and reinsurers to submit monthly financial and operational data via prescribed National Informatics Centre (NIC) templates by the 15th of each succeeding month to support the Ministry of Statistics and Programme Implementation (MoSPI) Index of Service Production (ISP).
Regulatory Background
MoSPI measures output across the services sector via the Index of Service Production (ISP). To ensure representation of the insurance sector in macroeconomic indicators and GDP estimation, IRDAI has established a standardized monthly reporting schedule.
What Has Changed?
Insurers must submit monthly gross direct premium, claims paid, and investment income metrics through dedicated NIC portal templates on or before the 15th day of each following month, commencing with July 2026 data.
Key Changes Comparison
|
Particular |
Earlier Position |
New Position |
|
Reporting Cadence |
Periodic or aggregate submissions for macroeconomic data. |
Monthly reporting required by the 15th of each succeeding month. |
|
Submission Format |
Ad-hoc or offline data requests. |
Standardised submission via dedicated NIC web portal templates. |
Who Will Be Affected?
- Life Insurance Companies
- General Insurance Companies
- Standalone Health Insurers (SAHIs)
- Reinsurers and Foreign Reinsurance Branches (FRBs)
Effective Date & Applicability
- Date of Issue: 07 August 2026
- Effective Date: Commencing from July 2026 data submission (Due 15 August 2026)
- Applicability: All registered insurers and reinsurers operating in India.
Compliance Impact
- Data Automation: Finance and actuarial teams must establish structured reporting pipelines to extract gross premium and claims figures immediately following month-end close.
- Portal Credentials: Ensure designated regulatory reporting officers complete user onboarding on the NIC MoSPI submission portal.
KGS Practical Takeaway: Monthly reporting schedules necessitate disciplined financial close processes within insurance entities. Finance teams should implement automated extraction workflows to consistently meet the 15th-day filing deadline.
Source / Reference
- Authority: Insurance Regulatory and Development Authority of India (IRDAI)
- Document: Circular
- Reference No.: IRDAI/F&I/CIR/MISC/102/8/2026
- Date: 07 August 2026
- Official Source: IRDAI Official Portal — Circulars
Comments
No Comments yet