ANNUAL REPORT 2022-23

Head Ofﬁce

Survey No. 115/1, Financial District

Nanakramguda, Gachibowli, Hyderabad – 500032, India

Phone: +91-40-20204000

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

ANNUAL REPORT

2022-23

This Report is in conformity with the format as per the

Insurance Regulatory and Development Authority

(Annual Report-Furnishing of Return, Statements and

Other Particulars) Rules, 2000.

PART – I

POLICIES AND PROGRAMMES

PART II–

REVIEW OF WORKING AND OPERATIONS

I.1 Review of General Economic Environment 1

I.2 Appraisal ofInsuranceMarket 3

I.3 Number and Details of Authorised Insurers/Reinsurers 22

I.4 Policies and Measures to Develop Insurance Market 23

I.5 Research and DevelopmentActivitiesUndertaken by the Insurers 29

I.6 Review 31

I.6.1 Protection of Interests ofPolicyholders 31

I.6.2 Maintenance of SolvencyMarginsofInsurers 32

I.6.3 Monitoring of Reinsurance 33

I.6.4 Monitoring InvestmentsoftheInsurers 36

I.6.5 Health Insurance 39

I.6.6 Speciﬁed Percentage of Business to be done in Rural and

Social Sector 47

I.6.7 Accounts andActuarial Standards 48

I.6.8 Directions,Ordersand Regulations Given by theAuthority 49

I.6.9 Powers and Functions Delegated bytheAuthority 49

I.6.10 OtherPolicies and Programmes having Bearing on the

Working of the InsuranceMarket 49

.1 Regulation of Insurance and Reinsurance Companies 55II

.2 InsuranceAgents and IntermediariesAssociated with Insurance Business 59II

.3 ProfessionalInstitutes connected with InsuranceEducation 70II

.4 Litigations, Appeals and Court Pronouncements 71II

.5 International Cooperationin Insurance 72II

.6 75II

Grievances

.7 Functioning of theAdvisory Committee 77II

.8 Functioning ofOmbudsman 77II

.9 InsuranceAssociationsandInsuranceCouncils 78II

.10 OtherActivities having a Bearing on the Insurance Market 80II

CONTENTS

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

भारतीय बीमा वनयामक एव

ं 

वकास ाधकरण

Mission Statement ix

Members of the Authority xi

Senior Ofﬁcials of xiiiIRDAI

PART III–

STATUTORY AND DEVELOPMENTAL FUNCTIONS OF THE AUTHORITY

PART IV–

ORGANISATIONAL MATTERS

.1 Issue to the applicant a certiﬁcate of registration, renew, modify,III

withdraw, suspend or cancel such registration 83

.2 Protection of the interests of policyholders in matters concerningIII

assigning of policy, nomination by policyholders, insurable interest,

settlement of insurance claim, surrender value of policy and other

terms and conditions of contracts of insurance 83

.3 Specifying requisite qualiﬁcations, code of conduct and practicalIII

training for intermediaries or Insurance Intermediaries and agents 84

.4 Specifying the code of conduct for surveyors and loss assessors 84III

.5 Promoting efﬁciency in the conduct of insurance business 87III

.6 Promoting and regulating professional organisationsIII

connected with the insurance and reinsurance business 92

.7 Levying fees and other charges for carrying out the purposes of the Act 93III

.8 Calling information from, undertaking inspection of, conductingIII

enquiries and investigations including audit of the insurers,

intermediaries, insurance intermediaries and other organisations

connected with the insurance business 93

.9 Control and Regulation of Rates, Advantages, Terms and ConditionsIII

that may be oﬀered by insurers in respect of general insurance business

not so controlled and regulated by the Tariﬀ Advisory Committee under

section 64U of the Insurance Act, 1938 (4 of 1938) 96

.10 Specifying the form and manner in which books of accounts shall beIII

maintained and statements of accounts shall be rendered by Insurers

and other insurance intermediaries 96

.11 Regulating investment of funds by insurance companies 96III

.12 Regulating maintenance of margin of solvency 98III

.13 Adjudication of disputes between Insurers and Intermediaries orIII

Insurance Intermediaries 99

.14 Specifying the percentage of life insurance business and generalIII

insurance business to be undertaken by the Insurers in the rural

and social sector 99

.1 Organisation 103IV

.2 Human Resources 104IV

.3 Promotion of Ofﬁcial Language 108IV

.4 Information Technology 110IV

.5 Accounts 111IV

.6 Acknowledgements 111IV

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

भारतीय बीमा वनयामक एव

ं 

वकास ाधकरण

BOX ITEMS

TABLES

I.1 Participation of Women in Life Insurance 7

I.2 Use and File (U&F) - Simpliﬁcation of Product Filing Procedure 20

I.3 Surety Insurance 27

I.4 InsurTech Initiatives 28

.1 Reforms and Regulatory Initiatives in Indian Insurance Sector 85III

.2 State Insurance Plan 86III

.3 Working towards a Future Ready Insurance Industry 91III

I.1 National Income Estimates of India 1

I.2 Estimates of Gross Value Added ( ) by Economic Activity 1GVA

I.3 Financial Saving of the Household Sector 3

I.4 Growth in Real Premium by Region in the World in 2022 3

I.5 Premium Volume by Region in the World in 2022 4

I.6 Performance of Life Insurance Business 9

I.7 Financial Performance Indicators of Life Insurers 10

I.8 Death Claims of Life Insurers 11

I.9 Performance of General, Health & Specialised Insurers 14

I.10 Financial Performance of General, Health and Specialised Insurers 15

I.11 Segment-wise Incurred Claims Ratio of General, Health & Specialised Insurers 17

I.12 Ofﬁces of Life Insurers 21

I.13 Ofﬁce of General, Health, and Specialized Insurers 22

I.14 Number of Registered Insurers and Reinsurers 22

I.15 Grievances on Unfair Business Practices ( ) registered against Life Insurers 31UFBP

I.16 Net Retention of General and Health Insurers 33

I.17 Reinsurance Placement by General and Health Insurers 33

I.18 Investments of Life Insurers: Category-wise 37

I.19 Investments of General, Health, Specialized Insurers & Reinsurers: Category wise 37

I.20 Investments of Insurance Industry 38

I.21 Investments of Life Insurers: Fund-wise (As on March 31) 38

I.22 Health Insurance Premium Underwritten by General and Health Insurers 39

I.23 Policies, Lives Covered and Premium under Health Insurance Business of

General and Health Insurers 40

I.24 Incurred Claims Ratio under Health Insurance Business of General and

Health Insurers 41

I.25 Claims Paid under Health Insurance Business of General and Health Insurers 43

I.26 Status of Claims under Health Insurance Business of General and Health

Insurers 43

I.27 Policies, Lives Covered and Premium under Health Insurance Business of

Life Insurers 44

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

भारतीय बीमा वनयामक एव

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I.28 Status of Claims under Health Insurance Business of Life Insurers 44

I.29 Business under Personal Accident Insurance 45

I.30 Coverage under Government Sponsored Personal Accident Schemes 45

I.31 Business under Overseas Travel Insurance 46

I.32 Business under Domestic Travel Insurance 46

I.33 Health, and Travel Insurance Business Underwritten Outside India 46PA

.1 Insurance Agents Associated with Life Insurers 60II

.2 Gender-wise Distribution of Individual Agents associated with Life InsurersII

as on 31st March 2023 60

.3 Insurance Agents Active with General & Health Insurers 61II

.4 Gender-wise Distribution of Insurance Agents associated with General andII

Health Insurers (2022-23) 61

.5 Corporate Agents Active with Insurance Business (As on March 31, 2023) 62II

.6 Performance of Micro Insurance Business in Life Insurance Sector (2022-23) 62II

.7 Micro Insurance Agents of Life Insurers 63II

.8 Number of Micro insurance Policies Issued 63II

.9 Business Performance of s 64II IMF

.10 Number of s with various Sponsoring Agencies 64II POSP

.11 Number of s with various Sponsoring Agencies 65II MISP

.12 Number of applications 65II ISNP

.13 Surveyor and Loss Assessor Licenses Issued 66II

.14 Business Performance of Intermediaries in Life Insurance (2022-23) 67II

.15 Business Performance of Insurance Agents and Intermediaries associatedII

with General Insurers (2022-23) 69

.16 Business Performance of Insurance Agents and Intermediaries inII

Health Insurance (Excl. and Travel Insurance) (2022-23) 70PA

.17 Details of the cases ﬁled during 2022-23 72II

.18 Details of Cases Disposed for the period 2022-23 72II

.19 Status of Grievances as per Bima Bharosa portal 76II

.20 Grievances Registered in Portal and Referred to 77II DARPG IRDAI

.21 Pendency of Grievances 77II

.1 Details of Onsite Inspections 79III

.2 On-site and remote inspection reports concluded by Enforcement andIII

Compliance Department during 2022-23 95FY

.3 Details of Regulatory actions taken on the Observations 95III

.1 Composition of the Authority as on March 31, 2023 103IV

.2 Details of Meetings of the Authority held during 2022-23 104IV

.3 Sanctioned and Actual Staﬀ Strength in 104IV IRDAI

.4 Category-wise Staﬀ Strength in 105IV IRDAI

.5 Age-wise Distribution of Staﬀ in 105IV IRDAI

.6 Grade-wise Staﬀ Strength in 105IV IRDAI

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

भारतीय बीमा वनयामक एव

ं 

वकास ाधकरण

CHARTS

I.1 Percentage Shares of Sectors in at Current Price in 2022-23 2GVA

I.2 Domestic Savings in Indian Economy 2

I.3 Trend in Insurance Penetration in India 4

I.4 Insurance Density in India 5

I.5 Insurance Penetration in Select Countries in 2022 5

I.6 Insurance Density In Select Countries 2022 5

I.7 Proportion of Policies on Women in Life Insurance sector 8

I.8 Performance of Life Insurance Sector 12

I.9 Segment wise Share in Life Insurance Premium 12

I.10 New Business Premium of Life Insurers 12

I.11 Proﬁt after Tax of Life Insurers 13

I.12 Beneﬁts Paid by Life Insurers 13

I.13 Premium underwritten within India by Non-Life Insurers 18

I.14 Segment wise Share of premium of General and Health Insurers 18

I.15 Operating Expenses of General and Health insurers 19

I.16 Net Incurred Claims of General and Health Insurers 19

I.17 Tier wise Distribution of Ofﬁces of Life Insurers 22

I.18 Tier wise Distribution of Ofﬁces of Non-Life Insurers 22

I.19 Gross Reinsurance Premium of Reinsurers including s 35FRB

I.20 Sector-Wise Share In Premium Of Health Insurance (2022-23) 39

I.21 Trend In Health Insurance Premium (Excl. Pa & Travel Insurance) 40

I.22 Lives Covered (in lakhs) and Premium under Health Insurance

(2022-23) excl. & Travel 40PA

I.23 Share of top 5 states in Total Health Insurance Premium 2022-23 41

I.24 Net Incurred Claims Under Health Insurance 41

I.25 Trend in Incurred Claim ratio under Health Insurance: Sector wise 42

I.26 Trend in Incurred Claim Ratio under Health Insurance:Segment wise 42

I.27 Health Insurance Premium of Life Insurers 43

.1 Channel-wise Individual New Business Performance in Life InsuranceII

Business 68

.2 Channel-wise Group New Business Performance in Life Insurance Business 68II

.3 Channel-Wise Performance Of Health Insurance Business(2022-23) 69II

.4 Channel-Wise Performance Of General Insurance Business(2022-23) 69II

.5 Classiﬁcation of Life Insurance Complaints 76II

.6 Classiﬁcation of General Insurance Complaints 76II

.1 Grade-wise Distribution of Staﬀ in (2022-23) 105IV IRDAI

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

भारतीय बीमा वनयामक एव

ं 

वकास ाधकरण

STATEMENTS

ANNEXURES

1 International Comparison of Insurance Penetration 115

2 International Comparison of Insurance Density 116

3 Premium Underwritten by Life Insurers 117

4 Linked and Non-Linked Premium of Life Insurers 118

5 Segment-wise Total Premium of Life Insurers 119

6 Equity Share Capital of Life Insurers 120

7 Gross Direct Premium of General and Health Insurers (Within and Outside India) 121

8 Segment-wise Gross Direct Premium of General & Health Insurers (Within India) 122

9 Equity Share Capital of General, Health and Reinsurers 124

10 Incurred Claims Ratio of General and Health Insurers (Within India) 125

11 Solvency Position of Life Insurers 127

12 Solvency Position of General, Health, Specialised, and Reinsurance Companies 128

13 Solvency Position of Branches of Foreign Reinsurers ( s) 129FRB

14 Assigned Capital of Branches of Foreign Reinsurers ( s) 130FRB

15 131Assigned Capital of s ( Crore)FRB 

16 Assets Under Management of Life Insurers 132

17 Assets Under Management of General, Health, Specialized, and Reinsurers 135

1 List of Registered Insurers/Reinsurers Operating In India

(as On 31 March 2023) 139

2 (i) Share of Members in Indian Market Terrorism Risk Insurance Pool ( ) 141IMTRIP

(ii) Share of Members in Indian Nuclear Insurance Pool ( ) 142INIP

(iii) Marine Cargo Excluded Territories Pool ( Pool) 143MCET

3 Data for calculating Motor Obligations for 2023-24 144TP

4 Circulars/Orders/Guidelines/Instructions issued from

April 01, 2022 to March 31, 2023 145

5 Regulations framed under the Act, 1999 up to March 31, 2023 149IRDA

6 List of Micro Insurance Products of Life Insurers 154

7 Number of Products and Riders Approved by in 2022-23 155IRDAI

8 Fee Structure for Insurers and Intermediaries & Fee Collected in 2022-23 156FY

9 (i) Indian Assured Lives Mortality ( ) - 2012-14 157IALM

(iii) Indian Individual Annuitant's Mortality Table (2012-15) 158

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

भारतीय बीमा वनयामक एव

ं 

वकास ाधकरण

ABBREVIATIONS

AFIR : Asian Forum of Insurance Regulators

AML : Anti-Money Laundering

ASSOCHAM : Associated Chambers of Commerce & Industry of India

CAD : Consumer Aﬀairs Department

CBR : Cross Border Reinsurer

CFT : Countering the Financing of Terrorism

CII : Confederation of Indian Industry

CoR : Certiﬁcate of Registration

CPIO : Central Public Information Ofﬁcer

CPSC : Common Public Service Center

CSC : Common Service Centre

DARPG : Department of Administrative Reforms and Public Grievances

DCF : District Consumer Forum

DFS : Department of Financial Services

FAA : First Appellate Authority

FATF : Financial Action Task Force

FICCI : Federation of Indian Chambers of Commerce & Industry

FIU IND- : Financial Intelligence Unit- India

FRB : Foreign Reinsurance Branch

FRN : Filing Reference Number

FSB : Financial Stability Board

FoF : Fund of Funds

GDP : Gross Domestic Product

GNDI : Gross National Disposable Income

GVA : Gross Value Added

HOD : Head of Department

IAC : Insurance Advisory Committee

IAIS : International Association of Insurance Supervisors

ICR : Incurred Claims Ratio

IFRS : International Financial Reporting Standard

IGCC IRDAI: Grievance Call Centre

IGMS : Integrated Grievance Management System

IIB : Insurance Information Bureau of India

IIISLA : Indian Institute of Insurance Surveyors and Loss Assessors

IIRM : Institute of Insurance and Risk Management

IMCC : Inter-Ministerial Co-ordination Committee

IMFs : Insurance Marketing Firms

INFE : International Network on Financial Education

IRCTC : Indian Railway Catering and Tourism Corporation

IRDAI : Insurance Regulatory and Development Authority of India

ISNP : Insurance Self-Network Platform

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

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Inv s : Infrastructure Investment TrustsIT

KMP : Key Managerial Personnel

KYC : Know Your Customer

LPA : Letter Patent Appeal

MACT : Motor Accident Claims Tribunal

MFI : Micro Finance Institution

MISP : Motor Insurance Service Provider

Mo : Ministry of Road Transport & HighwaysRTH

NBFC : Non-Banking Financial Company

NCDRC : National Consumer Disputes Redressal Commission

NGOs : Non-Government Organizations

NOC : No Objection Certiﬁcate

NSO : National Statistical Ofﬁce

OECD : Organization for Economic Co-operation and Development

OMOP : One More Option Plan

PM JAY- : Pradhan Mantri Jan Arogya Yojana

PMFBY : Pradhan Mantri Fasal Bima Yojana

PMJDY : Pradhan Mantri Jan Dhan Yojana

PMJJBY : Pradhan Mantri Jeevan Jyoti Bima Yojana

PMLA : Prevention of Money Laundering Act

PMSBY : Pradhan Mantri Suraksha Bima Yojana

PMVVY : Pradhan Mantri Vaya Vandana Yojana

POSP : Point of Sales Person

PSU : Public Sector Undertaking

RAP : Rural Authorized Person

RBI : Reserve Bank of India

RBSF : Risk Based Supervisory Framework

RBC : Risk Based Capital

REITs : Real Estate Investment Trusts

RSM : Required Solvency Margin

RTI : Right to Information

SAHI : Stand-alone Health Insurer

SCDRC : State Consumer Disputes Redressal Commission

SEBI : Securities and Exchange Board of India

SHGs : Self Help Groups

SLA : Surveyors and Loss Assessors

SPV : Special Purpose Vehicle

TOLIC : Town Ofﬁcial Language Implementation Committee

TPA : Third Party Administrator

UFBP : Unfair Business Practices

ULIP : Unit-Linked Product

USD : United States Dollar

VLE : Village Level Entrepreneur

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

भारतीय बीमा वनयामक एव

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वकास ाधकरण

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 To protect the interest of and secure fair treatment to

policyholders;

 To bring about speedy and orderly growth of the

insurance industry (including annuity and

superannuation payments), for the beneﬁt of the

common man and to provide long term funds for

accelerating growth of the economy;

 To set, promote, monitor and enforce high standards

of integrity, ﬁnancial soundness, fair dealing and

competence of those it regulates;

 To ensure speedy settlement of genuine claims, to

prevent insurance frauds and other malpractices and

put in place eﬀective grievanceredressalmachinery;

 To promote fairness, transparency and orderly

conduct in ﬁnancial markets dealing with insurance

and build a reliable management information system

to enforce high standards of ﬁnancial soundness

amongst market players;

 To take action where such standards are inadequate

orineﬀectively enforced;

 To bring about optimum amount of self-regulation in

day-to-day working of the industry consistent with

the requirements of prudential regulation.

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

भारतीय बीमा वनयामक एव

ं 

वकास ाधकरण

MISSION STATEMENT

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

MEMBERS OF THE AUTHORITY

CHAIRPERSON

Shri Debasish Panda

WHOLE TIME MEMBERS-

Ms. T L Alamelu

(Upto 06.05.2022)

Shri K Ganesh

(Upto 30.07.2022)

Shri Parmod Kumar Arora

Ms. S N Rajeswari

Shri Rakesh Joshi

Shri Thomas Devasia

(From 19.09.2022)

Shri B C Patnaik

(From 01.05.2023)

PART TIME MEMBERS-

Shri Amit Agrawal

(Upto 03.07.2022)

Shri Suchindra Misra

(From 04.07.2022 up to 28.06.2023)

Shri Maruthi Prasad Tangirala

(From 28.06.2023)

CA (Dr.) Debashis Mitra

(Up to 11.02.2023)

CA Aniket Sunil Talati

(From 12.02.2023)

xii

Shri D V S Ramesh

Chief General Manager

Smt. Nimisha Srivastava

General Manager

Smt. Arundhati Chakrabarty

Assistant Manager

Shri Pranav V

Assistant Manager

Shri Ravi Ranjan

Assistant Manager

Shri M. N. Munshi

Deputy General Manager

Shri Rupesh Dhinde

Manager

Shri D. S. Murali Mohan

Manager

GENERAL MANAGERS

SENIOR OFFICIALS OF IRDAI

(As on March 31, 2023)

EXECUTIVE DIRECTORS

Shri Suresh Mathur

On deputation at ,IIRM

Hyderabad

CHIEF GENERAL MANAGERS

Shri A. R. Nithiyanantham,

Legal

Smt. J. Meena Kumari

Life

Dr Mamta Suri

Enforcement and Compliance,

Finance and Investment, Internal Audit

Shri Randip Singh Jagpal

Policyholder Protection &

Grievance Redressal

Smt. Anita Josyula

Intermediaries

Shri P. S. Jagannatham

General Administration and

Human Resources

Shri G. R. Suryakumar

Supervision

Shri D. V. S. Ramesh

Insurance Inclusion and Development

Shri Raj Kumar Sharma

On deputation to Sahara

India Life Insurance Co. Ltd.

Shri Shyama Prasad Chakraborty

Actuarial

Shri A. Ramana Rao

Non-Life

Shri S. N. Jayasimhan

Economic & Policy Analysis & Research

Smt. Yegna Priya Bharath

Health

Shri T. S. Naik,

Life

Shri A. Venkateswara Rao

Policyholder Protection and

Grievance Redressal

Shri Prabhat Kumar Maiti

Actuarial and Chief Vigilance Ofﬁcer

Smt. K.G. P. L. Ramadevi

General Administration and HR

Shri Sudipta Bhattacharya

Intermediaries

Shri M. S. Jayakumar

Supervision

Shri K. Mahipal Reddy

Intermediaries

Shri T. Venkateswara Rao

Enforcement and Compliance, Internal Audit

Shri Pankaj Kumar Tewari

Health

Shri Ammu Venkata Ramana

Finance and Investment

Shri C. Srinivas Kumar

Actuarial

Shri N. S. K. Prabhakar

Life

Shri Manoj Kumar

Finance and Investment

Shri Mahesh Agarwal

Finance and Investment

Shri Shardul Admane

Reinsurance

Smt. B. Padmaja

Chairman's Secretariat and

Board Secretariat

Shri D. S. Murthy

Non-Life

Shri Deepak Khanna

General Administration and

Human Resources

Shri Deepak Gaikwad

Intermediaries

Shri Prassad Rao Kalayru

Legal

Shri Suresh Nair

Non-Life

Smt. Nimisha Srivastava

Insurance Inclusion and Development

Smt. R. Uma Maheswari

Intermediaries

Smt. Latha C

Economic and Policy

Analysis and Research

ANNUAL REPORT TEAM

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xiv

POLICIES AND PROGRAMMES

Industry 2021-22* 2022-23# Growth (%)

2021-22 2022-23

I. Agriculture, Forestry and Fishing 40.67 45.58 10.0 12.1

II. Industry

Mining & Quarrying 4.29 5.84 35.8 35.9

Manufacturing 33.97 36.36 21.3 7.0

Electricity, Gas, Water Supply & Other Utility Services 5.56 7.42 10.9 33.5

III. Services

Construction 17.38 20.28 29.3 16.7

Trade, Hotels, Transport, Communication & Services

related to Broadcasting 36.12 44.48 25.8 23.1

Financial, Real Estate & Professional Services 46.12 53.00 14.3 14.9

Public Administration, Defence & Other Services 30.29 34.48 15.4 13.8

GVA at Basic Prices 214.39 247.43 17.9 15.4

PART POLICIES AND PROGRAMMESI:

1.1 ReviewofGeneralEconomicEnvironment

I.1.1 . As per provisional estimates of National

Income released by National Statistical Ofﬁce

( ), India's Gross Domestic Product ( ) atNSO GDP

current prices in the year 2022-23 is estimated at

272.41 lakh crore, as against 234.71 lakh crore

in 2021-22, showing a growth rate of 16.1

percent. The Gross National Disposable Income

( ) at current prices is estimated at 273.36GNDI 

lakh crore during 2022-23, as compared to

236.06 lakh crore during 2021-22, showing a

rise of 15.8 per cent.

The per capita at current prices is 1,96,983GDP 

during 2022-23 as compared to 1,71,498 in

2021-22 showing a growth of 14.9 per cent. Per

Capita Private Final Consumption Expenditure

increased to 1,19,277 in 2022-23 from

1,04,811 in 2021-22 registering a 13.8 per cent

increase.

I.1.2. Aggregate supply, measured by Gross

Value Added ( ) at basic prices, expanded byGVA

15.4 percent in 2022-23 after registering an

expansionof 17.9 per cent in 2021-22.

Item 2021-22* 2022-23# Growth (%)

2021-22 2022-23

Gross Value Added ( ) at basic prices ( lakh crore) 214.39 247.43 17.9 15.4GVA 

Gross Domesc Product ( ) ( lakh crore) 234.71 272.41 18.4 16.1GDP 

Gross Naonal Disposable Income ( ) ( lakh crore) 236.07 273.36 17.4 15.8GNDI 

Per Capita ( ) 1,71,498 1,96,983 17.2 14.9GDP 

Per Capita ( ) 1,72,490 1,97,676 16.2 14.6GNDI 

Per Capita Private Final Consumpon Expenditure ( ) ( ) 1,04,811 1,19,277 16.9 13.8PFCE 

Table I.1: National Income Estimates of India

Table I.2: Estimates of Gross Value Added ( ) by Economic ActivityGVA

*First Revised Estimates, #Provisional Estimates

Source: , Press Note dated May 31, 2023.NSO

(at current prices)

(At current prices) ( lakh crore)

*First Revised Estimates; Provisional Estimates;

Source: , Press Note dated May 31, 2023.NSO

Annual Report 2022-23

Chart I.1: Percentage Shares of Sectors in at Current Price in 2022-23GVA

I.1.3 The rate of gross domestic saving as per

cent to gross national disposable income ( )GNDI

surged to 30 per cent in 2021-22 from 28.4 per

cent in the preceding year, led by lower dissaving

of the general government sector, which oﬀset

the drop in household savings.

The net ﬁnancial savings of the household sector

– the most important source of funds for the two

deﬁcit sectors, namely, the general government

sector and the non-ﬁnancial corporations –

moderated to 7.6 per cent of in 2021-22.TheGNDI

moderation in household ﬁnancial saving in India

is reﬂective of the release of pent-up demand,

and the associated drawdown in precautionary

saving as concerns relating to income ﬂows

subsided in 2021-22.

Mining & Quarrying

Electricity, Gas, Water Supply

& Other Utility Services

Construction

Manufacturing

15%

Public Administration,

Defence & Other Services

14%

Trade, Hotels, Transport,

Communication & Services

related to Broadcasting

18%

Agriculture, Forestry and Fishing

18%

Financial, Real Estate &

Professional Services

21%

Chart I.2: Domestic Savings in the Indian Economy

Household Sector

General Government

Financial Corporations

Non-Financial Corporations

2021-22

2020-21

-3%

-7%

20%

22%

10%

11%

Annual Report 2022-23

(Per cent of Gross National Disposable Income)

Table I.3: Financial Saving of the

Household Sector

Source: Annual Report 2022-23.(Table .2.2)RBI II

Regions Life Non-Life Total

Advanced markets -4.4 0.0 -1.8

Emerging markets 1.4 2.8 2.1

Asia-Paciﬁc -2.0 2.9 -0.1

India# 8.2 6.0 7.7

World -3.1 0.5 -1.1

Source: Swiss Re Sigma World Insurance Report (No. 03/2023)

# 2022-23FY

(In per cent)

Item 2020-21 2021-22

Household sector savings 22 19.6

I Net ﬁnancial savings (A-B) 11.3 7.6

ii. Savings in physical assets 10.5 11.7

iii. Savings in the form of

valuables 0.2 0.3

A. Gross Financial Savings 15.2 11

of which:

1. Currency 1.9 1.1

2. Deposits 6.2 3.5

3. Shares and Debentures 0.5 0.9

4. Claims on Government 1.3 1.2

5. Insurance Funds 2.8 1.9

6. Provident & Pension Funds 2.4 2.4

B. Financial Liabilities 3.9 3.4

I.2 Appraisalof Insurance Market

I.2.1 Appraisalof global insurance market

I.2.1.1 As per Swiss Re Sigma Report (No.

03/2023), the global economy continues to slow

down and inﬂation remains a primary global

macroeconomic concern. Despite such

challenges, the insurance industry is expected to

remain resilient in 2023 as the global economy is

projected to growby 2.3 per cent during the year.

I.2.1.2 Swiss Re forecasts global premiums for

life insurance to grow by 0.7 per cent in real terms

in 2023 in comparison to the 10-year trend of 1.3

per cent growth. High inﬂation leading to high

level of policy surrenders is likely to impact the

proﬁtability of the sector.

I.2.1.3 Whereas, global insurance premium for

non-life insurance is estimated to grow by 1.4 per

cent in real terms in 2023. Within non-life sector,

motor insurance segment is anticipated to

rebound with a 2.8 per cent growth in global

premiums in real terms in 2023 whereas Health

insurance premiums are estimated to fall by 0.6

percent during the same period.

I.2.1.4 Overall, the global insurance premium

volumes (non-life and life) are projected to grow by

1.1 per cent in 2023 and 1.7 per cent in 2024 in real

terms, below the 10-yeartrend of 2.6 percent.

I.2.1.5 As per the Report, the United States is

the largest insurance market with total

premiums close to 3 trillion in 2022 andUSD

followed by China with total premium volume of

USD USD698 billion. United Kingdom ( 363

billion), Japan ( 338 billion) and France (USD USD

261 billion) are third, fourth and ﬁfth largest

insurance markets.

Indian Insurance in the Global Scenario

I.2.1.6 In 2022, India was ranked as 10 largest

insurance market in the world with a premium

volume of 131 billion (with 1.9 per cent shareUSD

in global insurance premium) and it is projected

to become the sixth largest by the year 2032 as

India's insurance market is one of the fastest

growing insurance markets in the world. The

growth outlook for India is based on strong

economic growth, rising disposable incomes, a

young population, increased risk awareness,

digital penetration, and regulatory

developments.

InsurancePenetration and Density

I.2.1.7 Insurance penetration and density are

two metrics, among others, often used to assess

the level of development of the insurance sector

Table I.4: Growth in Real Premium by

Region in the World in 2022

Annual Report 2022-23

(Per cent of Gross National Disposable Income)

in a country. While insurance penetration is

measured as the percentage of insurance

premiums to ,insurance density is calculatedGDP

as the ratio of premium to population (per capita

premium).

I.2.1.8 As per Swiss Re Sigma Report, the

insurance penetration of Life Insurance sector in

India is reduced from 3.2 per cent in 2021-22 to 3

per cent in 2022-23 and the same for Non-Life

Insurance sector remained at 1 per cent in both

these years. As such, India's overall insurance

penetration reduced to 4 per cent in 2022-23

from the level of4.2 per cent in 2021-22.

I.2.1.9 In 2022-23, the life insurance density

increased to 70 from 69 in 2021-22.USD USD

Whereas, non-life insurance density remained

stable.

In 2022-23,the insurance density in India incresed

from 91 in 2021-22to 92in 2022-23.USD USD

I.2.1.10 As per Swiss Re Sigma World Insurance

Report, globally insurance penetration and

density were 2.8 per cent and 354 for the lifeUSD

segment and 4 per cent and 499 forthe Non-USD

life segment. Overall, insurance penetration and

density were 6.8 per cent and 853USD

respectively in 2022.

Insurance penetration in selected countries are

reproduced from Swiss Re Sigma World

Insurance Report in Statement 1 and 2,

respectively.

A long term trend in the insurance penetration

and insurance density of India is provided in the

Charts I.3 & I.4. Trends in penetration and

densities across the world in select countries is

depicted in Charts I.5 & I.6.

Table I.5: Premium Volume by Region in the

World in 2022

( Billions)USD

Source: Swiss Re Sigma World Insurance Report (No. 03/2023)

Note: Figures in bracket represent percent to total

Region Life Non-Life Total

Advanced Markets 2,140.47 3,356.40 5,496.87

(38.93) (61.07) (100)

Emerging markets 672.56 612.80 1,285.35

(52.32) (47.67) (100)

Asia-Paciﬁc 1,032.81 692.16 1,724.97

(59.87) (40.12) (100)

India 99.50 31.53 131.60

(75.60) (24.40) (100)

World 2,813.03 3,969.20 6,782.23

(41.47) (58.52) (100)

Source: Swiss Re, Sigma World Insurance Report, various issues (Penetration - in per cent)

Chart I.3: Trend in Insurance Penetration in India

in per cent

2001-02

2002-03

2003-04

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

2011-12

2012-13

2013-14

2014-15

2015-16

2016-17

2017-18

2018-19

2019-20

2020-21

2021-22

2022-23

Life Non-Life Total

Annual Report 2022-23

Source: Swiss Re Sigma World Insurance Report, Various issues (Density In )USD

# Data Relates to ﬁnancial year

Note: Insurance Penetration is measured as percentage of

Insurance premium to GDP

2001-02

2002-03

2003-04

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

2011-12

2012-13

2013-14

2014-15

2015-16

2016-17

2017-18

2018-19

2019-20

2020-21

2021-22

2022-23

100

in USD

Chart I.4: Insurance Density in India

Life

Chart I.5: Insurance Penetration in select

Countries in 2022

Chart I.6: Insurance Density in select

Countries in 2022

Non-Life Total

# Data Relates to ﬁnancial year

Note: Insurance Density is measured as ratio of Insurance premium

to population

Source: Swiss Re Sigma World Insurance Report (No 03/2023)

Russia

Pakistan

Saudi Arabia

Indonesia

Turkey

Argentina

Mexico

New Zealand

China

Brazil

India#

Australia

Spain

Malaysia

Thailand

Germany

World

Switzerland

Canada

Italy

Japan#

Netherlands

France

Singapore

Sweden

South Korea#

Taiwan

South Africa

USA

Life Non-Life Life Non-Life

0.0

0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000

2.0 4.0 6.0

Per Cent USD

8.0 10.0 12.0 14.0

Pakistan

Indonesia

India#

Russia

Turkey

Mexico

Argentina

Brazil

Thailand

Saudi Arabia

China

Malaysia#

South Africa

World

Spain

New Zealand

Japan#

Italy

Australia

Germany

South Korea#

France

Taiwan

Canada

Netherlands

Sweden

Switzerland

Singapore

USA

Annual Report 2022-23

I.2.2.3 Life Insurance Corporation of India ( )LIC

is the only life insurer underwriting business

outside of India and collected a total premium of

404.78 crore during 2022-23.

I.2.2.4 Traditional products contributed 6.77

lakh crore, constituting 86.59 per cent of total

premium and the share of s stood at 13.41ULIP

per cent. The business from traditional products

grew by 14.40 per cent and the same for Unit-

linkedproducts ( s) is 4.61per cent.ULIP

I.2.2.5 Life insurance segment constitutes 77

per cent of total life insurance premium followed

by pension and annuity segments together about

23 per cent. A detailed statement is provided at

Statement 5

I.2.2.6 During 2022-23, life insurers issued

284.70 lakh new policies under individual

business, out of which the public sector insurer

issued 204.29 lakh policies (71.75 per cent) and

the private life insurers issued 80.42 lakh policies

(28.25 per cent). The private sector insurers

registered a growth of 8.76 per cent, the public

sector insurer registered a de-growth of 5.94 per

cent and the Industry registered a de-growth of

2.21 per cent in the number of new policies issued

against the previous year.

I.2.2Appraisal OfIndian Insurance Market

Business Performance of Life Insurance

Sector

I.2.2.1 The Life Insurance market in India has

recorded a consistent premium growth over the

years. During 2022-23, the Life insurance

industry recorded premium income of 7.83 lakh

crore registering 12.98 per cent growth. The

private sector life insurers have clocked a growth

of 16.34 per cent in premium, while the public

sector life insurer recorded 10.90 per cent growth

in premium.

I.2.2.2 Renewal premium continues to

contribute majority of total premium

underwritten by Life insurers in 2022-23 at 52.56

per cent. The balance 47.44 per cent is

contributed by the new business premium.

However, the growth in new business premium

was higher at 17.90 per cent compared to renewal

business at 8.88 per cent. Single premium

products continue to play a major role for public

sector with a contribution of 40.65 per cent of its

total premium while it was 22.20 per cent for

private life insurers. The insurer-wise data for life

insurance premium is provided in Statement 3.

The bifurcation of total premium underwritten

into linked and Non-linked is provided at

Statement 4.

BOX I.1

Women comprise roughly 49 per cent of the total

population in India. Their contribution to the

economic activity of the country is signiﬁcant

and is increasing every year. Life insurers are

rising to the occasion by catering to the the

growing demands of the women population, and

are oﬀering suitable product solutions to provide

adequate life insurance coverage.

A brief study is made on the share of female lives

covered in life insurance business. Only individual

new business data – number of policies and ﬁrst

year premium for the year 2022-23 has been

considered forthe purpose.

 The number of policies issued to women in the

year 2022-23 is around 97.38 lakhs which is

34.20 per cent of 2.84 crore total policies as

against a share of34.7 percent in 2021-22.

 The proportion of policies on women amongst

privatelife insurers and Public.

In 15 States/ s, the share in number of policiesUT

bought by women to the total policies sold is

higher than the all-India average of 34.20 per

cent.

Chart I.7: Proportion of Policies on Women in

Life Insurance sector

69.85%

30.13%

PRIVATE

PUBLIC

64.19%

35.81%

Male Female

(Approximately 0.01 per cent of Policies were sold in the 'others'

gender category in 2022-23)FY

Participation of women in Life Insurance

Marketing

7.45 lakh number of women are working as

agents in the life insurance industry, making it

28.35 per cent of the total individual agency

force as at March 31, 2023. Out of the total

number of women agents in the industry, the

share of private life insurers was 57.33 per cent

and public sector was 42.67per cent.

Top 5 States/UT

State Share to total

Policies in the State (%)

KARNATAKA 44.23

KERALA 43.96

MIZORAM 42.97

SIKKIM 42.60

MEGHALAYA 41.81

Bottom 5 States/UT

State Share to total

Policies in the State (%)

GUJARAT 29.59

UTTAR PRADESH 29.53

JAMMU KASHMIR& 28.07

HARYANA 27.16

LADAKH 23.10

PARTICIPATION OF WOMEN IN LIFE INSURANCE

Financial Performance of Life Insurers

I.2.2.7. As of March 31, 2023, total paid-up

capital of the life insurance sector stood at

34,957 crore, reﬂecting a 1.66 percent decline

compared to the previous year. This decrease

was primarily attributed to an 1,850 crore

reduction in the paid-up capital of Exide Life

Insurance Company Limited due to its

acquisition by Life Insurance Co. Ltd.HDFC

Nevertheless, ten other insurers injected an

additional 1,262 crore into the life insurance

industry. Consequently, the net impact on the

total paid-up capital for the ﬁscal year 2022-23

wasa decrease of 590 crore.

During the year, two private life insurers have

raised a total of amount of 838 crore under

Other Forms of Capital and one private insurer

has redeemed Other Forms of Capital by 100

crore. As on March 31, 2023, the total amount of

Other Forms of Capital with life insurers was

4,932crore.

I.2.2.8 Investment income (Policyholder's and

Shareholder's) including capital gains and other

income of life insurance industry declined by 6.63

per cent to 3.89 lakh crore as on 31 March

2023. While the public sector insurer recorded

7.25 per cent growth, private sector insurers

experienced 39.86 per cent decline in investment

income in the year2022-23.

I.2.2.9 Out of the 24 life insurers in operation

during 2022-23, 17 companies reported proﬁts.

Proﬁts of life insurance industry grew by 452 per

cent in 2022-23 with proﬁt after tax ( ) ofPAT

42,788 crore as against 7,751 crore in 2021-22.

The public sector reported increase in proﬁts by

800 per cent while private insurers together

reported an increase in proﬁt by 72.36 per cent in

2022-23. The dividend paid by private life

insurers stands at 925.88 crore for 2022-23. FY

The public sector has paid 948.75 crore in

dividend to its shareholders forthe year2022-23.

I.2.2.10 (Expenses of Management ofIRDAI

Insurers transacting life insurance business)

Regulations, 2016 prescribe the allowable limits

of expenses of management taking into account,

inter alia the type and nature of product, premium

paying term and duration of insurance business.

During the year 2022-23, out of 24 life insurers,

18 were compliant with the aforementioned

regulations. Six life insurers had exceeded the

limits of expenses on an overall basis or

segmental basis and their request for

forbearance is under examination. The life

insurance industry reported gross expenses of

management of 1.31 lakh crore during 2022-23

which was 16.88 per cent of total gross premium.

I.2.2.11 During 2022-23, life insurers paid total

amount of 42,322 crore as commission. The

commission expenses ratio (commission

expenses expressed as a percentage of

premium) slightly increased to 5.41 per cent in

2022-23 from 5.18 per cent in 2021-22. However,

total commission outgo increased by 17.93 per

cent (total premium growth 12.98 per cent)

during 2022-23 as compared to previous year.

I.2.2.12 The operating expenses of the life

insurers increased by 25.21 per cent to 89,443

crore in 2022-23 and operating expenses ratio

(operating expenses as a per cent of gross

premium underwritten) of life insurance industry

increased from 10.31 per cent in 2021-22 to

11.43 per cent in 2022-23.

Annual Report 2022-23

Segment-wise

Premium Under-

written ( crore)

Linked Non-Linked

Industry

Total

Linked Non-Linked Total

4(a)

Annuity

27,855.71 27,855.71

33,637.33 33,637.33

4(b)

Health

163.64 634.04 797.68 146.6 594.58 741.18

4(c)

Life

88,625.45 4,45,678.26 5,34,303.71

91,479.51

5,05,741.57 5,97,221.08

4(d)

Pension

11,537.61 1,12,987.92 1,24,525.52 13,329.79 1,35,295.68 1,48,625.46

4(e)

Variable

5,131.51 5,131.51

2,278.91 2,278.91

4(f)

Total

1,00,326.69 5,92,287.45 6,92,614.14 1,04,955.90 6,77,548.07 7,82,503.97

Beneﬁts Paid

( crore)

Public

Sector

Private

Sector

Industry

Total

Public

Sector

Private

Sector

Industry

Total

5(a)

Death Claim

35,720.29 25,101.57 60,821.86 23,423.34 18,034.00 41,457.34

5(b)

Maturity

2,05,526.54 34,129.53 2,39,656.07 1,85,043.90 27,941.45 2,12,985.34

5(c) Surrender/Withdrawal

95,118.04 63,166.90 1,58,284.94 1,11,896.15 86,943.27 1,98,839.42

5(d) Annuities/ Pensions

16,257.21 1,990.77 18,247.97 17,892.71 2,803.55 20,696.26

5(e)

Others

815.51

24,270.57 25,086.08 1,056.57 21,830.19 22,886.77

5(f)

Total

3,53,437.58 1,48,659.34 5,02,096.92 3,39,312.67 1,57,552.46 4,96,865.13

Note: 1. Figures in bracket indicates growth over the previous year in per cent.

2. Death Claim is net of Reinsurance

No.

2021 -22 2022-23

Particulars

Public

Sector

Private

Sector

Industry

Total

Public

Sector

Private

Sector

Industry

Total

Premium Underwritten within India ( Crore)

(a)

First Year Premium

36,649.35 73,943.39 1,10,592.74 39,089.94 70,834.75 1,09,924.69

(8.01) (57.77) (36.87) (6.66) (

4.20) (

0.60)

(b)

Single Premium

1,62,282.83 41,992.25 2,04,275.08 1,92,960.65 68,340.47 2,61,301.13

(7.83) (

11.41)

3.22

(18.9) (62.75) (27.92)

(c)

New Business

( +Single Premium)FY

1,98,932.18 1,15,935.64 3,14,867.82 2,32,050.60 1,39,175.22 3,71,225.82

(7.86) (22.98) (12.98) (16.65) (20.05) (17.9)

(d)

Renewal Premium

2,29,092.80 1,48,653.53 3,77,746.32 2,42,617.54 1,68,660.61 4,11,278.15

(4.68) (13.33) (7.92) (5.9) (13.46) (8.88)

(e)

Total Premium

(New + Renewal)

4,28,024.97 2,64,589.17 6,92,614.14 4,74,668.14 3,07,835.83 7,82,503.97

(6.13) (17.36) (10.16) (10.9) (16.34) (12.98)

Premium from

Outside India

( Crore)

419.7 0 419.7 404.78 0 404.78

New Individual

Policies issued

(in lakh)

217.19

73.94 291.13 204.24 80.42 284.7

(

3.54 ) (

3.38) (

3.51) (

5.96) (8.77) (

2.21)

Table I.6: Performance of Life Insurance Business

(rore)C

2021-22

2022-23

Paid up Capital ( Crore )

Public Sector

Private Sector

Industry Total

Public Sector

Private Sector

Industry Total

1(a)

Beginning of the FY

100.00

28,246.37

28,346.37

6,325.00

29,221.75

35,546.75

1(b)

Additions during the FY

6,225.00

975.38

7,200.38

0.00

(-) 589.70

1(c)

End of the Financial Year

6,325.00

29,221.75

35,546.75

6,325.00

28,632.05

34,957.05

Commission Expenses (and Rewards) in crore

2(a)

First Year Commission

9,730.97

8,088.84

17,819.80

10,791.81

11,175.84

21,967.65

In per cent

26.55

10.94

16.11

27.61

15.78

19.98

2(b)

Commission on Single

Premium

490.27

829.73

1,320.01

514.77

1,085.84

1,600.6

In per cent

0.3

1.98

0.65

0.27

1.59

0.61

2(c)

Rewards on New Business

Commission

1,099.57

441.61

1,541.18

1,766.81

696.21

2,463.02

In per cent

0.55

0.38

0.49

0.76

0.5

0.66

2(d)

11,320.81

9,360.18

20,680.99

13,073.39

12,957.88

26,031.28

In per cent

5.69

8.07

6.57

5.63

9.31

7.01

2(e)

Renewal Commission

11,850.65

3,355.68

15,206.33

12,506.97

3,783.67

16,290.65

In per cent

5.17

2.26

4.03

5.16

2.24

3.96

2(f)

Total Commission (d+e)

23,171.46

12,715.86

35,887.31

25,580.37

16,741.56

42,321.92

In per cent

5.41

4.81

5.18

5.39

5.44

5.41

Operating Expenses ( crore)

38,890.68

32,544.34

71,435.02

48,145.60

41,297.02

89,442.62

In per cent

9.09

14.44

10.31

10.14

13.42

11.43

Investment Income ( crore)

2,93,875

1,22,835

4,16,711

3,15,189

73,873

3,89,062

Proﬁt after Tax ( crore)

4,043

3,708

7,751

36,397

6,391

42,788

Dividend Paid ( crore)

0.00

381.53

948.75

925.88

1,874.63

New Business

Commission (a+b+c)

Table I.7: Financial Performance of Life Insurers

Annual Report 2022-23

Table I.8: Actual Death Claims of Life Insurers

Segment

Particulars

Total

Claims

paid

Claims

Repudiated

Claims

rejected

Claims

Unclaimed

Claims

pending at

end of FY

Individual

Business:

Number of

Policies

10,76,467 10,59,776 10,822 4,340

696 833

In per cent

100 98.45 1.01 0.40 0.06 0.08

30,216 28,611 1,026

206 350

In per cent

100 94.69 3.39 0.08 0.68 1.16

Group

Business

Number of

Lives

12,48,378 12,40,247 3,183

849 13

4,086

In per cent

100 99.35 0.25 0.07 0.001 0.33

Amount Paid

( crore)

Amount Paid

( crore)

17,769 17,178

393 23

174

In per cent

100 96.67

2.21

0.13 0.01 0.98

Beneﬁts Paid byLife Insurers

I.2.2.13 The life insurance industry paid total

beneﬁts of 4.96 lakh crore in 2022-23 which

constitutes 64.08 per cent of the net premium.

The beneﬁts paid on account of surrenders /

withdrawals increased by 25.62 per cent to 1.98

lakh crore in 2022-23 of which public sector

insurer accounted for 56.27 per cent. During the

current year, out of the total surrender beneﬁts,

beneﬁts for policies accounted for 62.51 perULIP

cent for private insurers and 1.56 per cent for the

public life insurer.

I.2.2.14 In case of individual life insurance

business, during the year 2022-23, out of the

10.76 lakh total death claims, the life insurance

companies paid 10.60 lakh death claims, with a

total beneﬁt amount of 28,611 crore. The

number of claims repudiated was 10,822 for an

amount of 1,026 crore and the number of claims

rejected was 4,340 for an amount of 24 crore.

The claims pending at the end of the year were

833 for 350 crore. The claim settlement ratio of

the public sector insurer was 98.52 per cent as at

March 31, 2023 compared to 98.74 % as at March

31, 2022. The claim settlement ratio of private

insurers was 98.02 per cent during 2022-23

compared to 98.11 per cent during the previous

year.The industry's settlement ratio decreased to

98.45 per cent in 2022-23 from 98.64 per cent in

2021-22.

I.2.2.15 In case of group life insurance business,

out of 12.48 lakhs total claims during 2022-23,

life insurance companies paid 12.40 lakh claims

with a settlement ratio of 99.35 per cent. While

the public sector insurer paid 98.97 per cent of

the claims, the private life insurers paid 99.41 per

cent of the claims.

Annual Report 2022-23

(rore)C

Note: Claims rejected are those claims that cannot be considered due to policy terms and conditions.

Claims repudiated are claims that cannot be considered as per the provisions of section 45 of Insurance Act, 1938.

Chart I.8: Performance of Life Insurance Sector

Chart I.9: Segment wise Share in Life Insurance Premium

Chart I.10: New Business Premium of Life Insurers ( Crore)

Total Premium of Life Insurers ( Crore)

Public Sector

Pension

18.99%

Variable

0.29%

Annuity

4.30%

Health

0.09%

Life

76.32%

Private Sector

Total

2022-232021-22

4,28,025

2,64,589

6,92,614

4,74,668

7,82,504

3,07,836

1,98,932

1,15,936

3,14,868

2,32,051

1,39,175

3,71,226

2021-22 2022-23

Annual Report 2022-23

Chart I.11: Proﬁt After Tax of Insurers ( Crore)

Chart I.12: Beneﬁts Paid by Life Insurers ( Crore)

50,000

40,000

30,000

20,000

10,000

4,045

2021-22 2022-23

3,708

7,751

36,397

6,391

42,788

Public Sector

Death Claim

Maturity

Surrender/withdrawal

Annuities/Pensions

Others

Total

600,000

500,000

400,000

300,000

200,000

100,000

18,034

Total

Private Sector

23,423

41,457

185,044

27,941

212,985

111,896

86,943

198,839

17,893

2,804

20,696

1,057

21,830

22,887

339,313

157,552

496,865

Annual Report 2022-23

Particulars

2021-22

2022-23

Public

Sector

Private

Sector

SAHI

Specialized

Insurers

Industry

Total

Public

Sector

Private

Sector

SAHI

Specialized

Insurers

Industry

Total

Gross Direct

Premium within

India

75,032.84 1,09,753.37

20,867.18

15,046.83

2,20,700.21

82,891.26 1,31,941.83

26,243.85 15,817.32

2,56,894.27

(4.44)

3,302.61

3,433.55

(11.99)

(32.45)

(14.73)

(11.06)

(10.47)

(20.22)

(25.77)

(5.12)

Gross Direct

Premium outside

India

Segment-Wise Premium (Within India) Underwritten ( crore)

Fire

8,514.95

13,036.08

21,551.03

8,889.69

15,046.44

23,936.12

Marine

1,834.43

2,333.18

4,167.61

2,155.49

2,903.17

5,058.66

Motor

21,768.98

48,664.50

70,433.48

23,689.90

57,590.14

81,280.04

Health (including

Personal

Accident)

35,374.27

24,260.83

20,867.18

80,502.27

41,172.21 30,247.44

26,243.85

97,663.50

Others

7,540.22

21,458.78

15,046.83

44,045.82

6,983.97

26,154.66

15,817.32

48,955.94

Total

75,032.84 1,09,753.37

20,867.18

15,046.83

2,20,700.21

82,891.26 1,31,941.83

26,243.85 15,817.32

2,56,894.27

New Policies

Issued (in lakhs)

Net Incurred

Claims

631.93

67,986.46

1,423.53

52,713.97

125.94

12,7818.95

475.3

7,146.94

2,656.7

1,40,565.96

603.74

70,643.49

1,699.84

60,201.57

138.26

12,787.28

576.26

5,680.40

(7.65)

(13)

(19.47)

(13.73)

(7.68)

(-4.46)

(19.41)

(9.78)

(21.24)

1,49,312.74

(16.4)

3(a)

3(b)

3(c)

3(d)

3(e)

3(f)

3,018.1

(13.6)

Note: Figures in Brackets indicate growth (in per cent) over the previews year

Table I.9: Performance of General, Health and Specialised Insurers

Annual Report 2022-23

( crore)

Table I.10: Financial Performance of General, Health and Specialised Insurers

S.N

Particulars

2021-22

2022-23

Segments

Public

Sector

Private

Sector

SAHI

Specialized

Insurers

Total

Public

Sector

Private

Sector

SAHI

Specialized

Insurers

Total

Paid-up Capital

At the beginning

of the FY

13,724.00

11,493.19

4,235.06

3,390.00

32,842.24 18,724.00

10,341.76

4,639.33

4,150.00

37,855.09

Additions during

the year

5,000.00

1,151.43

4.4.27

760.00

5,012.84

1,691.43

440.77

388

2,520.20

End of the FY

18,724.00

10,341.76

4,639.33

4,150.00

37,855.09

18,724.00

12,033.19 5,080.10

4,538.00

40,375.29

Commission Expenses

2(a)

Fire

990.04

1,171.05

2,161.09

1,051.91

1,322.54

2,374.45

2(b)

Marine

179.27

256.61

435.88

193.4

324

517.4

2(c)

Motor

1,940.11

4,053.25

5,993.36 2,355.06

4,890.36

7,245.42

2(d)

Health

1,890.39

2,117.16

2,758.69

6,766.24 1,958.56 2,732.89

3,486.64

8,178.09

2(e)

Others

746.02

776.53

51.98

1,574.53

781.96

922.54

124.84

1,829.34

2(f)

Total

5,745.83

8,374.60

2,758.69

51.98

16,931.10

6,340.89

10,192.33 3,486.64

124.84

20,144.7

Operating

Expenses

14,149.65

21,689.65

4,925.24

690.74

41,455.29 21,012.59 27,169.30

5,955.18

719.00

54,856.06

Investment Income

14,609.74

14,654.42

1,277.19

2,005.15 32,546.

19,655.63

15,585.69

1,551.59

2,046.48

38,839.38

Proﬁt After Tax

- 6,761.16

4,098.77

- 1,808.01

1,613.46

-2,856.93

-10,607.44

4,664.69

447.21

2,929.84

- 2,565.7

Underwriting

Experience

-20,443.55

-8,158.25 -3,263.34

55.56

-31,809.59

-25,316.56 -8,698.81

-528.8

1,746.69

-32797.47

Dividends Paid

0 1,197.70

0 1,166.20

40.00

1,206.20

Annual Report 2022-23

(rore)C

AppraisalOf Non-life InsuranceMarket

Business Performance of General, Health

and Specialised Insurers

I.2.2.16 During 2022-23, the non-life insurance

industry underwrote a total direct premium of

2.57 lakh crore in India registering a growth of

16.40 per cent from previous year. Out of which,

27 private sector insurers (including standalone

health insurers) have underwritten 1.58 lakh

crore as against 1.30 lakh crore in 2021-22. The

specialized insurers underwrote gross direct

premium amounting to 15,818 crore. The public

sector general insurers together contributed to

38.42 per cent of the market share while the

private sector general insurers contributed to the

remaining 61.58 per cent.

I.2.2.17 Three public sector insurers except

United India are underwriting general insurance

business outside India. The total premium

underwritten outside the country by the three

public sector insurers stood at 3,434 crore in

2022-23 as against 3,303 crore in 2021-22

registering a growthof 3.96 percent.

I.2.2.18 Among various segments under non-life

insurance business, health insurance business is

the largest segment with a contribution of 38.02

percent (36.48 percent in 2021-22) of the total

premium. Health Insurance Segment reported

growth of 21.32 percent (26.27 percent growth in

2021-22) with the premium amounting to

97,633 crore from 80,502 crore in 2021-22.

The Motor segment witnessed a year-on-year

growth of 15.40 percent with premium collection

amounted to 81,280 crore in 2022-23 from

70,433 crore of 2021-22. However, the share of

the Motor segment in the total premium slightly

decreased to 31.64 percent from 31.91 percent of

previous year. The premium collection in ﬁre

segment increased by 11.07 percent to 23,936

crore and in Marine segments increased by 21.38

per cent to 5,059 crore in 2022-23. The non-life

insurers have issued 30.18 crore policies in the year

2022-23reportinganincreaseof13.60percent.

Financial Performance of General, Health

Insurersand Specialised Insurers

I.2.2.19 As of March 31, 2023, the combined

paid-up capital of all non-life insurers amounted

to 40,375 crore, an increase from the previous

year's amount of 37,855 crore. Over the course

of 2022-23, general and health insurers added

2,520 crore to their equity capital base. Private

sector general insurers alone infused 1,691

crore in 2022-23, while standalone health

insurers and specialized insurers injected capital

amounts of 441 crore and 388 crore,

respectively.

I.2.2.20 During 2022-23, the non-life insurers

have redeemed Other Forms of Capital

amounting to 824 crore. Total other forms of

capital as on 31 March 2023 was 4,327 crore.



I.2.2.21 Commission expenses and operating

expenses constitute a major part of the total

expenses. The gross commission expenses of

public sector general insurers, private general

insurers, standalone health insurers and

specialized insurers stood at 6,341 crore,

 10,192 crore, 3,487 crore and 125 crore

respectively for 2022-23, thus cumulatively

amounting to a total gross commission expense

of 20,145 crore for the non-life insurance

industry. The operating expenses of non-life

insurers stood at 54,856 crore in 2022-23 as

against 41,455 crore in 2021-22, showing an

overall increase of 32.33 percent. The operating

expenses of public sector general insurers,

private general insurers, standalone health

insurers and specialized insurers stood at

21,013 crore, 27,169 crore, 5,955 crore and

719 crore respectively for 2022-23.

Annual Report 2022-23

constituted 77 per cent of non-life industry losses

amounting to 25,317 crore and remaining by

private sector insurers amounting to 8,699

crore. Standalone health insurers reported a

decrease in underwriting losses in 2022-23

which is 529 crore as compared to underwriting

loss of 3,263 crore in 2021-22. The underwriting

proﬁt of Specialized insurers increased to 1,747

crorein 2022-23 from 56 crorein 2021-22.

I.2.2.25 During the year 2022-23, the net loss of

the non-life insurance sector marginally

decreased to 2,566 crore as against a net loss of

2,857 crore in 2021-22. The public sector

companies reported a loss of 10,607 crore. The

proﬁt after tax for private sector general insurers

was 4,665 crore, specialized insurers was

2,930 crore and the standalone health insurers

was 447 crore.

I.2.2.26 During the year 2022-23, none of the

public sector general insurers paid dividends.

However, seven private sector general insurers

paid dividends with total amounting to 1,166.20

crore. None of the stand-alone health insurers

paid dividends in both 2022-23 and 2021-22. AIC

ofIndia Ltd paid 40 crore dividend in 2022-23.

I.2.2.22 During 2022-23, four private insurers

were under exemption period of the norms

pertaining to expenses of management (EoM) as

the insurers were yet to complete the ﬁrst ﬁve

years of their operations. Out of remaining

insurers, 14 insurers were compliant. 13 insurers

were non-compliant and their request for

forbearance is under examination. In case of

Reliance Health Insurance Ltd., its business

portfolio has been transferred to Reliance

General Insurance Co. Ltd and one new insurer

which has not started operationsin 2022-23.FY

I.2.2.23 The investment income of all general

insurers during 2022-23 was 38,839 crore

( 32,546 crore in 2021-22) registering a growth

of 19.34 percent. The growth in investment

income of public sector insurers, private sector

insurers, standalone health insurers and

specialized insurers was 34.54 percent, 6.35

percent, 21.48 percent and 2.06 percent

respectively.

I.2.2.24 The underwriting losses of non-life

insurers increased to 32,797 crore in 2022-23

( 31,810 crore in the previous year). The losses

increased by 3.11 percent over the previous year.

The public sector insurers' underwriting losses

Table I.11: Segment-wise Incurred Claims Ratio of General,

Health and Specialised Insurers

Segments

2021-22 2022-23

Public

Sector

Private

Sector

Stand-

alone

Health

Insurers

Stand-

alone

Health

Insurers

Specialized

Insurers

Total Public

Sector

Private

Sector

Specialized

Insurers

Total

Fire

66.96 51.27 NA NA 60.33 66.21

44.11

NA NA

57.99

b. Marine

86.02 85.78 NA NA 85.8 56.89 87.9 NA NA 75.13

Motor

94.03 74.53 NA NA 81.3 102.55 75.6 NA NA 84.48

d. Health

126.8 94.66 79.06 NA 105.68 105.77 80.09 61.44 NA 87.27

Others

58.54 64.96 NA

92.47

72.72

78.15 69.58 NA 73.71 73.1

Total

103.17

77.95

79.06

92.47

89.08 99.02 75.13 61.44 73.71 82.95

Annual Report 2022-23

(in per cent)

Claims of General Insurers, Health Insurers

and Specialised Insurers:

I.2.2.27 During 2022-23, the aggregate net

incurred claims reported an increase by 6.22 per

cent over the previous year amounted to

1,49,313 crore ( 1,40,566 crore during previous

year), Separately, the public sector general

insurers, private sector general insurers and

standalone health insurers reported an increase

in the incurred claims amount of 3.91 per cent,

14.20 per cent and 0.54 per cent respectively,

while the specialized insurers reported a

decrease of 20.52 percent.

I.2.2.28 The incurred claims ratio (net incurred

claims to net earned premium) of the non-life

insurance industry was 82.95 per cent during

2022-23 against 89.08 per cent of previous year.

The incurred claims ratio for public sector

insurers was 99.02 per cent for the year 2022-23

as against the previous year's incurred claims

ratio of 103.17 percent. Whereas for the private

sector general insurers, standalone health

insurers and specialized insurers have improved

ICR with 75.13 per cent, 61.44 per cent and 73.71

per cent respectively for the year 2022-23 as

compared to the previous year's ratio of 77.95 per

cent, 79.06 per cent and 92.47 per cent

respectively.

Chart I.13: Premium underwritten within india by Non-Life Insurers

2021-22 2022-23

75,033

82,891

1,09,753

1,31,942

20,867

26,244

15,047 15,817

2,20,700

2,56,894

Public Sector

Insurers

Private Sector

Insurers

Stand alone

Health Insurers

Specialized

Insurers

Total

Fire

Fire Marine

Motor

Health Others

Chart I.14: Segment wise share of premium of General and Health Insurers

Others

19%

Marine

Motor

32%

Health

38%

Annual Report 2022-23

( crore)

Chart I.15: Operating Expenses of General and Health Insurers

Chart I.16: Net Incurred Claims of General and Health Insurers

2021-22

2022-23

Total

5,680

12,787

60,202

70,643

1,49,313

7,147

12,719

52,714

67,986

1,40,566

Specialised

Insurers

Stand-alone Health

Insurers

Private Sector

Insurers

Public Sector

Insurers

0 20000 40000 60000 80000 100000 120000 140000 160000

2022-23

2021-22

Public Sector

Insurers

Private Sector

Insurers

Stand-alone Health

Insurers

Specialised

Insurers

Total

14,150

21,690

4,925

691

41,456

21,013

27,169

5,955

719

54,856

Annual Report 2022-23

( crore)

1. IRDAI has implemented a signiﬁcant change

in the product ﬁling process for non-life

insurers during the ﬁnancial year 2022-23.

The transition is from the traditional "File &

Use" procedure (which requires approval from

IRDAI before launch) to the "Use & File"

procedure (where products can be launched

without prior approval). This change has been

made to assist general insurers in designing

and promptly launching new and innovative

products that align with to the market

requirements and better serve the

policyholders, thereby furthering the

insurance penetration in India.

2. The circular / /Misc/115/06/2022IRDAI CIR

dated 10.06.2022 brought a signiﬁcant

number of Life Insurance products under 'Use

& File' approach where the insurers can launch

in the market both new products and

modiﬁcations of existing products without

going through the approval process.

Necessary provisions have been incorporated

in the circular to safeguard interest of

stakeholders including the protection of

policyholders' interest. This initiative

facilitates ease of doing business by enabling

the insurers to quickly launch the products or

modify the products as per the emerging

needs of the market and policyholders.

3. in its sustained endeavour to promoteIRDAI

creative innovation and ease of doing

business in the Indian Insurance Sector, has

extended the 'Use and File' procedure, i.e.

launching of all products by general insurers

under Fire, Marine, Motor and Engineering

lines of business for both Retail and

Commercial categories without prior approval

vide circular / / / /IRDAI NL CIR MISC

107/06/2022 dated 01/06/2022. However,

the retail products of Miscellaneous lines of

business (including modiﬁcations of current

products) having initial sum insured up to 5

crores were to be continued to be ﬁled with the

Authority under the F&U Procedure. The scope

was further extended for general Insurers

where they were additionally allowed to ﬁle

retail products foragriculture & allied activities

under the U&F procedure vide circular IRDAI

/ / / /146/07/2022 datedNL CIR PRO

14/07/2022.

4. Subsequently, the general Insurers were

allowed to ﬁle all products under

Miscellaneous lines of business (including

modiﬁcations of current products) under U&F

procedure for both retail and commercial

categories vide circular

IRDAI NL CIR MISC/ / / /212/10/2022 dated

13/10/2022. With this move, all general

insurance products, are permitted to be ﬁled

under 'Use and File' procedure and can be

launched without any prior approval.

5. , in an endeavour to simplify productIRDAI

ﬁling has further modiﬁed the U&F procedure

vide circular / / / /IRDAI ACTL CIR PRO

81/3/2023 dated 31/03/2023 to enable

dynamism and to speed up the marketing of

insurance products as under:

 The documents that are required to be

submitted under the above-mentioned U&F

circulars shall hereafter be submitted to the

Product Management Committee ( ),PMC

instead of being ﬁled with . The shallIRDAI PMC

be responsible for the ﬁnal approval of the

products.

 The shall be responsible to ensure thatPMC

the entire set of documents required under

U&F Procedure is complete, correct, digitally

signed and are in compliance with the extant

applicable legal and regulatory framework,

and maintained by the .PMC

BOX I.2

Use and File (U&F) - Simpliﬁcation of Product Filing Procedure

 may call for documents in respect of aIRDAI

few products identiﬁed on monthly basis and

insurer shall submit the entire set of

documents to , whenever called for,IRDAI

within a period of 2 days.

 The insurer is required to ﬁle with the , aIRDAI

Compliance certiﬁcate signed by the andCEO

Quarterly report on the products launched

signed by Chief Compliance Ofﬁcer, in the

speciﬁed format.

 The insurers to upload on their website the

policy wordings/documents, sales literature,

and the premium calculator, before the

product is launched or within seven days of

allotment of , whicheveris earlier.UIN

 Insurers to further ensure that the essential

infrastructure required for launching the

product and maintenance of insurance

policies is in place.

6. It is envisaged that the above initiatives will

enable the insurance industry in launching

customized and innovative products in a

timely manner in order to address the dynamic

needs of the market, which will further help in

making insurance inclusive and enhancing

insurance penetration in India.

Table I.12: Ofﬁces of Life Insurers

Location

as on 31 st March, 2022 as on 31 st March, 2023

Public

Sector

Private

sector

Total

Public

Sector

Private

Sector

Total

Tier I 1,848 4,746 6,594

1,855 4,834 6,689

Tier II 561 706 1,267

562 749 1,311

Tier III 1,357 458 1,815

1,360 496 1,856

Tier IV 1,042 106 1,148

1,043 114 1,157

Tier V 123 30 153

126 31 157

Tier VI 54 29 83

55 31 86

Total 4,985 6,075 11,060

5,001 6,255 11,256

Places of Business of Insurers

Life Insurance Sector:

I.2.2.29 The number of life insurance ofﬁces

stood at 11,256 as on March 31, 2023 which is

196 more than the previous year. Around 59 per

cent of life insurance ofﬁces are located in Tier I

centres where the population is one lakh and

above. About 0.76 per cent of life insurance

ofﬁces are in Tier centres with a population ofVI

less than 5,000.

I.2.2.30 As at March 31, 2023, the public sector

life insurer had ofﬁces in 688 districts out of 750

districts in the country, covering 92 per cent of all

districts in the country, whereas the private

sector insurers had ofﬁces in 604 districts

covering 81 per cent of all districts in the country.

The public and private insurers together have

covered 92 per cent of all districts in the country.

In 21 out of 36 states/ s , all the districts wereUT

covered through life insurance ofﬁces . The

number of districts without a life insurance ofﬁce

stood at 59 in the country, out of which 49

districts belong to the north eastern states.

Annual Report 2022-23

Non-Life Insurers:

I.2.2.31 As on March 31, 2023, the general and

health insurers were operating from 9,917 ofﬁces

as against 10,775 ofﬁces as on March 31, 2022.

When compared to the previous year, for public

sector general insurers, there is decrease of

1,148 ofﬁces, for private sector general insurers,

there is increase of 129 ofﬁces, for Specialized

insurers there is a decrease of 1 ofﬁce and 162 for

stand-alone health insurers. Overall, there is

decrease of 858 non-life insurance ofﬁces as

compared to previousyear.

I.3 Number and Details of Authorized

Insurers/Re-Insurers

I.3.1 As at March 31, 2023, the insurance

sector in India comprises a total of 55 insurers,1

reinsurer, 2 specialized insurers and 11 s.FRB

Table I.13 Ofﬁce of General, Health, and Specialized Insurers

Chart I.17: Tier-wise Distribution of

Ofﬁces of Life Insurers

Table I.14: Number of Registered Insurers

and Reinsurers

Type of Insurer Public Private Total

Sector Sector

Life 1 24 25

General 4 21 25

Stand-alone Health - 5 5

Specialized 2 - 2

Re-insurers 1 11 12

Total 8 61 69

Note: The vide order ref. No. /F&A/ / /IRDAI IRDA ORD SOLP

200/11/2019 dated November 06, 2019 issued directions to the

Reliance Health Insurance Ltd. to stop selling new policies.

Among 55 insurers, there are 25 life insurers, 25

general insurers, and 5 stand-alone health

insurers.

Location

As on March 31, 2022 As on March 31, 2023

Public Private

SAHI

Specialized

Total Public Private

SAHI

Specialized

Total

Tier I

3,995 2,363 1,085

7,516

3477

2449

1220

7218

Tier II

779

144

156

1,079

783 170

177

1130

Tier III

1,040

39 104

1,183

781 48 107 936

Tier IV

632

665 405

441

Tier V

216

-- -

227 124

16 0 140

Tier VI

98 6

105

Total

6,760 2,577 1,365

10,775

5612 2706 1527

9917

Tier IV

10%

Tier V

Tier VI

Tier III

17%

Tier I

59%

Tier II

12%

Chart I.18: Tier-wise Distribution of

Ofﬁces of Non-Life Insurers

Tier IV

Tier V

Tier VI

Tier III

Tier I

Tier II

11%

73%

Annual Report 2022-23

I.4 Policies and Measures to Develop

InsuranceMarket

I.4.1 is on a mission to revamp andIRDAI

reform the insurance sector in the country and

increase penetration. The primary objective of

these eﬀorts is to enhance availability,

accessibility, and aﬀordability of insurance for all

citizens and businesses. Towards this objective,

IRDAI has taken various steps to promote healthy

growth of the insurance industry, rationalise the

regulatory framework, and reduce the

compliance burden of regulated entities. The

reforms focussed on facilitating product

launches, ﬂexible capital raising, efﬁcient

management of expenses, expanding

distribution channels, enhancing reinsurance

accessibility and facilitating entry of new players.

IRDAI, during 2022-23, has implemented the

followingimportant regulatory measures: -

i. Entry of new players into the insurance

sector made easy: A Single Window NOC

Portal (www.noc.irdai.gov.in) was

launched to facilitate the incorporation of

an insurer by making the available inNOC

a hassle-free and timely manner.

ii. Quick launch of Insurance Products:

Insurers can now launch all Health &

General Insurance products, as well as the

majority of Life Insurance products,

without seeking prior approval from ,IRDAI

thereby reducing the time taken to launch

a new product in the market.

iii. Ease of doing business: has takenIRDAI

several actions to lessen the burden of

compliance. In this direction, so far, 70

returns have been rationalised, and about

167 circulars have been repealed while

dispensing with the prior approval

requirementsin certain identiﬁed areas.

iv. Addressing dynamic needs of the

industry: has facilitated variousIRDAI

measures as per the evolving needs of the

sector, such as Tech-based add-ons

(General insurers have been permitted to

introduce tech-enabled concepts for

Motor Insurance such as Pay as You Drive,

Pay How You Drive, etc.), expansion in the

scope of the cashless facility in health

insurance, Innovative products in Fire

Insurance, Ease of living forSenior Citizen.

I.4.1.1 In addition to above, has brought inIRDAI

following key changes in the regulatory

framework to promote ease of doing business

and reduction in compliance burden: -

i. The (Registration of IndianIRDAI

Insurance Companies) Regulations, 2022

introduced ﬂexibility for insurers by

making Special Purpose Vehicle ( )SPV

investments optional for Private Equity

( ). It also raised the individualPE

investment limit, allowed subsidiary

companies to promote insurers with

conditions, permitted promoters to dilute

their stake, included 'ﬁt and proper'

criteria, and speciﬁed lock-in periods

based on an insurer'sage.

ii. (Assets, Liabilities and SolvencyIRDAI

Margin of General Insurance Business)

Regulations, 2022- With a view to

increase crop insurance penetration and

efﬁcient use of capital by general insurers,

the period for considering State/ Central

Government premium dues for

Annual Report 2022-23

calculation of solvency margin has been

increased from 180 days to 365 days.

Solvency factor related to crop insurance

reduced to 0.50 from 0.70.

iii. (Actuarial report and Abstract forIRDAI

Life Insurance Business) (Amendment)

Regulations, 2022- In order to enable

efﬁcient utilization of capital by life

insurers, the factors for calculation of

solvency has been reduced for Unit Linked

Business (Without Guarantees) from 0.80

per cent to 0.60 per cent and for Pradhan

Mantri Jeevan Jyoti Bima Yojana

( ) from 0.10 per cent to 0.05 perPMJJBY

cent.

iv. (Appointed Actuary) Regulations,IRDAI

2022 expands the eligibility criteria for the

appointment of Appointed Actuary to

align with the changing needs of the

industry and emerging areas of actuarial

applications.

v. (Other Forms of Capital)IRDAI

Regulations, 2022 - Requirement of prior

approval from for raising otherIRDAI

forms of capital (viz., subordinated debt

and/or preference shares) has been

dispensed with to meet the dynamic

capital needs. The threshold for raising

such capital has been increased to 50 per

cent from 25 per cent of the paid up

capital & premium subject to 50 per cent

ofthe Net worthof the company.

vi. (Regulatory Sandbox)IRDAI

(Amendment) Regulations, 2022, allowed

the insurers/intermediaries to do

experimentation on an ongoing basis by

increasing the experimentation period

from '6 months' to 'upto 36 months' and

moving from batch-wise (cohort

approach) clearances/approvals to

clearances/approvals on a continuous

basis. A provision for review of rejected

applications under sandbox has also been

introduced as part ofamendments.

vii. The (Insurance Intermediaries)IRDAI

(Amendment) Regulations, 2022, aimed

to expand choices and access to

insurance through various distribution

channels. The maximum number of tie

ups for Corporate Agents ( ) andCA

Insurance Marketing Firms ( ) haveIMF

been increased. Now, a can tie up withCA

9 insurers (earlier 3 insurers) and canIMF

tie up with 6 insurers (earlier 2 insurers) in

each line of business of life, general and

health for distribution of their insurance

products. The area of operation of hasIMF

also been expanded to cover entire state

(earlier district level) in which they are

registered.

viii. “Guidelines on issuance of File Reference

Numbers ( ) to Cross BorderFRN

Reinsurers” – In India, Cross Border

Reinsurers are reinsurance companies

that operate outside the country but

provide reinsurance services to Indian

insurance companies. Indian Insurers

required to fulﬁl certain regulatory

requirements for placing of reinsurance

business with s. Under the revisedCBR

Guidelines on has streamlinedCBR IRDAI

the regulatory process which enabled a

system driven simpliﬁed renewal process

for those s who fulﬁl the necessaryCBR

conditions.

Annual Report 2022-23

ix. Separate Expenses of Management (EoM)

Regulations for Life and General Insurers

(applicable to Health Insurers) - These

new regulations enable and provide

ﬂexibility to the insurers to manage their

expenses within the overall limits based

on their gross written premium to

optimally utilize their resources for

enhancing beneﬁts to policyholders.

Some of the salient features of these

regulations are –

In case of life insurance, expenses of

management (EoM) caps are linked to

product categories (participating and

non-participating).

In case of general and health insurers,

Single limit of EoM are set out as against

existing segmental /sub-segmental

limits.

These regulations permitted insurers to

incur additional allowable expenses and

required a well-documented policyEOM

and business plan.

Extra allowances for is now EOM

permitted to promote InsurTech,

insurance awareness, rural sector, and

government sponsoredschemes.

x. (Payment of Commission)IRDAI

Regulations, 2023, Commission and

remuneration payments to insurance

agents and insurance intermediaries are

now aligned to Expenses of Management

limit and shall be as per Board approved

policy of the Insurers. Previously, there

was segment-wise limits for such

payments.

xi. Surety Insurance Guidelines modiﬁed to

widen the scope of surety insurance

products.

xii. Amendments to Investment Norms:

Allowed increased investment in the BFSI

sector from 25% to 30% to align with

benchmark indices, ﬂexibility in dividend

eligibility criteria forinsurers' investments

in preference and equity shares and

allowed more investments by life insurers

in Mutual Funds and Real Estate

Investment Trusts ( s)/InfrastructureREIT

Investment Trusts ( s). TheseINVIT

changes aimed to encourage more

investments in housing and

infrastructuresectors.

xiii. On-boarding of Insurers on Account

Aggregator Framework- is activelyIRDAI

ensuring on-boarding of the insurance

companies on the Account Aggregator

Framework. is also working withIRDAI

Re to ﬁnalize the Financial InformationBIT

Schemas.

xiv. On-boarding of Insurers on -UIDAI IRDAI

is continuously engaging with forUIDAI

various activities of India Stack as well as

for ease of doing by the insuranceKYC

companies.

I.4.1.2 Besides, has taken up few projectsIRDAI

which are currently work-in progress. These

include;

i) The concept of 'Trinity of Bima Sugam,

Bima Vahak and Bima Vistaar' is being

worked out towards reaching the last

mile, leveraging technology, community

centric intermediaries and simplicity of

the products to ensure universal

coverage. The Bima Sugam is a unique

platform integrated with India Stack,

Annual Report 2022-23

expected to provide end to end solution

for purchase, service and settlement of

policies, thereby democratizing and

universalizing insurance. Bima Vahak is

aimed to be a tech led women centric

distribution force. Bima Vistaar is a

multiline product (life, health, property &

belongings) with parametric insurance

solutions.

ii) Towards reaching the last mile, during FY

2022-23, introduced StateIRDAI

Insurance Plan as the core framework to

enhance the insurance penetration by

engaging state governments and other

regulatory agencies. Under this plan, Lead

insurers accompanied by other insurers

are encouraged to work to deepen

insurance coverage and penetration in

each of the states.

iii) In order to engage with the insurance

industry and other stakeholders, 'open

house' is convened on 15th of every

month. Insurance companies and other

stakeholders are encouraged to bring

forth innovative ideas to deepen

insurance penetration.

iv) As part of collaborative and consultative

approach, periodical meetings, 'Bima

Manthan' are conducted with the s ofCEO

insurance and reinsurance companies.

Important matters relating to the

insurance sector are deliberated in these

meetings.

v) An all-inclusive review of the regulations

pertaining to insurance sector is taken up.

The evaluation is predicated on giving the

industry more momentum, ensuring ease

of doing business, and protecting

policyholderinterests.

vi) To align the insurance sector with global

needs and industry dynamics, hasIRDAI

formed Mission Mode teams to

implement Risk Based Capital Regime,

Risk Based Supervisory Framework and

equivalent of International Financial

Reporting Standards. Another Mission

Mode team InsurTech and allied

technologies is working on

mainstreaming technology into the

sector.

vii) Single Intermediary Portal - A Single

Intermediary Portal for various regulatory

compliance along with registration is

being developed. It is envisaged that the

portal would bring down the turn-around

time of various activities and will facilitate

ease of doing business.

The above regulatory changes are expected to

have a signiﬁcant impact on the insurance

industry, promoting growth, efﬁciency, and

competitiveness.

Annual Report 2022-23

BOX I.3

Industries such as infrastructure require to

submit bank guarantees for bid security and

performance guarantees prior to execution of

projects. In order to obtain bank guarantees, the

concessionaires are required provide for

sufﬁcient collaterals to the banks and required to

pay the bank charges forguarantee. As a result of

which a signiﬁcant amount ofassets is being held

up as collaterals thereby creating, in certain

cases, a liquidity crunch for execution of projects

by these concessionaires. Cost of bank

guarantees, requirement of providing collaterals,

non-availability of bank guarantees and also to

augment the growing needs of infrastructure

sector under the National Infrastructure Pipeline,

necessitated the need to look for an alternative to

bank guarantees for bid security and

performance guarantees. In the search for an

alternative arrangement, Surety Bonds have

emerged as better replacements for bank

guarantees.

Surety insurance (or Surety Bond) is historically

recognized world over as an alternative to bank

guarantee by providing guarantee against the

performance obligations of a contractor in

execution of a project. Surety Bonds are widely

prevalent in countries such as , Canada, Brazil,US

Mexico, Germany, Australia and Philippines. In

India Legal/ Regulatory frameworkdid not permit

Surety Bonds as they were treated as ﬁnancial

instruments and non-conventional insurance

products.

Considering proposals from various stakeholders

such as National Highways Authority of India

( ) supported by the Ministry of RoadNHAI

Transport and Highways (Mo ),RTH IRDAI

constituted a working group, vide order ref no.

Surety Insurance

IRDA NL ORD MISC/ / / /170/07/2020 dated 1

July, 2020 to study the suitability of oﬀering

Surety Insurance by Indian Insurance Industry.

The Working Group submitted its report dated

30 September, 2020 with recommendations on

1. Regulatory framework – Separate

Guidelines on Surety Insurance business

with special focus on capital requirement,

limit on exposure and risk assessment

mechanism

2. Underwriting Philosophy of the insurance

companies

3. Reinsurance Capacity

4. Additional Legal framework and Ecosystem

necessary for Surety marketin India

5. Partnership approach with Banks for

sharing of risk and/or for sharing risk

information

6. Oﬀering of Surety Bonds only to

Construction Companies

7. Issue of Other types of Surety bonds such

as customs or tax bonds, Court Bonds etc.

8. CentralizedData Base of the bonds issued

9. Registration as General/specialist

insurance company to carryout Surety

Insurance Business in India.

Afterexamination of the recommendations of the

Working Group, the notiﬁed (SuretyIRDAI IRDAI

Insurance Contracts) Guidelines, 2022 on 3

January, 2022 setting the stage for Surety

Insurance Business in the Country. The

guidelines came into force with eﬀect from 1

April, 2022 specifying various requirements for

launching/introducing Surety Insurance Product

by insurers catering to the needs ofinfrastructure

projects to begin with.

BOX I.4

1. SugamBIMA

BIMA Sugam, is an electronic/digital insurance

market place, which would enable and empower

all insurance stakeholders across the insurance

value chain. The main objectives of SugamBIMA

is (i) Act as a single window for the policyholder to

manage his/her insurance coverage; (ii) End-to-

end solutions for customers' insurance needs i.e.,

purchase, service, and settlement in a seamless

manner; (iii) Facilitate Insurance companies to

access the validated and authentic data from

various touch points on a real-time basis; (iv)

Interface for the Intermediaries/Agents to sell

policies and provide services to policyholders.

This initiative is a step towards achieving the

vision of “Insurance forAll by 2047”.

2. HackathonIRDAI

IRDAI organized its ﬁrst hackathon with the

theme 'Innovation in Insurance'. The hackathon

invited participants to identify and develop

solutions that have the potential to make the

insurance available to every individual in a

seamless and swift manner with the use of

technology and protecting the interests of the

policyholders. The solutions were invited in the

areas of (i) Automated Death Claim settlement

using technology (ii) Tech-based solution to

curtail miss-selling of Insurance products; (iii)

Tech enabled solution to identify uninsured

motor vehicles and ensure issuance of

mandatory Motor Third Party Insurance; (iv)

Technology based distribution of insurance

products including micro insurance in “difﬁcult

terrains and less penetrable areas”; and (v) Fraud

mitigation/prevention in motor insurance by

using technology.

Subsequently, proposals from various

entities/regulatory bodies were received

expressing the need for expanding the scope for

Surety Insurance in commercial lines also. The

proposal from Warehouse Development and

Regulatory Authority ( ) is one such kind,WDRA

requesting to facilitate surety bonds for itsIRDAI

registered warehouses. Accordingly, a working

group was constituted, vide order No.

IRDAI NL SI/ / /288/2022-23 dated 2 December,

2022, to study the feasibility of providing Surety

insurance to registeredwarehouses.WDRA

Meanwhile, recognizing the increasing demand

from various project owners, contractors and

other commercial entities, the , vide circularIRDAI

dated 12 January, 2023, permitted Insurers to

service all commercial surety and contract surety

requirements and removed the premium cap to

overall in case ofmono-line suretyinsurers.GDP

Further, relaxed the restrictions such asIRDAI

higher solvency margin and conﬁnement of

surety bond value to 30% of contract value, vide

Circular dated 15 May, 2023 which will help

insurance companies in designing surety-based

insurance solutions to cater to the requirements

ofentities/regulatorybodies such as .WDRA

INSURTECH INITIATIVES

I.4.2 Policies inHealth InsuranceBusiness

A circular was issued with reference to designing

a speciﬁc product for Persons with Disabilities

( ), Persons afﬂicted with / , andPWD HIV AIDS

those with Mental Illness, vide Circular ref.

IRDAI HLT CIR MISC/ / / /58/2/2023 dated 27

February 2023 to provide insurance coverage for

these individuals.

Another circular was issued concerning

'Insurance cover for new-borns/infants under

health insurance policies' vide ref:

30/ / / /ministry/2022-23 datedIRDAI HLT GEN

12 October, 2022, to extend insurance coverage

to new-borns with internal congenital birth

defects from day one (1).

I.5 Research and Development Activities

Undertaken by the Insurers

Every year insurers carry out various research

and development activities to promote ease of

accessibility, understanding and usage of

insurance solutions for consumers. Below are

some of the innovative activities undertaken

during 2022-23:

I.5.1 Life Insurers

 Study mapping over 40 Life Goals such as

ﬁnancial security, retirement planning,

children's education etc. to evaluate how

Indians are preparing to achieve these

goals.

 Research and design of exclusiveTerm Plan

fordiabetic patients.

 Process re-engineering for enablement of

Pre-Approved Sum Assured ( ).PASA

 Automation of Incentives & commissions.

 Launch of smart multilingual video/ﬂyer

catalogue for ease of access to product

information.

 Evaluation of various generative AI

platforms like Chat , Bard andGPT AWS

Generative on possible use cases toAI

improve Customer experience and Training

support.

 based solution for auto evaluation andAI

clearance of video's submitted as part of

Video process.VC

 Digital access for various types of policy

transactions.

 Tool for providing instant customised

customerproposal during prospecting.

 Seamless customer journey with consent-

based pre-population of application and

instant fulﬁlment of requirement withKYC

CERSAI integration.

 Integration with the Account Aggregator

Framework.

 Ensuring critical decision-making steps by

Digital Rating sheets that accelerate the

process and fetches the relevant

information and documents for scrutiny or

ﬁnding purposes.

 Lapse prediction model to mitigate

persistency risk by giving early notiﬁcation

and recommendation at on boarding stage.

 Digital claim registration process and

assistance through chat-botorWhatsApp

 Voice Command initiatives to enhance the

customer experience and redeﬁne the

customer interaction with Insurance

markets.

 Humanoid bot technology for better

engagement with advisor base.

 Dashboard to provide real time status of

insurance proposals till issuance.

 Surveys in the protection and retirement

spaces to establish indicators for ﬁnancial

and retirement preparedness of Indians.

 Exploratory research to deep-dive into the

awareness, adoption, triggers and barriers

of National Pension Scheme and Pension

Fund Management.

Annual Report 2022-23

 Analytics based customer campaigns

programmes that focus on pre-approved

sum assured oﬀerings for a better

customer management experience. Also

customised oﬀers to customers, and by

tele/video veriﬁcation triggers.

 Predictive Model using machine learning

algorithms like Random Forest, Gradient

learning and also Deep learning algorithms

that predicts the policies where there are

high chances of fraudulent claims.

 Geo-Tagging of ﬁeld Investigators where

cases are assigned through digital

platforms to ﬁeld investigators ensuring

better control, risk mitigation & faster

processing.

I.5.2 GeneralInsurers

 Leveraging state-of-the-art remote

sensing technology and harnessing

satellite imagery & weather data that

remotely assesses crop health in real

time, detection of losses and

disbursement of claims enabling

provision of unparalleled convenience

and efﬁciency to farmers.

 Mobile app for swift enrolment in crop

insurance and instant delivery of e-policy

documents via , thereby reducingSMS

turn-around time.

 Reduction of operational costs by

establishing modern cloud infrastructure,

embracing a comprehensive technology

stack and harnessing remote sensing

capabilities.

 Focused research for deﬁning the pain

points & the needs of the Pet parents.

 Artiﬁcial Intelligence assisted highly

accurate tools which uses multiple

computer vision algorithms to provide the

best possible vehicle inspection results

even with very challenging image inputs

like correlation of images in tight spaces,

dust layer, mud splashes, rain water layer,

surrounding reﬂections and over

exposure due to Sunlight.

 Natural Language Processing ( )-NLP

enabled bot to serve customers across

various platforms such as Website, Mobile

app, WhatsApp, etc. where customers

can avail of rich features such as policy

download, policy purchase and renewal,

claim intimation, claim status, document

submission using Do-It-Yourself ( )DIY

solutions.

 Extending capabilities to automateOCR

various processes and enabling e-

veriﬁcation and diligence solutions to

reduce investigation time for both Motor

and Non-Motor Claims.

 Home Claims solution whereAI

customers can intimate and capture

damages to their homes using Mobile app.

The solution identiﬁes damages and

generates estimates by analyzing the

images uploaded.

 Technology tools were introduced for

agent microsites, a streamlined agent on-

boarding process reducing on-boarding

time by 70%, and mobile app for

investigators introduced to handle cases

efﬁciently.

 Developments in motor claim

settlements by network expansion by tie

ups with garages and workshops.

 -powered premium calculators forAI

Health, Motor, Travel, and Non-Motor

products were made accessible to

partners, resulting in generation of over

50,000 quotes.

 Customer services were enhanced with

features like WhatsApp notiﬁcations for

health claims, a revamped health claims

Annual Report 2022-23

journey, policy renewal suggestions and

pre-policy medical check-up

appointments facilitated by an -AI

powered chat-bot.

 Telematics-based distance and driving

risk scoring solution that helps customers

in understanding and improving their

driving behaviour and also rewards

customers for good driving behaviour

through lowerinsurance premiums.

 Intelligent virtual assistant on Teams,MS

utilizing Natural Language Processing

( ) and Machine Learning ( )NLP ML

algorithms designed to streamline

human resources related queries and

provide accurate and prompt responses

to employees.

 Fraud solution based on video and audio

responses furnished by the customer

while intimating a claim is in pilot stage.

 Two Industry reports are conducted in

collaboration with research

organisations, one focused on the

consumer concerns about Electric

Vehicles ( s) and the need for -EV EV

speciﬁc insurance,

 Introducing Technological tools and

services for partners, including agent

microsites, a streamlined agent on-

boarding process reducing on-boarding

time by 70 per cent, and a mobile app for

investigators to handle cases efﬁciently.

 The industry explored post-pandemic

travel behaviours in 2023 and assessed

changes in travel habits and attitudes,

ultimately helping insurance companies

to better serve consumer needs in these

areas.

I.6 Review

I.6.1 Protection of Interests of Policyholders

I.6.1.1 The basic framework for protection of

policyholder's interests is contained in the IRDA

(Protection of policyholder's Interests)

Regulations 2017. facilitates resolution ofIRDAI

policyholder grievances by monitoring the

insurers' policy of Grievance Redressal and takes

suitable initiatives towards protecting the

interests of the insurance consumers.

I.6.1.2 In order to provide a channel to receive

grievances against insurers, has set upIRDAI

IRDAI IGCC IRDAIGrievance Call Centre ( ). has also

put in place the Bima Bharosa portal as an online

system for grievance management that is not

only a gateway for registering and tracking

grievances online but also acts as an industry-

wide grievance repository for to monitorIRDAI

disposal of grievances by insurers. The total

number of grievances registered against life

insurers was reduced by about 17.73 per cent in

2022-23 from previous year and the ratio of total

Unfair Business Practices grievances to new

policies issued remained at 0.09 per cent in

2022-23.

Table I.15: Grievances on Unfair Business Practices ( ) registered against Life InsurersUFBP

Grievances

2021-22 2022-23

Public Private Total Public Private Total

Total No. of grievances on

Life Insurers

1,14,202 40,624 1,54,826 81,494 45,884 1,27,378

No. of grievancesUFBP

3,509 22,207 25,716 2,978 23,129 26,107

Share of grievancesUFBP

to total grievances (%)

3.07 54.66 16.61 3.65 50.41 20.50

Share of to newUFBP

policies sold (%)

0.02 0.3 0.09 0.04 0.11 0.09

Annual Report 2022-23

I.6.1.2 Spurious calls as reported in the name of

ofﬁcials of / , various governmentIRDAI IGMS

agencies and other ﬁnancial institutions is a

matter of concern for the insurance industry. IRDAI

has issued several public notices, press releases,

advertisements in leading Channels,TV

newspapers, and directions to insurance

companies to caution public against spurious calls

etc. at various touch points and in the media as

well has also cautioned the public not to. IRDAI

transactwith spurious callers in anymanner.

I.6.1.3 Insurers have been advised to take up the

issue of mis-selling seriously by doing a root cause

analysis to identify the major causes. Some of

them are: ascertain suitability of product, place

controls on various channels based on the

vulnerability of the channel and have a strategy on

dealing with complaints ofmis-selling.

ConsumerEducation

I.6.1.4 The deﬁnitive way of reducing mis-selling

is to make the members of the public aware of the

concept of insurance, kinds of insurance policies,

risks covered, beneﬁts oﬀered, exclusions, and

conditions etc. This is sought to be achieved

through various eﬀorts of ﬁnancial education to

improveﬁnancial literacy.

Implementation of National Strategy for

FinancialEducation

I.6.1.5 continues to play an active role as aIRDAI

Member of the Core Committee of the National

Centre for Financial Education ( ), anNCFE

institution comprising representatives of all the

ﬁnancial sector regulators in India with an aim to

implement the National Strategy for Financial

Education ( ) 2019-2024. The present chairNSFE

of is being honoured by Executive Director,NCFE

IRDAI NCFE IRDAI. in coordination with has

conducted One-Day Principals' conclave with the

theme 'Integration of Financial Education in school

curriculum'.

I.6.2 Maintenance of Solvency Margin of

Insurers

1.6.2.1 Every insurer and reinsurer shall at all

times maintain an excess of value of assets over

the amount of liabilities of, not less than ﬁfty per

cent of the amount of minimum capital as stated

under Section 6 of the Insurance Act, 1938 and

arrived at in the manner speciﬁed by the

regulations. The (Assets, Liabilities andIRDAI

Solvency Margin of Life Insurance Business)

Regulations, 2016, (Assets, Liabilities andIRDAI

Solvency Margin of General Insurance Business)

Regulations, 2016 and the (ActuarialIRDAI

Report and Abstract for Life Insurance Business)

Regulations, 2016 describe in detail the method

of computation of the Available and Required

Solvency Margin.

The Insurance Act, 1938 (asamended fromtime to

time)speciﬁes a levelof solvencymargin known as

control level of solvency, which currently is 150 per

cent ofRequiredSolvency Margin.

I.6.2.2 Solvency Position of Life Insurers:

At the end of March 2023, all the life insurers

complied with the stipulated solvency ratio of 1.5.

Insurance company wise solvency ratio for life

insurersis provided in Statement 11.

I.6.2.3 SolvencyPosition of Non-Life Insurers

As at 31st March, 2023, all 25 private sector

general insurers (including the standalone health

insurers) have complied with the stipulated

Solvency Ratio of 1.50. The business portfolio of

Reliance Health Insurance Ltd. was transferred to

Reliance General Insurance Co. Ltd vide IRDAI

Order /F&A/ / /200/11/2019IRDA ORD SOLP

dated 6th November2019.

For computation of solvency ratio as on 31st

March, 2023 three public sector general

insurance companies viz. National Insurance Co.

Annual Report 2022-23

Ltd. (National) , The Oriental Insurance Co. Ltd.

(Oriental) and The United India Insurance Co. Ltd.

(United) have been granted forbearance of 75 per

cent of Fair Value Change Account as on 31st

March, 2023 Further, all the four public sector

general insurance companies have been allowed

to amortise their pension liability towards OMOP

over a period not exceeding 5 years from ﬁnancial

year 2019-20. Without aforesaid forbearance,

National, Oriental and United have reported

solvency ratio of (-)0.29, (-)0.96 and (-) 0.29

respectively, as on 31 March, 2023. New India

Assurance Co. Ltd. (New India) has reported

solvency ratio of 1.87 as on 31 March 2023. As at

31st March, 2023, the specialized insurers, i.e.

AIC ECGCand reported a solvency ratio of 2.49

and 47.93 respectively. (Statement-12)

Solvency Position of Reinsurers

General Insurance Corporation of India ( Re)GIC

reported a solvency ratio of 2.61 as on 31 March

2023. All Foreign Reinsurance Branches have

reported solvency ratio above 1.5 as on 31st

March , 2023. (Statement-12 and 13)

I.6.3. Monitoring of Reinsurance:

As at 31 March, 2023, there is only one Indian

Reinsurer registered with , namely GeneralIRDAI

Insurance Corporation of India ( Re). ReGIC GIC

has been providing reinsurance support to direct

insurers in India and foreign Insurers/reinsurers.

GIC Re is managing the Nuclear Pool, Terrorism

Pool and Marine Cargo Excluded Territories Pool

( Pool). As sole Indian Reinsurer, ReMCET GIC

receives obligatory cessions on each and every

policy issued by domestic general insurers

subject to certain limits and leads most of the

treaty programs and facultative programs of

these insurers. This obligatory cession for 2022-

23 is four percent.

Table I.16: Net Retention of General and Health Insurers

Financial

Year

Sector

Fire

Marine

Cargo

Marine

Hull

Motor

Aviation

Engineering

Other

Misc

Total

2021-22

Public 43.68 72.4 31.5 94.64 51.86 18.67 80.15 78.29

Private 23.57 64.98 2.33 84.88 22.53 15.79 65.55 67.43

Total 31.39 67.26 26.77 87.87 37.59 18.07 72.29 71.85

2022-23

Public 40.82 67.15 34.71 95.79 52.26 25.33 78.76 77.53

Private 21.19 62.41 5.14 83.57 21.26 8.07 69.1 68.44

Total 28.39 63.72 30.54 87.09 37.42 19.88 73.29 71.93

Table I.17: Reinsurance Placement by General and Health Insurers

Particulars Fire

Marine

Cargo

Marine

Hull

Motor

Aviation

Engineering

Other

Misc

Total

Reinsurance

Premium

placed

within India

Reinsurance

Premium

placed

outside India

2021-22

10,797.82

604.87 410.26

8,050.45

449.17

1,521.33 23,533.36

45,367.26

46.11 18.47 38.42 11.33 45.2 40.76 19.37 20.16

2022-23

12,968.32

723.9 413.98

10,223.57

362.36

1,918.1 22,597.88

49,208.12

49.42

18.54 32.48 12.46 34.33 42.26 15.85 18.81

2021-22

5,268.62

467.7 371.7 566.62 365.02 808.08

10,144.01

17,991.75

22.5 14.28 34.81 0.8 36.73 21.65 8.35 7.99

2022-23

823.89 694.73 471.36 367.43 483.29 922.55

15,481.55

24,244.79

22.19 17.79 36.98 0.45 45.79 20.32 10.86 9.27

Annual Report 2022-23

( crore)

(in per cent)

Note: Figures in second row indicate growth percentage

ForeignReinsurance Branches ( s)FRB

I.6.3.1 With the view to make India a

Reinsurance hub, the Insurance Law

(Amendment) Act, 2015 has allowed Foreign

Reinsurers and the Society of Lloyd's to open

their Branches in India to transact reinsurance

business in India. The s have to adhere toFRB

IRDAI (Registration and Operations of Branch

Ofﬁces of foreign reinsurers other than Lloyd's)

Regulations, 2015 & Lloyd's and its service

companies have to adhere with (Lloyd'sIRDAI

India) Regulations, 2016 and any other

circulars/guidelines issued by from time toIRDAI

time. As on 31st March, 2023, there are eleven

Foreign Reinsurance Branches ( s) includingFRB

Lloyd's operating in India. Lloyd's India is

operating through one Service Company.

The details of reinsurance business booked by

these s are as under;FRB

Particulars

2021-22 2022-23

Gross Premium Income-RI

Indian Business ( crore)

17,962 17,911

CrossBorder Reinsurers

I.6.3.2 “Cross Border Reinsurers” ( ) are theCBR

reinsurers, who do not have any physical

presence in India but carry on reinsurance

business with Indian insurers. The Cross Border

Reinsurers ( s) play a signiﬁcant role inCBR

reinsurance market in providing reinsurance

support/capacity to the Insurers. The ceding

insurers have to ensure that s meet theCBR

necessary qualifying criteria as per IRDAI

(Reinsurance) Regulations, 2018 and have File

Reference Number ( ) issued by , beforeFRN IRDAI

placing any business with them.

I.6.3.3 in its continued endeavour toIRDAI

improve the ease of doing business has extended

the facility of auto-renewal of s from theFRN FY

2022-23, provided such s meet the requiredCBR

criteria as speciﬁed in (Reinsurance)IRDAI

Regulations, 2018. With aim to streamline the

regulatory process with respect to cross border

reinsurers, , under provisions of InsuranceIRDAI

Act, 1938 has revised the guidelines on “Cross

Border Reinsurers” and these guidelines are

eﬀectivefromJanuary 3rd,2023.

I.6.3.4 As per these guidelines, an Insurer can

generate s every year on their own for theFRN

CBR CBRs which qualify for auto-renewal. The s,

which do not qualify for auto-renewal, have to

obtain on annual basis by making anFRN

application through the portal. , onCBR IRDAI

examination of application made by the insurer

on behalf of the , may allot . The s areCBR FRN CBR

provided with a Filing Reference Number ( )FRN

by , which is valid for one ﬁnancial year,IRDAI

enabling the to transact reinsuranceCBR

business with Indian Insurers/ Reinsurers. In FY

2022-23, 283 s participated in IndianCBR

reinsurance business as against 290 s in theCBR

FY2021-22.

Appraisalof Reinsurance Business

I.6.3.5 In India, reinsurance business is being

written by the Indian reinsurer, s and s.FRB CBR

Out of the gross reinsurance premium of

54,677.58 crore written in the year 2022-23 by

Indian reinsurer and s, the Indian businessFRB

accounted for about 79 percent and foreign

business accounted for the rest. Out of the total

Indian business of 43,295 crore in the year

2022-23, Re accounted for about 59 percentGIC

and remaining was written by s.FRB

A summary of gross reinsurance premium of

reinsurers including s is provided inFRB

Statement 14.

Annual Report 2022-23

Retention and Reinsuranceplacement:

I.6.3.6 In 2022-23, reinsurance premium ceded

by general insurers within and outside India

remained 18.81 per cent and 9.27 per cent of

gross premium respectively. There has been a

marginal increase in the Net retention by the

general insurers from 71.85 percent in 2021-22

to 71.93 percent in 2022-23.

Reinsuranceplacement by LifeInsurers:

I.6.3.7 During 2022-23, an amount of 663.53

crore was ceded as reinsurance premium by the

public sector insurer ( 605.76 crore in 2021-22).

The private life insurers together ceded

6,451.02 crore ( 5,190.21 crore in 2021-22) as

premium towards reinsurance. Retention ratio of

life insurance sector was 99.09 per cent for 2022-

23 as against 99.16 per cent for 2021-22.

Chart I.19: Gross Reinsurance Premium of Reinsurers including sFRB

2022-23

36,592 18,086 54,678

175

11,207

15190

11,382

15356

166

25385 17911 43295

459811796228019

0 20000 40000 60000 80000 100000 120000 140000

2022-23

2021-22

Total

Foreign Business

Indian Business

GIC Re

FRBs

Grand Total

61,33718,12943,208

Annual Report 2022-23

( crore)

InsurancePools

Terrorism Risk Pool

I.6.3.8 The Indian Market Terrorism Risk

Insurance Pool ( ) was formed with theIMTRIP

initiative of all non-life insurers in India in April

2002, after terrorism cover was withdrawn by

international reinsurers post 9/11 incident. The

pool is administered by Re. The Pool providesGIC

support to insurance of terrorism risks covered

under property insurance policies, including

cover to dwellings and ﬁxed assets in multiple

locations. The Pool's premium income for 2022-

23 was 1,809 crore as against 1,226.80 crore

in 2021-22. The claims paid by the Pool during

2022-23were 2.10 crore.

Nuclear InsurancePool

I.6.3.9 The enactment of Civil Liability for

Nuclear Damage Act, 2010 mandates protection

of unknown and potentially catastrophic risk

arising out of nuclear events. Generally, nuclear

perils are excluded from conventional insurance

covers as it requires a large insurance capacity.

Therefore, to protect the liability arising out of

nuclear perils, Indian Nuclear Insurance Pool

( ) was formed in 2015 which is also managedINIP

by Re. The pool provides coverage to nuclearGIC

operatorsin the country and also to suppliers. The

Pool's premium income for 2022-23 has been

same as that of previous year i.e. 103.50 crore.

No claim has been paid by the pool during the year

2022-23.

Marine Cargo Excluded Territories Pool

( Pool)MCET

I.6.3.10 Pursuant to the Russia-Ukraine war,

international sanctions were imposed on doing

business with Russia. Due to the same,

reinsurance capacity was not available for Marine

Cargo shipments of fertilizers and other

commodities for Indian Insured's from the

territories of the Republic of Belarus, Ukraine

and/or the Russian Federation (called as

'Excluded Territories'). Hence, to address the

issue, Marine Cargo Excluded Territories Pool

( Pool) wasformed in the year 2022 with theMCET

initiative of the General Insurance Council and the

pool is managed by Re. The main objectivesofGIC

the Pool are to enable pool members to provide

insurance cover for Marine Cargo shipments of

fertilizers imports and exports only for Indian

Insured's from Excluded Territories and to cover

other commodities for Indian Insureds as may be

required and with rates/terms to be agreed in

consultation with the Underwriting Committee of

the Pool. The Pool's premium income for 2022-

23 was 26.59 crore. No claim has been paid by

the pool during the year2022-23.

I.6.4Monitoring Investmentsofthe Insurers

I.6.4.1 Insurers have been mandated to follow

the pattern of investment, as required under

IRDAI (Investment) Regulations 2016. As on

March 31, 2023, the investments made by the

insurance industry stood at 60.04 lakh crore as

against 54.36 lakh crore as on March 31, 2022

registering a growth of 10.44 per cent. The share

of Life insurers stood at 91 per cent, General

insurers including Specialized insurers and

Stand-Alone Health Insurers ( ) constitutedSAHI

7.15 per cent and Reinsurers including branches

of foreign reinsurers constituted 1.85 per cent as

on March 31, 2023. The share of InsurersPSU

stood at 72 per cent and private sector

constituted 28 per cent in the same period. The

details of investments are provided in Table I.20.

Annual Report 2022-23

Table I.18: Investments of Life Insurers: Category-wise

S. no Category 2021-22 2022-23

A Traditional Fund

1 Central Government Securities 18,95,074 21,82,289

(43.46) (44.95)

2 State government and other approved securities 10,79,100 11,60,415

(24.75) (23.9)

3 Housing and Infrastructure 3,94,524 4,57,272

(9.05) (9.42)

4 Approved Investments 8,36,597 9,13,359

(19.19) (18.82)

5 Other Investments 1,55,341 1,41,084

(3.56) (2.91)

A Total (1+2+3+4+5) 43,60,637 48,54,419

(100.00) (100.00)

B FundsULIP

6 Approved Investments 5,25,205 5,50,523

(88.78) (90.4)

7 Other Investments 66,346 58,472

(11.22) (9.6)

B Total (6+7) 5,91,550 6,08,995

(100.00) (100.00)

Grand Total (A+B) 49,52,187 54,63,414

Note: Figures in brackets are percentage to total

Table I.19: Investments of General, Health, Specialized Insurers & Reinsurers: Category wise

Note: 1. General Insurers included Specialized Insurers and SAHI

2. Reinsurers included Branches of Foreign Reinsurers

3. Figures in brackets is percentage of respective funds to the total funds

Sponsored Business

0.001 0.001 3,065.08 2,977.48 6,075.87 8,480.28

(0.00) (0.00) (-10.62) (-2.86) (41.63) (39.57)

Group Business

7.00 6.50 1,622.88

1993.97

36,890.58

46,245.87

(-36.30) (-7.07) (36.73)

(22.87)

(31.25)

(25.36)

Individual Business

219.25 219.92 516.23

528.91

30,085.07

34,765.61

(-3.96) (0.31) (-2.85) (2.46) (16.43) (15.56)

Total

226.25 226.42 5,204.19

5500.36

73,051.52

89,491.76

(-5.20) (0.08) (1.10)

(5.69)

(25.44) (22.50)

Note: Figures in bracket indicates growth (in per cent) over previous year. Data excludes and Travel Insurance.PA

Chart I.21: Trend in Health Insurance Premium ( l. & Travel Insurance)EXC PA

in Crore

44,873

23,536

10,655

10,681

24,632

12,391

13,736

2019-20 2020-21

15,135

15,875

27,228

58,238

73,052

89,492

32,943

39,058

20,107

25,182

20,001

25,252

2021-22 2022-23

50,758

2018-19

Public Sector General Insurers

Stand-alone Health Insurers

Private Sector General Insurers

Industry Total

Chart I.22: Lives Covered (in Lakhs) and Premium ( Crore) under

Health Insurance (2022-23) excl. & TravelPA

50,000

45,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

8,480

2,977

46,246

Govt. Business Group Business

Individual Business

1,994

34,766

529

Premium No. of ﬁves covered

Annual Report 2022-23

( crore)

State-wise Health Insurance Business

I.6.5.3 While Five States/ namelyUT

Maharashtra, Karnataka, Tamil Nadu, Gujarat and

Delhi contributed about 64 per cent of total

health insurance premium in 2022-23, the rest of

the States/ s have contributed remaining 36UT

percent.

Claims under Health Insurance

I.6.5.4 The net incurred claims under health

insurance business of general and health

insurers stood at 64,631 crore in 2022-23

reported an increase of about 2 percent from

Table I.24: Incurred Claims Ratio under Health Insurance Business of General and Health Insurers

Sector

Govt. Business

Group Business

Individual Business Total

2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23

Public Sector

121.27

101.49 130.33 106.98 117.99 101.65 126.17 104.91

Private Sector

111.71

123.67 106.19 89.38 102.52 79.98 105.11 86.82

Standalone Health

0.00 0.00 87.73 60.60 79.38 62.66 81.18 62.17

Total

119.82 102.28 118.64 95.89

95.54

76.03 109.12 88.89

Note:

1. It is excluding of Personal Accident and Travel Insurance Business

2. Data as per the Health returns submitted by insurers

previous year. There is a decrease in Net Incurred

Claims Ratio ( ) of health business from 109ICR

percent in 2021-22 to 89 percent in 2022-23 and

this decrease is witnessed across all

classes/sector of health insurance business.

Chart I.23: Share of top 5 states in Total Health

Insurance Premium 2022-23

Chart I.24: Net Incurred Claims Under Health Insurance

Maharashtra 29.5%

Rest of India 36%

Delhi 6.5%

Public Sector General Insurers

Private Sector General Insurers

Stand-alone Health Insurers

Total

36,020

37,087

63,361

64,631

14,845

15,204

12,496

12,340

10,000 20,000

2022-22 2022-23

30,000 40,000 50,000 60,000 70,000

Gujarat 7%

Tamil Nadu 10%

Karnataka 11%

Annual Report 2022-23

I.6.5.5 During 2022-23, General and Health

Insurers have settled 2.36 crore number of health

insurance claims and paid 70,930 crore towards

settlement of health insurance claims. The

average amount paid per claim was 30,087. In

terms of number of claims settled, 75 per cent of

the claims were settled through s and theTPA

balance 25 per cent of the claims were settled

through in-house mechanism. In terms of mode

of settlement of claims, 56 per cent of total

number of claims were settled through cashless

mode and another 42 per cent through

reimbursement mode. Insurers have settled two

per cent of their claims amount through "both

cashless and reimbursement mode".

Chart I.25: Trend in Incurred Claim Ratio under Health Insurance: Sector wise

Chart I.26: Trend in Incurred Claim Ratio under Health Insurance: Segment wise

105% 102%102%

126%

104%

91% 88%

109%

88%

94%

84% 82%

105%

82%

86%

63%

105%

99%

73%

120%

98%

85%

2018-19 2019-20 2020-21 2021-22 2022-23

120%

119%

109%

96%

102%

96%

89%

76%

90%

91%

72%

66%

81%

62%

2018-19 2019-20 2020-21 2021-22 2022-23

87%

89%

105%

66%

78%

Public Sector General Insurers Private Sector General Insurers

Industry Average

Stand-alone Health Insurers

Govt. Business

Group Business

Individual Business Grand Total

Annual Report 2022-23

92%

88%

94%

Table I.25: Claims Paid under Health Insurance Business of General and Health Insurers

(2022-23)

Mode of Claim

TPA

In-House

Total

Settlement

No. Amount No. Amount No. Amount

(lakhs) ( crore) (lakhs) ( crore) (lakhs) ( crore)

Only Cashless

103.37 29,192.22 28.03 15,936.60 131.40 45,128.82

(58.77) (64.87) (46.84) (61.47) (55.74) (63.62)

Only Reimbursement

69.03 15,603.52 29.28 9,049.71 98.31 24,653.23

(39.24) (34.67) (48.93) (34.90) (41.70) (34.76)

Both Cashless and

Reimbursement

2.92

148.66 0.96

557.49

3.88 706.15

(1.66) (0.33) (1.60) (2.15) (1.64) (1.00)

Beneﬁt Based

0.59 57.66 1.58 383.97

2.17

441.63

(0.33) (0.13) (2.63) (1.48) (0.92) (0.62)

Total

175.90

45,002.05

59.85

25,927.77

235.75

70,929.82

(100) (100) (100) (100) (100) (100)

Note: Figures in bracket are per cent to total.

I.6.5.6 During 2022-23, insurers have settled about 86 per cent of total number of claims registered in

their books and have repudiated about eight per cent of them and the remaining about six per cent were

pending for settlement as on March 31, 2023.

Health InsuranceBusiness of Life Insurers

I.6.5.7 During the year 2022-23, life insurers collected 1,483 crore as health insurance premium as

against 1,303 crore in 2021-22 registering a growth of13.81 percent.

Table I.26: Status of Claims under Health Insurance Business ofGeneral and Health Insurers

(2022-23)

Claims

outstanding

at the beginning

of the period

New claims

registered during

the period

Total Claims

Claims paid

during the period

Claims

disallowed as

per terms and

conditions of

policy contract

Claims

repudiated

during the

period

Claims

outstanding

at the end of

the year

No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount

20.06 5,978.44 255.18 93,060.46 275.24 99,038.92 235.75 70,929.82 0.00 12,754.95 21.65 9,107.68 17.84 6,246.88

(100) (100) (85.66) (71.62) (0) (12.88) (7.87) (9.20) (6.48) (6.31)

Note: Figures in brackets are percentage to total

1238

850

453

245

1303

1483

Private Sector

LIC Total

2021-22 2022-23

Chart I.27: Health Insurance Premium of Life Insurers ( Crore)

Annual Report 2022-23

number in lakh and amount in ( Crore)

Health Insurance Products Marketed by Life

Insurers

I.6.5.8 During 2022-23, life insurers have

procured a total premium of 541 crore from

various health insurance products. While renewal

premium contributed about 82 per cent of total

premium, New Business contributed the

remaining 18 per cent. Life insurers have issued

2.86 lakh new policies covering 2.99 lakh lives,

while they renewed 6.53 lakh policies covering

10.19lakh livesduring 2022-23.

Health Insurance Riders attached to Life

InsuranceProducts

I.6.5.9 Riders which are attached to the base

products are oﬀered as a value addition to

policyholders. Premium of 942 crore was

procured through health insurance riders

attached to life insurance policies during 2022-

23. Out of the total premium from these riders,

Table I.27: Policies, Lives Covered and Premium under Health Insurance

Business of Life Insurers

Class of Business

No. of Policies / No. of

Riders

No. of Lives Covered

('000)

Gross Premium

( crore)

2021-22 2021-22 2021-22

2022-23 2022-23 2022-23

Health Insurance Products Marketed by Life Insurers

New Business 3,37,826

2,86,397

473.08

298.76

129.96

98.86

Renewal Business

9,49,796 6,52,631

1,002.41 1,019.35 646.70 442.03

Health Riders Attached to Life Insurance Products

New Business

7,61,638 8,19,586 4,695.48 5,861.60

231.63 479.65

Renewal Business 24,67,603

31,09,308

3,379.31

3,441.80

295.06

462.76

Table I.28: Status of Claims under Health Insurance Business of Life Insurers (2022-23)

Segment

Claims O/S at

the start of year

Claims

Reported during

the Year

Claims Paid

during the

Year

Claims

Repudiated/

Rejected

Claims O/S at

the start of

year

No. Amount No. Amount No. Amount No. Amount No. Amount

Health Insurance Products

1,587 49.60 45,082 517.93 37,967 469.18 8,158 81.31 544 17.04

Health Insurance Riders

103 8.19 2,443 96.47 1,955 68.17 442 24.09 149 12.40

renewals accounted for 49 per cent while the rest

51 per cent was contributed by New Business.

During 2022-23, 8.20 lakh health insurance

riders were issued along with new life insurance

products covering 58.62 lakh lives. During the

same period, 31.09 lakh riders attached to life

insurance products were renewed which covered

34.42 lakh lives.

Claims under Health Insurance Business of

Life Insurers

I.6.5.10 During the year 2022-23, life insurers

have paid 469 crore as claims towards

settlement of 37,976 number of claims (81 per

cent of total number of claims registered) with

respect of health insurance products. In respect

of rider claims, 77 per cent of the claims

registered were paid amounting to 68 crore by

the life insurers towards settlement of 1,955

numberof claims.

Annual Report 2022-23

amount in ( Crore)

Scheme No. of persons Gross Premium

covered (lakh) ( crore)

IRCTC 2,763.64 8.07

PMJDY 1,721.25 3.63

PMSBY 2,544.31 498.06

Total 7,029.20 509.76

PersonalAccident Insurance

I.6.5.11 During 2022-23, the insurance industry

has covered a total of 119.01 crore number of

lives under Personal Accident Insurance. It

includes 70.29 crore number of lives covered

under Government sponsored schemes namely

Pradhan Mantri Suraksha Bima Yojana ( ),PMSBY

Pradhan Mantri Jan Dhan Yojana ( ) andPMJDY

IRCTC travel insurance for e-ticket passengers

Note:

1. Thedata is inclusive of number of lives coveredunder , & businesses.IRCTC PMSBY PMJDY

2. The data does not include the details of business carried-out in foreigncountries.PA

3. It is to be noted that under Scheme, cover is oﬀered to railway passengers only for a speciﬁed journey undertaken by the passengerIRCTC PA

and one person may undertake multiple journeys during the reported period. In respect of lives covered in any of policy/schemes, onePA

person may havebeen covered multiple times.

Travel Insurance

I.6.5.13 During 2022-23, 78.71 lakh lives were

covered under 21.99 lakh overseas travel

insurance policies. The gross premium income

from overseas travel insurance business for

Table I.29: Business under Personal Accident Insurance

Insurer

No. of Lives (lakh) Gross Premium ( crore) Incurred Claim Ratio (%)

Public Sector

5,933.13 5,546.56 2,413.82 2,089.75

90.29 96.20

Private Sector

5,381.25 6,082.04 3,722.47 4,171.23

44.62 48.14

Stand-alone Health

251.40 272.30 777.91 786.60 24.37 24.54

Total

11,565.77 11,900.90 6,914.20 7,047.58

60.03 60.77

2021-22 2021-22 2021-222022-23 2022-23 2022-23

Table I.30: Coverage under Government Sponsored Personal Accident Schemes

(2022-23)

I.6.5.12 During 2022-23, the gross premium

income from Personal Accident insurance

business was 7,048 crore. While private sector

general insurers have contributed about 59 per

cent of total premium, public sector general

insurers and stand-alone health insurers

contributed about 30 per cent and 11 per cent of

premium respectively. The Incurred Claim Ratio

( ) for this line of business was around 61 perICR

cent for the year2022-23.

2022-23 was 906 crore. In this line of business,

private general insurers are the major players

with a market share of about 83 per cent in gross

premium. The for this line of business was 42ICR

percent forthe year2022-23.

Annual Report 2022-23

( crore)

Table I.31: Business under Overseas Travel Insurance

Insurer

No. of Lives (lakh) Gross Premium ( crore) Incurred Claim Ratio (%)

2021-22 2021-22 2021-222022-23 2022-23 2022-23

Public Sector

0.20 0.57 11.50 20.05 222.32 41.91

Private Sector

16.85 69.54 325.22 747 65.53 43.68

Stand-alone Health

2.04 8.60 56.14 138.49 27.38 32.10

Total

19.09 78.71 392.86

905.53

65.59

41.59

Note: The data does not include the details of overseas travel insurance business carried-out in foreign countries.

I.6.5.14 During 2022-23, the gross premium

collected from domestic travel insurance

business was 230 crore, registering an increase

Health Insurance Business Underwritten

Outside India

I.6.5.15 Public sector general insurers namely

New India, National and Oriental Insurance are

doing health insurance business in foreign

Table I.32: Business under Domestic Travel Insurance

Insurer

No. of Lives (lakh) Gross Premium ( crore) Incurred Claim Ratio (%)

2021-22 2021-22 2021-222021-23 2021-23 2021-23

Public Sector

0.00 0.01 0.0007 0.01 0.00 0.00

Private Sector

3,067.10

4,776.34 105.43 162.70 18.14

21.94

Stand-alone Health

87.23 18.39 31.70 67.12 105.73 4.94

Total

3,154.32

4,794.74 137.13 229.83 34.23 16.90

Table I.33: Health, and Travel Insurance Business Underwritten Outside IndiaPA

Insurer

No. of lives Covered ('000) Gross Premium ( crore) Incurred Claim Ratio (%)

2021-22 2021-22 2021-222022-23 2022-23 2022-23

National

57.80 98.00 2.88 2.67 195.93 189.96

New India

764.02

1,033.32

167.66 218.80 80.32 81.12

Oriental

22.35

15.45

59.77

41.20 117.85 104.50

Total

844.17 1,146.77 230.31 262.67 90.94 85.24

countries. During 2022-23, they procured gross

premium of 263 crore from health, and travel PA

insurance and have covered 11.47 lakh lives. The

ICR of for this business carried out outside India is

85 per cent during 2022-23.

of about 68 per cent over the previous year. The

general and health insurers have covered 47.95

crorelives under 1.23 lakh policies.

Annual Report 2022-23

I.6.6 Speciﬁed Percentage of Business to

be done in Ruraland Social Sector

The (Obligations of Insurers to Rural andIRDAI

Social Sectors) Regulations, 2015 stipulated

targets of business from rural and social sectors

to be fulﬁlled by insurers on an annual basis.

Regulation on Obligations of Insurers to

Ruraland Social Sectors

I.6.6.1 The (Obligations of Insurers toIRDAI

Rural and Social Sectors) Regulations, 2015

stipulated targets of business from rural and

social sectors to be fulﬁlled by insurers on an

annual basis. In terms of these regulations,

Insurers are required to fulﬁl year wise business

target prescribed

I in terms of percentage of social sector lives

computed on the total business; and

ii. in terms of percentage of number of policies

for life insurers and gross premium written

direct, for general and standalone health

insurers,from rural areas.

I.6.6.2 The regulations require insurers to

underwrite business in these segments based on

the numberof years of operation. The regulations

further provide that, if an insurance company

commences operations in the second half of the

ﬁnancial year and is in operation for less than six

months as at March 31st of the relevant ﬁnancial

year

i. no rural or social sector obligations shall be

applicable for the said period; and

ii. the annual obligation as indicated in the

Regulations shall be reckoned from the next

ﬁnancial year which shall be considered as the

ﬁrst year of operation for the purpose of

compliance.

In cases where a life insurance company

commences operation in the ﬁrst half of the

ﬁnancial year, the applicable obligations for the

ﬁrst year shall be 50 per cent of the obligations for

rural areas and 2500 lives for social sector.

Fulﬁlment of Obligations by Insurers during

2022-23

Life Insurers

I.6.6.3 During the year 2022-23, the public

sector insurer as well as twenty-one private

sector life insurance companies have fulﬁlled

theirrural and social sector obligations.

I.6.6.4 The Life Insurance Companies

underwrote 68.47 lakh policies in the rural sector

(i.e., 24.05 per cent as against the stipulated

20%) out of the total 284.70 lakh policies

underwritten by them in 2022-23. The public

sector insurer underwrote 22.25 per cent of the

new policies and private insurers underwrote

28.64 per cent of their new individual policies in

the rural sector.

I.6.6.5 The life insurers have covered 4.43 crore

lives under Social Sector i.e., 17.74 per cent as

against the stipulation of 5 per cent. The public

sector insurer achieved 14.05 per cent and the

privatesector achieved 18.72per cent.

I.6.6.6 M/s Sahara India Life Insurance Co. Ltd.

was directed not to underwrite new business

from June 24, 2017 vide the OrderIRDAI

reference /F&A/ / /148/06/2017IRDAI OR FA

under section 52 B (2) of the Insurance Act, 1938.

Hence, Sahara India Life Insurance Co. Ltd. is not

considered for Rural and Social Sector

Obligations.

I.6.6.7 Consequent to the merger of Exide Life

Insurance Co. Ltd. (Exide Life) with LifeHDFC

Insurance Co. Ltd. on 15 October 2022, the rural

and social sector obligations are not applicable to

Exide Life.

Annual Report 2022-23

Generaland Health Insurers

I.6.6.8 During 2022-23, all 24 general insurers

(excluding Specialized and Stand Alone Health

Insurers) have fulﬁlled their social sector

obligations while one general insurer has not

fulﬁlled its rural sector obligations as stipulated

under the Regulations. The matter is under

examination from the regulatory perspective. All

general insurers (excluding Specialized and

Stand Alone Health Insurers) underwrote a

premium of 32,091 crore in the rural sector in

2022-23. Public sector and private sector

insurers underwrote 23 per cent and 77 per cent

respectively of total gross premium procured in

the rural sector. Kshema General Insurance

Company Limited has been issued a Certiﬁcate of

Registration as a General Insurance Company in

India, on 11/01/2023 and (Obligations ofIRDAI

Insurers to Rural and Social Sectors) Regulations,

2015 are not applicable for them for 2022-23.FY

I.6.6.9 The ﬁve insurers procured 3,980SAHI 

crores premium in rural sector constituting 15.16

per cent of gross premium procured by them in

the year 2022-23 and have covered 87.99 lakh

lives under social sector i.e., 10.19 per cent of

total lives covered in the previousyear.

Motor Third Party Insurance Business

Obligations

Section 32D of Insurance Act, 1938 speciﬁes that

every insurer carrying on general insurance

business shall, after the commencement of the

Insurance Laws (Amendment) Act, 2015,

underwrite such minimum percentage of

insurance business in third party risks of motor

vehicles as may be speciﬁed by the regulations.

Accordingly, (Obligations of Insurers inIRDAI

respect of Motor Third Party Insurance Business)

Regulations, 2015 stipulates minimum

obligation of insurers with respect to Motor Third

Party Insurance Business on an annual basis.

In the year 2022-23, out of the 24 general

insurers which are operating in 2022-23, oneFY

insurer did not comply with the minimum

obligation with respect to Motor Third Party

insurance business. The matter is under

examination fromthe regulatory perspective.

The data for calculating Motor Third Party

obligation is published by and the same forIRDAI

the year 2023-24 is providedinAnnexure3.

I.6.7Accounts andActuarial Standards

The ﬁnancial statements of insurers are prepared

in the form and manner prescribed under the

IRDA (Preparation of Financial Statements and

Auditors' Report of Insurance Companies)

Regulations, 2002 amended from time to time

and also by various circulars and guidelines

issued from time to time. Books of accounts are

maintained in order to present various line items

as required under these Regulations.

AppointedActuary System

To regulate the Appointed Actuary system, IRDAI

issued (Appointed Actuary) Regulations,IRDA

2000. The regulations were amended from time

to time in order to keep pace with changing

insurance market dynamics. During the last

ﬁnancial year, issued the (AppointedIRDAI IRDAI

Actuary) Regulations, 2022, superseding all

previous regulations on Appointed Actuary.

The Appointed Actuary is responsible for

rendering actuarial advice to the management of

the insurer, in particular in the areas of product

design and pricing, calculation of technical

provisions, insurance contract wording,

investments and reinsurance, ensuring solvency

of the company and complying with 'sIRDAI

directions from time to time.

Annual Report 2022-23

The Appointed Actuary has access to all the

information or documents in possession or under

control of the insurer if such access is necessary

for the proper and eﬀective performance of the

functions and duties of the Appointed Actuary.

I.6.8 Directions, Orders and Regulations

issued bythe Authority

I.6.8.1 issued a number of orders andIRDAI

circulars during 2022-23, the list of which is

placed at Annexure 4. In addition, the list of all

regulations notiﬁed by till March 31, 2023 isIRDAI

placed at Annexure 5.

I.6.9 Powers and Functions delegated by

theAuthority

During the 120 and 121 meeting of the

th st

Authority held on 25 November 2022 and 25

th th

March 2023 respectively, has delegatedIRDAI

some of its powers under the following provisions

of the Insurance Act,1938/Regulations, to the

Chairman/ Whole Time Members/ other senior

ofﬁcials of :IRDAI

i. Imposition of penalty under section 102, 104,

105C (2) and 105D ofthe InsuranceAct, 1938

ii. Section 3(3),3(4) and 3(5) of the Insurance

Act, 1938

iii. (Registration of Indian InsuranceIRDAI

Companies) Regulations, 2022

iv. (Other forms of capital) Regulations,IRDAI

2022

v. (Regulatory Sandbox) Regulations,IRDAI

2019

I.6.10 Other Policies and Programmes

having bearing on the working of the

insuranceMarket

A. Anti-Money Laundering/Countering the

Financing of Terrorism ( / )AML CFT

Programme

I.6.10.1 Empowered by the Prevention of Money

Laundering Act 2002 ( ) and the rulesPMLA

framed thereunder, the / guidelines (theAML CFT

guidelines) to the insurance sector were ﬁrst

issued in March 2006. Since then the insurance

sector has been working towards an eﬀective

AML CFT/ regimein India.

I.6.10.2 has issued Master Guidelines onIRDAI

AML CFT/ 2022 on 1 August 2022 for Life,

General and Health insurance business. These

Master Guidelines replaced the earlier Master

Guidelines on / dated February 07, 2013AML CFT

and September 28, 2015 for General insurers and

Life insurers respectively. Various circulars

issued on the subject were also subsumed into

the Master Guidelines of 2022. These Guidelines

came into eﬀect for Life Insurers from 1

November 2022 and forGeneral & Health insurers

from 1 January 2023.

I.6.10.3 The Master Guidelines prescribes

requirements pertaining to Customer Due

Diligence processes, reporting obligations and

record keeping requirements as required under

the . The Master Guidelines of 2022PMLA

mandates Client Due Diligence at the inception of

account based relationship for all segments of

business. Earlier, General and Health insurers

were required to conduct Client Due Diligence at

the time of settlement stage where claim pay-

out/premium refund is more than 1 lakh.

I.6.10.4 Insurers have laid down systems and

processes towards implementation of various

requirements under the broad oversight of their

board. There is a set process of regular review of

the eﬀectiveness of the systems through the

insurer's internal audit/inspection departments.

Compliance with the guidelines is also monitored

by through both on-site and oﬀ-siteIRDAI

processes.

Annual Report 2022-23

I.6.10.5 is in active coordination withIRDAI

various agencies/departments in ensuring

eﬀective implementation of / regime inAML CFT

India and is part of the Working Group for National

Risk Assessment ( ) on / constitutedNRA AML CFT

by the Department of Revenue. In addition, IRDAI

is also actively associated with the Eurasian

Group on Combating Money Laundering and

Financing of Terrorism ( ), a styleEAG FATF

regional body. has also signed MoU withIRDAI

Financial Intelligence Unit – India ( -Ind) onFIU

Mutual Cooperation on 29th January 2014 as part

of continued coordinated eﬀorts in eﬀective

implementation of requirements of the

Prevention of MoneyLaundering Act and the rules

framed there under.

I.6.10.6 Department of Revenue, Ministry of

Finance, Government of India has formed an

Inter-Ministerial Co-ordination Committee

( ) and subsequently Joint Working GroupIMCC

( ) of which is a member. The aim of theJWG IRDAI

aforementioned Committees/group is to

cooperate / consult/ develop/ implement

matters related to anti-money laundering and

countering the ﬁnancing of terrorism laws,

regulations and guidelines among the

Government, law enforcement agencies, -FIU IND

and the regulators. is also reporting to theIRDAI

concerned Ministry the preparedness of the

insurance sector against the applicable FATF

recommendations.

B. Right to Information ( )Act, 2005RTI

I.6.10.7 designated the ofﬁcers of ,IRDAI IRDAI

Hyderabad as the Central Public Information

Ofﬁcers ( s) in terms of Section 5(1) of theCPIO RTI

Act, 2005 and ofﬁcers in its Delhi and Mumbai

Ofﬁce as the CentralAssistant Public Information

Ofﬁcer in terms of Section 5(2) of the Act,RTI

2005. Further, during the same period, First

Appellate Authority ( ) was also designated inFAA

terms of Section 19(1) of the Act, 2005 toRTI

discharge the functions assigned in terms of the

said Section of the Act, 2005.RTI

I.6.10.8 During the year, two training/interactive

sessions were organised for s and AppellateCPIO

Authority on the provisions of Act, 2005 forRTI

eﬀective discharge of duties and responsibilities

in accordance with the provisions of the Act,RTI

2005. Further, pursuant to the Section 4(2),

Chapter of Act, 2005, a Committee of sII RTI CPIO

and was constituted to identify and reviewFAA

periodically, the categories of information

frequently asked by the applicants and toRTI

disclose such information in the public domain.

Government Sponsored Socially Oriented

InsuranceSchemes

Pradhan Mantri Jeevan Jyoti Bima Yojana

()PMJJBY

PMJJBY is a one-year Group Term Life Insurance

Scheme designed by the Government of India. It

is available to people in the age group of 18 to 50

years having a bank account who give their

consent to join / enable auto-debit. The life cover

of two lakh rupees shall be for the one-year period

stretching from 1 June of the year to 31st May of

the next year and is auto-renewable every year

thereafter. The premium is 436 per annum (for

Policy Year 2022-23). As on March 31 2023, this

scheme is being oﬀered by the public sector

insurerand 13 other life insurers.

Pradhan Mantri Vaya Vandana Yojana

()PMVVY

To protect elderly persons aged 60 years and

above against a future fall in their interest income

due to the uncertain market conditions, as also to

provide social security during old age,

Annual Report 2022-23

Government of India launched a simpliﬁed

scheme of assured pension called the inPMVVY

2017. As per the terms and conditions under this

plan, guaranteed rates of pension forpolicies sold

during a year will be decided at the beginning of

each year by Ministry of Finance, Government of

India. The scheme is being implemented through

Life Insurance Corporationof India.

The Government of India has introduced PMVVY

with modiﬁed rate of pension under this plan in

May 2020 and extended the period of sale of this

plan for a further period of three years from FY

2020-21till March 31, 2023. For the ﬁnancial year

2022-23, the Scheme provided an assured

pension of 7.40 per cent per annum payable

monthly, for the policy term of 10 years for the

policies purchased till 31 March 2023.

Pradhan Mantri Suraksha Bima Yojana

()PMSBY

The Scheme is available to people in the age

group 18 to 70 years with a bank account who

give their consent to join / enable auto-debit on or

before 31st May for the coverage period 1 June

to 31 st May on an annual renewal basis. The risk

coverage under the scheme is 2 lakh for

accidental death and full disability and 1 lakh for

partial disability. The premium was 20 per

annum for policy year 2022-23. The scheme is

oﬀered by general insurance companies who are

having tie up with banks for this purpose.

PradhanMantri Fasal BimaYojana ( )PMFBY

PMFBY was launched from Kharif 2016 with an aim

to support production in agriculture by providing an

aﬀordable crop insurance product to ensure

comprehensive risk cover for crops of farmers

against all non-preventable natural risks from pre-

sowing to post-harvest stage. constitutesPMFBY

more than 90 per cent of total crop insurance

business in India. The scheme is implemented by

empanelledgeneral insurancecompanies.

Currently is facingfollowingchallenges: -PMFBY

a. Delay in Claim Settlement

b. High Financial Liabilities on States

c. StakeholderExit from PMFBY

d. Lack of Information Access/Farmer

awareness

e. Imperfect GrievanceRedressal

f. Unreliable Loss & Yield Assessment-

Concern for Insurers

g. Inadequate Institutional Framework

h. Dispute resolution between States &

insurance companies

i. Limited Technical Capabilities with States

To address above mentioned challenges, revision

of Operational Guidelines is under process with

the Government and advisory to States and

Insurance Company has already been issued for

tender cycle Kharif 2023 till Rabi 2025-26.

Summary of proposed revisionsare as under: -

a) More ﬂexibility to states to choose Risk

Transfer Option

a. Proﬁt Sharing Model

b. Cup and Cap model (60:130)

c. Cup and Cap model (80:110)

d. This will facilitate state to choose risk

transfer option as per their budget and

requirement.

b) To ensure timely release of premium subsidy

and to maintain strict ﬁnancial discipline,

Subsidy payment will be streamlined through

escrow account jointly administered by State

Govt. and Govt. of India. Also all the ﬁnancial

transaction (Subsidy or Claims) shall be routed

through National Crop Insurance Portal

().NCIP

c) To conduct s through Mobile applicationCCE

specially designed by Govt. Of India. This will

increase transparency and also help in fast

dissemination of data.

Annual Report 2022-23

d) To Involve Technological Interventions-

YESTECH (Yield Estimation System Through

Technology), (Weather InformationWINDS

Network and Data System), CROPIC

(Collection of Real-time Photo and

Observation of Crop) for Yield estimation and

Crop Health. This will help in conﬁdence

building of stakeholders and will reduce delay

in availability of actual yield data.

e) To create Technical Capabilities with States,

provision for creation of State Level Project

Management unit ( ) has been advised.SPMU

f) Dispute resolution will be made through a

separate, conﬂict free independent Authority.

PradhanMantri JanArogyaYojana ( )PMJAY

PMJAY is a ﬂagship scheme of Government of

India under Ayushman Bharat scheme, was

launched on September 23, 2018. The scheme

provides a health cover of 5 lakh per family per

year for secondary and tertiary care

hospitalization to poor and vulnerable

households. The scheme is fully funded by the

Government and cost of implementation is

shared between the Central and State

Governments.

PradhanMantri Jan DhanYojana ( )PMJDY

The program under the National MissionPMJDY

for Financial Inclusion was launched in the year

2014. It envisages universal access to banking

facilities with at least one basic banking account

for every household, ﬁnancial literacy, access to

credit, insurance and pension. Later, the

Government extended the comprehensive

PMJDY program with the modiﬁcation in the

accidental insurance cover wherein accidental

insurance cover for new RuPay card holders

raised from existing 1 lakh to 2 lakh to new

PMJDY accounts opened after August 28, 2018.

Annual Report 2022-23

REVIEW OF WORKING AND

OPERATIONS

Management of Insurers transacting General or

Health Insurance business) Regulations, 2016.

The new regulations would reduce the

compliance burden on the Non-Life Insurers and

give more ﬂexibility to concentrate in the new

segments of business. Single limit of EoM would

help insurers to focus on their desired line of

business as per their business plan. The extra

allowance towards the Rural sector and Govt.

Welfare oriented schemes would help Insurance

penetration. Thrust is given to investment in

technology and insurance awareness by giving

additional allowance for InsurTech expenses and

forawareness by providing extra limits.EOM

Major changes of the Regulations are as

follows:

a. Single limit of Expenses of Management as

against existing segmental /sub-

segmental limits;

b. Discontinuation of the requirement of

Segmental compliance and reporting;

c. Limits on expenses of management

revised to:

i. 30 percent in case General Insurance

Business,

ii. 35 percent in case of Health Insurance

Business, of gross premium written in

India in that ﬁnancial year.

d. Additional allowances towards

i. Rural Sector & Govt. Welfare oriented

schemes - 15 per cent of the incremental

premium;

ii. Expenses towards 'InsurTech' and

'Insurance Awareness'; - up to ﬁve

percent of allowableexpenses.

e. Manner of transfer of beneﬁts, arising from

prudent expenses management to the

policyholders.

II.1 Regulation of Insurance and

ReinsuranceCompanies

During the year 2022-23, has brought inIRDAI

several regulatory reforms to facilitate the orderly

growth and development of the insurance

industry. The “sunset clause” has been

incorporated in the regulations to ensure timely

review of the regulations to address the market

dynamics. The brief of regulations

framed/amended under the Act, 1999IRDA

during the yearunder review is as follows.

II IRDAI.1.1 (Regulatory Sandbox)

(Amendment)Regulations 2022

The Regulatory sandbox is a framework which

provides a testing environment to the companies

to enable them to test their innovative products,

technologies, etc., in a controlled regulatory

setting. It promotes innovation and technological

solutions in the industry. Certain amendments

were also carried out in the Regulatory Sandbox

Regulations to allow the insurers/intermediaries

to do experimentation on an ongoing basis by

increasing the experimentation period from '6

months'to 'up to 36 months'and moving from the

existing batch-wise (cohort approach)

clearances/approvals to clearances/approvals

on a continuous basis. A provision for review of

rejected applications under sandbox has also

been introduced as part of amendments.

II IRDAI.1.2 (Expenses of Management of

Insurers transacting General or Health

Insurancebusiness)Regulations, 2023

The has notiﬁed (Expenses ofIRDAI IRDAI

Management of Insurers transacting General or

Health Insurance business) Regulations, 2023

which superseded (Expenses ofIRDAI

PART II REVIEW OF WORKING AND OPERATIONS:

Annual Report 2022-23

f. Glide path of 3 years for existing Insurers to

comply with the Limits.

g. No variable pays to / / andMD CEO WTD

KMPs in case actual expenses deviates

more than 10 percent fromthe projections;

h. Certiﬁcation of the Returns and

Compliance requirements by the

AppointedActuary.

II IRDAI.1.3 (Expenses of Management of

Insurers transacting Life Insurance

Business) Regulations, 2023

IRDAI IRDAInotiﬁed (Expenses of Management of

Insurers transacting Life Insurance Business)

Regulations, 2023 superseded thewhich IRDAI

(Expenses of Management of Insurers

transacting Life Insurance Business)

Regulations, 2016. The wouldRegulations

reduce the compliance burden on the Life

Insurers and give more ﬂexibility to concentrate

in the new segments of business. The number of

segments to comply with the EoM limits have

been reduced from Twelve to Two i.e. on Par and

Non-Par Basis. The extra allowance towards the

Rural sector and Govt. Welfare oriented schemes

would help Insurance penetration. Thrust is given

to investment in technology and insurance

awareness by giving additional allowance for

InsurTech expenses and for awareness by

providing extra limits. The salient featuresEOM

ofthe regulation are as under:

 Compliance with expenses of

management (EoM) limits to be monitored

on overall basis at Participating and Non-

Participating (including linked) and not on

segmental basis;

 Additional allowances towards: Head ofﬁce

allowance for ofﬁces also allowed,IIO Rural

Sector & Govt. Welfare oriented schemes -

up to 15 per cent of the incremental

premium, up to 15 per cent of the total

premium sourced for the year and

Expenses towards 'InsurTech' and

'Insurance Awareness'; - up to 5 per cent of

allowable expenses.

Increased the allowable expenditure in

respect of: - Deferred annuities, Paid-up

policies, Lapsed policies and Individual pure

risk single premium policies.

 Board approved policy covering: measures

to bring cost eﬀectiveness in the conduct

of business and reduction of the EoM on an

annual basis and manner of transfer of

beneﬁts, arising from reduction of

expenses and/or from the directly sourced

business to the policyholders by way of

reduction in the premium.

Every insurer shall formulate a business

plan in advance on an annual basis, which

shall be approved by the respective Board.

The plan shall, at the minimum, clearly

specify the following:

the projected requirements of capitalØ

during the said ﬁnancial year;

projection of solvency margin on aØ

quarterly basis;

Ø the projection ofEoM (in rupees as well as

percentage of gross premium written in

India) and the compliance or otherwise

with the limits of EoM;

The Business plan as above shall beØ

monitored by the Board at regular

intervals.

 Emphasized on Insurer to have well-

documented policy approved by its Board

and reviewon annual basis;

Forbearance for ﬁrst 5 years on case to

case basis for new Insurers and glide path

of3 yearsforexistingInsurers.

No variable pay to Managing

Director( )/Chief Executive OfﬁcerMD

( )/ Whole Time Directors ( ) andCEO WTD

Annual Report 2022-23

Key Management Persons ( s) for theKMP

ﬁnancial year where the actual expenses

exceed the projected expenses by 10

percent or more.

II IRDAI.1.4 (Other Forms of Capital)

Regulations, 2022

The notiﬁed (Other Forms of Capital)IRDAI IRDAI

Regulations, 2022 and superseded the IRDAI

(Other Forms of Capital) Regulations, 2015. Major

changes of the Regulations are as follows:

The process relating to obtaining prior

approval of the for issue of otherIRDAI

forms of capital ( ) is discontinued toOFC

promote ease of doing business.

Limit speciﬁed for issuance of is OFC

revised. The new limit states that the ofOFC

the insurer shall be lower of the following, at

any point in time:

(i) 50 per cent of the total paid up equity

share capital and securities premium of

an Insurer;

(ii) 50 per cent of the net worth of the insurer.

The limits will enhance the eligibility limit of OFC

for the insurer, which will enable them to raise

additional capital.

As the requirement for obtaining prior

approval of the is discontinued,IRDAI

regulation 4 on “Conditions for issue of

Other forms of Capital” speciﬁes the

conditions subject to which insurer can

issue .OFC

The Insurers may exercise call option

without seeking prior approval of the ,IRDAI

provided that after exercising such call

option, the insurer's solvency position

would be at least 20 per cent more than the

control levelof solvency.

New regulation on “Responsibility of the

Board” is inserted incorporating the

followingprovisions:

For issuance of preference shares, BoardØ

resolution and special resolution shall be

passed in the general body meeting of the

shareholders authorizing the issue of such

preference shares;

For issue of the debentures and any otherØ

debt instrument, a Board resolution shall be

passed authorizing the issue of such

debentures and any other debt instrument;

The Board shall provide rationale for issueØ

of instead of equity share capital.OFC

II IRDAI.1.5 (Appointed Actuary)

Regulations, 2022

Appointed Actuaries ( ) play a pivotal role in theAA

operations of an insurer. To ensure sufﬁcient

supply of Actuary professionals in the industry,

the experience and qualiﬁcation requirements

have been made ﬂexible. Maintenance of

solvency by the insurers is a critical aspect of the

health of an insurer and play a signiﬁcant roleAA

in maintaining the solvency levels. The

responsibility of has been enhanced byAA

introducing provisions for identiﬁcation,

monitoring, reporting and recommending

actions to be taken for the risks aﬀecting the

solvency position of the company. Obligations

have also been placed on insurers to ensure that

the can discharge his responsibilitiesAA

appropriately.

II IRDAI.1.6 (a) (Assets Liabilities and

Solvency Margin of General Insurance

Business) (Amendment)Regulations, 2022

With a view to increase crop insurance

penetration and efﬁcient use of capital by general

insurers, the period for considering State/

Central Government premium dues for

calculation of solvency margin has been

increased from180 days to 365 days. Solvency

factor related to crop insurance reduced to 0.50

from 0.70.

Annual Report 2022-23

(b) (Actuarial Report and Abstract forIRDAI

Life Insurance Business) (Amendment)

Regulations, 2022

In order to enable efﬁcient utilization of capital by

life insurers, the factors for calculation of

solvency margin were reviewed and revised

through amendments of (Actuarial ReportIRDAI

and Abstract for Life Insurance Business)

(Amendment) Regulations, 2022 dated 5th

December, 2022). The amendments are as

follows:

i. For Unit Linked Business (Without

Guarantees) – ﬁrst factor is reduced to

0.60% from 0.80%.

ii. For – second factor is reduced toPMJJBY

0.05% from 0.10%.

II IRDAI.1.7 (Registration of Indian

InsuranceCompanies)Regulations, 2022

The has notiﬁed (Registration ofIRDAI IRDAI

Indian Insurance Companies) Regulations, 2022

which superseded (Registration of IndianIRDA

Insurance Companies) Regulation, 2000. Major

changes of the Regulations are as follows:

a. Deﬁnition of “foreign promoter” has been

added.

b. Non-Operative Financial Holding Company

registeredwith can be Indian Promoter.RBI

c. Subsidiary company is allowed to be

promoter if it is listed, has net worth of

 500 crores and has independent source

offunds.

d. Process of registration of insurance

company like , validityperiod speciﬁedNOC

e. Changes in criteria for investment by PE

Funds

f. Promoter being the Special Purpose

Vehicle ( ) conditions are speciﬁed.SPV

g. Lock-in period for promoter and investor

has been speciﬁed.

h. Increase in limit as investor: 10 per cent to

25 per cent (2 in each class)

i. Minimum promoter holding: above 50 per

cent of equity (26 per cent: If listed +

solvency trackrecord)

The above amendments will enable more players

into the Insurance sector to provide more choice

to the policyholders. Further, it would help

increase in foreign investments in insurance

sector. The fast track online process of obtaining

NOC IRDAIfrom enables the applicants to

establish the Insurance company in a speedy

manner. Further, regulations relating to transfer

of shares has been subsumed with these

Registration regulations.

II IRDAI.1.8 (Insurance Intermediaries)

(Amendment)Regulations, 2022

The amendments in (Registration ofIRDAI

Corporate Agents) Regulations, 2015 and IRDAI

(Registration of Insurance Marketing Firm)

Regulations, 2015 were brought as an

amendment under (InsuranceIRDAI

Intermediaries) (Amendment) Regulations, 2022

dated 5 December, 2022.

The objectives of these amendments are to

enable the policyholders/prospects to have

wider choice and access to insurance through

various distribution channels and facilitate the

reach of insurance to the last mile. Accordingly,

the maximum number of tie ups for Corporate

Agents ( ) and Insurance Marketing Firms ( )CA IMF

have been increased. Now, a can tie up with 9CA

insurers (earlier 3 insurers) and can tie upIMF

with 6 insurers (earlier 2 insurers) in each line of

business of life, general and health for

distribution of their insurance products. The area

of operation of has also been expanded toIMF

cover entire state in which they are registered.

Annual Report 2022-23

II IRDAI.1.9 (Payment of Commission)

Regulations, 2023

IRDAI (Payment of Commission) Regulations,

2023 were notiﬁed on 26 March, 2023 to

facilitate the insurers in development of new

business models, products, strategies, internal

processes and enable in easy compliance with

the Regulations while fulﬁlling the regulatory

objectives. These regulations are intended to

provide the insurers the ﬂexibility to manage their

expenses based on their growth aspirations and

the ever-changing insurance needs with an

objective to improve insurance penetration.

Consequent upon notiﬁcation of (PaymentIRDAI

of Commission) Regulations, 2023 dated 26"

March, 2023, the maximum distribution fees

payable to Motor Insurance Service Provider

( ) is as per Board approved policy forMISP

payment of commission of the insurer.

Comprehensive Review of Regulatory

Framework

II.1.10 With the objective of promoting ease of

doing business, reducing compliance costs on

the regulated entities and to accelerate growth of

the insurance sector, constituted thematicIRDAI

working groups through Life and General

Insurance Councils which were entrusted with

the tasks of deliberating on various topics

assigned and submit their recommendations in

the matter. The need for review of regulations

and the regulatory stipulations was

recommended by the working group.

II.1.11 Based on the same and also to cater to the

needs of stakeholders of insurance industry in

the present economic requirement, the Authority

has initiated review of extant regulatory

framework. Towards this, under the aegis of both

the Life and General Insurance Councils, a

Regulation Review Committee ( ) has beenRRC

constituted with representation from various

stakeholders to undertake comprehensive

review of the regulatory framework and initiate

transition to principle based approach.

II.1.12 After extensive consultations with the

stakeholders, the is working forIRDAI

consolidation of regulations with overall

objective of moving towards a principle based

regulatory architecture facilitating ease of doing

business, reducing compliance burden while

protecting policyholders' interest and ensuring

orderly growth of the insurance industry.

II.2 Insurance Agents And Intermediaries

AssociatedWith Insurance Business

II.2.1 InsuranceAgents

An Insurance Agent is an individual appointed by

an Insurer for the purpose of soliciting or

procuring insurance business including business

relating to continuance, renewal or revival of

policies of insurance. No individual shall act as an

insurance agent for more than one life insurer,

one general insurer and one health insurer and

one each of the specialised insurers.

Insurance Agents Associated with Life

Insurers

II.2.1.1 The number of individual agents as at

March 31, 2023 was 26.28 lakhs as against 24.43

lakhs as at March 31, 2022. The life insurance

industry showed a growth of 7.60 per cent in

number of agents over the previous year. While

the private life insurers recorded a growth of

14.76 per cent, the public life insurer recorded a

growth of 1.58 per cent. As at March 31, 2023, the

number of agents with the public sector stood at

13.47 lakhs and the corresponding number for

privatesector insurers was 12.80 lakhs.

During the year 2022-23, 8.85 lakh agents were

appointed and 7 lakh agents were terminated.

Annual Report 2022-23

The number of Agents appointed and terminated

during the year 2022-23 by the public sector and

privatesector is shown in Table .1.II

Out of the total 26.28 lakh individual agents of

Life insurance industry, male individual agents

form 71.65 per cent and female individual agents

are 28.35 per cent. The gender-wise distribution

of Agents of the public sector and the private

sectoris givenin Table .2.II

Table .1: Insurance Agents Associated with Life InsurersII

(Number of Agents)

Insurer

As on March

31, 2022

Appointment

during 2022-23

Termination

during 2022-23

As on March

31, 2023

Private Sector

11,16,177 4,93,473 3,28,767 12,80,883

Public Sector

13,26,432 3,92,337 3,71,444 13,47,325

Total

24,42,609 8,85,810 7,00,211 26,28,208

Table .2: Gender-wise Distribution of Individual Agents associated withII

Life Insurers as on 31st March 2023

(Number of Agents)

Insurer Male Female Total

Private Sector 8,53,801 4,27,082 12,80,883

(67) (33) (100)

Public Sector 10,29,438 3,17,887 13,47,325

(76) (24) (100)

Total 18,83,239 7,44,969 26,28,208

(72) (28) (100)

II.2.1.2 Insurance Agents associated with

Generaland Health Insurers

Number of agents associated with general and

health insurers recorded a growth of 6.46 per

cent and 20.21 per cent respectively over the

previous year. There are no agents associated

with specialized insurers. Out of the total 7,27,493

lakh agents of general insurers, 76.76 per cent are

Note: Figures in brackets indicate percentage to total

*This is eﬀective of the merger of Exide Life with Life on October 15th, 2023HDFC

male and 23.24 per cent are female. Out of the

total 11,58,294 individual agents of Stand-alone

health insurers, 71.77 percent are male and 28.23

per cent are female. The details of insurance

agents engaged in General and Health business

is placed at Table .3. The gender-wiseII

distribution of insurance agents in General and

Health business is placed atTable .4.II

Annual Report 2022-23

Table .3: Insurance Agents Active with General & Health InsurersII

Insurer

As on March

31, 2022

Appointment

during 2022-23

Termination

during 2022-23

As on March

31, 2023

Public Sector General Insurers

886

084

2,222

3,09,748

Private Sector General Insurers 3,83,489 58,357 24,101 4,17 ,745

General Insurers Total 6,83,375 70,441 26,323 7,27 ,493

Stand-alone Health Insurers 9,63,593 2,05,326 10,625 11,58,294

Total 16,46,968 2,75 ,767 36,948 18,85,787

Table .4: Gender wise Distribution of Insurance Agents associated with General andII

Health Insurers (2022-23)

Insurer Male Female Total

Public Sector General Insurers 2,51,806 57,942 3,09,748

(81) (19) (100)

Private Sector General Insurers 3,06,644 1,11,101 4,17,745

(73) (27) (100)

General Insurers Total 5,58,450 1,69,043 7,27,493

(77) (23) (100)

Stand-alone Health Insurers 8,31,290 3,27,004 11,58,294

(72) (28) (100)

Grand Total 13,89,740 4,96,047 18,85,787

(74) (26) (100)

Note: Figures in brackets indicate percentage to total

II.2.2 CorporateAgents

Corporate Agents are entities holding a valid

certiﬁcate of registration issued by the IRDAI

under (Registration of Corporate Agents)IRDAI

Regulations, 2015 for solicitation and servicing of

insurance business for any of the speciﬁed

category of life, general or health. In the interest

of providing wider choice of insurers and

products to the end customers, hasIRDAI

amended the Regulations governing Corporate

Agents, permitting Corporate Agents to have

arrangements with nine life insurers, nine nonlife

insurers and nine stand-alone health insurers. As

on March 31, 2023, there were 564 active

Corporate Agents, out of which there are 241

banks, 323 s/ Cooperative Societies /NBFC

Limited Liability Partnership Firms and other

eligible ﬁrms.

Corporate Agents Associated with Insurance

Business as on 31st March, 2023 is provided at

Table .5.II

Annual Report 2022-23

Table .5: Corporate Agents Active with Insurance Business (As on March 31, 2023)II

Category Banks s & others TotalNBFC

Life 9 12 21

General 8 27 35

Health 0 0 0

Composite 224 284 508

Total 241 323 564

II.2.3 InsuranceBrokers

The number of registered brokers is 790 as on

March 31, 2023. Out of this, the valid brokers

stood at 616 and remaining 174 are not in force as

on March 31, 2023. The 616 valid brokers

comprise of 546 direct brokers, 66 composite

brokers and 4 reinsurance brokers.

Total 81 new Certiﬁcate of Registrations (CoR)

were issued during the period from April 01, 2022

to March 31, 2023 out of which 68 were direct

insurance brokers (Life & General) and 13 direct

insurance brokers (General). During the period,

128 insurance broker registrations were

renewed.

II.2.4Micro InsuranceAgents

II.2.4.1 In order to equip low-income groups and

economically disadvantaged sections, micro

insurance as a concept had been brought in the

form of aﬀordable insurance products to help

them cope with and recover from ﬁnancial

losses.

Initially had notiﬁed the Micro InsuranceIRDAI

Regulations in 2005 and later on modiﬁed IRDAI

(Micro Insurance) Regulations in 2015 permitting

many banking and non-banking ﬁnancial

institutions, cooperative societies to be

appointed as Micro Insuranceagents.

MicroInsurance in Life InsuranceSector

II.2.4.2 Forty-two (42) micro insurance

products of 20 life insurers were available in the

market for sale as at March 31, 2023. Of these 42

products, 16 are Individual products and the

remaining 26 are Group products (Annexure 6).

The performance of micro insurance business in

Life Insurance Sector during 2022-23 is givenFY

inTable .6.II

Table .6: Performance of Micro Insurance Business in Life Insurance Sector (2022-23)II

Insurer

Individual New Business

Group New Business

Policies

(Lakh)

Premium

( Crore)

Premium

( Crore)

Schemes

Lives covered

(Lakh)

Private sector

1.26 35.45 231

8,541.47 1,554.63

Public Sector

3.24 164.74

4,081

51.14

72.21

Total

4.50 200.19

4,312 8,592.61 1,626.84

Note: New business premium includes ﬁrst year premium and single premium.

Annual Report 2022-23

II.2.4.3 The number of micro insurance agents as

at March 31, 2023 stood at 1,01,916 of which

82,479 agents pertained to private sector and the

remaining 19,437 pertained to public sector life

insurers. Out of the total Micro Insurance agents,

Table .7 Micro Insurance Agents of Life InsurersII

Micro Insurance Agents Public Sector Private Sector Total

NGOs 4,759 11 4,770

SHGs 260 0 260

MFIs 221 29 250

Business Correspondents 103 42 145

Other Micro Insurance Agents 14,094 82,397 96,491

Total 19,437 82,479 1,01,916

Micro Insurance in General Insurance

Sector

II.2.4.4 General Micro Insurance products are

aimed at economically vulnerable segments of

the population and cover health insurance, cover

for belongings (hut, livestock, tools or

instruments), personal accident, on individual or

group basis. The has permitted PradhanIRDAI

Mantri Fasal Bima Yojana ( ) covering non-PMFBY

loanee farmers, to be solicited and marketed by

Micro Insurance Agents. Further, general

insurance policies issued to Micro, Small and

Medium Enterprises as classiﬁed in Act,MSMED

2006 under various lines of general insurance

business will also qualify as general Micro

Insurance business up to premium of 10,000

per annum per . The number of microMSME

insurance policies issued by General Insurers

during 2022-23 areas follows.

NGO SHGs form 4.68 per cent, Self Help Groups ( s)

form 0.26 per cent, Micro Finance Institutions

( s) form 0.25 per cent, BusinessMFI

Correspondents ( s) form 0.14 per cent andBC

other Agents form 94.68 per cent (Table .7).MI II

Table .8 Number of MicroII

insurance Policies Issued

Private Public Total

1,66,387 21,814 1,88,201

Note: Does not include Micro Insurance policies issued by

Stand-alone Health Insurers

II.2.5 Insurance MarketingFirm

II.2.5.1 Insurance Marketing Firm ( s) is aIMF

distribution channel registered by to solicitIRDAI

and procure insurance products, to distribute

other ﬁnancial products regulated by , ,SEBI RBI

Post Ofﬁce, etc. by employing individualsNPS

licensed to market them. s are registered byIMF

the under (Registration of InsuranceIRDAI IRDAI

MarketingFirm) Regulations, 2015.

II.2.5.2 The Aayog has launched theNITI

'Transformation of Aspirational Districts'

programme in January 2018 with the aim to

quickly and eﬀectively transform the most under

developed districts of the country. Financial

Inclusion is one of the 49 key performance

indicators for measuring the transformation of

the districts. In alignment with this programme,

IRDAI (Registration of Insurance Marketing Firm)

(Amendment) Regulations, 2019 were notiﬁed

on July 24, 2019. The amendment reduced the

net worth requirement for operating in an

aspirational district thus incentivizing the

prospective applicants to consider these

districts as their area of operation.

II.2.5.3 Performance of s channel during theIMF

year2022-23 is as under:

Annual Report 2022-23

Insurer

IMFs placing

insurance

business with

number of

insurers

No. of

Policies

Sourced

Table .9: Business Performance of sII IMF

Premium

( Crore)

General and

Health Insurers

23 80,254 91.34

Life Insurers

13 76,698 553.62

Total

36 1,56,592 644.96

II SPV.2.6 Common Public Service Centre-

II.2.6.1 The Common Service Centres ( ) areCSC

established under the Digital India programme of

the Government of India and implemented by

M/s. e-Governance Services India Limited.CSC

The has notiﬁed the (InsuranceIRDAI IRDAI

Services by Common Service Centres),

Regulations 2015 which was superseded by

IRDAI (Insurance Services by Common Public

Service Centers)Regulations, 2019.

II.2.6.2 Performance of - channelCPSC SPV

during the year2022-23 is as under:

Total new business premium procured:

 411.5 crore

Total renewal premium (Life) collected:

 1656 crore

No. of who have undergone training RAP

and have passed the exam and have been

issued certiﬁcates in 2022-23: 9,144

No. of who have undergone training RAP

and have passed the exam and have been

issued certiﬁcates since inception: 99,165

No. of -Ins who have undergone training VLE

and have passed the exam and have been

 Certiﬁcate of Registrations issued during

2022-23: 85

Total number of registrations as on March

31, 2023: 609.

Total premium income generated under

IMFs channel (Life / General & Health)

during the year2022-23 is as follows:

issued certiﬁcates in 2022-23: 39,512

No. of -Ins who have undergone training VLE

and have passed the exam and have been

issued certiﬁcates since inception:

2,35,429

II.2.7 InsuranceWebAggregators

II.2.7.1 (Insurance Web Aggregators)IRDAI

Regulations, 2017 was notiﬁed on April 13, 2017

with an objective to supervise and monitor the

Insurance Web Aggregators. Insurance Web

Aggregators are allowed to sell Life, General and

Health Insurance products through online and

distance marketing modes. As on March 31,

2023, the number of certiﬁed Insurance Web

Aggregators is 25. The performance of web-

aggregatorchannel during 2022-23 is as under:

I Total premium procured ( crore) 59

II. Total number of policies issued 95,015

II POSP.2.8 Point of Sales Person ( )

II.2.8.1 In order to facilitate the growth of

insurance business in the country and to enhance

insurance penetration and insurance density, the

IRDAI as part of its developmental agenda issued

guidelines on "Point ofSales Persons".

POSP means an individual who possesses the

minimum qualiﬁcations, has undergone training

and passed the examination as speciﬁed in the

POSP guidelines and solicits and markets only such

products as speciﬁed by the . The number ofIRDAI

POSPasonMarch31, 2023 is 20,12,275.

Sponsoring No. of sponsoring No. of

agency agencies POSP

Insurers 46 7,71,433

Insurance Brokers 223 9,62,321

Corporate Agents 57 2,78,521

Total 326 20,12,275

Table .10: Number of s withII POSP

various Sponsoring Agencies

Annual Report 2022-23

II.2.9 Motor Insurance Service Provider

()MISP

II.2.9.1 The has issued Motor InsuranceIRDAI

Service Provider ( ) guidelines in 2017 withMISP

an objective to recognize the role of automotive

dealer in distributing and servicing motor

insurance policies and to have regulatory

oversight over their activities connected to

insurance. The number of registered as onMISP

March 31, 2023 is 23,953.

II.2.12 Surveyorsand Loss Assessors

II.2.12.1 Surveyors and Loss Assessors ( ) playSLA

an important role in the process of evaluation and

settlement of claims pertaining to general

insurance policies. Section 64 of theUM

Insurance Act, 1938 provides that no person shall

act as a surveyor or loss assessor in respect of

general insurance business unless he holds a

valid license issued by . No claim inSLA IRDAI

respect of a loss which has occurred in India and

requiring to be paid or settled in India equal to or

exceeding an amount speciﬁed in the regulations

by the in value on any policy of insurance,IRDAI

arising or intimated to an insurer shall be

admitted for payment or settled by the insurer

II.2.10 InsuranceRepositories

II.2.10.1The Insurance Repository System is an

initiative of the to de-materialize insuranceIRDAI

policies. To achieve this objective, the IRDAI

issued the guidelines on Insurance Repositories

and electronic issuance of insurance policies in

April, 2011. Subsequently in May, 2015, the IRDAI

has issued the "Revised Guidelines on Insurance

Repositories and electronic issuance of

Insurance policies".

As on 31st March 2023, there were total 1.41

crore e (Electronic Insurance Account) createdIA

and a total of 1.37 crore policies converted into

electronic mode sinceApril 2011.

II.2.10.2 There are four Insurance Repositories

approved by the as on March 31, 2023.IRDAI

Theyare:

 National InsuranceRepositoryNSDL

Insurance Repository Limited CDSL

Sponsoring No. of sponsoring No. of

agency agencies MISP

Insurers 19 9,119

Insurance Brokers 23 14,405

Corporate Agents 6 429

Total 48 23,953

Table .11: Number of s with variousII MISP

Sponsoring Agencies

Repository Services Limited CAMS

Karvy Insurance Repository Limited:

II.2.11 Insurance Self-Network Platform

()ISNP

II.2.11.1 In endeavour to increase the insurance

penetration through the medium of e-

commerce, the Authority has issued guidelines

on Insurance ecommerce on March 09, 2017. The

IRDAI ISNPhas launched online portal

(isnp.irda.gov.in) on April 11,2017 for the purpose

of ﬁling online applicati ons. The status of the

ISNP application received from insurers and

intermediaries as on March 31, 2023 is as below:

Description Numbers

Insurers 53

Brokers 251

Web Aggregators 80

Corporate Agents 24

Total 408

Table .12: Number of applicationsII ISNP

Annual Report 2022-23

unless he has obtained a report, on the loss that

has occurred, from a person who holds a license

to act as a surveyoror loss assessor.

As per Section 64 of the Insurance Act, 1938UM

amended vide the Insurance Laws (Amendment)

Act, 2015, academic qualiﬁcation as speciﬁed by

the and membership of Indian Institute ofIRDAI

Insurance Surveyors and Loss Assessors ( )IIISLA

are statutory requirements for a person to act as

a surveyor and loss assessor. There is a provision

of appeal in (Insurance Surveyors and LossIRDAI

Assessors) Regulations, 2015, as amended from

time to time, in respect of applicants who are not

able to get membership from .IIISLA

Table .13: Surveyor and Loss AssessorII

Licenses Issued

Type of 2021-22 2022-23SLA

Fresh Licenses

Individual 514 325

Corporate 13 27

Total 527 352

Renewals

Individual 2,824 3,115

Corporate 47 60

Total 2,871 3,175

Trainee Enrolments 1,384 1,447

II TPA.2.13 Third party Administrators ( 's)

II.2.13.1 As at March 31, 2023 there are 18 active

TPAs. No Certiﬁcate of Registration was granted

to any new during 2022-23. The sTPA TPA

expanded the network of the hospitals by adding

26,717 health services agreements to their

networks. After withdrawal/removal of 8,816 the

number of agreements in the network remained

1,90,116 as on 31st March 2023.

II.2.14 Performance of Insurance Agents

and Intermediaries Associated with

InsuranceBusiness

Performance of Insurance Agents and

Intermediaries in Life Insurance Business

Individual NewBusiness

II.2.14.1The individual agents continue to be the

major distribution channel for individual new

business. However, the contribution of individual

agents to the individual new business premium

has decreased to 52.76 per cent during the year

2022-23 compared to 55.01 per cent in 2021-22.

For the public sector insurer , individual agents

are the dominant channel of distribution with a

share of 96.14 per cent in individual new business

premium while they contribute 23.08 per cent for

the private sector. The second major distribution

channel of individual new business is corporate

agents. The contribution of corporate agents,

which was at 33.91 per cent during 2021-22 has

increased to 35.11per cent in the year 2022-23.

The share of corporate agents in the new

business premium procured by the private life

insurers was signiﬁcant at 57.02 per cent in

2022-23 (58.23 per cent in 2021-22). On the

other hand, the corporate agents' share in

individual new business premium in public sector

marginally increased from 2.72 per cent in 2021-

22 to 3.08 per cent in 2022-23.

II.2.14.2 The share of Insurers' direct sales

channel was 7.81 per cent in 2022-23 against

7.16 per cent in 2021-22 under individual new

business. While private insurers procured 13.15

per cent of their new business premium through

direct sale, no business was attributed to direct

sales by the public sector insurer. Online sales

channel contributed at 0.84 per cent in the year

2022-23 declined marginally from 1.36 per cent

in the year 2021-22. Micro Insurance ( ) agents,MI

Common Service Centres ( s), WebCSC

Aggregators, Insurance Marketing Firm ( ) andIMF

Point of Sales ( ) channels togetherPOS

contributed less than one per cent (0.41 per cent)

Annual Report 2022-23

to the individual new business premium in 2022-

23, against 0.63per cent in 2021-22.

GroupNew Business

II.2.14.3 Direct sales showed a decline but

continued to be the dominant channel of

distribution for group business, with a share of

84.55 per cent of premium during 2022-23. The

corresponding share in 2021-22 was 88.85 per

cent. This channel contributed 59.00 per cent

and 92.33 per cent of the group new business

premium of the private sector insurers and the

public sector insurer respectively. Another

important distribution channel for Group

business of the private insurers was Corporate

Agents-Banks. During the year 2022-23, banks

contributed 19.73 per cent and 3.97 per cent of

the total group new business premium in case of

the private insurers and the public sector insurer

respectively as against 21.47 per cent and 1.06

per cent in 2021-22. The public sector insurer

procured 3.62 per cent of the group business

premium through its individual agency force

while private insurers procured 1.38 per cent

through this channel. The contribution of brokers

channel was 1.67 per cent in 2022-23 which was

1.18 per cent in 2021-22 in the industry new

business premium under group business (Table

II.15).

Table .14: Business Performance of Intermediaries in Life Insurance (2022-23)II

(Figures in percent of Premium)

Sl.

No.

Type of Intermediary

Individual New Business

Group New Business

Private

Sector

Public

Sector

Industry

Private

Sector

Public

Sector

Industry

Individual Agents

23.08 96.14 52.76 1.38 3.62 3.10

Corporate Agents-Banks

53.15 2.98 32.77 19.73 3.97 7.65

Corporate Agents-others

3.87 0.10 2.34

11.92

0.01

2.79

Brokers

5.11

0.10 3.07 6.91 0.07 1.67

Direct Business

13.15 0.00 7.81 59.00 92.33 84.55

MI agents

0.01 0.28 0.12 1.06 0.00 0.25

7 CSCs 0.01 0.13 0.06 0.00 0.00 0.00

Web Aggregators

0.06 0.00 0.04 0.00 0.00 0.00

9 IMF 0.18 0.14 0.16 0.00 0.00 0.00

Online

1.33 0.13 0.84 0.00 0.00 0.00

Point of Sales (PoS)

0.05 0.00 0.03 0.00 0.00 0.00

Total Individual Business

100.00 100.00 100.00 100.00 100.00 100.00

Note:

1. New business premium includes ﬁrst year premium and single premium.

2. The leads obtained through referral arrangements have been included in the respective channels.

Annual Report 2022-23

Chart . 1: Channel-wise Individual New Business Performance inII

Life Insurance Business

Chart . 2: Channel-wise Group New Business Performance inII

Life Insurance Business

Individual Agents

Corporate Agents - Banks

Corporate Agents - Bank s

Brokers

Direct Business

Others

Online

52.76%

32.77%

2.34%

0.84%

Individual Agents

Corporate Agents - Banks

Corporate Agents - Bank s

Brokers

Direct Business

Others

Online

84.55%

0.25%

0.00%

3.10%

2.79%

1.67%

7.65%

Performance of Insurance Agents and

Intermediaries Associated with General

Insurers

II.2.14.4 During the year 2022-23, insurance

brokers continued to contribute to the major

share in premium of general insurers with 36 per

cent followed by direct sale channel and

individual agents with 25 per cent and 20 per cent

respectively. The contribution of corporate

agents was 9 per cent of premium. All other

channels together contributed to remaining 10

per cent of premium. For public sector general

insurers, individual agents (33 per cent) followed

by direct sale (32 per cent) and brokers (30 per

cent) are the major channel of distribution while

for private sector general insurers, brokers (43

per cent) and direct sale (24 per cent) are the

majorchannel ofdistribution.

Annual Report 2022-23

52.76%

7.81%

3.07%

0.41%

Percentage of Premium

CHART II CHANNEL WISE PERFORMANCE OF.4: -

(2022-23)GENERAL INSURANCE BUSINESS

Others

10%

Individual Agents

20%

Corporate Agents

Brokers

36%

Direct Business

25%

Table .15: Business Performance of Insurance Agents and Intermediaries associated withII

General Insurers (2022-23)

(Figures in Percentage of Premium)

Distribution ChannelS. No

Public

Sector

Private Sector

excluding SAHI

Specialised

Insurers

Total

020

114

30 43

0000

025

0000

4 4 89 10

100 100 100 100

Performance of Insurance Agents and

Intermediaries in Health Insurance

Business (Excl. andTravel Insurance)PA

II.2.14.5 Amongst various channels for

distribution of health insurance policies,

individual agents continued to contribute a major

share in total health insurance premium at 30

percent as in the previous year. The share of this

channel was high at 73 percent in individual

health insurance premium. 100 per cent of

Government business and about 28 per cent of

total health insurance premium is procured by

insurersdirectly.

Third important channel for distribution of health

insurance business is insurance broker channel,

who contributed 28 percent of total health

insurance premium. The share of brokers was

high at 48 percent in group health insurance

premium. Corporate agency channel contributed

nine percent of total health insurance premium

and "Online Sale" channel contributed two

percent of total health insurancepremium.

1. Individual Agents (A)

2.a Corporate Agents-Bank

2.b Corporate Agents-Others

Corporate Agents (Total)

3. Brokers ( C )

4. Referral Arrangement (D)

5.a Direct Business-Internet

5.b Direct Business-Other than internet

Direct Business (Total)

6. Micro Insurance Agent (F)

7. Others (G)

Total

Annual Report 2022-23

CHART II CHANNEL WISE PERFORMANCE OF.3: -

(2022-23)HEALTH INSURANCE BUSINESS

Percentage of Premium

Individual Agents

30%

Corporate Agents

11%

Direct Sale

30%

Others

Brokers

28%

Table .16: Business Performance of Insurance Agents and Intermediaries in HealthII

Insurance (Excl. and Travel Insurance) (2022-23)PA

S. No. Distribution Channel Government Business Group Individual Total

Business Business

1 Individual Agents - 3.38 72.93 30.08

2 Corporate Agents

i. Banks - 11.62 6.67 8.60

ii. Others - 4.37 1.00 2.63

3 Brokers - 48.09 8.65 28.21

4 Direct Sale

i. Online - 0.40 3.68 1.64

ii. Other than Online 100 31.98 5.85 28.29

5 Micro Insurance Agents - 0.14 0.00 0.07

6 Common Service Centres - 0.00 0.01 0.00

7 Web aggregators - 0.01 0.17 0.07

8 Insurance Marketing Firms - 0.01 0.16 0.07

9 Point of Sales - 0.00 0.87 0.34

Total 100 100 100 100

II.3 Professional Institutes Connected With

InsuranceEducation

II.3.1 Institute of Insurance and Risk

Management ( )IIRM

II.3.1.1 , an initiative of , in the yearIIRM IRDAI

2022-23 has adapted itself to work towards the

goal of “Insurance for all by 2047.” In alignment

with the vision the Institute has reachedIRDAI

out to the industry for knowledge enhancement,

curating programs and customising the

curriculum to the needs of industry through

MOU's with speciﬁc organisations in the

insurance space and conducted training

programs for the working professionals. hasIIRM

also partnered with the insurers through ﬁeld

research and roadshows for enhancing

insurance awareness among youth with the

assistance of its students.PGDM

II.3.1.2 The industry acceptance and

compensation for the two-year Post Graduate

Diploma in Management graduates is gaining

momentum resulting in attractiveness in

Insurance careers. To broaden the talent scope

for Insurance sector, has speciﬁc insuranceIIRM

based academic programs for technical students

and health professionals. To augment the

requirement of the Actuarial talent for the

industry, an 18 month-actuarial program

covering key papers is being oﬀered to the

working professionals. Insure-tech is the added

dimension in preparing the students for the

Insurance 2.0 ecosystem. This proactive

approach would strengthen the talent

requirementsforthe Insurance sector.

Annual Report 2022-23

II III.3.2Insurance Institute of India ( )

II.3.2.1 Insurance Institute of India, ( )III

established in the year 1955, has been working

for the last 68 years in the ﬁeld of Insurance,

Academics, Training and Development. As a

member of the Institute of Global Insurance

Education, it has long standing association with

many other reputed global institutions and

associations.

The training arm of the Institute, the College of

Insurance, has state of the art training facilities in

Mumbai and Kolkata. During the year ended on

31 , 8,032 participants from Indiast March 2023,

and overseas countries attended the trainings.

The College of Insurance conducted the training

programs in new areas during F.Y.2022-23

notably on; 17, Mega Risk Project Insurance,IFRS

Cyber Risk Management, Electric Vehicle

Insurance in addition to other areas of Insurance.

III has conducted a number of seminars and

undertook various research projects.

II.3.2.2 III's ﬂagship examinations: Licentiate,

Associateship and Fellowship certiﬁcate

examinations were conducted during the

F.Y.2022-23. develops course content andIII

conducts pre-recruitment/ pre-licensing

examinations for insurance intermediaries as

mandated by the .IRDAI

II.3.3 Indian Institute of Insurance

Surveyorsand Loss Assessors ( )IIISLA

II.3.3.1 The Indian Institute of Insurance

Surveyors and Loss Assessors ( ) is anIIISLA

institute promoted and established by the IRDAI

and incorporated under Section 25 of the

CompaniesAct, 1956 on October 04, 2005.

The institute is established to promote quality in

profession of Surveyors and Loss Assessors

through education and training, facilitate

introduction of best practices amongst its

members and to disseminate technical

information amongst its members to upgrade

their skill and knowledge. Its objective is to

promote research and studies in loss control and

minimization techniques share the same with

Insurance Industry and general public and to

update its members on application of new

technologies for improving service to the users

and consumers. Further, it is also responsible for

bringing out guidance notes, instruction

manuals, periodicals for the use and beneﬁt of

members and others connected with the

professionof surveyors and loss assessors.

II.3.4Other ProfessionalInstitutes

II.3.4.1 has statutory representation in theIRDAI

Council of the Institute of Actuaries of India ( ), aIAI

statutory and professional body for regulation of

professionofActuaries in India. Its objective,among

other things, includes regulation of the practice by

theMembersofthe professionofActuary.

Another noteworthy integrated management

school in relation to insurance education is the

National Insurance Academy ( ), Pune, whichNIA

promotes, develops and nurtures research and

consultancy activities on institutional and

individual basis.

II LITIGATIONS APPEALS AND COURT.4 ,

PRONOUNCEMENTS

II.4.1 The details of the litigations in terms of

cases ﬁled before the Supreme Court, various

High Courts, Securities Appellate Tribunal ( ),SAT

Civil Courts, Motor Accident Claims Tribunal

( ), and Lok Adalat (where is a party),MACT IRDAI

and also cases disposed/dismissed during

2022-23are provided in tables below:

Annual Report 2022-23

Table .17: Details of the cases ﬁled during 2022-23II

S. No. Particulars of Cases ﬁled Total number of cases

1. Supreme Court 5

2. Writ Petitions ﬁled in various High Courts 43

3. Securities Appellate Tribunal 5

4. Writ Appeals , s ﬁled in various High Courts 3LPA

5. Review/Restoration Petitions ﬁled in various High Courts -

6. Contempt Petitions ﬁled in High Courts 2

7. Consumer Cases ( + + ) 72DCF SCDRC NCDRC

8. Civil & Lok Adalat cases 7

9. cases 0MACT

10. s 1PIL

11. Criminal Petitions -

Total 138

Table .18: Details of Cases Disposed for the period 2022-23II

SL NO. Particulars Total

1 Supreme Court 1 -

2 Writ Petitions disposed in various High Courts 10 10

3 Securities Appellate Tribunal 1 4

4 Writ Appeals, s disposed in various High Courts - -LPA

5 Review/Restoration Petitions disposed in various High Courts - -

6 Contempt Petitions disposed in High Courts - 1

7 Consumer Cases - 25

8 Civil & Lok Adalat cases - -

9 cases - -MACT

10 s --PIL

11 Criminal Petitions - -

Total 12 40

Note: A: Cases disposed with direction to ;IRDAI

B: Cases disposed without direction to IRDAI

II INTERNATIONAL COOPERATION IN.5

INSURANCE

IRDAI recognizes importance of adopting

international best practices while introducing

and implementing regulatory measures

domestically. In this context, and in furtherance

of its regulatory objectives, engages withIRDAI

various international organizations, forums and

foreign regulators. continued to activelyIRDAI

engage and contribute to ongoing developments

in the international arena in the ﬁnancial year

2022-2023as well.

II.5.1 Association with International

Association of InsuranceSupervisors ( )IAIS

II.5.1.1 The is a voluntary membershipIAIS

organization of insurance supervisors and

Annual Report 2022-23

regulators from more than 200 jurisdictions,

constituting 97 of the world's insurance

premiums. It is the global standard-setting body

responsible for developing and assisting in the

implementation of principles, standards and

guidance as well as supporting material for the

supervision of the insurance sector. is aIRDAI

member of and also member of theIAIS

Executive Committee of . The policy work ofIAIS

IAIS is conducted through a committee system

led by Executive Committee which is in turn

supported by ﬁve policy Committees. hasIRDAI

representation in three of these policy

committees. These committees oversee

standard setting activities in the area of policy

development, ﬁnancial stability and

implementation and assessment of IAIS

supervisory material etc.

II.5.1.2 Under Committee System, there areIAIS

various working groups/task forces under each

committee. has participation in FinancialIRDAI

Inclusion, Corporate Governance, Market

Conduct, Macro Prudential Policy and

Surveillance and Insurance Capital Standard

Development working groups. As part of the

IAIS IRDAI's standard setting activities,

participates in the consultation process and its

nominated member representatives participates

in Committees/Working Group/ Task Forces

meetings too. The deliberations and knowledge

sharing translate into the formulation and

adoption of global insurance standards.

II.5.1.3 participates in peer review andIRDAI

self-assessment exercises that involve

assessing the implementation and observance

level of Insurance Core Principles' standards, and

its eﬀectiveness in a jurisdiction. The 's PeerIAIS

Review Process ( ) supports members toPRP

identify the nature and extent of any weaknesses

orgaps in supervisory and regulatory frameworks

through assessment of observance of IAIS

standards.

II.5.1.4 utilizes supervisory capacity-IRDAI

building initiatives of to address gaps andIAIS

challenges in the implementation of IAIS

standards and encourage good supervisory

practices. During 2022-23, nominatedIRDAI

supervisory staﬀ have successfully completed

capacity building programme consisting a

combination online tutorials and live webinars

with the purpose to familiarize participants with

the essential elements of insurance supervision,

covering both prudential and conduct aspects.

Access to Insurance initiative (A2ii) is the

"implementation arm" of the on InclusiveIAIS

Insurance. participated virtually in theIRDAI

Public Dialogue - Regulatory challenges and

supervisory demands in facilitating migrant

insurance ( 1) on 29 September 2022SDG

organized byA2ii.

II.5.2 BilateralEngagements

II.5.2.1 Eﬀective May 2013, is a signatoryIRDAI

to the Multilateral Memorandum of

Understanding ( ) of InternationalMMOU

Association of Insurance Supervisors ( )IAIS

which provides an international platform for

cooperation and sharing of information. Further,

the (Sharing of Conﬁdential InformationIRDAI

Concerning Domestic or Foreign Entity)

Regulations, 2012 are in place which provides for

the manner in which conﬁdential information can

be shared with otherregulatory bodies.

II.5.2.2 had so far signed two bilateralIRDAI

MoUs. One with Insurance , United ArabIRDAI

Emirates ( ), and another with FederalUAE

Insurance Ofﬁce ( ), United States of AmericaFIO

( ). During the last few years, the insuranceUSA

supervisors and related agencies from several

other countries have also shown their willingness

towards bilateral MoU which are under

consideration.

Annual Report 2022-23

II.5.3Asian Forum of Insurance Regulators

()AFIR

II.5.3.1 Asian Forum of Insurance Regulators

( ), a forum of insurance supervisors fromAFIR

Asia and Oceania regions, was established based

on Beijing Declaration on Regional Insurance

Regulation Cooperation in 2005. The mission of

the is to strengthen capacity building,AFIR

facilitate insurance regulatory capability and

promote regulatory cooperation in Asia and

Oceania regions. currently has 22 membersAFIR

including India represented by . So far 17IRDAI

AFIR meetings have been held. After two years of

virtual meetings due to -19, the 17thCOVID

Annual Meeting and Conference of the Asian

Forum of Insurance Regulators (“ ”) bearing aAFIR

theme of “Strengthening Resilience of Insurance

Supervision for Evolving and Emerging Risks”

was held in Maldives from 5 to 6 September 2022

with the participation of delegates coming from

15 members namely the Astana International

Financial Centre, Australia, China, China Hong

Kong, China Macao, Chinese Taipei, Dubai

International Financial Centre, India, Japan,

Malaysia, Maldives, Singapore, South Korea,

Thailand and the International Association of

Insurance Supervisors (“ ”). Speakers fromIAIS

AFIR Member Jurisdictions and International

Organisations viz; Financial Stability Institute of

the Bank for International Settlements, the

United Nations Development Programme, the

Organisation for Economic Co-operation and

Development ( ), the InternationalOECD

Association of Insurance Supervisors ( ) andIAIS

the Global Asia Insurance Partnership ( )GAIP

have led the discussion on a number of

contemporary issues such as growing

dependency on big tech companies, emerging

cyber risks, the devastating impact of climate

change and widening protection gaps.

This event was followed by 5th Asia-Paciﬁc High-

level Meeting on Insurance Supervision on

September 7, 2022. The meeting was jointly

organised by the Asian Forum of Insurance

Regulators ( ), the of the Bank forAFIR FSI

International Settlements ( ) and the . TheBIS IAIS

meeting covered the following three key topics,

each with a panel discussion framing the

exchange of views:

Geo-political tensions – impact on

insurance supervision inAsia-Paciﬁc;

Greening insurance supervision for future

climate scenarios; and

Facilitating orderly transition to net-zero.

II FSB.5.4Financial Stability Board( )

II FSB.5.4.1 Financial Stability Board ( ) is an

international body established to address

ﬁnancial system vulnerabilities and to drive the

development and implementation of strong

regulatory, supervisory and other policies in the

interest of ﬁnancial stability. One of the main

mandates of is to implement G20 policyFSB

announcements on ﬁnancial regulation. In ,FSB

India is represented by Ministry of Finance (MoF),

Reserve Bank of India ( ) and SecuritiesRBI

Exchange Board of India ( ).SEBI IRDAI

contributes to 's work by way of providing itsFSB

views and comments on insurance sector related

issues discussed in the meetings to theFSB

Ministry of Finance. also providesIRDAI

responses to surveys/FSB

questionnaires/reviewsrelevant to insurance.

II OECD.5.5 International Network on Financial

Education ( )INFE

II.5.5.1 The Organization for Economic Co-

operation and Development ( ) provides aOECD

unique policy forum for governments to

exchange views and experiences on ﬁnancial

education as an important means to ﬁnancial

inclusion. Having recognized the importance of

ﬁnancial literacy, International Network onOECD

Annual Report 2022-23

Financial Education ( ) was launched in 2008INFE

by governments. India participatesOECD

regularly in the 's activities, represented byINFE

four of India's ﬁnancial regulators viz. , ,RBI SEBI

IRDAI PFRDA IRDAIand . became a member of

OECD INFE OECD INFEin April, 2012. During

meetings, the participants share initiatives taken

across the globe with regard to Financial Literacy

and Financial Inclusion. participatedIRDAI

virtually in the Symposium on 'FinancialOECD

literacy and ﬁnancial resilience in challenging

times'which washeld on 11-14 Oct, 2022.

II.5.6Other Engagements

During 2022-23, continued to contributeIRDAI

towards an eﬀective and useful engagement with

the Government of India with regard to various

international Treaties and dialogues in areas

related to insurance sector. also participatesIRDAI

in international conferences, seminars and

workshops in order to strengthen the exchanges

and cooperation in insurance ﬁeld.

II GRIEVANCES.6

Grievance Redressal Policy

II.6.1 The facilitates resolution ofIRDAI

policyholder grievances by monitoring the

insurers' policy of Grievance Redressal and takes

several initiatives towards protecting the

interests of the Insurance consumers. Grievance

Redressal procedure is prescribed in Protection

of Policyholders' Interests Regulations, 2017 in

terms of which mandated all insurers toIRDAI

have in place a grievance redressal policy,

designate a Grievance Redressal Ofﬁcer at the

Head Ofﬁce/Corporate Ofﬁce/Principal Ofﬁce

and also a Grievance Redressal Ofﬁcer at every

other ofﬁce. The Regulations also prescribe

insurers to constitute a Policyholder Protection

Committee in accordance with the Corporate

Governance guidelines for receiving and

analysing reports relating to grievances and their

Redressal.

Bima BharosaPortal

II.6.2 In order to provide alternative channels to

receive complaints against insurers, hasIRDAI

set up Grievance Call Centre ( ) whichIRDAI IGCC

receives complaints through a toll free telephone

number and by email and registers complaints

apart from furnishing the status of the resolution.

IRDAI has also put in place the Bima Bharosa

portal (earlier known as Integrated Grievance

Management System- ) as an online systemIGMS

for grievance management that is not only a

gateway for registering and tracking grievances

online but also acts as an industry-wide

grievance repository for to monitorIRDAI

disposal of grievances by insurance companies.

IGCC has an interface with Bima Bharosa portal

and through Bima Bharosa portal, has anIRDAI

interface with grievance systems of all insurers.

Status of Grievances

II.6.3 During 2022-23, 2,02,640 grievancesFY

were received on Bima Bharosa portal out of

which 1,24,293 were related to Life Insurance

business and 78,347 were related to General

Insurance business. The resolution rate for the

grievances received for industry is 98.21 per cent.

Life insurers attended to 99.77 per cent of the

grievances handled (99.33 per cent by private

sector and almost 100 per cent by the public

sector insurer) and general insurers attended to

95.8 per cent of the grievances handled (90.62

per cent by public sector and 97.87 per cent by

private sector companies). of the total life

insurance grievances received on Bima Bharosa

portal for 2022-23, more than 62 per cent ofFY

the grievances received are related to three type

of issues i.e. Survival claims, Policy servicing and

Unfair business practices. Of the general

insurance grievances received during 2022-FY

23, majority of the grievances are related to

claims (66 per cent).

Annual Report 2022-23

Table .19. Status of Grievances as per Bima Bharosa PortalII

2021-2022 2022-23

Insurer

Reported

during

the year

Attended

during

the year

Pending

at the

end of

the year

Reported

during the

year

Attended

during the

year

Pending at

the end of

the year

Life Insurer

Public Sector 1,14,202 1,14, 226 5 81,303 81,303 -

Private Sector 40,624 40,664 113 42,990 43,114 289

Total 1,54,826 1,54,890 118 1,24,293 1,24,417 289

General

Insurer

Public Sector 23,822 23,663 537 22,563 20,781 2,149

Private Sector 41,693 40,692 1,164 55,784 56,178 1,224

Total 65,515 64,625 1,701 78,347 76,959 3,373

Grand

Total

2,20,341 2,19,515 1,819 2,02,640 2,01,373 3,662

CHART II CLASSIFICATION OF LIFE INSURANCE COMPLAINTS.5:

Death Claims

Others

Policy Serving

Proposal Processing

Survival Claims

ULIP Related

Unfair Business Practices

25%

22%

20%

Annual Report 2022-23

(Number of Grievances)

CHART II CLASSIFICATION OF GENERAL INSURANCE COMPLAINTS.6:

Claim

Coverage Not Related

Coverage

Others

Policy Related

Premium

Product

Proposal Related

Refund

14%

66%

12%

Status of Grievances in portalDARPG

II.6.4 During the year 2022-23, 12,542

grievances registered in Department of

Administrative Reforms and Public Grievances

Table .20: Grievances Registered in Portal and Referred toII DARPG IRDAI

( ) portal have been referred to . ADARPG IRDAI

total of 12,808 grievances have been disposed of

during the year. A total of 220 grievances were

pending as at March 31, 2023.

Grievance Source

Grievances at

the start of

2022-23

Received

during 2022-23

Total Grievances

of during

2022-23

Grievances

disposed of

during 2022-23

Grievances at the

end of 2022-23

DPG 19 298 317 305

DARPG 16 160 176 176

Local/Internet

338

10,137 10,475 10,324

151

President Secretariat

89 91 83 8

Pension

10 10 10

PMO

111

1,848

1,959

1,910

Total

486

12,542 13,028 12,808

220

Note : -Directorate of Public Grievances; -Department of Administrative Reforms and Public Grievances;DPG DARPG

-Prime Minister's - Ofﬁce Source: SportalPMO CPGRAM

Table .21: Pendency of GrievancesII

Pending for Number of Grievances

0-15 days 149

16 - 30 days 37

31 - 45 days 10

46 - 60 days 9

> 60 days 15

Total 220

II FUNCTIONING OF ADVISORY.7

COMMITTEES

InsuranceAdvisory Committee

II.7.1 The Insurance Advisory Committee ( )IAC

consists of not more than 25 members excluding

ex-ofﬁcio members to represent the interests of

commerce, industry, transport, agriculture,

consumer fora, surveyors, agents,

intermediaries, organisations engaged in safety

and loss prevention, research bodies and

employees' association in the insurance sector.

The Chairperson and the Members of the IRDAI

are the ex ofﬁcio Chairperson and ex ofﬁcio

members of the Insurance Advisory Committee.

The objective of the Insurance Advisory

Committee is, to advise the on mattersIRDAI

relating to the making of the regulations. The

Insurance Advisory Committee may advise the

IRDAI on such other matters as may be

prescribed. During F.Y. 2022-23, the met onIAC

two occasions as given below:

Re-insuranceAdvisory Committee

II.7.2 Based on the approval dated 6th December,

2018 of , Government of India under SectionDFS

101B (1) of the Insurance Act, 1938, the IRDAI

vide Order No. / / / /IRDAI REIN NOT RIN

101/5/2022 dated 19th May, 2022 has re-

constituted Re-Insurance Advisory Committee

( ) forthe period of three years.RAC

II FUNCTIONING OF OMBUDSMAN.8.

II.8.1 The Ofﬁces of Insurance Ombudsman are

under the administrative control of Council for

Annual Report 2022-23

IRDAI Meeting Date

45th Meeting of the 18th October, 2022IAC

46th Meeting of the 14th November, 2022IAC

The age-wise pendency status of grievances as at March 31, 2023 is as below:

Insurance Ombudsmen ( ), which has beenCIO

constituted under the Insurance Ombudsman

Rules, 2017. works in close co-ordinationCIO

with Life Insurance Council and General

Insurance Council at regularintervals.

II.8.2 Ofﬁce of Insurance Ombudsman is an

alternate Grievance Redressal platform which

has been setup with an aim to resolve grievances

of aggrieved policyholders against Insurance

Companies and its Intermediaries or Insurance

Brokers in a speedy and cost-eﬀective manner.

17 Ombudsman Centres across the country are

functioning in various locations, viz. Ahmedabad,

Bengaluru, Bhopal, Bhubaneswar, Chandigarh,

Chennai, Delhi, Guwahati, Hyderabad, Jaipur,

Kochi, Kolkata, Lucknow, Mumbai, Pune, Patna

and Noida. After receipt of all requirements,

Insurance Ombudsman shall dispose of the

complaint by way of an award within a period of

three months and such decision shall be binding

on the Insurance Companies and its

Intermediaries or Insurance Brokers as the case

may be.

II.8.3 Where the grievance is not resolved in

favour of the policyholder or partially resolved in

favour of the policyholder, the insurer shall inform

the complainant of the option to take up the

matter before Insurance Ombudsman giving

details of the name and address of the

Ombudsman of competent jurisdiction.

II.8.4 In accordance with Rule 19 of the Insurance

Ombudsman Rules, 2017, an Advisory

Committee, consisting of 5 eminent persons

including one Central Government nominee, was

reconstituted by the on 27th April, 2022IRDAI

vide ofﬁce order ref No / / / /IRDAI CAD ORD MISC

75/4/2022, to review the performance of the

Insurance Ombudsman system from time to

time and other matters related to enhance

efﬁciency of all Insurance Ombudsmen. This

Committee acts as a guiding body for the Council

forInsurance Ombudsmen ( ).CIO

II INSURANCE ASSOCIATIONS AND.9

INSURANCECOUNCILS

II .9.1 LifeInsurance Council

Life Insurance Council is a statutory body under

section 64C of the Insurance Act 1938

representingall life insurersoperating in India.

II.9.2 Brief outline of activities carried out by

Council in 2022-23.

 Regulation Review Committee and

various Subgroups for streamlining

various Regulations Guidelines and

Circulars–

Regulation Review Committee and sub-

groups of the same were constituted to

examine aspects of the regulatory

framework and suggest appropriate

directives for the industry. Both Secretary

Generals of Life Insurance Council and

General Insurance Council are part of

Regulation Review Committee.



Change Agenda for the Insurance

Industry forward –

Life Insurance Council, along with General

Insurance Council, started working on

guiding the industry on 'Change agenda for

the sector forward' in respect of the

followingareas.

Sector Benchmarking and Gap AnalysisØ

InclusiveinsuranceØ

DigitisationØ

Legal, Regulatory and Capital NormsØ

With the -

NSEIT Agent Examination

amendment of Insurance Act in the year

2015 and subsequent notiﬁcation of IRDAI

(Appointment of Insurance Agents)

regulation 2016, the licensing of insurance

agents by was dispensed with fromIRDAI

Annual Report 2022-23

1st April 2016 and role of appointing

insurance agents was delegated to the

Insurance Companies. Since the

responsibility of appointing agents has

been shifted to the industry, hasIRDAI

decided that it would be appropriate for the

system of online examinations for agents to

be managed by the both the Insurance

Councils i.e. Life Insurance Council and

General Insurance Council. Life Insurance

Council, General Insurance Council, &III

NSE IT had signed a quadripartite

Agreement on 06 December, 2022 and the

agreement is eﬀective from 21 December,

2022 and shall remain in force for a period

ofone year.

 Insurance Awareness Sub-Committee

()–IAC

A committee was constituted to carry

forward Insurance Awareness campaign

for 2022-23. It was agreed that theme-FY

based campaign and the testimonials

needs to be developed by Council in

consultation with .IRDAI

The Council's website continues carrying

statistical data, latest news and other

information. The number of hits from

diﬀerent geographies – national and

international increased signiﬁcantly after

upgrading its design and interlinking it with

websites of and all life Insurers. SinceIRDAI

November 2011 life council's website hosts

daily 's of all its members.NAV

Secretary General is also member of

various committees formed by Govt of India

viz. High Level Committee formed to

implement Jan Suraksha Portal, National

Health Authority, etc. Council has been

actively involved in meetings with and

conferences organised by , ,CII FICCI

ASSOCHAM, etc.

General Insurance Council:

II.9.3 The General Insurance Council ( Council)GI

constituted under Section 64C of the Insurance

Act, 1938 is a representative body of General

Insurers including Stand-alone Health Insurers,

Specialized Insurers, Reinsurers, Foreign

Reinsurer Branches ( s) and Lloyd's IndiaFRB

operating in India.

IIGI.9.4 Council activities in the year 2022-

23:

i. The Council furnished the views of theGI

industry to the and/or Government ofIRDAI

India in respect of various new Regulations

proposed and amendments carried out to the

existingRegulations.

ii. Pursuant to the initiatives taken by asIRDAI

part of its noble vision of providing Insurance

for All by 2047 and to facilitate ease of doing

business, the Council constantly engagedGI

with on various matters.IRDAI

iii. In light of amendments to The Motor Vehicle

Act, 1988 and notiﬁcation of Central Motor

Vehicle ( ) Rules, the Ministry of RoadCMV

Transport and Highways (Mo ) proposed toRTH

create special funds for the golden hour

treatment of accident victims both of insured

and uninsured vehicles and the Council isGI

designated as a nodal agency for

disbursement of funds.

iv. The revised Rules transfer the existing HitCMV

and Run accident fund to the Council, whichGI

will have to administer the fund and also pay

the claims that arises from such accidents all

over the country. The Council is creating anGI

infrastructure that can handle the claims

ﬂowing in from the relevant districts in India

and make timely payments.

v. The Council along with Council and IndianGI LI

Banks Association ( ) is developing a JanIBA

Surakhsa Platform that will cater to both life

and personal accident claims on account of

Annual Report 2022-23

PMJJBY (Pradhan Mantri Jeevan Jyoti Bima

Yojana)/ (Pradhan Mantri SurakhsaPMSBY

BimaYojana) policies being sold.

vi. The Council actively interacted in various

groups, Committees and Sub-Committees

formed by , various industry bodies likeIRDAI

FICCI CII ASSOCHAM, , , etc. aimed at overall

enhancement of policy holders'/insurance

beneﬁciaries'experience.

II.10. Other Activities having a Bearing on

he Insurance Market

II.10.1 The from time to timeIRDAI

provides/makes necessary changes in the

regulatory framework for introducing any new

product in the market for life, general and health

insurance segments.

Insurance company-wise total number of life,

general and health insurance products approved

by during 2022-23is providedinAnnexure7.IRDAI

Annual Report 2022-23

III

STATUTORY AND DEVELOPMENT

FUNCTIONS OF THE AUTHORITY

PART III STATUTORY AND DEVELOPMENTAL:

FUNCTIONS OF THE IRDAI

Section 14 of the Act, 1999 ( Act) laysIRDA IRDA

down the duties of the to regulate, promoteIRDAI

and ensure orderly growth of the insurance

business and reinsurance business. Subsection

(2) of the said section lays down the powers and

functions of the . Part of the AnnualIRDAI III

Report covers the activities of the in 2022-IRDAI

23 while carrying out its functions and exercising

the powers conferred on it.

III.1 Issue to the Applicant a Certiﬁcate of

Registration, Renew, Modify, Withdraw,

Suspend or Cancel such Registration

During the 2022-23, three insuranceFY

companies, namely; 'Kshema General Insurance

Company Limited', as General Insurance

Company and 'Acko Life Insurance Co. Ltd' and

'Credit Access Life Insurance Co. Ltd' as Life

Insurance Companies were granted Certiﬁcate of

Registration. With the addition of these three

insurers, the total number of life insurers and

general insurers (including Specialised)

increased to 25 and 27 respectively. Further, the

Certiﬁcate of Registration of Agriculture

Insurance Company of India Limited ( ),AIC

bearing Registration number-126, has been

modiﬁed for class of business, from “Crop

Insurance” to “Agriculture Insurance (without

involving Health Insurance) business” w.e.f. 28th

April, 2022.

The , in terms of (Scheme ofIRDAI IRDAI

Amalgamation and Transfer of Life Insurance

Business) Regulations, 2013, on 13 October,

2022 approved the merger of Exide Life Insurance

Co. Ltd. with Life Insurance Co. Ltd. subjectHDFC

to certain conditions to be compliedwith.

In order to protect the interests of policyholders

of Sahara Life Insurance Co Ltd ( ), inSILIC

exercise of the powers under sub-section (2) of

Section 52B of the Insurance Act, 1938, the IRDAI

transferred the life insurance business of toSILIC

SBI SBILife Insurance Company Limited ( Life) on

02ndJune, 2023.

III.2 Protection of the Interests of

Policyholders in Matters Concerning

Assigning of Policy, Nomination by

Policyholders, Insurable Interest,

Settlement of Insurance Claim, Surrender

Value of Policy, Other Terms and Conditions

of Contracts of Insurance and Grievance

Redressal

III.2.1 notiﬁed (Protection ofIRDAI IRDAI

Policyholders' Interests) Regulations, 2017

providing for code of conduct for insurers and

intermediaries at the point of sale as well as at the

point of claim, with the objective to protect the

interest of the policyholder and to ensure

policyholder centric governance by insurers

which lay more emphasis on redressal of

grievances. directed insurers to have aIRDAI

board approved policy in place for protection of

policyholders which covers various service

parameters,Turn Around Time ( ) forrenderingTAT

services to policyholders, procedure for

expeditious resolution of complaints, steps taken

to enhance consumer education and measures

to prevent misselling. Further, the regulations

also mandate that every insurer shall have in

place proper procedures and eﬀective

mechanism for speedy resolution of

complaints/grievances of policyholders.

Further, mandated all the insurers to have aIRDAI

Policyholders' Protection Committee in place, to

deliberate on various compliance issues relating

to protection of the interests of policyholders.The

Committee should put in place systemsto ensure

that policyholders have access to grievance

Annual Report 2022-23

redressal mechanisms and shall also ensure

handling of policyholder complaints with

seriousness, promptness and empathy in order

to enhance the trust and conﬁdence in the

insurance sector.

III.2.2 issued guidelines for expeditiousIRDAI

settlement of claims for victims of various

natural disasters, viz, Subsidence and

Landslides' in the aﬀected areas in the state of

Uttarakhand, Cyclone Biparjoy(in Odisha), Floods

in Sikkim, Himachal Pradesh and other North

Indian States. Instructions were also issued for

expeditious settlement of claims for the victims

of Balasore train accident in the state of Odisha.

Insurers were asked to take immediate steps to

mitigate the hardships of the aﬀected insured

population by ensuring expeditious settlement of

claims.

III.3 Specifying Requisite Qualiﬁcations,

Code of Conduct and Practical Training for

Intermediaries or Insurance Intermediaries

andAgents.

III.3.1 The licensing and code of conduct for all

the intermediaries in the insurance business are

speciﬁed clearly in the regulations framed under

the Act, 1999 vide Insurance Surveyors andIRDA

Loss Assessors (Licensing, Professional

Requirements and Code of Conduct) Regulations,

2015, (Insurance Brokers) Regulations,IRDAI

2018, (Appointment of Insurance Agents)IRDAI

Regulations, 2016 and (Registration ofIRDAI

CorporateAgents)Regulations, 2015.

III.3.2 A regulatory framework has been laid

down by the to further strengthen theIRDAI

regulatory supervision by issuing circular

IRDA INT CIR/ / /T&E/136/07/2016 on

harmonization of training and examination

requirements for various channels of

distribution.

III.4 Specifying the Code of Conduct for

Surveyorsand Loss Assessors

III.4.1 The duties and responsibilities of a surveyor

and loss assessor are speciﬁed in Chapter ofIV

IRDAI (Insurance Surveyors and Loss Assessors)

Regulations, 2015 as amended in 2020.

III.4.2 The code of conduct regarding the

professional and ethical requirements for

conduct of surveyor and loss assessors'

professional work is speciﬁed in Chapter of theVI

Regulations and Regulation 16 elaborates the

code.

III.4.3 Further, in order to protect the interest of

policyholders, the has notiﬁed theIRDAI IRDAI

(Protection of Policyholders' Interests)

Regulations, 2017 Adherence to the code of

conduct by surveyors and loss assessors has

been further emphasized under Regulation 15 of

the said Regulations, while dealing with

settlement of claims in respect of general

insurance policy.

III.4.4 The receives grievances fromIRDAI

surveyors regarding empanelment for survey

jobs, non-payment of survey fee by insurance

companies, denial of membership by to in-IIISLA

house surveyors and lapsed license holders,

denial of level of membership by , etc. SuchIIISLA

complaints are forwarded to respective

insurance companies and for resolution atIIISLA

their end. Policyholders also complain against

surveyors / surveyors' ﬁrms on non-receipt of

copy of survey report, delay in issuance of survey

report, misconduct, violation of SurveyorsIRDAI

Regulations, etc. Such grievances are taken up

with surveyors for speedy disposal of the issues.

Apart from the above, various s andRTI

references are also received by the againstIRDAI

surveyors and corporate surveyor ﬁrms. During

the year 2022-23, the received 84IRDAI

complaints on portal, 80 have beenCPGRAMS

addressed and 7 were outstanding as on March

31, 2023.

Annual Report 2022-23

BOX III.1

'Vision 2047' of the , announced in 2022 towards 'Insurance for All', has continuedIRDAI

to be worked forward during the ﬁnancial year 2022-23. The further groundwork to

enhance insurance penetration and to ensure the availability, accessibility and

aﬀordability of insurance forall citizens and businesses has been on broadly 3 fronts:

Regulatory reforms to further rationalizing regulatory framework for 'ease ofØ

business'and reducing compliance burden of regulated entities.

Initiated 'State Insurance Plan' to achieve 'insurance inclusion'.Ø

Technology initiatives towardsdigitization ofthe insuranceindustry.Ø

IRDAI's stakeholder engagement, uniquely formalised in theme-based 'Bima Manthan',

that gets together all insurance industry leaders, in implementation of the shared

vision, saw the 3rd edition being held in March 2023. Supplementing this engagement

process has been the 'Open House' meets held on the 15th of every month for insurance

industry participants to directly engage to resolve operational concerns as also to

propose ideas or solutions that enhance service processes and customer experience.

Reforms and Regulatory Initiatives in Indian Insurance Sector

BOX III.2

During the 2022-23, has initiated the State Insurance Plan ( ) with anFY IRDAI SIP

objective towards “Insurance for All by 2047”. The Plan envisages implementation of

various strategies and activities towards increase in insurance penetration across

various parts of the country in close coordination with the State Government

machinery.

The State Insurance Plan is a collaborative and consultative eﬀort from the entire

insurance industry to deepen insurance penetration. Each State/ has been assignedUT

to various insurers and are designated as Lead Insurers. The insurers are expected to

constitute State Level Insurers' Committees ( ) and District Level Insurers'SLIC

Committees ( ) involving the State Administration and other insurers. State-DLIC

speciﬁc strategies, to be developed and enabled for each State, encompassing pockets

or sectors hitherto not accessed by insurers or where signiﬁcant 'insurance coverage

gaps'exist.

The State Insurance Plan shall focus inclusive insurance ﬁxing the protection gaps

across all sections and sectors of the society. It is expected to enhance resilience

against natural disasters and catastrophes and equip the States/ s with a socialUT

safety net covering the underserved population. The endeavor is to increase the level of

Awareness and Access for insurance coverage across the length and breadth of the

country.

State Insurance Plan

A Step Towards Insurance Inclusive India

III.5 Promoting Efﬁciency in the Conduct of

InsuranceBusiness

III.5.1 Rationalization of compliance

requirements on Public Disclosures vide cir

No. /F&A/ / /99/5/2022IRDAI CIR MISC

dated 12 May, 2022.

(i) Publication in Newspaper by Foreign

Reinsurance Branch( ) and Lloyd'sFRB

India

The s and Lloyd's India need notFRB

publish the half yearly and annual

Revenue Account, Proﬁt & LossAccount,

Balance Sheet and Analytical Ratios etc.

in the newspapers. The amendment

would reduce the compliance burden

and facilitate ease ofbusiness.

(ii) Stewardship Returns and Public

Disclosureby and Lloyd'sIndia:FRB

To reduce the compliance burden and to

promote the ease of business, the

stewardship code requirement

pertaining to the disclosures are made

not applicable to the entities whose

investment policy does not permit

investment in equities. The gist of

amendments are as under:

a) The entities, whose investment policy

does not permit the investment in equity

are exempted from the application of

Common Stewardship Code, disclosure

requirements and returns. The Public

Disclosure may, accordingly, be shown

as 'Not Applicable'.

b) The entities, whose investment policy

allows equity investment but have not

made any investment in equity – the

Code is applicable. However, a returnNIL

will be a sufﬁcient compliance for the

same.

c) Other entities have to comply with the

prescribed requirements.

(iii) Public Disclosure of Form - 40 on

underwriting performance by the

General Insurers, s and Lloyd'sFRB

India

The public disclosure of format -40NL

pertaining to the underwriting

performance was discontinued and it

was advised to ﬁle the said format with

the only.IRDAI

III.5.2 (a) Discontinuation of monthly Solvency

Returns of Insurers (applicable to General

Insurers, Reinsurer, s including Lloyd’s)FRB

vide circular number. /F&A/ / /IRDAI CIR MISC

98/5/2022 dated 12th May, 2022.

IRDAI has discontinued the ﬁling of monthly

solvency returns by the Insurers with immediate

eﬀect to reduce the compliance burden of the

insurers. However, the insurers whose solvency

margin is less than 1.55 as at the end of any

quarter, shall continue to report the monthly

solvency position until the solvency position is

restoredto 1.55.

(b) Rationalization of compliance requirements

in respect of Actuarial related returns vide

circular / / / /74/4/2022IRDA ACT CIR GEN

dated 27 April, 2022:

To reduce the compliance burden of the insurers

and enhance ease of doing business for higher

penetration and seamless services to the insured

population, submissions of the following reports

have been dispensed with:

Peer Reviewer's Report and Quarterly ALM

Returns-except for sDSII

Product Planners

Repeated submission of Audited Financial

Statements to Actuarial Dept.

Certiﬁcation on Money Market instruments

Annual Report 2022-23

III.5.3 Rationalization of regulatory returns

in Reinsurance

With an objective to enhance ease of doing

business and reduce compliance burden, the

Authority has rationalized certain regulatory

reinsurance returns for Life Insurers and

dispensed with some returns vide Circular ref no.

IRDAI REIN CIR RT/ / / /1/1/2023 dated 3rd

Januray, 2023.

III.5.4 Repatriation of Excess Assigned

Capital by s/Lloyd'sIndiaFRB

Foreign Reinsurance Branches ( ) and Lloyd'sFRB

India have been permitted vide Circular ref no.

IRDAI REIN CIR MISC/ / / /224/10/2022 dated

26th October, 2022 to repatriate excess assigned

capital with prior approval of the Authority

subject to certain conditions. This will attract

more reinsurance players for oﬀering

reinsurance at a competitive price and the free

movement of assigned capital for foreign

reinsurancebranches.

III.5.5 Appointment or Continuation of

Common Director(s) u/s 48A of Insurance

Act, 1938 vide circular no.

IRDAI CIR MISC/F&I/ / /183/9/2022 dated

02nd September, 2022.

The in the circular provides the frameworkIRDAI

for appointment of common director under

section 48A ofthe InsuranceAct, 1938:

Insurers who have common directors with

insurance intermediary had to obtain approval on

case to case basis. To facilitate ease of doing

business, the appointment or continuation of

common director representing insurance agent,

intermediary or insurance intermediary on the

board of insurance company shall be deemed to

have been permitted subject to various

conditions as prescribed in the circular.

III.5.6 Accounting of Premium, claims and

related expenses on estimation basis vide

cir No. /F&A/ / /123/6/2022IRDA CIR MISC

dated 15 June, 2022.

To ensure uniform accounting practices and to

reﬂect true and fair picture of the ﬁnancial

statements the s/Reinsurers wereFRB

instructed that in annual ﬁnancial statements no

premium is accrued/accounted on estimate

basis at least up to 3rd quarter of each ﬁnancial

year. However, for the fourth quarter ending on

31st March, where the statement of accounts

has not been received in time, the premium,

losses and related expenses may be accounted

on estimation basis.

III.5.7 Proﬁt Related Commission to Non-

Executive Director(s)

The vide circular no. /F&I/ /IRDAI IRDAI CIR MISC

/26/01/2023 dated 30th January, 2023 has

permitted insurers to pay proﬁt related

commission to non-executive director(s)

including those appointed under section 48A of

the Insurance Act, 1938, under the deemed

approval mechanism, to enhance ease of doing

business subject to the followingconditions:

a. The insurer has reported positive proﬁt

after tax for the period for which the said

commission is proposed to be paid.

b. The Board of the insurer has passed the

resolution approvingsuch payment.

c. The commission shall not exceed the limits.

d. Disclosures with regard to said payment

shall be made

III.5.8 Guidelines on Establishment and

Closure of Liaison Ofﬁce in India by an

Insurance Company registered outside

India

Annual Report 2022-23

IRDAI had laid down framework for approval of

opening of Liaison Ofﬁce ( ) in India by anLO

insurance company registered outside India

(circular ref: 30/ / /Lia Oﬀ/Dec-05 andIRDA CIR )

also issued Guidelines for closure of Liaison

Ofﬁce established in India (ref:

IRDA FLO/024/Closure- /2007-08 .) The

stipulations/directions have been reviewed and

revised guidelines are issued vide circular no.

IRDAI GDL MISC/F&I/ / /219/10/2022 dated 17th

October, 2022. The new framework consolidated

the opening and closing of liaison ofﬁces and also

ensured proper supervision on the activities of

the s. The new framework would enable globalLO

insurance players to conduct comprehensive

research in insurance sector of India and

facilitate them to have joint ventures with Indian

partners as well as establishing new insurance

companies. The stipulations/ directions have

been reviewed and revised guidelines have been

issued.The following are the main modiﬁcations:

The Guidelines provide for the validity and

extension of the permission for opening

and operating a Liaison Ofﬁce in India.

The guidelines incorporate instructions for

both opening and closure of Liaison Ofﬁce.

Conditions for approval are proposed as

part of the guidelines.

Minimum net worth requirement for

overseas Insurer for opening in India hasLO

been speciﬁed in dollars ( ) insteadUS USD

of (65 million ).INR USD

The requirements for maintenance of

records and making the

ﬁlings/submissions to the areIRDAI

incorporated.

Closure of and action in case of non- LO

compliance by . Issuance of public noticeLO

has been mandated for s while closingLO

theiroperations.

The period of the validity of s is restricted LO

to a maximum of 4 (3+1) years.

As a transition provision, s which have LO

been granted an extension within a period

of three years prior to the date of these

guidelines shall get one-time further

extensionof three years.

Overseas Insurer having in India and also LO

a joint venture partner in insurance

company in India on the date of issue of

these guidelines, shall close the withinLO

six months from the date of issue of these

guidelines.

Treatment of Inward Co-insurance while

reporting MotorThird Party obligations

III.5.9 vide circular / /IRDAI IRDAI NL CIR

/ /54/02/2023 dated 20th February, 2023MTP

clariﬁed that where insurers undertake Co-

insurance arrangement as part of risk sharing

program, the inward co-insurance shall not be

considered for the purpose of reckoning the

compliance to MotorThird Party obligations.

Change in ProductFiling Procedure

III.5.10 has changed the product ﬁlingIRDAI

procedure of Non-Life Insurers from File & Use

(launching with approval of ) to Use & FileIRDAI

(launching without approval) for all products

during the ﬁnancial year. This has been done to

help general insurance companies in designing

and timely launch of new and innovativeproducts

commensurate to the market requirements and

serve the policyholders eﬀectively, furthering the

insurance penetration in India. Vide circular

IRDAI ACTL CIR PRO/ / / /81/3/2023 dated 31st

March, 2023, has further simpliﬁed theIRDAI

existing 'Use and File' proceduretherebyenabling

dynamism as well as speed to market insurance

products.

Annual Report 2022-23

Introduction of New Add-ons in Motor

Insurance

III.5.11 As a step towards facilitating technology

enabled covers and increasing insurance

penetration, , vide circularIRDAI

IRDAI NL CIR/ / /Motor/136/07/2022 dated 05 th

July, 2022, has permitted general insurance

companies to introduce the following tech-

enabled concepts for the Motor Own Damage

( ) cover:OD

1. Pay asYou Drive

2. Pay HowYou Drive

3. Floater policy for vehicles belonging to the

same individual owner for two wheelers

and private cars.

These above mentioned covers will be provided

as add-ons to the basic policy ofMotor .OD

Filing of Insurance Products for Dwellings,

Microand Small Businesses

III.5.12 The issued guidelines for standardIRDAI

products for Fire and allied perils for dwellings,

micro and small businesses, namely Bharat Griha

Raksha, Bharat Sookshma Udyam Suraksha and

Bharat Laghu Udyam Suraksha vide Guidelines

Ref. / / / /004/01/2021 andIRDA NL GDL MISC

IRDA NL GDL MISC/ / / /005/01/2021 dated 4

January, 2021. These standard products

replaced the Standard Fire and Special Perils

( ) policy for the named risks and no productSFSP

other than the standard products was permitted

for Fire and allied risks. To provide wider choice to

Policyholders and to meet their needs in terms of

suitability and aﬀordability, the , videIRDAI

circular / / / /96/05/2022 datedIRDAI NL CIR MISC

12th May, 2022, has allowed insurance

companies to design alternative and customized

products for dwellings, micro and small

enterprises for Fire and Allied Perils. Such

alternative products may be variations of the

standard product and may include already

approved add-ons as part of the base product or

may delete an existing provision. However, the

deﬁnitions and wordings of terms used in the

standard product shall be the reference point for

those terms when used in the alternative

products.

Annual Report 2022-23

BOX III.3

Indian Insurance sector is at an inﬂection point.

IRDAI, has taken up the vision of Insurance for All

by 2047, so that every Indian has appropriate life,

health, and property insurance cover and every

enterprise is supported by appropriate insurance

solutions. As the industry steers towards a

principle-based regime has constituted theIRDAI

followingteams in mission mode:

Risk Based Supervisory Framework

():RBSF

With a view to promote a 'Principle based

Regulatory regime', fosterease of doing business,

reduce compliance burden and encourage

proactive risk identiﬁcation and management,

the in June 2022 recognized developmentIRDAI

and implementation of a 'Risk Based Supervision'

( ) framework for insurance sector in India, asRBS

a 'mission mode' project. is a forward lookingRBS

approach that aims at mitigating risks,

safeguarding the interests of policyholders, and

ultimately maintaining the stability of the

insurance sector by enhancing supervisory focus

on the manner in which risks are identiﬁed,

measured and managed.

IRDAI has been engaging with various

stakeholders on a continuous basis for ensuring

smooth implementation. The ﬁrst phase of pilot

test/s for has commenced fromJuly 2023.RBS

Risk based capital ( ):RBC

Current Solvency Regime is based on a two

factor-based model whereby regulatory

minimum capital ( – Required SolvencyRSM

Margin) for life insurance business is determined

by applying factors on Mathematical Reserves

and Sum-at-risk. Similarly, for GeneralRSM

insurance business is derived by applying factors

on written premium and incurred claims.

With the objective of designing a framework for

Risk Based Capital and its implementation, IRDAI

constituted a Mission Mode Team in theRBC

month of June, 2022 The framework would. RBC

serve as a pivotal mechanism to enable insurers

& reinsurers to maintain an appropriate level of

capital commensurate with the risks inherent in

insurance and reinsurance business. Ind-RBC

(Indian Risk based Capital) Framework aims at

identifying various risks faced by insurance &

reinsurancecompanies and quantifying each risk

followingprobabilistic approach.

IFRS AS/ Ind implementation:

In June 2022, formed a dedicated missionIRDAI

mode team, comprising of ofﬁcials from

Accounting and Actuarial background, to work on

eﬀective implementation of International

Financial Reporting Standards ( )/Ind As inIFRS

insurance sector.

While the Ind 117, the equivalent standard forAS

IFRS IRDAI17 is yet to be notiﬁed, has been

continuously engaged with insurers and

stakeholders to nudge the industry towards

smooth implementation of . Studies wereIFRS

made to understand the experiences of various

Jurisdiction for implementation of andIFRS

constant eﬀorts are being made to encourage

capacity building for implementation.

An Expert Committee ( ) has also beenEC

constituted by which has representationIRDAI

from , , Insurance industry and the toICAI IAI IRDAI

address the concerns involved in /IndIFRS AS

implementation.

Working towards a Future Ready Insurance Industry

III.6 Promoting and Regulating Professional

Organizations Connected with the

Insuranceand Reinsurance Business

III.6.1 Indian Institute of Insurance

Surveyorsand Loss Assessors ( )IIISLA

III.6.1.1 The Indian Institute of Insurance

Surveyors and Loss Assessors ( ) is anIIISLA

institute promoted and established by the IRDAI

and incorporated under Section 25 of the

Companies Act, 1956. The has a mandateIRDAI

to promote and regulate under SectionIIISLA

14(2) f of Act, 1999 that deals withIRDAI

promoting and regulating professional

organizations connected with the insurance and

re-insurancebusiness.

III.6.2 Insurance Brokers Association of

India ( )IBAI

III.6.2.1 Insurance Brokers Association of India

( ) was incorporated as a company underIBAI

Section 25 of the Companies Act, 1956 on July

2001. Brokers registered by the areIRDAI

necessarily required to be the members of the

Insurance Brokers Association of India ( ).IBAI

III.6.3 Insurance Information Bureau of

India ( )IIB

III.6.3.1 With the advent of various new-age

technologies and Insurers being rigorously

updating their Infrastructure systems, there is a

signiﬁcant improvement in the data

maintenance pertaining to the Insurance

Business in India. being the pivot of these dataIIB

sets, has seen enormous opportunity in

centralizing and analyzing the data so that

insights from the data are reachable across the

industry for empowerment in various aspects of

the growing insurance business.

III.6.3.2 Below is the list of such key initiatives

oﬀered by of India--the Data Analytics bodyIIB

promoted by .IRDAI

Life Insurance

The Life Vertical of conducted the followingIIB

activities in the year2022-23:

o Life Insurance Underwriting & Claims Search

Tool ( )QUEST of handled over one croreIIB

queries during the year. The tool provided

insurance history of proposers and red-

ﬂagged potential frauds in life insurance/

claims.

o Predictive Life Risk Scoring Model ( )PRISM

generated risk scores on a scale of 0 to 1000

against queried proposals of life insurers and

helped insurers in ﬁltering out potentially

adverse risks at the entry/underwriting

stage.

o developed aPersistency Model: IIB

Persistency Model and completed a Pilot with

two Life Insurers. The model indicates

propensity of a Proposal forpersistency.

o Clearance of unclaimed amounts: IIB

assisted life insurers in clearance of

unclaimed amounts by providing latest

contact details on life insurance policies,

which was utilized by 16 life insurers.

Motor Insurance

IIB provides insurers a real-time search service

called for providing the Policy &SUDARSHANA

Claims history of any vehicle for multiple

preceding years along with a Risk Score for

Private Cars. Today, receives registeredIIB

vehicles data from database and toVAHAN

address Vehicle Class/Sub-Class

misrepresentation. has developed a real-timeIIB

API UDAYANcalled for sharing vehicle details.

Additionally, is generating the UninsuredIIB

Vehicles List.

PRATIBIMB is a daily visual representation of

policy & claims statistics. It provides an over view

of Motor business across India segregated on the

basis of geography, share of & Privates,PSU

Annual Report 2022-23

requirements. These reports are largely directed

towards business trends, penetration, claims

experience etc. This will not only beneﬁt insurers

but also create an optimized environment for

other stakeholders, helping to mitigate fraud and

address lowerpenetration.

III.6.4 Institute of Insurance and Risk

Management ( )IIRM

III.6.4.1 The Institute of Insurance and Risk

Management ( ), an international educationIIRM

and research organization, jointly set up by IRDAI

and erstwhile Government of Andhra Pradesh is

incorporated under Section 8 of the Companies

Act, 2013 (erstwhile Section 25 of the Companies

Act, 1956).

III.7 Levying Fees and Other Charges for

Carrying Out the Purposes of theAct

III.7.1 During the year 2022-23 there are no

changes in the fee structure. Total fee collected

during 2022-23 is 217.51 crore in respect ofFY 

all regulated entities. Detailed fee structure is

provided atAnnexure8.

III.8 Calling Information from, Undertaking

Inspection of, Conducting Enquiries and

Investigations Including Audit of the

Insurers, Intermediaries, Insurance

Intermediaries and Other Organizations

Connected with the InsuranceBusiness

III 8.1 Section 33 of Insurance Act, 1938 and

Section 14(2)(h) of the Act, 1999 lay downIRDA

the statutory provisions for calling of information

from and carrying out on-site inspection,

including investigation of insurers,

intermediaries, insurance intermediaries and

other organizations connected with the

insurance business. Supervisory oversight, at the

minimum involves a two-pronged approach, viz.,

oﬀ-site examination and on-site inspection.

nature of loss etc. along with trends across 5 s.FY

Additionally, there is a dynamic view for self vs

peers.

Health Insurance

To support the Insurance Industry, the following

activities are takenup in the Health segment:

to assist industry1. PORTABILITY

underwriting to check claim history of

insured who have opted for portability

during proposals

is an application which provides a2. ROHINI

unique identiﬁcation number across the

Industry to Hospitals who are providing

cashless facility to its customers. This

ROHINI ID is then used as a common

identiﬁer across the Industry for all

analytical purposes.

is a Health Fraud Analytics3. BIMA SATARK

System developed by under guidance ofIIB

IRDAI, which enables Insurers take an

informed decision on claims, underwriting

& digital purchase journeyofcustomers.

OLB (OtherLines of Business)

Roadmap with the following oﬀerings is planned

in Fire insurance.

i–PRAN Risk District Level Fire insurance

exposure and claims experience details of 5 years

are provided.

i–DARPAN Corporate Customer level exposure in

Fire insurance vis-à-vis claims history of 5 years

across all insurers can be studied while tracking

majoroccupancies and risk locations.

PRAGYA – Asset level identiﬁcation and analysis

on live map with the help of Latitudes and

Longitudes and is useful to mark risk

concentrations and other geospatial layerswhich

paves way to develop risk scores.

Apart from the above, also providesIIB

customized reports to insurers basis their

Annual Report 2022-23

Oﬀ-site Examination

III.8.2 The primary objective of oﬀ-site

surveillance is to monitor the ﬁnancial health and

market conduct of regulated entities, for

identifying entities which show ﬁnancial

deterioration and which would be a source for

supervisory concerns. This acts as a trigger for

timely remedial action. The oﬀ-site examination

is conducted by analyzing periodic statements,

returns, reports, policies and compliance

certiﬁcates mandated under the directions

issued by from time to time.IRDAI

On-site Inspection

III.8.3 through the Supervision departmentIRDAI

pursues on-site supervision of the regulated

entities with regard to their observance of/

compliance to provisions of relevant Acts, Rules,

Regulations, Guidelines/Circulars, Directions,

Standards, etc.

General, thematic and focused inspections are

undertaken at the site of the regulated entities for

assessment of their functioning by examination

of relevant records, books of accounts and

business activities on sample basis in order to

assess compliance to various regulatory

provisions and other applicable laws relating to

ﬁnancial condition, market conduct, corporate

governance, risk management, and related

matters of the regulated entities.

III 8.4 A total of 48 onsite inspections were

undertaken by the during the year 2022-23,IRDAI

the details of which are givenas below:

Type of inspection Number of entities

inspected

General inspection 36

Focused inspection 12

Total 48

a) General Inspections:

Type of entity Number of entities

inspected

Insurance Broker 16

Corporate Agent 07

Third Party Administrator 01

Corporate Surveyor 01

Insurance Marketing Firm 11

Total 36

Type of entity Number of entities

inspected

Life Insurer 02

General Insurer 05

Health Insurer 01

Outsourced Partner 01

Telemarketer 01

Corporate Agent 02

Total 12

b) Focused inspections:

III.8.5 The inspection report along with the

responses of the inspected entities are analysed

after considering the supporting evidences and

submissions, and a proposed course of action is

determined. Based on the course of action

approved by the Competent Authority, the

inspected entity is either charged or advised

and/or observation is closed. The entity which is

charged for certain regulatory violation/non-

compliance is given an opportunity to present

their submission in person through personal

hearing and then ﬁnal actions like advisory,

direction, caution, warning, penalty etc. is taken

by the Competent Authority.

In addition, in certain cases where the

violations are quite serious warranting

cancellation of registration/licence etc.,

the cancels the registration/licenceIRDAI

afterfollowingdue process.

Table .1: Details of Onsite InspectionsIII

Annual Report 2022-23

S.No. Nature of Regulatory Action No. of Observations

1 Advisory 322

2 Direction 42

3 Caution 142

4 Warning 0

5 Penalty 0

6 Total 506

rank of General Manager or above. The Act

also speciﬁes the basic factors to be taken

into account before deciding on the

quantum of penalty that can be

recommended by the Adjudicating Ofﬁcer.

 All orders passed by the areIRDAI

appealable in Securities Appellate Tribunal.

III.8.6 During the Year 2022-23, on-site and

remote inspection reports concluded by

Enforcement and Compliance Department are

72. The details are in the following table:

Apart from the above mentioned

methodologies/ process involved in the

regulatory actions carried out by the ,IRDAI

there is one more aspect of the regulatory

actions viz. Adjudication process. As per

the said process, the violation of certain

speciﬁed Sections of Insurance Act is to be

dealt with by following the adjudication

process. For the said purpose, the Act

speciﬁes that the ofﬁcer to be entrusted

with the responsibility of carrying out the

process of adjudication should be of the

Table .2: On-site and remote inspection reports concluded by Enforcement andIII

Compliance Department during 2022-23FY

Type of Entity

Inspection Reports

concluded

S. N o

Brokers 17

Corporate Agents 36

Foreign Reinsurance Branch 1

Third Party Administrator 4

Insurance Marketing Firm 10

Insurance Repository 4

Total 72

Table .3 : Details of Regulatory actions taken on the ObservationsIII

Annual Report 2022-23

III.8.7 Regulatory actions are also taken by Departments other than Enforcement and Compliance

Department based on oﬀ-site inspection and focused inspections. During 2022-23 no penalties were

leviedby .IRDAI

shall be Rendered by Insurers and Other

InsuranceIntermediaries

III.10.1 The ﬁnancial statements of insurers are

prepared in the form and manner prescribed

under the (Preparation of FinancialIRDA

Statements and Auditors' Report of Insurance

Companies) Regulations, 2002, amended from

time to time and also by various circulars and

guidelines issued from time to time. Books of

accounts are maintained in order to present

various line items as required under these

Regulations.

III.10.2 In case of intermediaries, books of

accounts and ﬁnancial statements are required

to be maintained in the form and manner

stipulated under the respective regulations/

circulars/ guidelines.

III.10.3 Wherever the has not stipulatedIRDAI

the form/and manner in which books of accounts

are to be maintained, provisions of Companies

Act/Rules and other applicable Acts/Rules apply.

III.11 Regulating Investment of Funds by

InsuranceCompanies

IRDAI (Investment) Regulations, 2016 read along

with Master Circular and guidelines amended

from time to time regulate Insurers' Investments.

III IRDAI NV.11.1 /F&l/ClR/l /81/04/2022

(Exposure of Insurers to Financial and

InsuranceActivities)

Industry wise exposure norms are speciﬁed in the

IRDAI(Investment) Regulations,2016. The

exposure to Banking Financial Services and

Insurance ( - as per section K ofBFSI NIC

classiﬁcation sector) is revised from 25 to 30 of

investment assets in line with the increase in

weightage of on the Benchmark Indices, toBFSI

oﬀer returns to the policyholders as per the

marketexpectations.

III.9 Control and Regulation of Rates, Advantages,

Terms and Conditions that may be Oﬀered by

Insurers in respect of General Insurance Business

not so Controlled and Regulated by the Tariﬀ

Advisory Committee under Section 64U of the

InsuranceAct, 1938(4of1938)

III.9.1 With respect to pricing, all classes of

tariﬀed general insurance business were de-

tariﬀed with eﬀect from January 01, 2007 except

Motor Third Party business. Motor Third Party

insurance cover is statutory under the provisions

of Motor Vehicles Act, 1988 and the premium

rates were annually notiﬁed by till 2021-22.IRDAI

Under the provisions of subsection (2) of Section

147 of the Motor Vehicles Act, 1988, as amended

vide Section 51 of the Motor Vehicles

(Amendment) Act, 2019, the Ministry of Road

Transport and Highways (Mo ) has beenRTH

mandated to prescribe base premium and

liability of an insurer in relation to third party

motor premium in consultation with .IRDAI

Accordingly, the Mo , vide Gazette notiﬁcationRTH

number G.S.R. 394 (E), dated May 25, 2022 has

published the Motor Vehicles (Third Party

Insurance Base Premium and Liability) Rules,

2022 eﬀective fromJune 01, 2022.

III.9.2 Working group on de-notiﬁcation of

the existingtariﬀs

IRDAI IRDAI NL ORD MISCvide circular Ref No: / / / /

242/12/2022 dated 07/12/2022 has

constituted a working group with representatives

from Non-Life insurers, Reinsurers, Brokers and

IRDAI with an objective to put in place an eﬀective

regulatory framework post de-notiﬁcation of the

existing tariﬀs viz. Fire, Engineering and Motor

(Own Damage).

III.10 Specifying the Form and Manner in

which Books of Accounts shall be

Maintained and Statements of Accounts

Annual Report 2022-23

Bonds), the limit of 10 investment in a single IPO

of 1 Bonds is removed with the continuation ofAT

overall limit of 10 of total outstanding 1 bondsAT

of a particular bank subject to meeting of the

speciﬁed conditions. This has enabled insurers to

have more ﬂexibility while making investment in

the 1 bonds.AT

III.11.2.5 Separate Limits for Debt

Instruments and Units of /INVIT REIT

The investments in the Debt Instruments of Real

Estate Investment Trust ( s) andREIT

Infrastructure Investment Trusts ( s) areINVIT

now permitted apart from the Units of s andREIT

INVITs subject to exposure norms for single

investee company as speciﬁed. This has

facilitated insurers to invest more funds in the

infrastructure and also bring ﬂexibility while

making investments.

III.11.2.6 Dividend Criteria for Equity

investment under approvedinvestment.

Dividend Criteria, to classify investments in

preference shares and equity shares as part of

Approved Investment, is revised from 2

consecutive years immediately preceding to 2

out of 3 consecutive years immediately

preceding. Such relaxation allowed insurers to

have wider options while making investments in

the equity and preference shares.

III.11.2.7 Amendments made through the

Master Circular issued vide circular No.

IRDAI CIR INV/F&I/ / /226/10/2022 dated

27 October 2022 and subsequent

clariﬁcations.

Brief ofamendments are as under:

i. For investing in , the requirement to beIPO

part of the Financial Sound Group has been

relaxed and the Board of the insurer can

III IRDAI CIR INV.11.2 /F&I/ / /165/8/2022

(Amendments to Investments-Master

Circular2016)

III.11.2.1 Dividend criteria for classiﬁcation

of sETF

Relaxed the norms for investment in Exchange

Traded Funds. This circular modiﬁed the Para.

1.3(a) of Investment master circular indicating

that at least 85 per cent (Earlier 100 per cent)

securities in the equity basket shall be compliant

with respect to dividend distribution norms as per

Regulation 3 (A)(5) of (Investment)IRDAI

Regulations, 2016 to qualify as a part of

“Approved Investment”.

This has facilitated insurers to invest in wide

number of s which were otherwise notETF

qualiﬁed as approvedinvestments.

III.11.2.2 Investment in Mutual Funds

Investment limits in Gilt/G Sec/Liquid/Debt/

Income Mutual Funds (all taken together) for life

insurers having more than 2.5 lakh crore is AUM

increased to 5 per cent from the current limit of 3

per cent. The higher limits would facilitate life

insurers to have more ﬂexibility and liquidity in

investments.

III.11.2.3 Long Term Bonds by Banks –

Financing of Infrastructure and Aﬀordable

Housing

Exposure to Long term bonds issued by Banks for

ﬁnancing infrastructure and aﬀordable housing

shall not be part of exposure to . The changeBFSI

would enable insurers to have higher exposure in

the sector in line with the BenchmarkBFSI

indices

III.11.2.4 Investment in Additional Tier I

(Basel complaint)Perpetual BondsIII

For investments of insurers in Additional Tier 1

(Basel Compliant) Perpetual Bonds [ 1III AT

Annual Report 2022-23

have their own criteria subject to

compliance of the regulatory requirements.

This has enabled the insurers more

ﬂexibilitywhile making investments in .IPO

ii. Investment in Mutual Fund – Insurers shall

invest not more than 20 per cent of total

investments in any one Mutual Fund house

w.e.f 1 April, 2023 to avoid concentration

risk.

iii. Investment in s-insurers are notAIF

permitted to invest in any scheme of sAIF

that have a priority distribution model

wherein such s have adopted aAIF

distribution waterfall in such a way that

may lead to share of losses more than pro-

rata to their holding, compared to other

investors belonging to the same class. This

provision prohibits the investments in an

AIF which has diﬀerential treatment for the

same class of investors in an and in turnAIF

protect the investmentsof the insurers.

iv. No further investment is allowed now in any

investments of or managed by & .IL FSAMC

v. To avoid concentration placement of

Investments through a single Security

Brokers is limited to 5 the transactions done

through brokers.

III IRDAI INV CIR.11.2.8 /F&I/ / /248/

12/2022 (Declaration of on a quarterNAV

ending day, which is a holiday)

The insurers shall declare for the lastNAV

business day of a ﬁnancial year even if it is a Non

Business day as per the existing regulations.

IRDAI has been considering the request of the

insurers for declaration of when a quarterNAV

ends on a non-business day. As part of ease of

doing business, the insurers are now permitted to

declare at the quarter end even if suchNAV

quarter ends on a non-business day so that the

transactions on such non business day can

happen at the of the ﬁnancials.NAV ULIP

III IRDAI INV CIR INV.11.2.9 Cir Ref. No / / / /

16/01/2023 dated 13th January, 2023 on

Investments in SovereignGreen Bonds.

The Investment in Sovereign Green Bonds shall

be treated as “Investment in Infrastructure” and

shall be classiﬁed as “Central Government

Securities”. This will enable more investment in

the infrastructure sector.

III IRDAI CIR.11.2.10 Brief on Cir No /F&I/ /I

NV/ 20/1/01/2023 dated 19th January,

2023 Investments in the Demerged entity.

As per Regulation 3(a)(4) and 3(a)(5) of IRDAI

(Investment) Regulations, 2016 read with clause

1.11 of Investment Master circular datedIRDAI

October 27, 2022, insurers shall classify

investments in Preference Shares and Equity

Shares as part of “Approved Investment” if

dividend is paid on such shares “for at least 2

years out of 3 consecutive years immediately

preceding”. This circular clarify that these criteria

are applicable to the “Demerged Company” and

will be reckoned for the purpose of classiﬁcation

of investment in equity and preference shares in

resulting investee company(s) as “Approved

investment” forinitial two ﬁnancial years.

This will enable the insurers not to liquidate such

investments in the demerged entity, which do not

meet the dividend criteria for the speciﬁc period

and continue to reckon such investments

towards the approvedinvestments.

III.12 Regulating Maintenance of Margin of

Solvency

III.12.1 Every insurer and reinsurer shall at all

times maintain an excess of value of assets over

the amount of liabilities of, not less than ﬁfty per

cent of the amount of minimum capital as stated

under Section 6 of the Insurance Act, 1938 and

arrived at in the manner speciﬁed by the

Annual Report 2022-23

regulations. The (Assets, Liabilities andIRDAI

Solvency Margin of Life Insurance Business)

Regulations, 2016, (Assets, Liabilities andIRDAI

Solvency Margin of General Insurance Business)

Regulations, 2016 and the (ActuarialIRDAI

Report and Abstract for Life Insurance Business)

Regulations, 2016 describe in detail the method

of computation of the Available and Required

Solvency Margin.

The Insurance Act, 1938 (as amended from time

to time) speciﬁes a level of solvency margin

known as control level of solvency, which

currently is 150 per cent of Required Solvency

Margin. In the case of life insurers, every insurer

shall determine the Required Solvency Margin,

the Available Solvency Margin and the Solvency

Ratio as per Insurance Regulatory Development

Authority of India (Actuarial Report and Abstracts

forLife Insurance Business)Regulations, 2016.

III.12.2 In the case of general insurers, Re-

insurers and Branches of Foreign Re-insurers,

the Required Solvency Margin shall be the

maximum of the ﬁfty percent of minimum capital

/ Assigned Capital requirement for the insurer or

reinsurer or Branches of Foreign Re-insurers; or

higher of -1 and -2 computed as underRSM RSM

foreach Line of Business separately:

-1 means the Required SolvencyRSM

Margin based on net premiums, and shall be

determined as twenty percent of the

amount which is higher of the Gross

Premiums multiplied by a Factor A and the

Net Premiums. For the purpose of

calculation of 1, 'Trailing 12 month'sRSM

premium' will be takeninto account.

 -2 means the Required SolvencyRSM

Margin based on net incurred claims, and

shall be determined as thirty percent of the

amount which is the higher of the Gross

Incurred Claims multiplied by a factor B and

the Net Incurred claims. For the purpose of

calculation of 2, Claims will be takenRSM

into account as maximum of 'Trailing 12

months Claims' and 'Trailing 36 months

Claims divided by 3'.

III.13 Adjudication of Disputes between

Insurersand Intermediaries or Insurance

Intermediaries:

III.13.1 As per Regulation 59(2) of IRDAI

(Insurance Brokers) Regulations, 2018, any

disputes arising between an insurance broker

and an insurer or any other person either in the

course of his engagement as an insurance broker

or otherwise may be referred to the by theIRDAI

person so aﬀected; and on receipt of the

complaint or representation, the mayIRDAI

examine the complaint and if found necessary

proceed to conduct an enquiry or an inspection or

an investigation in terms of these regulations.

III.14 Specifying the Percentage of Life

Insurance Business and General Insurance

Business to be undertaken by the Insurers

in the Ruraland Social Sector.

III.14.1 (Obligations of Insurers to RuralIRDAI

and Social Sectors) Regulations, 2015 was

notiﬁed on August 24, 2015 superseding the

IRDA (Obligations of Insurers to Rural and Social

Sectors) Regulations, 2002. The obligations

stated in these regulations are applicable since

FY 2016-17. As per the regulatory provisions, the

insurers should undertake the rural and social

sector obligations as prescribed therein, in every

ﬁnancial year.

Annual Report 2022-23

ORGANISATIONAL MATTERS

PART IV ORGANISATIONAL MATTERS:

IV ORGANIZATION.1.

IV.1.1 Shri. Debasish Panda ( :87) (Retd.),IAS UP

former Secretary, Department of Financial

Services was appointed as Chairperson of the

Authority by the Government of India for a period

ofthree years w.e.f14th March,2022.

Shri Parmod Kumar Arora, Whole-time Member

(Actuary) and Smt. S. N. Rajeswari, Whole-time

Member (Distribution) also continued in the

Authority during the period.

Smt. T.L. Alamelu, Whole-time Member (Non-

Life) and Shri K. Ganesh, Whole-time Member

(Life) continued and held the ofﬁce up to 6th May,

2022 and 30th July, 2022 respectively.

Shri Rakesh Joshi, appointed as Whole-time

Member (Finance & Investments) with eﬀect

from 22nd March, 2022.

Shri Thomas M. Devasia, appointed as Whole-

time Member (Non-Life) with eﬀect from 19th

September, 2022.

ShriBCPatnaik, appointed as Whole-time

Member(Life) with eﬀect from1st May, 2023.

IV.1.2 Shri Amit Agrawal, Additional Secretary,

Department of Financial Services, Ministry of

Finance, Government of India was appointed as

Part-time Member of the Authority with eﬀect

from 25th June, 2021 and held the ofﬁce up to

3rdJuly, 2022.

Shri Suchindra Misra, Additional Secretary,

Department of Financial Services, Ministry of

Finance, Government of India was appointed as

Part-time Member of the Authority with eﬀect

from 4th July, 2022 and held the ofﬁce up to 28th

June, 2023.

Dr. Maruthi Prasad Tangirala, Additional

Secretary, Department of Financial Services,

Ministry of Finance, Government of India was

appointed as Part-time Member of the Authority

with eﬀect from 28thJune, 2023.

CA (Dr.) Debashis Mitra, President, the Institute of

Chartered Accountants of India, became Part-

time Member of the Authority with eﬀect from

12th February, 2022 and continued up to 11th

February, 2023. Thereafter, Aniket Sunil Talati,CA

President, the Institute ofCharteredAccountants

of India, became Part-time Member of the

Authority with eﬀect from 12th February, 2023.

Table .1: Composition of the Authority as on March 31, 2023IV

Name Position Provision

Shri Debasish Panda Chairperson Appointed under Section 4(a) of the

IRDA Act, 1999

Shri Parmod Kumar Arora Whole-time Member

(Actuary)

Appointed under Section 4(b) of the

IRDA Act, 1999

Smt. S. N. Rajeswari Whole-time Member

(Distribution)

Appointed under Section 4(b) of the

IRDA Act, 1999

Shri Rakesh Joshi Whole-time

Member(Finance &

Investment)

Appointed under Section 4(b) of the

IRDA Act, 1999

Shri Thomas Devasia Whole-time Member

(Non-Life)

Appointed under Section 4(b) of the

IRDA Act, 1999

Shri Suchindra Misra

(Additional Secretary,

Department of Financial

Services, Ministry of Finance)

Part-time Member Appointed under Section 4(c) of the

IRDA Act, 1999

CA Aniket Sunil Talati

(President, the Institute of

Chartered Accountants of India)

Part-time Member Appointed under Section 4(c) of the

IRDA Act, 1999

Annual Report 2022-23

103

MEETINGS OF THE AUTHORITY

IV.1.3 During F.Y. 2022-23, the Authority met on three occasions.

Authority Meeting Date

119th Meeting of the Authority 26th July, 2022

120th Meeting of the Authority 25th November, 2022

121st Meeting of the Authority 25th March, 2023

The details of the meetings attended by each member are given in Table .2.IV

Table .2: Details of Meetings of the Authority held during 2022-23IV

Name

Number of

Meetings Held

Number of

Meetings Attended

Shri Debasish Panda 3 3

Shri K Ganesh 1** 1

Shri Parmod Kumar Arora 3 3

Smt. S. N Rajeswari 3 3

Shri Rakesh Joshi 3 3

Shri Thomas Devasia 2* 2

Shri Suchindra Misra (Additional Secretary, Department

of Financial Services, Ministry of Finance)

CA. (Dr.) Debashis Mitra (President, the Institute of

Chartered Accountants of India)

2** 2

CA Aniket Sunil Talati (President, the

Institute of Chartered Accountants of India)

1* 1

Note: *Number of meetings held after assuming charge.

** Number of meetings held during the year before demitting the ofﬁce.

IV.2 Human Resources

IV.2.1 General Administration and Human

Resources Department ( & ) is responsibleGA HR

for all activities related to Human Resource

Management and include addressing

requirement of human resources, planning,

developing, and administering policies and

programs designed for welfare of employees. To

strengthen employer-employee relationship, and

to encourage continuous professional

development of ofﬁcers, programs and

processes are implemented on regular basis.

During the year, a new framework of focussed

teams was introduced in the form of Mission

Mode Teams to build robust set of capabilities in

sync with the dynamically changing

requirementsofthe insurance sector.

Staﬀ Strength

IV.2.2 The staﬀ strength and the need for

additional manpower are reviewed from time to

time. The position of sanctioned and actual staﬀ

strengthas on March 31, 2023 is given in Table .3.IV

Table .3: Sanctioned and Actual Staﬀ Strength inIV IRDAI

Class As on March 31, 2022 As on March 31, 2023

Sanctioned Actual Sanctioned Actual

I 319 193 336 201

III IV&171500

Total 336 208 336 201

Annual Report 2022-23

104

Subsequent to the approval granted by the

Authority in its 119th meeting held on 26th July,

2022, with respect to the run oﬀ Senior Assistant

and Assistant Grade; and after promotion

exercise in 2022-23, the Class and positionsIII IV

stand withdrawn and has become ofﬁcer-IRDAI

Table .4: Category-wise Staﬀ Strength inIV IRDAI

oriented organization.

Category-wiseStaﬀ Strength

IV.2.3 The category-wise distribution of the staﬀ

members is providedinTable .4.IV

Category

Class

As on March 31, 2022 As on March 31, 2023

SC ST

Others Total

SC ST

Others Total

(10.88)

(3.63)

165

(85.49)

193

(100.00)

(11.94)

(3.98)

169

(84.08)

201

(100.00)

III & IV

(6.67)

(86.67)

(100.00)

00 0 0

Total

(10.58)

(3.85)

178

(85.58)

208

(100.00)

(11.94)

(3.98)

169

(84.08)

201

(100.00)

Note: Figures in brackets are percentage to total

Gender and Age Proﬁle ofEmployees

IV.2.4 Out of 201 employees, 46 are female

constituting 22.89 percent. is a young andIRDAI

dynamic organization with average age of

employees about 42 years. The age-wise

distribution of the staﬀ members in 2022-23 is

givenin Table .5.IV

Table .5: Age-wise Distribution ofIV

Staﬀ in IRDAI

Age (Years) Staﬀ Strength Percentage to Total

< 30 36 18.05

31 - 40 52 26.34

41 - 50 85 41.46

51 - 60 28 14.15

Total 201 100

Grade-wiseStaﬀ Strength

IV.2.5 The grade-wise distribution of staﬀ

members is providedinTable .6.IV

Table .6: Grade-wise Staﬀ Strength inIV IRDAI

Grades 2021-22 2022-23

Executive Director ( ) 1 4ED

Chief General Manager ( ) 6 10CGM

General Manager ( ) 19 26GM

Deputy General Manager ( ) 23 45DGM

Assistant General Manager ( ) 45 29AGM

Manager ( ) 27 71MGR

Assistant Manager ( ) 72 16AM

Assistant ( ) 14 0ASST

Senior Assistant ( ) 1 0SA

Total 208 201

Annual Report 2022-23

105

Chart .1: Grade-wise Distribution ofIV

Staﬀ in (2022-23)IRDAI

CGM

13%

DGM

22%

MGM

35%

AGM

15%

Training and Development

IV.2.6 Training and Development is critical for

helping employees to develop their personal and

professional skills, knowledge, and abilities. In

order to enhance and widen the knowledge base,

employees have been nominated for various

training programs. Several training initiatives

were undertaken during the year to enhance the

knowledge, skills and efﬁciencies of staﬀ

members.

In-houseTraining

Gyan Manch – A knowledge sharing

platform of IRDAI

IV.2.7 A Circular ref: /Admn/Cir/Misc/IRDAI

208/10/2022 dated 10th October, 2022 was

issued revamping the earlier 'Study Forum'. The

new, revamped forum is called “GyanManch”.

The topics for presentation in the Gyan Manch

relate to overall economy and ﬁnancial sector,

with bearing on insurance and technology. These

also include relevant issues of national and

international importance, global trends and

developments, innovations and emerging risks

impacting insurance.

DomesticTraining

IV.2.8 Training Program by College of

Supervisors (CoS), –RBI Ofﬁcers from

departments / Mission Mode Teams were

nominated to attend training programs during

the year conducted by College of Supervisors,

RBI.

IV RBSF.2.9TorontoCentre, -

IRDAI has entered into an Agreement with

Toronto Centre ( ) for development andTC

implementation of Risk Based Supervisory

Framework ( ) for insurance sector in India.RBSF

As part of the engagement, has conductedTC

capacity building sessions for 2 days in January

2023. The sessions will continue in the ensuing

months. Approximately 40 ofﬁcers of the

Authority have participated in the session, which

included topics such as elements of , driversRBS

of External and Inherent Risks in , etc. andRBS

related case studies.

OtherActivities

Revisionof Pay andAllowances

IV.2.10 As per the Circular ref: / /IRDAI HR CIR

/ /064/04/2022 dated: 11 April, 2022,PER

Revision of Pay and Allowances of the Employees

/ Ofﬁcers was carried out. Salaries of employees

shall be drawn on the revised pay scales basis.

Arrears of pay and allowance were with eﬀect

from November1, 2017.

Induction ofYoung Professionals

IV.2.11 Under young professional program, IRDAI

vide its notiﬁcation dated 02nd August, 2022

invited applications under 7 streams. i.e.

Actuarial, Finance & Investment, Law,

Technology, Research, Rural Management and

Communication from young professionals for a

tenure of one year with a provision of extension

up to two years. Following this, inducted 28IRDAI

candidates as young professionals. Projects

were assigned to 10 teams of young

professionals and on completion of the assigned

projects, they were allocated to diﬀerent

departments. As on 31st March, 2023 26 young

professionals are working in diﬀerent

departments.

Promotion Exercise

IV.2.12 As per the provisions of StaﬀIRDAI

(Ofﬁcers and Other Employees) Regulations,

2016, the promotion of employees at diﬀerent

grades was taken up in May'22 and in January'23

and eligible employees in the order of merit were

promoted to next grades.

Annual Report 2022-23

106

Business Process Re-engineering ( )BPR

Committee

IV.2.13 As a part of reform agenda with an

ambitious Vision-'Insurance for all' by 2047, a

Committee on 'Business Process Re-

engineering' was constituted under the

Chairmanship of Professor Venkat Changavalli,

Management Consultant and Member ( ). TheIAC

mandate for the Committee is to review the

present organizational structure, systems and

processes in the Authority and submit its

recommendations on achieving a better

alignment of the same with its long term vision.

The Committee had wide interactions across the

various departments and employees, and

submitted its report on 31 December, 2022.

Observanceof InternationalWomen's Day3

IV.2.14 International Women's Day ( ) 2023IWD

was celebrated with enthusiasm appreciating

achievements of women ofﬁcers in professional

and other ﬁelds.

Mission ModeTeams:-

IV.2.15 In a bid to further the vision of “Insurance

for all” by 2047, and in order to bring in reforms

and set an agenda, it was contemplated to revisit

the organizational structure based on

participative framework leading to unity in

objectives. The Ofﬁcers were asked to indicate

their areas of interest in existing work areas and /

or activities where they would want to work and

contribute, along with a plan indicating the goals

they would achieve as well as a plan of action.

The focused projects are as follows:

i. Developing ecosystem for InsurTech and

allied technologies for insurance sector;

ii. Strengthening Grievance Redressal

Mechanism, Development of appropriate

monitoring and feedback framework driven

by technology;

iii. Developing and implementing Risk Based

Supervisory Framework ( );RBSF

iv. Establishing framework for Risk Based

Capital ( );RBC

v. Strategies for implementing applicable

IFRS AS/Ind ;

Merging and Re-naming of the departments

IV.2.16 In terms of Regulation 4(3)(b) of IRDAI

Staﬀ (Ofﬁcers and Other Employees)

Regulations, 2016, the following departments

have been merged and / or re-named: -

i. Finance & Accounts (Life), Finance &

Accounts (Non-Life) and Investment

Departments have been merged and re-

named as Finance and Investment

Department.

ii. Consumer Aﬀairs and Communication

Departments have been merged and re-

named as Policyholders' Protection and

Grievance Redressal Department.

iii. Administration, , Estates, Library, ,HR IT OLI

and Accounts have been merged and re-

named as General Administration and HR

Dept.

iv. Sectoral Development Department has

been re-named as Insurance Inclusion and

Development Department.

v. Corporate Services Department has been

re-named as Board'sSecretariat.

Internal Committee forWomen Employees

IV.2.17 In terms of provisions of the Sexual

Harassment of Women at Workplace

(Prevention, Prohibition and Redressal) Act,

2013, the Internal Complaints Committee has

been reconstituted vide ofﬁce order ref:

IRDA HR ORD PER/ / / /222/08/2020 dated 27th

August, 2020 with a view to redressing the

complaints in this regard as also to ensure

compliance of various provisions laid down in the

Act. The Committee received one complaint in

Annual Report 2022-23

107

the year 2022-23 and report on the same was

submitted.

The Authority has organised Behavioural training

/ Management Development Program

comprising a session on 'Prevention of Sexual

Harassment of women at work place' for all staﬀ

members in the year 2021-22 and intends to

conduct similar programs periodically.

Grievance Redressal Committee

IV.2.18 The Grievance Redressal Committee

( ) was constituted in accordance withGRC

Regulation 72 of (Condition of Service ofIRDA

Ofﬁcers & Other Employees) Regulations, 2000,

on February 04, 2011, to look into grievances, if

any, of its Ofﬁcers and Employees. Regulation 78

of Staﬀ (Ofﬁcers and Other Employees)IRDAI

Regulations, 2016 prescribes the provisions and

process for Grievance redressal and welfare of

employees.

In pursuance of recommendation of National

Commission for Schedule Caste ( ), anNCSC

Internal Grievance Redressal Committee ( ) forIGC

employees belonging to Schedule Castes

community has been constituted on November

05, 2021.

IV PROMOTIONOF OFFICIALLANGUAGE.3

IV.3.1 Insurance Regulatory and Development

Authority of India ( ) has continued itsIRDAI

eﬀorts to increase use of Hindi fortransacting the

ofﬁcial work. Ofﬁcial Language Implementation

Wing is responsible for eﬀective compliance of

various statutory and legal provisions relating to

implementation of the ofﬁcial language. Special

eﬀorts have been made during the year to ensure

compliance of the Ofﬁcial Language Policy of the

Union laid down in the Constitution of India which

includes compliance of Ofﬁcial Languages Act,

1963, Ofﬁcial Language Rules, 1976, Annual

Programme of the Government of India as well as

directions issued under them by Department of

Ofﬁcial Language, Ministry of Home Aﬀairs. The

Annual Programme for Use of Hindi for the year

2022-23 has been disseminated through an

Ofﬁce Order for compliance.

IV.3.2 All the documents tabled in the Parliament

were bilingual. In compliance with Rule 5 of the

Ofﬁcial Languages Rules, 1976, replies to letters/

representations/appeals/ applicationsRTI

received in Hindi were issued in Hindi.

ProgressReports

IV.3.3 Quarterly Progress Report in the format

prescribed by the Department of Ofﬁcial

Language, Government of India was submitted to

Department of Ofﬁcial Language, Ministry of

Home Aﬀairs and Department of Financial

Services, Ministry of Finance. In addition, Half-

yearly Progress Report, Annual Progress Report

and Annual Appraisal Report were also submitted

to Town Ofﬁcial Language Implementation

Committee and concerned departments.

Achievementsand Prizes

IV.3.4 As against the target of 55 per cent in

respect of Hindi correspondence and 30 per cent

in respect of Hindi notings, the percentage of

Hindi correspondence was 77.23 and that of Hindi

notings was 83.28 per cent as on 31 March

2023.

IV.3.5 Insurance Regulatory and Development

Authority of India, Hyderabad has been awarded

Rajbhasha Kirti Puraskar 2022, Third Prize in

Region 'C' by Government of India on 14

September 2023for rendering meritorious work

in the ofﬁcial language implementation. IRDAI

has also been awarded First Prize by the Town

Ofﬁcial Language Implementation Committee

(Banks), Hyderabad for implementation of Hindi.

Six ofﬁcers have won prizes in various

competitions held under the auspices of .TOLIC

Annual Report 2022-23

108

IV.3.6 A Rajbhasha Technical Seminar was

organized by on 26 December 2022 fortheIRDAI

member ofﬁces of the . In addition to this, aTOLIC

Hindi Quiz Competition was also organized for the

Rajbhasha Ofﬁcers and employees of the

member ofﬁces of the City . Top levelOLIC

Executive Ofﬁcers of participated in the 74IRDAI

and 75 half-yearly meetings of the City Ofﬁcial

Language Implementation Committee (Banks),

Hyderabad. Besides, actively participatedIRDAI

in all the Seminars/ Workshops/ Competitions

organized by the City .A Guest Lecture wasOLIC

delivered by the Department of on theOLI IRDAI

subject “Process of Ofﬁcial Translation and

Notes” in the Regional Rajbhasha Conference of

the Rajbhasha Ofﬁcers of the New India

Assurance Company Limited on 03 March 2023.

As per the directives of the Department of Ofﬁcial

Language, Ministry of Home Aﬀairs, Government

of India vide Ofﬁce Memorandum No.

12027/03/2021 – O.L. (O-2) dated 26 July 2021

in regard to joining the City Ofﬁcial Language

Implementation Committee (Banks) addressed

to the Insurance Companies New Delhi Regional

Ofﬁce of has taken membership ofIRDAI TOLIC

(Banks) of New Delhi and Mumbai Regional Ofﬁce

of has taken membership of (Banks)IRDAI TOLIC

ofMumbai.

IV.3.7 Two ofﬁcers of participated in theIRDAI

One-day Workshop on 06 May 2022 and 3

ofﬁcers of participated in the HindiIRDAI

workshop on 23th September 2022, both

organized by the Financial Services Department.

Rajbhasha Ofﬁcer of participated in theIRDAI

Second All India Rajbhasha Conference

organized at Surat on 14 -15 September 2022.

th th

In addition to this, participated in the JointIRDAI

Regional Rajbhasha Conference and Prize

Distribution Function of Northern Region-1 and

Northern Region-2 organized on 03 November

2022 at Amritsar by Department of Ofﬁcial

Language, Ministry of Home Aﬀairs, Government

ofIndia.

HindiTraining

IV.3.8 Roster of employees was updated

according to the Hindi language knowledge and

training of the employees. This is particularly

utilised for nominating employees for training

programs of Pragya and Parangat conducted by

the Hindi Training Institute, Department of

Ofﬁcial Language, Ministry of Home Aﬀairs,

Government of India. During 2022-23, 37

employees weregiven Pragya and Parangat Hindi

knowledge training. As per the provisions of Hindi

training in the ofﬁce, all the employees who have

undergone training were given honorarium. For

the promotion of the use of Hind, 09 employees

have been trained through Desk Training

Rajbhasha Ofﬁcer of has undergoneIRDAI

training in Advance translation organized by the

CentralTranslation Bureau from 9 January 2023

to 13 January 2023.

HindiWorkshops and Meetings

IV.3.9 Ofﬁcial Language Implementation

Committee has been constituted under the

chairmanship of the Chairman with all the heads

of departments as members, and review

meetings have been organized every quarter.

Ofﬁcial Language Implementation Committees

have also been constituted at New Delhi and

Mumbai Regional Ofﬁces. Hindi workshops were

conducted regularly to make the employees

familiar with the rules related to Hindi and Hindi

typing with the help of Unicode and other easy to

use methods in order to make more extensive use

of Hindi in their day-to-day work. During 2022-23,

98 employees of Head Ofﬁce at Hyderabad were

trained through these workshops. Hindi

Workshops were also organised at New Delhi

Regional Ofﬁces and Mumbai Regional Ofﬁce

wherein 23 and 12 employees were imparted

training respectively. During the Hindi

Workshops, material pertaining to rules in regard

to Hindi, the annual programme issued and

Annual Report 2022-23

109

material in respect of general Hindi notings were

distributed.

Inspection of the Ofﬁcial Language

implementation

IV.3.10 During February-March 2023, the Ofﬁcial

Language Department of the Head Ofﬁce

undertook an inspection of the implementation

of the ofﬁcial language in all the departments of

the Head Ofﬁce as well as the Mumbai Regional

Ofﬁce and New Delhi Regional Ofﬁce.

Hindi Fortnight

IV.3.11 Hindi fortnight was celebrated at the

Head Ofﬁce as well as the Regional Ofﬁces from

14th to 30th September 2022, which was

inaugurated by Hon’ble Home Minister Shri Amit

Shah Ji in a centralized manner from the All India

Rajbhasha Conference, Surat. All the personnel of

the Ofﬁce witnessed this Inaugural Function.

During this fortnight, essay writing, story writing,

translation, ofﬁcial language policy and Hindi

noting competition (for Deputy General

Managers and above grades), remembrance,

recitation of poetry, extempore speech, quiz

(Prashnottari), Antakshari, Meaningful Hindi

words, singing of songs/ brief plays based on

Azadi ka Amrit Mahotsav as well as online

typewriting through special software were

organized. A competition on the ofﬁcial language

policy and Hindi Notings for Deputy General

Managers and above was organized among these

competitions wherein 34 Senior ofﬁcers

participated including one executive director, 2

Chief General Managers and 11 General

Managers. In the Fortnight, the departments

winning the maximum number of prizes and

those with maximum participation were also

rewarded. In the Valedictory Function, 83 ofﬁcers

and 2 departments were rewarded. Hindi

Fortnight was organized successfully.

Other Information.

IV.3.12 For promotion of Hindi, 109 Hindi books

written by prominent writers were added to the

library of this yearand the budget allocationIRDAI

for Hindi books is being enhanced every year

continuously. The Department of Ofﬁcial

Language actively extended co-operation in

providing all the relevant subjects in Hindi and

other regional languages with an intention of

increasing insurance awareness. In , 50 perIRDAI

cent and more of the total amount on

advertisements was incurred for the

advertisements in Hindi and other regional

languages.

IV INFORMATION TECHNOLOGY.4

IV.4.1 As a part of constant endeavour to improve

the efﬁciency and eﬀectiveness of systems,IT

IRDAI has taken several steps during the current

ﬁnancial year.

BusinessAnalyst Project ( )BAP

IV.4.2 Business Analytics Project is the

application for oﬀsite regulatory monitoring

developed by which is being managed by aIRDAI

Service Provider. The hardware and supporting

software for said application was upgraded to

latest technology for seamless experience to

BAPusers.

Human Resource Management System

()HRMS

IV.4.3 A new vendor was selected through RFP

(request for proposal) for andSAP ERP AMC FIORI

implementation services for Application.HRMS

InternalApplications

IV.4.4 During the year, the following activities

were carried out:

new website went live. IRDAI

Maintenance and support for Cross Border

Reinsurance, , applications.IMF ISNP

Annual Report 2022-23

110

Information and Cyber Security for Insurers

IV.4.5 Following steps were undertaken for

strengthening the information and cyber security

of Regulated Entities:

Committee constituted to review 's IRDAI

Information and Security guidelines dated

07 Apr, 2017, had submitted its

recommendations to the Authority.

Updated Information and CyberIRDAI

Security Guidelines, 2023 wereissued.

security of insurers is strengthened IT

through enhanced monitoring of Annual

Assurance Audit Reports submitted and

follow–ups on closure of gaps observed

therein.

Advisories issued to Insurers from time-to-

time to keep up with the evolving

challenges and better management of

cybersecurity threats.

Strengthening of Internal Information and

Cyber Security

IV.4.6 (Vulnerability Assessment andVAPT

Penetration Testing) for entire infrastructureICT

of for public facing and internal applicationsIRDAI

was conducted to identify and close gaps for

strengthening cybersecurity.IRDAI

IV.4.7 Information Security policies andIRDAI

procedures, Cyber Crises Management Plan put

in place to strengthen security andIRDAI IT

procedures.

IV.4.8 Cyber Jaagrookta Diwas ( ) conductedCJD

regularly for improving awareness of employees

w.r.tcybersecurity hygiene and best practices.

IV.5Accounts

IV.5.1 The accounts of the Authority for the

Financial Year 2022-23 have been submitted to

the Comptroller and Auditor General of India

(C& ) for audit and certiﬁcation.AG The audited

accounts forthe Financial Year 2021-22were laid

before the Lok Sabha on March 13, 2023 and

before the Rajya Sabha on March 14, 2023, in

terms of Section 17 ofThe Act, 1999.IRDA

IV ACKNOWLEDGEMENTS.6

IV.6.1 would like to place on record itsIRDAI

appreciation and sincere thanks to the Members

of the Authority, Members of the Insurance

Advisory Committee, the Reinsurance Advisory

Committee, Department of Financial Services

(Ministry of Finance), Members of the

Consultative Committee, all insurers and

intermediaries for their invaluable guidance and

co-operation in its proper functioning; and to the

compact team ofofﬁcers and employees of IRDAI

for efﬁcient discharge of their duties. The

Authority also records its special thanks to the

members of the public, the press, all the

professional bodies and international agencies

connected with the insurance profession

through their councils, including the

International Association of Insurance

Supervisors ( ) for their valuable contributionIAIS

from time to time.

Annual Report 2022-23

111

STATEMENTS

STATEMENT 1

INTERNATIONAL COMPARISON OF INSURANCE PENETRATION

* Data pertains to the calendar year 2021 & 2022.

# Data pertains to Financial year 2021-22 & 2022-23

Note: Insurance penetration is measured as ratio of premium (in Dollars) to (in Dollars)US GDP US

Source: Swiss Re, Sigma Reports on World Insurance 4/2022 and 3/2023

(In per cent)

Life Non-Life Total Life Non-Life Total

Annual Report 2022-23

115

S. No. Country* 2021 2022

America

1 2.6 9.1 11.7 2.6 9.0 11.6USA

2 Canada 3.3 4.8 8.1 3.3 4.6 8.0

3 Brazil 2.1 1.7 3.9 2.1 1.9 4.0

4 Mexico 1.2 1.3 2.5 1.1 1.3 2.4

5 Argentina 0.3 1.9 2.2 0.2 1.8 2.0

Europe-Middle East-Africa

6 South Africa 10.0 2.2 12.2 9.1 2.2 11.3

7 8.9 2.2 11.1 8.1 2.4 10.5UK

8 Sweden 5.8 1.9 7.6 7.5 1.8 9.3

9 France 6.1 3.4 9.5 5.5 3.3 8.7

10 Netherlands 1.4 7.7 9.1 1.2 7.3 8.5

11 Italy 6.9 2.2 9.1 5.8 2.2 8.0

12 Switzerland 3.1 4.0 7.1 3.0 4.0 6.9

13 Germany 2.6 3.9 6.5 2.4 3.5 5.9

14 Spain 2.0 3.2 5.1 2.0 2.8 4.9

15 Turkey 0.2 1.1 1.3 0.2 1.3 1.5

16 Saudi Arabia 0.1 1.3 1.3 0.0 1.2 1.3

17 Russia 0.4 0.9 1.3 0.3 0.6 0.9

Asia Paciﬁc

18 Taiwan 11.6 3.2 14.8 8.2 3.1 11.4

19 South Korea# 5.8 5.2 10.9 5.4 5.8 11.1

20 Singapore 7.5 1.8 9.3 7.4 1.8 9.2

21 Japan# 6.1 2.2 8.4 5.9 2.3 8.2

22 Thailand 3.4 1.9 5.4 3.4 1.9 5.3

23 Malaysia# 3.9 1.4 5.3 3.7 1.3 5.0

24 Australia 1.0 3.5 4.4 0.9 3.3 4.2

25 India# 3.2 1.0 4.2 3.0 1.0 4.0

26 China 2.1 1.9 3.9 2.0 1.9 3.9

27 New Zealand 0.8 4.0 4.8 0.8 3.0 3.8

28 Indonesia 1.1 0.5 1.6 0.9 0.5 1.4

29 Pakistan 0.5 0.2 0.7 0.6 0.3 0.8

World 3.0 3.9 7.0 2.8 4.0 6.8

STATEMENT 2

INTERNATIONAL COMPARISION OF INSURANCE DENSITY

* Data pertains to the calendar year 2021 & 2022.

# Data pertains to Financial year 2021-22 & 2022-23

Note: Insurance penetration is measured as ratio of premium (in Dollars) to Total PopulationUS

Source: Swiss Re, Sigma Reports on World Insurance 4/2022 and 3/2023

(In )USD

S. No. Country* 2021 2022

America

1 1,837 6,356 8,193 2,017 6,868 8,885USA

2 Canada 1,697 2,520 4,217 1,840 2,552 4,392

3 Brazil 160 130 290 184 168 352

4 Argentina 31 207 238 29 252 281

5 Mexico 115 131 247 118 146 265

Europe-Middle East-Africa

6 Switzerland 2,866 3,744 6,610 2,730 3,634 6,364

7 Sweden 3,478 1,119 4,597 4,203 976 5,180

8 4,234 1,039 5,273 3,669 1,111 4,781UK

9 Netherlands 805 4,497 5,301 657 4,074 4,731

10 France 2,654 1,486 4,140 2,239 1,339 3,578

11 Germany 1,321 1,992 3,313 1,182 1,699 2,881

12 Italy 2,467 785 3,253 1,966 750 2,716

13 Spain 591 960 1,551 601 832 1,433

14 South Africa 698 154 852 614 149 764

15 Saudi Arabia 13 299 312 14 393 407

16 Turkey 22 102 124 21 133 154

17 Russia 49 111 160 47 87 134

Asia Paciﬁc

18 Singapore 5,414 1,327 6,742 6,074 1,489 7,563

19 Taiwan 3,772 1,032 4,804 2,656 1,006 3,662

20 South Korea# 1,971 1,764 3,735 1,705 1,836 3,541

21 Australia 623 2,195 2,817 609 2,149 2,758

22 Japan# 2,347 855 3,202 1,942 748 2,690

23 New Zealand 403 1,936 2,339 373 1,395 1,768

24 Malaysia# 444 157 600 432 159 592

25 China 253 229 482 255 234 489

26 Thailand 246 141 387 235 134 369

27 India# 69 22 91 70 22 92

28 Indonesia 48 22 70 43 26 68

29 Pakistan 7 4 11 8 4 12

World 382 492 874 354 499 853

Life Non-Life Total Life Non-Life Total

Annual Report 2022-23

116

STATEMENT 3

PREMIUM UNDERWRITTEN BY LIFE INSURERS ^

( Crore)

S. No. 2021-22 2022-23INSURER

1 Aditya Birla Sun Life Insurance Co. Ltd. 12,140.23 15,069.69

2 Aegon Life Insurance Co. Ltd. 416.46 369.95

3 Ageas Federal Life Insurance Co. Ltd. 2,207.30 2,289.00

4 Aviva Life Insurance Co. Ltd. 1,268.15 1,317.45

5 Bajaj Allianz Life Insurance Co. Ltd. 16,127.05 19,461.43

6 Bharti Life Insurance Co. Ltd. 2,601.56 2,920.58AXA

7 Canara Life Insurance Co. Ltd. 5,889.92 7,197.38HSBC

8 Edelweiss Tokio Life Insurance Co. Ltd. 1,464.20 1,690.47

9 Exide Life Insurance Co. Ltd.* 3,767.96 *NA

10 Future Generali Life Insurance Co. Ltd. 1,433.54 1,758.01

11 Life Insurance Co. Ltd. 45,962.83 57,533.42HDFC

12 Prudential Life Insurance Co. Ltd. 37,457.99 39,932.78ICICI

13 IndiaFirst Life Insurance Co. Ltd. 5,186.56 6,074.53

14 Kotak Mahindra Insurance Co. Ltd. 13,015.11 15,320.46

15 Max Life Insurance Co. Ltd. 22,414.17 25,341.91

16 Metlife Life India Insurance Co. Ltd. 7,348.26 8,785.21PNB

17 Pramerica Life Insurance Co. Ltd. 1,098.78 1,495.39

18 Reliance Nippon Life Insurance Co. Ltd. 5,036.57 5,122.10

19 Sahara India Life Insurance Co. Ltd. 61.44 44.19

20 Life Insurance Co. Ltd. 58,759.64 67,315.60SBI

21 Shriram Life Insurance Co. Ltd. 2,349.60 2,546.40

22 Star Union Dai-ichi Life Insurance Co. Ltd. 4,136.80 5,746.37

23 Tata Life Insurance Co. Ltd. 14,445.03 20,503.50AIA

Private Total 264,589.17 307,835.83

(17.36) (16.34)

24 Life Insurance Corporation of India 428,024.97 474,668.14

(6.13) (10.90)

Industry Total 692,614.14 782,503.97

(10.16) (12.98)

Note: Figures in the brackets represent the growth over the previous year in per cent.

*Takeover of Exide Life Insurance Co. Ltd. by Life Insurance Co. Ltd.HDFC

^ Premium underwritten within India

Annual Report 2022-23

117

STATEMENT 4

LINKED AND NON LINKED PREMIUM OF LIFE INSURERS FOR- 2022-23

( Crore)

Annual Report 2022-23

118

First Year

Single

Renewal

First Year

Single

Renewal

Total

Premium

Total

Premium

First Year

Single

New

Business

(First Year

+ Single)

New

Business

(First Year

+ Single)

New

Business

(First Year

+ Single)

Renewal

S. No.

Insurer

Linked Premium

Non-Linked Premium

Total Premium

Total

Premium

Aditya Birla Sun Life Insurance Co. Ltd.

523.59 1,367.26

1,890.84

1,944.95

3,835.79

2,712.39

3,069.51

5,781.90

5,452.00

11,233.90

3,235.98

4,436.77

7,672.74

7,396.94

15,069.69

Aegon Life Insurance Co. Ltd.

0.04

0.03

0.07

71.94

72.00

1.70

9.68

11.38

286.56

297.94

1.75

9.71

11.45

358.50

369.95

Ageas Federal Life Insurance Co. Ltd.

111.92

206.79

318.72

337.91

656.63

338.16

254.53

592.68

1039.69

1632.37

450.08

461.32

911.40

1,377.60

2,289.00

Aviva Life Insurance Company India Ltd.

129.15

5.49

134.64

224.66

359.30

170.07

34.35

204.42

753.73

958.15

299.22

39.84

339.06

978.39

1317.45

Bajaj Allianz Life Insurance Co. Ltd.

1,613.77

572.95

2,186.72

3,500.69

5,687.41

3,544.39

5,006.68

8,551.07

5,222.96

13,774.03

5,158.16 5,579.63

10,737.79

8,723.65

19,461.43

Bharti Life Insurance Co. Ltd.AXA

66.34

38.60

104.94

177.43

282.37 696.05

215.29

911.35

1726.86 2,638.21

762.39

253.90

1016.29 1,904.29

2,920.58

Canara Life Insurance Co. Ltd.HSBC

649.01

26.51

675.52 1,301.06

1,976.58

988.44

2052.68

3041.12 2,179.69

5,220.80

1,637.45

2,079.19

3,716.64

3,480.75

7,197.38

Edelweiss Tokio Life Insurance Co. Ltd.

57.45

13.91

71.35

256.54

327.90

443.96

28.27

472.23

890.34

1,362.57

501.41

42.18

543.59 1,146.88

1,690.47

Future Generali India Life Insurance Co. Ltd.

23.37

3.62

26.99

69.60

96.59

652.87

19.21

672.07

989.35

1661.42

676.24

22.83

699.07

1058.95

1758.01

HDFC Life Insurance Co. Ltd.

2,067.64

1,524.23 3,591.87 8,807.73

12,399.60

9,256.28

16,236.99

25,493.27

19,640.56

45,133.83 11,323.

17,761.22

29,085.14

28,448.28

57,533.42

ICICI Prudential Life Insurance Co. Ltd.

2,834.88 1,431.03

4,265.91

14,368.67

18,634.58

3,658.95

9,487.66

13,146.61

8,151.59 21,298.20 6,493.83 10,918.69

17,412.52

22,520.26

39,932.78

IndiaFirst Life Insurance Co. Ltd.

424.91

95.10

520.01

1,018.19

1,538.19

1,277.79

1,160.88

2,438.67

2,097.67

4,536.34

1,702.70

1,255.98

2,958.68

3,115.86 6,074.53

Kotak Mahindra Life Insurance Co. Ltd.

1,162.06

798.62

1,960.67

1,394.69

3,355.36 2,561.1

3,146.86

5,708.00

6,257.10

11,965.10

3,723.19

3,945.48

7,668.67

7,651.79

15,320.46

Max Life Insurance Co. Ltd.

1,724.81

57.97

1,782.78

4,742.40

6,525.18

4,174.77

3,002.05

7,176.82 11,639.91

18,816.73

5,899.58

3,060.02

8,959.60

16,382.31 25,341.

PNB MetLife India Insurance Co. Ltd.

554.91

63.11

618.02

1,010.85

1,628.87

1,758.65

842.75

2,601.40

4,554.94

7,156.34

2,313.56

905.86 3,219.42

5,565.79

8,785.21

Pramerica Life Insurance Co. Ltd.

11.36

6.28

17.64

24.21

41.85

142.12

538.65

680.76

772.78

1,453.54

153.48

544.93

698.41

796.99

1,495.39

Reliance Nippon Life Insurance Co. Ltd

248.24

7.65

255.89

787.56

1043.45

833.50

36.12

869.62

3,209.03

4,078.65

1081.74

43.77

1,125.50 3,996.60

5,122.10

Sahara India Life Insurance Co. Ltd.

0.00

1.11

0.00

43.08

0.00

44.19

SBI Life Insurance Co. Ltd.

9,033.49

2,143.03

11,176.52 24,876.

36,053.49

6,163.58 12,248.50 18,412.08

12,850.04

31,262.12 15,197.07

14,391.53 29,588.60

37,727.01

67,315.60

Shriram Life Insurance Co. Ltd.

20.44

17.20

37.64

23.03

60.66

665.22

449.83

1115.05

1,370.68

2,485.73

685.66

467.03

1,152.68

1,393.71

2,546.40

Star Union Dai-ichi Life Insurance Co. Ltd.

187.77

59.05

246.83

351.22

598.04

2,008.26

862.93

2,871.18

2,277.14

5,148.32

2,196.03

921.98

3,118.01

2,628.35

5,746.37

Tata Life Insurance Co. Ltd.AIA

2,076.69

129.61

2,206.30 2,626.20

4,832.50 5,264.62

1,069.04

6,333.66

9,337.34

15,671.00

7,341.32

1,198.65

8,539.97

11,963.54

20,503.50

Private Total

2,3521.84 8,568.02

32,089.86

67,917.59

10,0007.45

47,312.91

59,772.45

10,7085.36 10,0743.02

20,7828.38

70,834.75

68,340.47

1,39,175.22 1,68,660.61

3,07,835.83

23 Life Insurance Corporation of India

588.82 3,197.66

3,786.49

1,161.96

4,948.45

38,501.12 18,9762.99

22,8264.11 24,1455.58

46,9719.69

39,089.94

1,92,960.65

2,32,050.60

2,42,617.54

4,74,668.14

Industry Total

24,110.66

11,765.68

35,876.35 69,079.55

1,04,955.90

85,814.03

2,49,535.44

3,35,349.47

3,42,198.60

6,77,548.07

1,09,924.69

2,61,301.13 3,71,225.82 4,11,278.15 7,82,503.

STATEMENT 5

SEGMENT WISE TOTAL PREMIUM OF LIFE INSURERS- (2022-23)

( Crore)

LINKED INDIVIDUAL AND GROUP()

First Year

Renewal

Single

Total

First Year

Renewal

Single

Total

Grand Total

Percentage

Annuity

Health

(0.01)

146.61

146.60

0.14

Life

20,329.47

60,615.30

10,533.97

91,478.74

0.78

91,479.51

87.16

Pension

3,781.20

8,316.82

1,231.71

13,329.74

0.05

13,329.79

12.70

Variable

Total

24,110.66

69,078.73

11,765.68

104,955.07

0.83

104,955.90

100.00

First Year

Renewal

Single

Total

First Year

Renewal

Single

Total

Grand Total

Percentage

Annuity

2,206.54

536.33 30,891.98

33,634.85

2.48

33,637.33

4.96

Health

104.60

484.15

5.84

594.58

0.09

Life

35,639.49

64,211.90

82,177.44

182,028.83

42,701.72

273,017.07

7,993.95

323,712.74

505,741.57

74.64

Pension

4,884.22

2,419.64

126,764.05

134,067.91

35.11

1,176.54

16.12

1,227.76

135,295.68

19.97

Variable

36.17

48.03

1,673.44

1,757.65

206.18

302.46

12.62

521.27

2,278.91

0.34

Total

42,871.02

67,700.06

241,512.75

352,083.82

42,943.01

274,498.54

8,022.70

325,464.25

677,548.07

100.00

First Year

Renewal

Single

Total

First Year

Renewal

Single

Total

Grand Total

Percentage

Annuity

Health

Life

Pension

Variable

Total

Type

Non-Participating

Participating

Both

Type

Non-Participating

Participating

Both

Type

Non-Participating

Participating

Both

NON LINKED INDIVIDUAL AND GROUP-( )

LINKED NON LINKED INDIVIDUAL AND GROUPand - ( )

2,206.54

104.59

55,968.95

8,665.43

36.17

66,981.68

536.33

630.76

124,827.20

10,736.46

48.03

136,778.78

30,891.98

33,634.85

2.48

33,637.33

4.30

5.84

741.18

0.09

92,711.41

273,507.56

42,701.72

273,017.85

7,993.95

323,713.52

597,221.08

76.32

127,995.77

147,397.65

35.11

1,176.59

16.12

1,227.81

148,625.46

18.99

1,673.44

1,757.65

206.18

302.46

12.62

521.27

2,278.91

0.29

253,278.43

457,038.89

42,943.01

274,499.37

8,022.70

325,465.08

782,503.97

100.00

Annual Report 2022-23

119

STATEMENT 6

EQUITY SHARE CAPITAL OF LIFE INSURERS

( Crore)

*Takeover of Exide Life Insurance Co. Ltd. by Life Insurance Co. Ltd.HDFC

No.

Insurer

As on March

31, 2022

Infusion

during the

year

As on March

31, 2023

Indian

Promoter

Foreign

Investor

Foreign

Investment

Aditya Birla Sun Life Insurance Co. Ltd.

1,901.21

37.02

1,938.23

988.50 949.73 49.00

Aegon Life Insurance Co. Ltd.

1,477.73

753.64 724.09 49.00

Ageas Federal Life Insurance Co. Ltd.

800.00

800.00 208.00 592.00 74.00

Aviva Life Insurance Co. Ltd.

2,004.90

185.00

2,189.90

569.37

1,620.53

74.00

Bajaj Allianz Life Insurance Co. Ltd.

150.71

150.71 111.52 39.18 26.00

Bharti Life Insurance Co. Ltd.AXA

3,426.20

280.00

3,706.20 1,890.16 1,816.04

49.00

Canara Life Insurance Co. Ltd.HSBC

950.00

950.00 703.00 247.00 26.00

Edelweiss Tokio Life Insurance Co. Ltd.

665.55 250.00

915.55

687.43 228.12

24.92

Exide Life Insurance Co. Ltd.*

1,850.00

(1,850.00)

--- -

Future Generali Life Insurance Co. Ltd.

2,145.82

300.00

2,445.82

675.86

1,769.96

72.37

HDFC Life Insurance Co. Ltd.

2,112.62

36.78

2,149.40 1,464.03

685.37 31.89

ICICI Prudential Life Insurance Co. Ltd.

1,437.31

1.27

1,438.57

870.73 567.84 39.47

IndiaFirst Life Insurance Co. Ltd.

663.46 90.91 754.37 558.23 196.14 26.00

Kotak Mahindra Life Insurance Co. Ltd.

510.29

510.29 510.29

Max Life Insurance Co. Ltd.

1,918.81

1,918.81 1,918.81

PNB MetLife Insurance Co. Ltd.

2,012.88

2,012.88 1,028.27

984.61 48.92

Pramerica Life Insurance Co. Ltd.

374.06

374.06 190.77 183.29 49.00

Reliance Nippon Life Insurance Co. Ltd.

1,196.32

610.13 586.20 49.00

Sahara India Life Insurance Co. Ltd.

232.00

232.00 232.00

SBI Life Insurance Co. Ltd.

1,000.04

0.85

1,000.89

696.16 304.73 30.45

Shriram Life Insurance Co. Ltd.

179.38

(1.53)

177.85 102.46 75.39 42.39

Star Union Dai-ichi Life Insurance Co. Ltd.

258.96 80.00 338.96 183.24 155.72

45.94

Tata Life Insurance Co. Ltd.AIA

1,953.50

996.28 957.22 49.00

Private Total

29,221.75

(589.70)

28,632.05 15,948.91 12,683.15

44.30

Life Insurance Corporation of India

6,325.00

6,325.00 6,325.00

Total

35,546.75

(589.70)

34,957.05 22,273.90 12,683.15

36.28

Annual Report 2022-23

120

STATEMENT 7

GROSS DIRECT PREMIUM OF GENERAL HEALTH INSURERS WITHIN OUTSIDE INDIA&(&)

Note:

NA indicates that insurer's business was not in operation during the corresponding ﬁnancial year.

Reclassiﬁcation/Regrouping in the previous year's ﬁgures, if any, by the insurer has not been considered.

# Takeover of Reliance Health Insurance portfolio by Reliance General Insurance

$ Started Business Operations in 2023-24FY

Note: Figures in the brackets represent the growth over the previous year in per cent.

S. No Insurer 2021-22 2022-23

1 Acko General Insurance Co. Ltd. 988.21 1,509.41

2 Bajaj Allianz General Insurance Co. Ltd. 13,688.59 15,336.64

3 Cholamandalam General Insurance Co. Ltd. 4,824.12 6,155.99MS

4 Future Generali India Insurance Co. Ltd. 4,137.98 4,546.24

5 Go Digit General Insurance Co. Ltd. 4,673.94 6,160.08

6 General Insurance Co. Ltd. 13,497.55 16,635.81HDFC ERGO

7 Lombard General Insurance Co. Ltd. 17,976.87 21,025.09ICICI

8 Tokio General Insurance Co. Ltd. 8,452.91 9,870.95IFFCO

9 Kotak Mahindra General Insurance Co. Ltd. 742.47 1,134.09

10 Kshema General Insurance Co. Ltd.$ - -

11 Liberty General Insurance Co. Ltd. 1,506.46 1,957.33

12 Magma General Insurance Co. Ltd. 1,757.17 2,534.12HDI

13 Navi General Insurance Co. Ltd. 106.57 70.59

14 Raheja General Insurance Co. Ltd. 375.83 379.94QBE

15 Reliance General Insurance Co. Ltd. 9,408.96 10,339.01

16 Royal Sundaram General Insurance Co. Ltd. 2,866.59 3,379.75

17 General Insurance Co. Ltd. 9,166.22 10,828.40SBI

18 Shriram General Insurance Co. Ltd. 1,752.95 2,265.78

19 Tata General Insurance Co. Ltd. 10,024.97 13,176.01AIG

20 Universal Sompo General Insurance Co. Ltd. 3,456.12 4,103.09

21 Zuno General Insurance Co. Ltd 348.88 533.51

Private Total 109,753.37 131,941.83

(11.99) (20.22)

22 National Insurance Co. Ltd. 13,076.83 15,205.85

23 The New India Assurance Co. Ltd. 35,515.93 37,482.04

24 The Oriental Insurance Co. Ltd. 14,020.43 15,992.61

25 United India Insurance Co. Ltd. 15,722.25 17,644.31

Public Sector Insurers Total 78,335.45 86,324.81

(4.15) (10.20)

26 Agriculture Insurance Co of India Ltd 13,940.21 14,619.79

27 Export Credit Guarantee Corporation of India Ltd. 1,106.62 1,197.53

Specialized Insurers Total 15,046.83 15,817.32

(14.73) (5.12)

28 Aditya Birla Health insurance Co. Ltd. 1,726.67 2,717.03

29 Care Health Insurance Co. Ltd. 3,880.91 5,141.53

30 ManipalCigna Health Insurance Co. Ltd. 986.18 1,359.79

31 Niva Bupa Health InsuranceCo. Ltd. 2,809.97 4,073.03

32 Reliance Health Insurance Co. Ltd. # (0.02) -

33 Star Health and Allied Insurance Co. Ltd. 11,463.47 12,952.47

Standalone Health Insurers Total 20,867.18 26,243.85

(32.45) (25.77)

Grand Total 224,002.82 260,327.82

(10.85) (16.22)

( Crore)

Annual Report 2022-23

121

( Crore)

2021-22

2022-23

2021-22

2022-23

2021-22

2022-23

2021-22

2022-23

2021-22

2022-23

2021-22

2022-23

Acko General Insurance Co. Ltd.

0.02

(0.02)

510.75

659.96

407.12

736.00

70.32

113.47

988.21

1,509.41

Bajaj Allianz General Insurance Co. Ltd.

1,916.44

2,158.64

211.75

286.60

4,844.52 5,348.55 3,381.26 3,372.78

3,334.62

4,170.07

13,688.59

15,336.64

Cholamandalam General Insurance Co. Ltd.MS

495.11

660.56

94.52 123.04

3,427.13

4,345.12

691.17 893.28 116.21 133.99

4,824.12 6,155.99

Future Generali India Insurance Co. Ltd.

456.49

481.82 84.44

109.39

1,617.00

1,701.06

669.58

879.61

1,310.47

1,374.36

4,137.98

4,546.24

Go Digit General Insurance Co. Ltd.

260.36

417.36

13.97

34.66

3,008.77

4,000.27

675.94

933.33 714.91

774.45

4,673.94

6,160.08

General Insurance Co. Ltd.HDFC ERGO

1,330.35

1,710.01

173.44

219.85

3,549.00

4,644.38

4,940.65

5,716.43

3,504.10 4,345.13 13,497.55

16,635.81

ICICI Lombard General Insurance Co. Ltd.

2,749.52

3,052.48

625.04

744.29

8,280.09

8,582.27 4,006.91

5,592.29 2,315.31 3,053.76

17,976.87

21,025.09

IFFCO Tokio General Insurance Co. Ltd.

924.72

944.73

252.19 302.13

3,702.65

4,133.56 1,859.56

2,169.52

1,713.79

2,321.01

8,452.91

9,870.95

Kotak Mahindra General Insurance Co. Ltd.

50.95

70.42

4.90

17.59

388.03

515.89

275.53 483.37

23.06

46.83

742.47

1,134.09

Kshema General Insurance Co. Ltd.#

Liberty General Insurance Co. Ltd.

92.13

82.93

39.12

38.84 994.97

1,382.55

274.63

313.11 105.60

139.91

1,506.46

1,957.33

Magma General Insurance Co. Ltd.HDI

229.78

317.68

23.91

33.26

1,316.02

1,860.50

112.88 251.99

74.57

70.70

1,757.17

2,534.12

Navi General Insurance Co. L

td.

18.59

(0.69)

43.00

27.71

42.46

43.55

2.52

0.02

106.57

70.59

Raheja General Insurance Co. Ltd.QBE

15.08

22.29

0.01

277.36

273.66

5.06

14.56

78.31

69.43

375.83

379.94

Reliance General Insurance Co. Ltd.

938.13

1,004.32

108.20 128.47

3,844.50 4,036.22

1,120.93

1,560.54

3,397.19

3,609.45

9,408.96

10,339.01

Royal Sundaram General Insurance Co. Limited

290.46

294.91

45.97

51.66

2,025.96

2,470.94

425.72

475.98

78.48

86.27

2,866.59 3,379.75

SBI General Insurance Co. Ltd.

1,350.94

1,618.94

62.24 84.02

2,517.07

2,710.68

2,735.09

3,293.86 2,500.88

3,120.91

9,166.22 10,828.40

Shriram General Insurance Co. Ltd.

55.55

79.60

1.64

2.01

1,631.15 2,085.21

31.71

60.78

32.90

38.17

1,752.95

2,265.78

Tata General Insurance Co. Ltd.AIG

1,633.08

1,880.38

543.30 679.75

5,131.61

6,692.85

1,930.04

2,770.21

786.94

1,152.82 10,024.97

13,176.01

Universal Sompo General Insurance Co. Ltd.

211.19

222.87 45.62

46.49

1,357.46

1,819.12

548.15 488.88

1,293.70

1,525.73

3,456.12

4,103.09

Insurer

Fire

Marine

Motor

Health+Personal Accident

Others

Total

Zuno General Insurance Co. Ltd.

17.20

27.20

2.91

1.12

197.48

299.63

126.40

197.37

4.90

8.18 348.88

533.51

Private Sector Insurer Total

13,036.08

15,046.44

2,333.18 2,903.17 48,664.50 57,590.14

24,260.83

30,247.44

21,458.78

26,154.66

109,753.37

131,941.83

&()SEGMENT WISE GROSS DIRECT PREMIUM INCOME OF GENERAL HEALTH INSURERS WITHIN INDIA

STATEMENT 8

Annual Report 2022-23

122

Contd... 8STATEMENT

Note:

NA indicates that insurer's business was not in operation during the corresponding ﬁnancial year or in the corresponding segment.

Reclassiﬁcation/Regrouping in the previous year's ﬁgures, if any, by the insurer has not been considered.

@Takeover of Reliance Health Insurance portfolio by Reliance General Insurance

# Started Business Operations in 2023-24FY

National Insurance Co. Ltd.

1,104.10 1,180.00

224.37 275.94

4,645.95

5,087.80

6,075.14

7,403.16

976.18

1,201.10 13,025.74

15,148.00

The New India Assurance Co. Ltd.

3,959.27

4,238.05

848.96

977.83

8,240.52

8,974.60

15,830.28

17,338.57 3,694.85 2,955.00

32,573.88 34,484.05

The Oriental Insurance Co. Ltd.

1,608.11 1,589.10

386.31 465.38

3,405.74

3,642.23 6,642.20 8,747.80

1,668.61

1,170.40

13,710.97

15,614.91

United India Insurance Co. Ltd.

1,843.48

1,882.54

374.79

436.34

5,476.76

5,985.27

6,826.65

7,682.68

1,200.57

1,657.47

15,722.25

17,644.31

Public Sector Insurer Total

8,514.95

8,889.69

1,834.43

2,155.49

21,768.98

23,689.90

35,374.27

41,172.21 7,540.22

6,983.97

75,032.84

82,891.26

Agriculture Insurance Co of India Ltd

13,940.21

14,619.79

13,940.21

14,619.79

Export Credit Guarantee Corporation of India Ltd.

1,106.62

1,197.53

1,106.62

1,197.53

Specialized Insurer Total

15,046.83 15,817.32

15,046.83

15,817.32

Aditya Birla Health insurance Co. Ltd.

1,726.67

2,717.03

1,726.67

2,717.03

Care Health Insurance Co. Ltd.

3,880.91

5,141.53

3,880.91

5,141.53

ManipalCigna Health Insurance Co. Ltd.

986.18

1,359.79

986.18

1,359.79

Niva Bupa Health Insurance Co. Ltd.

2,809.97

4,073.03

2,809.97

4,073.03

Reliance Health Insurance Co. Ltd.@

(0.02)

Star Health and Allied Insurance Co. Ltd.

11,463.47

12,952.47

11,463.47

12,952.47

Standalone Health Insurer Total

20,867.18

26,243.85

20,867.18

26,243.85

21,551.03

23,936.12 4,167.61

5,058.66

70,433.48

81,280.04

80,502.27 97,663.50 44,045.82 48,955.94

220,700.21

256,894.27

Grand Total

2021-22

2022-23

2021-22

2022-23

2021-22

2022-23

2021-22

2022-23

2021-22

2022-23

2021-22

2022-23

Insurer

Fire

Marine

Motor

Health+Personal Accident

Others

Total

&()SEGMENT WISE GROSS DIRECT PREMIUM INCOME OF GENERAL HEALTH INSURERS WITHIN INDIA

( Crore)

Annual Report 2022-23

123

STATEMENT 9

EQUITY SHARE CAPITAL OF GENERAL HEALTH AND REINSURERS,

( Crore)

Note:

* Indirect not considered.FDI

Reclassiﬁcation/Regrouping in the previous year's ﬁgures, if any, by the insurer has not been considered.

Infusion during the year includes cancellation, reduction and fresh issue of shares

@Takeover of Reliance Health Insurance portfolio by Reliance General Insurance

# Started Business Operations in 2023-24FY

Non-promoter

(including foreign)

Indian Foreign Total Total

Acko General Insurance Limited

1,146.00 1,000.00 2,146.00 2,146.00 2,146.00 0.00

Bajaj Allianz General Insurance Co. Ltd.

110.23

110.23 81.57 28.66 110.23 26.00

Cholamandalam General Insurance Co. Ltd.MS

298.81

298.81 179.28 119.52 298.81 40.00

Edelweiss General Insurance Co. Ltd.

513.00 165.00 678.00 678.00 678.00 0.00

Future Generali India Insurance Co. Ltd.

904.80

904.80 447.82 456.98 904.80 50.51

Go Digit General Insurance Limited

859.01 15.01 874.02 729.57 729.57

144.45

0.00

HDFC ERGO General Insurance Co. Ltd.

712.78

712.78 356.31 349.20 705.51

7.27

48.99

ICICI Lombard General Insurance Co. Ltd.

490.89 0.24 491.13 235.84 235.84 255.28 0.00

IFFCO Tokio General Insurance Co. Ltd.

280.25 7.56 287.82 146.79 141.03 287.82 49.00

Kotak Mahindra General Insurance Co. Ltd.

455.00 225.00 680.00 680.00 680.00 0.00

Kshema General Insurance Co. Ltd.#

0.00

111.29 111.29 111.29 111.29

0.00

Liberty General Insurance Co. Ltd.

1,086.23

557.41

528.81 1,086.23 48.68

Magma General Insurance Co. Ltd.HDI

154.71

91.96 246.67 210.50 32.00 242.50

4.17

12.97

Navi General Insurance Co. Ltd.

495.79

495.79 495.79 495.79

0.00

Raheja General Insurance Co. Ltd.QBE

296.04 75.08 371.12 189.27 181.85 371.12 49.00

Reliance General Insurance Co. Ltd.

251.81 0.26 252.07 251.55 251.55 0.52 0.00

Royal Sundaram General Insurance Co. Ltd.

449.00

449.00 269.40 179.60 449.00 0.00 40.00

SBI General Insurance Co. Ltd.

215.62 0.03 215.65 190.56 25.09 215.65 0.00 11.63

Shriram General Insurance Co. Ltd.

259.16

172.71

59.40 232.11 27.05

22.92

Tata General Insurance Co. Ltd.AIG

994.46

994.46 735.90 258.56 994.46 26.00

Universal Sompo General Insurance Co. Ltd.

368.18

368.18 240.74

127.44

368.18 34.61

PRIVATE SECTOR TOTAL (A)

10,341.76 1,691.43 12,033.19 9,106.29 2,488.15

11,594.45

438.74 20.68

National Insurance Co. Ltd.

9,375.00

9,375.00 9,375.00 9,375.00 0.00

The New India Assurance Co. Ltd.

824.00

824.00 584.00 584.00 240.00 0.00

The Oriental Insurance Co. Ltd.

4,620.00

4,620.00 4,620.00 4,620.00 0.00

United India Insurance Co. Ltd.

3,905.00

3,905.00 3,905.00 3,905.00 0.00

PUBLIC SECTOR TOTAL (B)

18,724.00 18,724.00 18,484.00 0.00 18,484.00 240.00 0.00

TOTAL PRIVATE PUBLIC( + ) (A+B)

29,065.76

1,691.43 30,757.19

27,590.29 2,488.15 30,078.45 678.74 8.09

Agriculture Insurance Co of India Ltd

200.00 200.00 200.00 200.00 0.00

Export Credit Guarantee Corporation of India Ltd.

3,950.00

388.00 4,338.00 4,338.00 4,338.00 0.00

SPECIALISED INSURERS TOTAL (C)

4,150.00

388.00

4,538.00

4538.00 0.00 4538.00

0.00

Aditya Birla Health insurance Co. Ltd.

435.12 72.46 507.58 233.01 223.87 456.87 50.71 44.10

Care Health Insurance Co. Ltd.

908.57 33.66 942.23 817.73 0.00 817.73 124.50 0.00

ManipalCigna Health Insurance Co. Ltd.

1,117.62

226.42 1,344.04 685.46 658.58 1,344.04 49.00

Niva Bupa Health Insurance Co. Ltd.

1,408.60

102.08 1510.68 822.60 670.32

1492.92

17.76 44.37

Reliance Health Insurance Co. Ltd.

193.90

193.90 193.90 193.90

Star Health and Allied Insurance Co. Ltd.

575.52 6.16 581.68 319.92 319.92 261.75 0.00

STANDALONE HEALTH INSURERS TOTAL (D)

4,639.33

440.77 5,080.10 3,072.61 1,552.77 4,625.38 454.72 30.57

General, Specialized and Health Insurers Total (A+B+C+D)

37,855.09 2,520.21 40,375.29 35,200.91 4,040.92 39,241.83

1,133.47 10.01

REINSURER

General Insurance Corporation of India

877.20

877.20 877.20 877.20 0.00

REINSURERS TOTAL (E)

877.20

877.20 877.20 0.00 877.20 0.00 0.00

GRAND TOTAL (A+B+C+D+E)

38,732.29 2,520.21 41,252.49

36,078.11 4,040.92 40,119.03 1,133.47 9.80

Insurers

As on 31st

March 2022

Infusion

During the

Year

As on 31st

March 2023

Promoter

FDI %

Annual Report 2022-23

124

INCURRED CLAIMS RATIO OF GENERAL HEALTH INSURERS WITHIN INDIA&()

STATEMENT 10

Zuno General Insurance Co. Ltd.

77.82

2.95

170.92

482.79

84.61

79.83

112.32

89.59

134.37 104.18

96.71

82.21

PRIVATE SECTOR INSURERS AVERAGE

51.27

44.11

85.78

87.90

74.53

75.60

94.66

80.09

64.96

69.58

77.95

75.13

2021-22

2022-23

2021-22

2022-23

2021-22

2022-23

2021-22

2022-23

2021-22

2022-23

2021-22

2022-23

Acko General Insurance Co. Ltd.

97.16

94.50

0.00

86.87

86.94

103.75

83.88

83.21

70.37

97.83

84.28

Bajaj Allianz General Insurance Co. Ltd.

57.04

35.23

63.89

64.95

68.53

74.48

90.64

74.27

56.03

74.53

72.96

72.92

Cholamandalam General Insurance Co. Ltd.MS

33.48

39.49

61.87

62.85

65.05

75.33 117.08

67.88

28.59

18.17

70.29

71.24

Future Generali India Insurance Co. Ltd.

65.76

36.33

61.87

86.58

62.43

64.72

88.44

79.18

71.73

62.31

68.62

65.91

Go Digit General Insurance Ltd.

51.61

38.20

31.56

91.11

79.54

68.76

48.94

71.87

58.48

56.41

74.02

67.23

HDFC ERGO General Insurance Co. Ltd.

62.60

58.44

94.05

136.43

74.66

78.09

97.47

79.04

69.44

84.28

84.04

79.94

ICICI Lombard General Insurance Co. Ltd.

53.05

49.32

77.60

72.42

70.88

72.40

91.67

77.33

63.38

65.64

75.06

72.36

IFFCO Tokio General Insurance Co. Ltd.

63.61

53.48

104.62

83.46

84.12

83.34 130.65

111.18

60.35

68.28

94.10

88.57

Kotak Mahindra General Insurance Co. Ltd.

29.96

50.69

300.00

138.48

82.67

80.53

72.11

56.01

36.23

35.56

77.01

69.50

Kshema General Insurance Limited#

Liberty General Insurance Co. Ltd.

8.63

26.98

105.89

105.82

62.84

73.73

89.30

74.17

28.39

42.93

66.74

72.30

Magma General Insurance Co. Ltd.HDI

34.97

26.55

11.24

187.70

69.37

73.36

66.42

72.10 186.05

422.87

68.65

72.62

Navi General Insurance Co. Ltd.

-8.32

6.08

0.00

117.97

136.77

28.56

59.28

102.51

81.79

66.29

76.11

Raheja General Insurance Co. Ltd.QBE

92.82 119.94

-245.96

-358.18

92.55

83.02

109.54

138.67

31.24

40.98

81.21

78.48

Reliance General Insurance Co. Ltd.

38.19

28.98

93.31

94.27

75.57

79.62

98.76

86.31

78.40

77.43

77.53

77.20

Royal Sundaram General Insurance Co. Ltd.

30.49

34.19

80.97

62.93

85.76

79.29

90.22

83.36

19.88

-94.73

84.21

76.99

SBI General Insurance Co. Ltd.

53.91

51.70

133.63

134.13

93.58

89.97

81.92

73.92

99.83

74.99

86.31

78.73

Shriram General Insurance Co. Ltd.

39.20

29.03

24.00

-94.29

72.97

69.86

37.07

51.53

72.10

31.08

72.35

68.33

Tata General Insurance Co. Ltd.AIG

56.39

46.77

91.50

89.81

74.51

73.81

86.53

78.33

10.05

47.54

75.01

73.60

Universal Sompo General Insurance Co. Ltd.

17.62

55.33

80.61

77.54

91.32

83.46

113.39

82.84

11.43

54.08

77.77

78.18

S.N

INSURER

Fire

Marine

Motor

Health

Others

Total

Annual Report 2022-23

125

2021-22

2022-23

2021-22

2022-23

2021-22

2022-23

2021-22

2022-23

2021-22

2022-23

2021-22

2022-23

S.N

INSURER

Fire

Marine

Motor

Health

Others

Total

National Insurance Co. Ltd.

87.54

53.47

93.05

23.42

90.68

108.81 125.53 102.35

68.21

117.20

104.05

100.85

The New India Assurance Co. Ltd.

62.27

71.34

80.41

65.24

91.00

97.52

124.54 103.33

68.78

68.88 101.23

95.59

The Oriental Insurance Co. Ltd.

61.73

58.12

91.50

61.20

97.95

106.66

139.86

130.09

58.21

51.00

112.27

112.14

United India Insurance Co. Ltd.

58.47

69.91

88.50

59.16

98.90

103.43

120.21

89.57

14.48

90.63

98.57

92.85

PUBLIC SECTOR INSURERS AVERAGE

66.96

66.21

86.02

56.89

94.03

102.55 126.80

105.77

58.54

78.15 103.17

99.02

Agriculture Insurance Co of India Ltd

96.41

94.35

96.41

94.35

Export Credit Guarantee Corporation of India Ltd.

61.92

-74.70

61.92

-74.70

SPECIALIZED INSURERS AVERAGE

92.47

73.71

92.47

73.71

Aditya Birla Health insurance Co. Ltd.

69.56

64.68

0.00

69.56

64.68

Care Health Insurance Ltd.

65.07

53.82

0.00

65.07

53.82

ManipalCigna Health Insurance Co. Ltd.

76.17

64.66

0.00

76.17

64.66

Niva Bupa Health Insurance Co. Ltd.

62.12

54.05

0.00

62.12

54.05

Reliance Health Insurance Ltd.

NA 196.55

Star Health and Allied Insurance Co. Ltd.

87.06

65.00

0.00

87.06

65.00

STANDALONE HEALTH INSURERS AVERAGE

79.06

61.44

79.06

61.44

GRAND AVERAGE

60.33

57.99

85.88

75.13

81.30

84.48

105.68

87.27

72.72

73.10

89.08

82.95

Note:

Health includes Personal Accident

NAindicates that insurer'sbusiness was not in operationduring the corresponding ﬁnancial year or in the corresponding segment.

Reclassiﬁcation/Regroupingin the previousyear'sﬁgures, if any, by the insurer has not been considered.

# Started Business Operations in 2023-24FY

Contd... 10STATEMENT

INCURRED CLAIMS RATIO OF GENERAL HEALTH INSURERS WITHIN INDIA&()

Annual Report 2022-23

126

STATEMENT 11

SOLVENCY POSITION OF LIFE INSURERS (2022-23)

** Not available due to merger ofExide Life Insurance Company Limited with Life Insurance Company Limited eﬀective fromHDFC

the end of 14th October 2022.

S.No. Insurers

June

2022

September

2022

December

2022

March

2023

Private Sector Insurers

Aegon Life Insurance Co. Ltd.

3.29 3.23 3.14 2.75

Aviva Life Insurance Co. Ltd.

1.87 1.85 1.86 1.84

Bajaj Allianz Life Insurance Co. Ltd.

5.27 5.32 5.29 5.16

Bharti Life Insurance Co. Ltd.AXA

1.64 1.68 1.61 1.63

Aditya Birla Sun Life Insurance Co. Ltd.

1.81 1.73 1.85 1.73

Canara Life Insurance Co. Ltd.HSBC

3.02 2.90 2.68 2.52

Pramerica Life Insurance Co. Ltd.

4.26 4.25 4.20 3.69

Edelweiss Tokio Life Insurance Co. Ltd.

2.00

2.11

2.19

2.20

Exide Life Insurance Co. Ltd.

2.11

2.16

** **

Future Generali India Life Insurance Co. Ltd.

2.28 2.04 2.06 1.96

HDFC Life Insurance Co. Ltd

1.78 2.10 2.09 2.03

ICICI Prudential Life Insurance Co. Ltd.

2.04 2.01

2.12

2.09

Ageas Federal Life Insurance Co. Ltd.

3.20 3.07 3.17 3.24

IndiaFirst Life Insurance Co. Ltd.

1.66 2.25

2.22

2.18

Kotak Mahindra Life Insurance Co. Ltd.

2.72

2.79

2.88 2.83

Max Life Insurance Co. Ltd.

1.96 1.96 2.00 1.90

PNB MetLife India Insurance Co. Ltd.

2.09 1.98 1.94 1.86

Reliance Nippon Life Insurance Co. Ltd.

2.34 2.35 2.33

2.29

SBI Life Insurance Co. Ltd.

2.21

2.19

2.25 2.15

Shriram Life Insurance Co. Ltd.

2.18 2.18 2.03 2.10

Star Union Dai-Ichi Life Insurance Co. Ltd.

2.21

2.09 2.31 2.20

TATA AIA Life Insurance Co. Ltd.

1.91 1.79 1.76 1.86

Public Sector Insurer

Life Insurance Corporation of India

1.89 1.88 1.85 1.87

Annual Report 2022-23

127

STATEMENT 12

Solvency Position of General, Health & Reinsurance Companies (2022-23)

S. No. Insurer

June

2022

September

2022

December

2022

March

2023

Private Sector Insurer

1 Acko General Insurance Co. Ltd. 6.01 4.55 3.73 2.75

2 Bajaj Allianz General Insurance Co. Ltd. 3.49 3.62 3.73 3.91

3 Cholamandalam General Insurance Co. Ltd.MS 2.08 2.13 2.06 2.01

4 Future Generali India Insurance Co. Ltd. 1.67 1.75 1.93 2.10

5 Go Digit General Insurance Co. Ltd. 2.18 2.00 1.90 1.78

6 HDFC ERGO General Insurance Co. Ltd. 1.68 1.78 1.74 1.81

7 ICICI Lombard General Insurance Co. Ltd. 2.61 2.47 2.45 2.51

8 IFFCO Tokio General Insurance Co. Ltd. 1.64 1.77 1.79 1.72

9 Kotak Mahindra General Insurance Co. Ltd. 2.55 2.14 2.30 1.83

10 Liberty General Insurance Co. Ltd. 2.69 2.44 2.20 2.05

11 Magma General Insurance Co. Ltd.HDI 2.77 2.19 1.70 2.10

12 Navi General Insurance Co. Ltd. 2.55 2.60 2.72 2.88

13 Raheja General Insurance Co. Ltd.QBE 1.79 1.82 2.21 2.03

14 Reliance General Insurance Co. Ltd. 1.60 1.58 1.59 1.57

15 Royal Sundaram General Insurance Co. Ltd. 2.16 2.09 2.14 2.27

16 SBI General Insurance Co. Ltd. 1.94 1.91 1.85 1.72

17 Shriram General Insurance Co. Ltd. 4.48 4.60 4.63 4.91

18 Tata General Insurance Co. Ltd.AIG 2.02 1.98 1.95 1.94

19 Universal Sompo General Insurance Co. Ltd. 1.78 1.70 1.71 1.74

20 Zuno General Insurance Co. Ltd. 1.71 1.65 1.73 1.80

Public Sector Insurers

21 National Insurance Co. Ltd. 0.63 0.24 0.05 (0.29)

22 The New India Assurance Co. Ltd. 1.72 1.77 1.91 1.87

23 The Oriental Insurance Co. Ltd. 0.10 (0.76) (0.90) (0.96)

24 United India Insurance Co. Ltd. 0.43 0.35 0.12 (0.29)

Specialized Insurers

25 Agriculture Insurance Co of India Ltd 2.51 2.34 2.48 2.49

26 Export Credit Guarantee Corporation of India Ltd. 34.40 40.20 43.89 47.93

Stand-alone Health Insurers

27 Aditya Birla Health insurance Co. Ltd. 2.16 1.67 3.03 2.63

28 Care Health Insurance Co. Ltd. 1.64 1.97 1.90 1.82

29 ManipalCigna Health Insurance Co. Ltd. 1.59 1.56 1.55 1.56

30 Niva Bupa Health Insurance Co. Ltd. 1.89 1.77 1.81 1.67

31 Star Health and Allied Insurance Co. Ltd. 1.87 1.95 2.17 2.14

Reinsurer

32 General Insurance Corporation of India 2.14 2.25 2.38 2.61

Annual Report 2022-23

128

STATEMENT 13

SOLVENCY POSITION OF BRANCHES OF FOREIGN RE INSURERS-

S. No. Branches of Foreign Re-insurers As on March31, 2022 As on March 31, 2023

1 Allianz Global 2.43 2.64

2 FranceVie 2.69 2.42AXA

3 FactoryMutual 2.20 2.92

4 Gen Re 2.05 2.06

5 HannoverRe 2.15 2.25

6 Lloyd’sof India 2.13 2.53

7 Munich Re 1.74 1.79

8 Life 2.34 2.41RGA

9 3.25 4.01SCORSE

10 Swiss Re 2.90 3.88

11 Insurance 2.15 3.00XLSE

Annual Report 2022-23

129

STATEMENT 14

Gross Reinsurance Premium of Reinsurers including sFRB

2021-22 2022-23 2021-22 2022-23 2021-22 2022-23

GIC Re 28,018.79 25,384.50 15,189.67 11,207.09 43,208.46 36,591.59

FRBs

2 Munich Re

7,581.73 9,410.89

104.12 119.82

7,685.85 9,530.71

3 Hannover Re

1,420.81 2,558.26

17.42

0.55

1,438.23 2,558.81

4 Swiss Re

4,324.01 2,377.17

-1.95

-1.81

4,322.05 2,375.36

5 AXA France Vie

1,005.87

979.25 0.00 0.00

1,005.87

979.25

6 Gen Re 521.10 870.55 0.00 0.00 521.10 870.55

7 SCOR SE

1,997.41

761.70 0.00 0.00

1,997.41

761.70

8 RGA Life

439.03 310.84

1.15

0.63 440.18 311.47

9 Allianz Global

159.88 189.77

42.12

55.83 202.00 245.59

10 XL SE 446.83 185.49 3.00 0.00 449.83 185.49

11 Factory Mutual

0.00 135.17 0.00 0.00 0.00 135.17

12 Lloyd’s of India

65.44 131.91 0.60 0.00 66.04 131.91

FRBs Total

17,962.10 17,910.99

166.45 175.01

18,128.55 18,085.99

Grand Total

45,980.89 43,295.49 15,356.12 11,382.10 61,337.01 54,677.58

Sl No

Reinsurer

Indian Business Foreign Business Total

Annual Report 2022-23

130

( Crore)

STATEMENT 15

ASSIGNED CAPITAL OF FOREIGN REINSURANCE BRANCHES CRORE()

Branches of Foreign

Re-insurers

As on March 31,2022 As on March 31,2023

Infusion during the year

Allianz Global

200.24 86.73 286.97

AXA France

909.46 -178.70 730.76

Factory Mutual

117.00 43.80 160.80

4 Gen Re 861.44 98.26 959.70

5 Hannover Re

568.78 318.08 886.86

Lloyd’s of India

105.00 0.00 105.00

Munich Re

3,989.90 651.20 4,641.10

RGA Life

3,390.09 73.88 3,463.97

9 SCOR SE 975.16 0.00 975.16

Swiss Re

3,126.87 0.01 3,126.88

XL Insurance

233.35 0.00 233.35

Total

14,477.29

1,093.26 15,570.55

Annual Report 2022-23

131

2022

2023

2022

2023

2022

2023

2022

2023

2022

2023

2022

2023

ADITYA BIRLA SUN LIFE

11,568.18 16,059.28

1,236.88

1,669.28

6,009.00

6,953.56

3,754.38

4,298.12

348.09

575.67

2,2916.53 29,555.91

AEGON

1,190.08

1,183.31

384.54

498.61

626.50

670.91

412.60

756.38

10.62

25.02

2,624.34

3,134.23

3 AGEAS FEDERAL

2,926.96

3,011.66

2,585.94

3,517.80

1,682.60

1,854.33

1,404.48

1,345.39

82.71

77.95

8,682.69

9,807.13

4 AVIVA

4,829.87

5,047.38

1,345.61

1,804.48

1,184.50

1,466.44

170.56

254.08

19.20

19.10

7,549.74

8,591.48

5 BAJAJ ALLIANZ

20,243.05

19,325.61

1,954.17

4,209.50

6,042.20

6,581.41

8,272.84 11,376.

639.90

873.67

37,152.16

42,366.27

BHARTI AXA

4,076.31

5,218.28

1,271.08

1,818.31

1,490.20

1,936.96

1,679.91

1,308.74

283.94

265.32

8,801.44

10,547.62

7 CANARA HSBC

3,552.08

4,363.04

2,121.35

3,232.44

1,915.10

2,486.75

1,468.89

1,716.50

101.82

141.75

9,159.24

11,940.49

8 EDELWEISS TOKIO

2,004.59

2,384.27

7.30

106.39

597.40

729.84

580.77

851.67

226.94

484.10

3417.00

4,556.28

9 FUTURE GENERALI

2,978.61

3,528.61

197.60

392.89

688.70

918.24

426.13

420.51

7.24

2.24

4,298.28

5,262.48

10 HDFC LIFE

4,2551.29 5,8304.52 11,176.

10,888.03

14,091.70

19,217.11

23,604.10

19,729.44

1,855.00

2,453.18

93,278.75

11,0592.27

ICICI PRUDENTIAL

41,158.05

49,060.76

4,560.30

5,863.60

11,594.50 13,823.

12,658.01

15,047.08

2,490.60

2,197.10

72,461.46

85,992.27

INDIA FIRST

1713.08

2471.37

1814.32

2705.33

899.00

1,656.71

888.82

1,144.57

52.23

71.59

5,367.45

8,049.57

13 KOTAK MAHINDRA

21,569.43

24,503.26

435.40

1653.22

4,926.10

6,543.82

2,880.79

4,661.72

654.87

738.96

30,466.59

38,100.98

MAX LIFE

37,431.93

44,935.22

7,012.29

7,516.72

11,411.40

13,592.36 12,002.58

13,811.04

2,501.65

2,315.77

70,359.85

82,171.12

PNB METLIFE

10,608.38

12,438.72

3,511.39

5,064.19

5,863.60

7,462.50

4,278.54

3,798.30

211.96

255.32 2,4473.87

29,019.04

16 PRAMERICA

2,595.64

2,984.52

244.07

476.69

1,056.90

1,284.03

691.12

647.35

47.93

37.10

4,635.66

5,429.69

RELIANCE NIPPON

11,219.37

13,725.38

3,453.67

3,663.89

3,436.00

3,906.44

1,816.78

1,748.48

232.46

125.74

20,158.28

23,169.94

18 SAHARA INDIA

558.82

671.60

252.21

196.94

465.80

449.67

117.69

87.38

21.13

17.62

1,415.65

1,423.21

19 SBI LIFE

35,028.78

41,780.24

5,280.54

5,643.23

12,657.90

15,232.49

17,231.85

19,077.33

1,886.71

2,308.97

72,085.78

84,042.26

20 SHRIRAM

2,354.02

2,634.56

1,758.74

2,053.84

1,450.80

2,051.73

848.54

950.08

96.17

58.30

6,508.27

7,748.52

STAR UNION DAI ICHI-

4,843.04

6,052.11

1,244.33

1,684.49

1,429.50

1,878.45

793.47

1051.46

76.50

94.09

8,386.84 10,760.60

TATA AIA

2,4270.36

30,673.74

97.91

88.12

5,578.80 8,035.26

4,370.94

5,073.14

515.09

649.39

34,833.10 44,519.65

PRIVATE TOTAL

2,89,271.92

35,0357.44

51,946.30

64,747.98

95,098.20

11,8732.76

1,00,353.79

10,9154.85

12,362.72

13,787.95

5,49,032.93

6,56,780.99

23 LIC

11,44,537.17

12,71,063.52

5,86,336.47

6,02,679.07

2,14,463.16

2,15,210.22

5,57,603.24

6,45,442.42

1,42,978.50

1,27,204.88

26,45,918.54

28,61,600.11

INDUSTRY TOTAL

14,33,809.09

16,21,420.96

6,38,282.77

6,67,427.05

3,09,561.36

3,33,942.98

6,57,957.03

7,54,597.27

1,55,341.22 1,40,992.84

31,94,951.47

35,18,381.10

Total (Life Fund) {A}

INSURER

LIFE FUND

Central Government

Securities

State Government &

Other Approved

Housing &

Infrastructure

Approved Investments

Other Investments

STATEMENT 16

Annual Report 2022-23

132

( Crore)

ASSETS UNDER MANAGEMENT OF LIFE INSURERS AS ON MARCH(31 )

2022

2023

2022

2023

2022

2023

2022

2023

1 ADITYA BIRLA SUN LIFE

2,811.32

4,438.32

678.37

979.92

3,990.22

4,405.46

7,479.91

9,823.70

2 AEGON

6.62

4.19

0.00

0.74

0.98

7.36

5.17

3 AGEAS FEDERAL

245.71

327.02

169.10

226.81

273.37

357.20

688.18

911.03

4 AVIVA

214.63

217.08

19.56

13.89

44.92

44.90

279.11

275.86

5 BAJAJ ALLIANZ

6,984.96

7,504.17

2,335.51

1,888.51

3,747.03

4,051.04

13,067.50

13,443.72

6 BHARTI AXA

166.35

180.76

79.14

136.54

270.00

307.20

515.49

624.50

7 CANARA HSBC

1,315.24

1,211.95

959.59

1,283.13

1,835.81

2,791.85

4,110.64

5,286.93

8 EDELWEISS TOKIO

200.84

211.63

7.26

6.02

85.91

60.78

294.01

278.43

9 FUTURE GENERALI

221.26

270.01

271.72

288.48

485.11

577.95

978.09

1,136.45

10 HDFC LIFE

19,531.23

24,155.59 11,049.64

10,563.35

15,461.30

12,481.68

46,042.17

47,200.62

11 ICICI PRUDENTIAL

8,565.29

10,250.67

731.26

2,127.40

3,317.34

4,014.05

12,613.89

16,392.12

12 INDIA FIRST

1,587.56

1,771.54

2,285.68

2,258.18

2,339.88

1,612.30

6,213.12

5,642.02

13 KOTAK MAHINDRA

1,430.93

1,958.85

13.33

478.20

701.55

683.29

2,145.81

3,120.33

14 MAX LIFE

1,075.90

1,871.41

656.56

1,106.33

1,255.84

1,680.57

2,988.30

4,658.30

15 PNB METLIFE

1,015.40

1,512.50

237.82

353.55

296.06

341.03

1,549.28

2,207.08

16 PRAMERICA

535.26

600.90

52.37

129.66

531.68

703.46

1,119.31

1,434.03

17 RELIANCE NIPPON

173.72

176.45

105.20

135.48

27.54

29.85

306.46

341.78

18 SAHARA INDIA

3.53

3.23

0.00

3.53

3.23

19 SBI LIFE

19,611.28

26,620.13

14,340.77

14,599.67

15,386.29 16,896.

49,338.34

58,115.86

20 SHRIRAM

182.61

230.35

192.91

247.25

266.63

321.77

642.15

799.37

21 STAR UNION DAI ICHI-

1,305.01

1,447.49

935.94

1,873.62

1,187.42

1,854.97

3,428.37

5,176.07

22 TATA AIA

1,706.96

2,666.42

62.51

62.28

348.31

557.32

2,117.78

3,286.02

PRIVATE TOTAL

68,891.61

87,630.66

35,184.24 38,758.26

51,852.95

53,773.70

1,55,928.80

1,80,162.61

23 LIC

3,92,373.577

4,73,237.81

4,05,632.92

4,54,229.43

2,11,750.09

2,28,408.24

10,09,756.59

1,15,5875.49

INDUSTRY TOTAL

4,61,265.19 5,60,868.46

4,40,817.16

4,92,987.69

2,63,603.04

2,82,181.95

1,165,685.39

13,36,038.10

SI.

INSURER

PENSION GENERAL ANNUITY GROUP FUND&&

Central Government

Securities

State Govt & Other

Approved Securities

Approved Investments

Total (Pension & General

Annuity & Group Fund) {B}

Contd... 16STATEMENT

ASSETS UNDER MANAGEMENT OF LIFE INSURERS AS ON MARCH(31 )

Annual Report 2022-23

133

( Crore)

Contd... 16STATEMENT

Annual Report 2022-23

134

ASSETS UNDER MANAGEMENT OF LIFE INSURERS AS ON MARCH(31 )

( Crore)

2022

2023

2022

2023

2022

2023

2022

2023

1 ADITYA BIRLA SUN LIFE

28,520.33

28,965.03

1,639.86

1,542.38

30,160.19

30,507.41

60,556.63

69,887.02

2 AEGON

938.53

841.24

108.17

115.18

1,046.70

956.42

3,678.40

4,095.82

3 AGEAS FEDERAL

3,764.12

3,727.79

379.59

236.02

4,143.71

3,963.81

13,514.58

14,681.97

4 AVIVA

3,283.34

3,130.24

447.58

344.83

3,730.92

3,475.07

11,559.77

12,342.41

5 BAJAJ ALLIANZ

30,409.34

30,518.59

2,813.27

3,067.58

33,222.61

33,586.17 83,442.27

89,396.16

6 BHARTI AXA

1,465.90

1584.78

245.63

181.37

1,711.53

1,766.14

11,028.46

12,938.26

7 CANARA HSBC OBC

11,375.68

11,752.65

1,622.51

1,186.80

12,998.19

12,939.45

26,268.07

30,166.88

8 EDELWEISS TOKIO

1,513.47

1,567.42

193.08

178.58

1,706.55

1,746.00

5,417.56

6,580.71

9 FUTURE GENERALI

655.81

626.87

76.58

65.89

732.39

692.76

6,008.76

7,091.69

10 HDFC LIFE

73,768.09

71,368.11

9,165.50

7,833.36

82,933.59

79,201.47

2,22,254.51 2,36,994.36

11 ICICI PRUDENTIAL

1,26,595.44

1,22,498.98

24,270.86

21,559.07

1,50,866.30

1,44,058.06

2,35,941.65

2,46,442.45

12 INDIA FIRST

6,150.02

7,119.65

1,027.66

619.15

7,177.68

7,738.81

18,758.25

21,430.40

13 KOTAK MAHINDRA

19,695.26

20,809.61

2,857.12

1,931.83

22,552.38

22,741.44

55,164.78

63,962.74

14 MAX LIFE

29,864.10

32,940.95

3,579.08

2,309.29

33,443.18

35,250.23

1,06,791.33

1,22,079.65

15 PNB METLIFE

7,056.79

7,925.28

1,024.31

468.59

8,081.10

8,393.87 34,104.25

39,619.99

16 PRAMERICA

363.68

333.85

47.46

25.13

411.14

358.98

6,166.11

7,222.69

17 RELIANCE NIPPON

5,984.68

6,347.60

914.21

617.76

6,898.89

6,965.35

27,363.63

30,477.08

18 SAHARA INDIA

63.74

66.61

22.60

4.59

86.34

71.20

1,505.52

1,497.64

19 SBI LIFE

1,30,725.34

1,51,231.09

11,899.97

12,024.45

1,42,625.31

1,63,255.54 2,64,049.43

3,05,413.66

20 SHRIRAM

442.76

406.48

26.82

22.35

469.58

428.83

7,620.00

8,976.71

21 STAR UNION DAI ICHI-

2,454.83

2,540.37

244.58

240.82

2,699.41

2,781.19

14,514.62

18,717.86

22 TATA AIA

17,012.13

18,801.21

3,040.65

3,135.63

20,052.78

21,936.84

57,003.66

69,742.51

PRIVATE TOTAL

5,02,103.38 5,25,104.38 65,647.09

57,710.65

5,67,750.47

5,82,815.03

12,72,712.20

14,19,758.63

23 LIC

23,101.28

25,419.06

698.56

760.86

23,799.84

26,179.92

36,79,474.96

40,43,655.51

INDUSTRY TOTAL

5,25,204.66

5,50,523.44

66,345.65

58,471.51

5,91,550.31

6,08,994.95

49,52,187.17

54,63,414.15

INSURER

SI.

TOTAL ALL FUNDS( ) {A+B+C}

Approved Investments

UNIT LINKED FUND

Other Investments

Total ( Funds) {C}ULIP

2022

2023

2022

2023

2022

2023

2022

2023

2022

2023

2022

2023

2022

2023

ACKO GENERAL

326.20

546.35

131.20

153.33

108.60

277.17

145.50

265.11

196.30

693.20

0.00

907.80

1,935.16

BAJAJ ALLIANZ

9,041.70

15,393.86

3,264.60

3,440.04

1,747.20

2,476.93

3,193.60

1,838.33

6,126.00

3,477.28

381.30

157.49

23,754.40

26,783.94

CHOLAMANDALAM MS

5,165.40

6,460.68

3,124.90

3,117.87

1,036.28

2,055.74

1,569.92

2,059.83

1,546.07

892.61

61.65

96.19

12,504.22

14,682.91

FUTURE GENERALI

1,368.90

1,669.09

1,593.61

1,838.26

673.31

795.96

1,081.18

1,353.16

986.58

1,090.43

51.61

26.19

5,755.19

6,773.11

GO DIGIT

4,613.60

8,415.89

313.36

241.54

1,089.83

956.00

1,618.87

1,390.01

1,512.56

1,240.06

13.86

56.44

9,162.08

12,299.93

HDFC ERGO

3,848.80 4,686.39

4,297.70

4,694.16

1,497.82

2,007.87

3,954.21

4,702.70

4,524.82

5,894.81

208.42

228.40

18,331.77

22,214.33

ICICI LOMBARD

1,1151.00

14,107.09

5,193.90

5,460.16

2,856.21 3,748.86

6,370.60

6,166.80 10,194.36

11,653.61

2,666.36

1,839.18

38,432.43

42,975.70

IFFCO TOKIO

3214.70

5,395.73

2,305.65

3,213.33

1,830.23

1,839.21

3,702.67

3,527.74

2,389.82

2,602.18

3.17

3.22

13,446.24

16,581.41

KOTAK MAHINDRA

796.80

875.10

136.60

187.42

116.74

323.83

92.14

39.99

60.49

317.46

26.71

1,229.48

1,743.80

LIBERTY

765.00

836.49

674.71

769.76

436.32

449.54

644.68

675.07

805.87

977.54

3,326.58

3,708.40

MAGMA HDI

1,648.90

2,064.52

545.79

778.75

294.64

452.85

448.65

1,025.92

816.45

847.06

89.95

89.94

3,844.38

5,259.04

NAVI GENERAL

174.60

169.05

67.82

107.52

34.84

59.66

89.78

103.24

138.99

13.05

47.63

37.04

553.66

489.56

RAHEJA QBE

294.00

363.40

110.63

120.34

217.74

204.26

192.17

162.08

10.00

824.54

850.08

RELIANCE

3,975.90

5,301.03

2,670.14

2,912.85

1,355.50 1,343.55

1,233.95

1,726.62

4,895.93

5,284.58

345.59

439.41

14,477.01

17,008.04

ROYAL SUNDARAM

1,666.10

1,833.76

1,081.06

1,366.37

764.87

901.43

1,635.19

1,486.80

1,566.27

1,677.18

272.16

369.85

6,985.65

7,635.38

SBI GENERAL

2,550.00

3,467.31

1,233.75

1,932.39

1,331.78

1,393.38

2,310.92

2,410.83

2,919.10

3,664.48

480.62

215.40

10,826.17

13,083.79

SHRIRAM GENERAL

3,630.90

3,615.54

5.26

5.30

2,331.49

2,200.14

3,790.76

2,675.79

1,089.71

2,813.73

13.14

4.66

10,861.26

11,315.16

TATA AIG

4,513.70

5,196.80

3,411.71

3,873.90

980.52

1,459.19

2,660.95

3,383.63

5,970.05

7,488.99

1,297.71

1,163.41

18,834.64

22,565.92

UNIVERSAL SOMPO

1,188.10

1,275.99

476.77

451.56

504.35

573.36

723.84

744.02

833.70

1,322.98

21.94

18.61

3,748.70

4,386.52

ZUNO GENERAL

109.00

151.60

109.54

42.98

40.89

96.36

59.82

114.18

76.39

176.97

47.89

68.02

443.53

650.11

PRIVATE SECTOR TOTAL

60,043.30

81,825.66

30,638.07

34,587.51

19,142.05

23,531.35 35,544.

35,894.02

46,841.63

52,290.28

6,039.71

4,813.45

198,249.73

2,32,942.29

NATIONAL

6,493.52

6,228.15

6,195.82

6,441.15

1,928.82

2,454.52

2,908.65

2,749.95

12,307.50

9,431.66

885.06

1,215.50

30,719.37

28,520.92

NEW INDIA

12,945.82

16,839.99

18,995.10

18,928.37

2,494.31

3,151.89

6,342.21

7,284.92

9,710.20

7,906.46

2,402.22

2,239.01

52,889.86

56,350.64

ORIENTAL

4,609.49

4,865.45

8,272.58 8,445.84

1,187.28

1,278.23

2,360.89

2,229.93

5,143.90

3,350.18

1,116.07

914.66

22,690.21

21,084.29

UNITED INDIA

8,099.20

8,539.22

8,938.01

8,715.28

2,320.63

2,098.81

3,271.40

3,978.21

9,862.00

7,639.10

2,253.94

1,789.34

34,745.18

32,759.96

PUBLIC SECTOR TOTAL

32,148.03

36,472.81

42,401.51

42,530.64

7,931.04

9,104.72

14,883.15 16,243.

37,023.60

28,327.40

6,657.29

6,159.86

141,044.62

1,38,715.82

ADITYA BIRLA HEALTH

570.80

1,189.87

571.30

898.30

65.00

118.57

93.90

224.50

653.23

1,525.50

2,953.87

MANIPAL CIGNA

233.10

341.16

220.10

365.51

102.40

126.15

226.30

264.45

222.30

322.59

1.30

7.24

1,005.50

1,427.10

NIVA BUPA

503.30

692.58

276.60

360.69

279.60

393.66

588.40

831.85

744.90

881.91

10.50

208.44

2,403.30

3,369.14

CARE HEALTH

(FORMERLY

)RELIGARE HEALTH

1,002.00

1,565.56

122.20

275.85

203.90

386.56

1,191.90

1,568.43

1,032.20

1,272.81

14.30

12.74

3,566.50

5,081.95

STAR HEALTH

2,651.10

3,118.74

1,671.70

1,619.60

843.00

936.23

1,703.20

1,666.11

4,096.50

5,512.96

497.60

536.11

11,463.10

13,389.76

STANDALONE

HEALTH TOTAL

4,960.30

6,907.92

2,861.90

3,519.95

1,493.90

1,961.17

3,803.70

4,424.76

6,320.40

8,643.49

523.70

764.53

19,963.90

26,221.81

GIC OF INDIA

20066.61

21,917.08

21,031.22

24,449.86

5,854.94

6,289.70

7,076.84

8,236.00

19,390.92

21,356.13

3,928.24

3,926.63

77,348.77

86,175.41

REINSURER TOTAL

20066.61

21,917.08

21,031.22

24,449.86

5,854.94

6,289.70

7,076.84

8,236.00

19,390.92

21,356.13

3,928.24

3,926.63

77,348.77

86,175.41

AIC

2789.73

4,240.98

4,508.87

4,377.51

1,724.27

2,047.57

877.00

998.16

2,190.52

4,158.74

53.08

52.04

12,143.47

15,875.00

ECGC

3188.19

3,326.90

3,080.85

3,448.01

831.00

1,181.66

3,293.00

3,218.05

4,248.39

4,234.73

163.16

166.46

14,804.59

15,575.82

SPECIALISED

INSURERS TOTAL

5977.92

7,567.89

7,589.72

7,825.52

2,555.27 3,229.22

4,170.00

4,216.22 6,438.91

8,393.47

216.24

218.50

26,948.06

31,450.82

FRBs

ALLIANZ GLOBAL

136.00

155.82

59.56

122.21

44.95

60.90

157.40

35.14

44.71

336.55

480.14

AXA FRANCE

935.70

1,133.10

42.24

26.66

141.61

110.89

94.49

118.11

150.61

1,332.15

1,421.26

Factorty Mutual

144.14

GENERAL RE

865.43

917.29

167.27

247.77

1,032.70

1,165.06

HANNOVER RE

1137.29

1,831.33

21.10

15.77

218.09

283.69

392.00

318.16

371.42

1,978.33

2,610.52

MUNICH RE

4971.54

5,767.60

396.75

334.19

658.09

1,899.91

6,026.38

8,001.70

RGA LIFE

2291.73

2,721.57

467.02

611.13

225.75

30.75

2,984.50

3,363.45

SCOR SE

1737.82

1,851.15

155.96

221.18

225.05

220.06

2,114.96

2,296.26

SWISS RE

3507.52

3,899.59

478.88

650.46

678.08

647.06

4,664.48

5,197.11

XL INSURANCE

387.28

457.87

56.08

80.46

71.72

71.46

515.08

609.79

FRB TOTALs

15970.31

18,879.46

122.90

164.64

1,492.32

1,176.00

2,702.44

4,251.78

697.16

817.55

20,985.13

25,289.43

GRAND TOTAL

139166.47

173,570.81

104,645.32

113,078.12

38,469.52

45,170.89

68,181.10 73,265.

116,712.62

119,828.33

17,365.18

15,882.99

4,84,540.21

5,40,795.58

INSURER

Sl.

No.

Total Investments

Central Government

Securities

State Government & Other

Approved Securities

Housing & Loans to State

Government for Housing

and FFE

Infrastructure Investments

Approved Investments

Other Investments

ASSETS UNDER MANAGEMENT OF GENERAL HEALTH SPECIALISED REINSURERS AS ON MARCH CRORE, , & ( 31 ) ( )



STATEMENT 17

Annual Report 2022-23

135

ANNEXURES

LIST OF REGISTERED INSURERS REINSURERS OPERATING IN INDIA/

( 31 2023)AS ON MARCH

ANNEXURE 1

Life Insurers Non-Life Insurers

PUBLIC SECTOR PUBLIC SECTOR

1. LifeInsurance Corporation of India 1. National Insurance Co. Ltd

2. TheNew India Assurance Co. Ltd

3. The Oriental Insurance Co. Ltd

4. United India Insurance Co. Ltd

PRIVATE SECTOR PRIVATE SECTOR

1. Acko Life Insurance Limited 1. Acko General Insurance Ltd.

2. AdityaBirla Sun Life Insurance Co. Ltd 2. BajajAllianz General Insurance Co. Ltd

3. Aegon Life Insurance Co. Ltd. 3. Cholamandalam General Insurance Co. LtdMS

4. Ageas FederalLife Insurance Co. Ltd. 4. FutureGenerali India InsuranceCo. Ltd

5. AvivaLife Insurance Co. Ltd 5. Go Digit General Insurance Ltd.

6. BajajAllianz LifeInsurance Co. Ltd. 6. General Insurance Co. LtdHDFCERGO

7. Bharti Life Insurance Co. Ltd. 7. LombardGeneral Insurance Co. LtdAXA ICICI

8. Canara LifeInsuranceCo. Ltd 8. TokioGeneralInsuranceCo. LtdHSBC IFFCO

9. CreditAccess Life Insurance Limited 9. KotakMahindraGeneral Insurance Co. Ltd

10. Edelweiss TokioLife Insurance Co. Ltd. 10. KshemaGeneralInsuranceCo. Ltd.

11. FutureGenerali India LifeInsuranceCo. Ltd 11. Liberty General Insurance Co. Ltd

12. Life Insurance Co. Ltd 12. Magma GeneralInsurance Co. LtdHDFC HDI

13. PrudentialLife Insurance Co. Ltd. 13. General Insurance Ltd(Erstwhile )ICICI NAVI DHFL

14. IndiaFirst LifeInsurance Co. Ltd 14. Raheja GeneralInsurance Co. LtdQBE

15. KotakMahindraLife Insurance Co. Ltd 15. Reliance General Insurance Co. Ltd

16. Max Life Insurance Co. Ltd 16. RoyalSundaram General Insurance Co. Ltd

17. MetLifeIndia InsuranceCo. Ltd 17. GeneralGeneral insurance Co. LtdPNB SBI

18. PramericaLifeInsuranceCo. Ltd 18. Shriram General GeneralInsuranceCo. Ltd

19. Reliance Nippon Life Insurance Co. Ltd 19. General Insurance Co. LtdTATA AIG

20. Sahara India Life Insurance Co. Ltd. 20. Universal Sompo GeneralInsurance Co. Ltd

21. Life Insurance Co. Ltd. 21. ZunoGeneral Insurance Co. LtdSBI

22. ShriramLife InsuranceCo. Ltd

23 Star Union Dai-ichi LifeInsurance Co. Ltd Specialized Insurers (Public Sector)

24 LifeInsurance Co. Ltd 1. Ltd.TATA AIA ECGC

2. Agriculture Insurance Company ofIndia Ltd

Standalone Health Insurers (PrivateSector)

1. Aditya Birla Health InsuranceCo. Ltd.

2. CareHealth Insurance Ltd.

3. Manipal Cigna Health Insurance Co. Ltd.

4. Niva Bupa Health Insurance Co. Ltd.

5. Reliance Health Insurance Ltd. $

6. StarHealth & Allied Insurance Co. Ltd.

$ The Authority vide order ref. No. /F&A/ / /200/11/2019 dated 06th November, 2019 issued directions to the Reliance HealthIRDA ORD SOLP

InsuranceLtd. to stop selling new policies.

Annual Report 2022-23

139

LIST OF REGISTERED INSURERS REINSURERS OPERATING IN INDIA/

( 31 2023)AS ON MARCH

Contd… 1ANNEXURE

Reinsurers

Public Sector Private Sector

1 General Insurance Foreign Reinsurer's Branches

Corporation of India ( Re) 1. Allianz Global Corporate & Specialty , IndiaGIC SE

Branch

2. France Vie - India Reinsurance BranchAXA

3. General Reinsurance - India BranchAG

4. Hannover Rück – India BranchSE

5. Münchener Rückversicherungs-Gesellschaft

Aktiengesellschaft - India Branch

6. Life Reinsurance Company of Canada, IndiaRGA

Branch

7. - India BranchSCOR SE

8. Swiss Reinsurance Company Ltd, India Branch

9. Insurance Company , India ReinsuranceXL SE

Branch

10. Factory Mutual Insurance Company, India

Branch

Lloyd's

11. Lloyd’s India Reinsurance Branch

i. Markel Services India Private Limited

Annual Report 2022-23

140

SHARE OF MEMBERS IN INDIAN MARKET TERRORISM RISK INSURANCE POOL

ANNEXURE 2 (i)

S.No Member Company Per risk Capacity Share (in %)

( Crore)

1 Bajaj Allianz General Insurance Co. Ltd. 106.28 5.31

2 Cholamandalam General Insurance Co. Ltd. 39.06 1.95

3 Future Generali General Insurance Co. Ltd. 28.16 1.41

4 General Insurance Corporation of India 333.69 16.68

5 Go Digit General Insurance Co. Ltd. 10.00 0.50

6 Govt. Insurance Fund, Gujarat 20.00 1.00

7 Ergo General Insurance Co. Ltd. 15.00 0.75HDFC

8 Lombard General Insurance Co. Ltd. 180.84 9.04ICICI

9 -Tokio General Insurance Co. Ltd. 78.64 3.93IFFCO

10 Kotak Mahindra General Insurance Co. Ltd. 10.00 0.50

11 Liberty General Insurance Co. Ltd. 20.81 1.04

12 Magma General Insurance Co. d. 10.32 0.52HDI LT

13 National Insurance Co. Ltd. 167.62 8.38

14 Navi General Insurance Co. Ltd. 2.00 0.10

15 Raheja General Insurance Co. Ltd. 1.00 0.05QBE

16 Reliance General Insurance Co. Ltd. 39.72 1.99

17 Royal Sundaram Insurance Co. Ltd. 27.72 1.39

18 General Insurance Co. Ltd. 15.62 0.78SBI

19 Shriram General Insurance Co. Ltd. 20.00 1.00

20 Tata- General Insurance Co. Ltd. 31.46 1.57AIG

21 The New India Assurance Co. Ltd. 333.69 16.68

22 The Oriental Insurance Co. Ltd. 238.31 11.92

23 United India Insurance Co. Ltd. 250.05 12.50

24 Universal Sompo General Insurance Co. Ltd. 10.00 0.50

25 Zuno General Insurance Co. Ltd 10.00 0.50

Total 2000 100.00

Annual Report 2022-23

141

SHARE OF MEMBERS IN INDIAN NUCLEAR INSURANCE POOL

(2022-23)

ANNEXURE 2 (ii)

Sl. No Member Company Per risk Capacity Crore Share (in %)

1 General Insurance Corporation of India 600 40.00

2 New India Assurance Co. Ltd. 300 20.00

3 United India Insurance Co. Ltd. 200 13.33

4 Oriental Insurance Co. Ltd. 100 6.67

5 National Insurance Co. Ltd. 100 6.67

6 Lombard General Co. Ltd. 100 6.67ICICI

7 Reliance General Insurance Co. Ltd. 20 1.33

8 Tata General Insurance Co. Ltd. 20 1.33AIG

9 Tokio General Insurance Co. Ltd. 20 1.33IFFCO

10 Cholamandalam General Insurance Co. Ltd. 15 1.00

11 General Insurance Co. Ltd. 15 1.00SBI

12 Universal Sompo General Insurance Co. Ltd. 10 0.67

Total 1500 100.00

Annual Report 2022-23

142

MARINE CARGO EXCLUDED TERRITORIES POOL

(2022-23)

ANNEXURE 2 (iii)

Sl. No Member Company 2022-23

Per risk Capacity ( Crore) Share (in %)

1 General Insurance Corporation of India 250 51.57

2 National Insurance Company India 30 6.19

3 New India Assurance Company Ltd 40 8.25

4 Oriental Insurance Company Ltd 30 6.19

5 United India Insurance Company 20 4.13

6 Bajaj Allianz General Insurance Co. Ltd. 2.5 0.52

7 Cholamandalam General Insurance Co. Ltd. 1 0.21

8 Zuno General Insurance Co. Ltd (Edelweiss) 0.3 0.06

9 Go Digit General Insurance Co. Ltd. 3 0.62

10 Ergo General Insurance Co. Ltd. 6 1.24HDFC

11 Lombard General Insurance Co. Ltd. 30 6.19ICICI

12 Tokio General Insurance Co. Ltd. 8 1.65IFFCO

13 Kotak Mahindra General Insurance Co. Ltd. 1 0.21

14 Magma General Insurance Co. d. 5 1.03HDI LT

15 Reliance General Insurance Co. Ltd. 8 1.65

16 Royal Sundaram Insurance Co. Ltd. 4 0.83

17 General Insurance Co. Ltd. 5 1.03SBI

18 Shriram General Insurance Co. Ltd. 1 0.21

19 Tata General Insurance Co. Ltd. 30 6.19AIG

20 Universal Sompo General Insurance Co. Ltd. 2 0.41

21 Future Generali General Insurance Co. Ltd. 8 1.65

Grand Total 484.8 100.00

Annual Report 2022-23

143

DATA FOR CALCULATION OF MOTOR TP OBLIGATION FOR 2023-24 ( Crore)

ANNEXURE 3

S.No Insurer Financial Year 2022-23

Motor Motor Third Total Motor Total

PartyOD GDP GDP GDP GDP

1 Acko General Insurance Co. Ltd. 215.66 444.30 659.96 1509.41

2 Bajaj Allianz General Insurance Co. Ltd. 2,351.43 2,997.11 5,348.54 15,336.64

3 Cholamandalam General Insurance Co. Ltd. 1,675.20 2,669.92 4,345.12 6,155.99MS

4 Future Generali India Insurance Co. Ltd. 792.54 908.52 1,701.06 4,546.24

5 Go Digit General Insurance Co. Ltd. 1,339.67 2,660.60 4,000.27 6,160.08

6 General Insurance Co. Ltd. 2,089.62 2,554.77 4,644.39 16,635.81HDFC ERGO

7 Lombard General Insurance Co. Ltd. 4,151.38 4,430.89 8,582.27 21,025.09ICICI

8 Tokio General Insurance Co. Ltd. 1,916.79 2,216.77 4,133.56 9,870.95IFFCO

9 Kotak Mahindra General Insurance Co. Ltd. 264.12 251.76 515.88 1,134.09

10 Liberty General Insurance Co. Ltd. 707.21 675.33 1,382.54 1,957.33

11 Magma General Insurance Co. Ltd. 587.18 1,273.32 1,860.50 2,534.12HDI

12 National Insurance Co. Ltd. 1,694.25 3,393.55 5,087.80 15,147.99

13 Navi General Insurance Co. Ltd. 2.60 25.10 27.70 70.59

14 Raheja General Insurance Co. Ltd. 190.41 83.25 273.66 379.94QBE

15 Reliance General Insurance Co. Ltd. 1,590.02 2,446.21 4,036.23 10,339.00

16 Royal Sundaram General Insurance Co. Ltd. 1,032.87 1,438.06 2,470.93 3,379.75

17 General Insurance Co. Ltd. 1001.37 1,709.30 2,710.67 10,828.39SBI

18 Shriram General Insurance Co. Ltd. 424.86 1,659.40 2,084.26 2,265.78

19 Tata General Insurance Co. Ltd. 2,854.56 3,838.29 6,692.85 13,176.00AIG

20 The New India Assurance Co. Ltd. 3,153.55 5,821.80 8,975.35 34,487.48

21 The Oriental Insurance Co. Ltd. 977.56 2,664.67 3,642.23 15,614.91

22 United India Insurance Co. Ltd. 1,678.70 4,306.57 5,985.27 17,644.30

23 Universal Sompo General Insurance Co. Ltd. 937.88 881.23 1,819.11 4,103.09

24 Zuno General Insurance Co. Ltd. 154.17 145.46 299.63 533.50

GRAND TOTAL 31,783.60 49,496.18 81,279.78 2,14,836.47

Annual Report 2022-23

144

1 / / / /74/4/2022 4/27/2022 Acturial Circulars Rationalization of certain complianceIRDA ACT CIR GEN

requirements

2 / / / /77/4/2022 4/28/2022 Non Life Circulars Dispensing of certain non-life insuranceIRDAI NL CIR MISC

returns

3 /F&l/ClR/l /81/04/2022 4/29/2022 F&I Circulars Exposure of lnsurers to Financial andIRDAI NV

lnsuranceActivities

4 / / / /88/5/2022 5/11/2022 Acturial Circulars Circular on Actuarial & reinsuranceIRDA ACT CIR GEN

returns – Dispensing with hard copy

submission

5 /F&A/ / /98/5/2022 5/12/2022 F&A Circulars Discontinuation of monthly SolvencyIRDAI CIR MISC

Returns for Non Life insurers and

Reinsurers

6 /F&A/ / /99/5/2022 5/12/2022 F&A Circulars R a tionalization of complianceIRDAI CIR MISC

requirementsforNon life and Reinsurers

7 / / / /96/05/2022 5/12/2022 Non Life Circulars Filing of ﬁre insurance products forIRDAI NL CIR MISC

Dwellings,Microand Small Businesses

8 / / / /95/05/2022 5/12/2022 Non Life Circulars Pricing of products covering Fire andIRDAI NL CIR MISC

Allied perils

9 / / / /100/05/2022 5/19/2022 Non Life Circulars Motor Insurance advertisements issuedIRDAI NL CIR MISC

by General Insurers on (i) extra services of

Third Party Service Providers (ii)

discounts, saving amounts etc

10 / / / /102/5/2022 5/23/2022 Health Circulars Circular on Revision of Health InsuranceIRDAI HLT CIR MISC

Regulatory Returns

11 / / / /106/5/2022 5/31/2022 Acturial Circulars Solvency margin for Pradhan MantriIRDAI ACT CIR SLM

Jeevan JyotiBimaYojana

12 / / / /108/06/2022 6/1/2022 Health Circulars Use and ﬁle procedure for all categories ofIRDAI HLT REG CIR

products under health insurance

business

13 / / / /107/6/2022 6/1/2022 Non Life Circulars Product ﬁling procedureIRDAI NL CIR MISC

14 /F&A/ / /109/6/2022 6/2/2022 F&A Orders In the matter of Aditya Birla HealthIRDAI ORD MISC

Insurance Co. Ltd. – Section 40C

ExemptionOrder

15 / / / /112/6/2022 6/3/2022 Reinsurance Circulars Public Disclosures by s/ oydsIndiaIRDAI REIN CIR MISC FRB LL

16 / / / /113/6/2022 6/6/2022 Intermediaries Circulars Launching of self-deactivation facilityIRDAI INT MISC CIR

over ’ s portalIIB ENVOY

17 / / / /118/6/2022 6/10/2022 Life Circulars Rationalization of regulatory returns andIRDAI LIFE CIR MISC

othercompliance requirements

18 / / / /115/06/2022 6/10/2022 Acturial Circulars Use and ﬁle procedure for life insuranceIRDAI ACTL CIR MISC

productsand riders

19 / / / /122/06/2022 6/13/2022 Acturial Circulars Solvency Margin for Crop InsuranceIRDAI ACTL CIR SLM

Business

20 /F&A/ / /123/6/2022 6/15/2022 F&A Circulars Accounting of Premium, claims andIRDA CIR MISC

relatedexpenseson estimation basis

21 / / / /125/06/2022 6/16/2022 Orders Designating Central Public InformationIRDAI HR ORD PER HR

Ofﬁcers under the Right to Information

Act, 2005

22 / / / /131/6/2022 6/29/2022 Health Circulars Repealing of Old circularsIRDAI HLT CIR MISC

23 / / /Motor/136/07/2022 7/5/2022 Non Life Circulars Introduction of New Add-ons in MotorIRDAI NL CIR

Insurance

CIRCULARS ORDERS GUIDELINES INSTRUCTIONS ISSUED FROM// /

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ANNEXURE 4

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Reference No.

Date

Department

Notiﬁcation

Type

Subject

Annual Report 2022-23

145

24 / / / /141/7/2022 7/7/2022 Reinsurance Orders Constitution of Task force to study andIRDAI REIN ORD RIN

make recommendations on issues faced

byLifeInsurersand Reinsurers

25 / / / /142/7/2022 7/7/2022 Reinsurance Orders Constitution of Task force to study andIRDAI REIN ORD RIN

make recommendations on issues faced

byNon- Life Insurers and Reinsurers

26 / / / /146/07/2022 7/14/2022 Non Life Circulars Use and File Procedure for RetailIRDAI NL CIR PRO

ProductsforAgriculture & AlliedActivities

27 /Life/ / /147/7/2022 7/15/2022 Life Circulars Repealing ofLifeCircularsIRDAI CIR MISC

28 / / / /150/7/2022 7/20/2022 Health Circulars Standards and Benchmarks for theIRDAI HLT CIR MISC

Hospitals in the ProviderNetwork

29 /F&I/ / /152/7/2022 7/21/2022 F&I Orders Working Group on Accounting ofIRDAI ORD MISC

Premium, Claims and Related Expenses

on Estimation Basis and Repatriation of

Surplus by sFRB

30 / / / /160/8/2022 8/1/2022 Guidelines M ast er G uid elines on Anti-MoneyIRDAI IID GDL MISC IID

Laundering/ Counter Financing of

Terrorism( / ), 2022AML CFT

31 /F&I/ / /165/8/2022 8/3/2022 F&I Circulars Amendments to Investments-MasterIRDAI CIR INV

Circular

32 / & / / /167/8/2022 8/9/2022 & Circulars Migration of tonew hardwareand theIRDAI GA HR CIR MISC GA HR BAP

latest software

33 / & / / /172/8/2022 8/11/2022 & Circulars Applicability of Service Tax / onIRDAI GA HR CIR MISC GA HR GST

services provided by to InsuranceIRDAI

intermediaries

34 / & / / /171/8/2022 8/11/2022 & Circulars Withdrawal of exemption from onIRDAI GA HR CIR MISC GA HR GST

services providedby to InsurersIRDAI

35 / / / /177/08/2022 8/22/2022 Orders Expert Committee on Implementation ofIRDAI IFRS ORD MISC IFRS

Ind / in Insurance sectorAS IFRS

36 /F&I/ / /183/9/2022 9/2/2022 F&I Circulars Appointment or Continuation of CommonIRDAI CIR MISC

Director(s) u/s 48A of Insurance Act,

1938

37 / & / / /184/09/2022 9/2/2022 & Guidelines Guidelines on Information and CyberIRDAI GA HR GDL MISC GA HR

Security

38 / & / / /189/09/2022 9/6/2022 & Circulars Observing Cyber JaagrooktaIRDAI GA HR CIR MISC GA HR

(Awareness) Diwas

39 / & / / /186/09/2022 9/6/2022 & Orders Reconstitution of Committee to reviewIRDAI GA HR ORD MISC GA HR

IRDAIsInformation& Security Guidelines

40 / / / /190/9/2022 9/13/2022 Health Circulars Revision of Health Insurance RegulatoryIRDAI HLT CIR MISC

Returns

41 /Life/ / /188/09/2022 9/13/2022 Life Circulars Immediate annuity ProductsIRDAI CIR MISC

42 /F&I/ / /191/9/2022 9/13/2022 F&I Circulars Clariﬁcation on Circular on AppointmentIRDAI CIR MISC

orContinuation of Common Director

43 / / / /203/09/2022 9/27/2022 Health Orders Order in the matter of M/S RothshieldIRDAI HLT ORD MISC

Insurance LimitedTPA

44 / / / /207/10/2022 10/4/2022 Acturial Circulars Circular on ﬁling of Products/Riders forIRDAI ACTL CIR PRO

LifeInsurance Business

45 / / / /202/9/2022 10/10/2022 Intermediaries Guidelines Guidelines in respect of Conﬂict ofIRDAI INT GDL MISC

Interest and Common Directorship

among Intermediary or Insurance

intermediary

CIRCULARS ORDERS GUIDELINES INSTRUCTIONS ISSUED FROM// /

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Type

Subject

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46 / / / /212/10/2022 10/13/2022 Non Life Circulars Product Filing ProcedureIRDAI NL CIR MISC

47 / & / / /211/10/2022 10/13/2022 & Circulars Implementation of Information and CyberIRDAI GA HR GDL MISC GA HR

Security Guidelines

48 / / /08/2022 10/13/2022 Orders Selection of Young Professionals underIRDAI HR YPP HR

theYoung Professional Program( )YPP

49 /F&A/ / / 214 /10/2022 10/14/2022 F&A Orders Order In the matter of M/s Max LifeIRDA ORD FA

InsuranceCo. Ltd

50 /F&A/ / / 215/10/2022 10/14/2022 F&A Orders Order In the matter of M/s Axis BankIRDA ORD FA

Limited

51 30/ / / /ministry/2022-23 10/17/2022 Health Circulars Insurance cover for new-borns/infantsIRDAI HLT GEN

underhealth insurance policies

52 /F&I/ / /219/10/2022 10/17/2022 F&I Guidelines Guidelines on Establishment and ClosureIRDAI GDL MISC

of Liaison Ofﬁce in India by an Insurance

Companyregisteredoutside India

53 327/ / / / /220/10/202210/18/2022 Health Circulars Providing cover for Mental Illness underIRDAI HLT MHCA CIR

Health Insurance policies

54 / / / /223/10/2022 10/21/2022 Life Orders Committee to study and recommend onIRDAI LIFE ORD MISC

BimaVahak and Bima Vistaar

55 / / / /225/10/2022 10/26/2022 Circulars Master Guidelines on / 2022 –IRDAI IID GDL MISC IID AML CFT

extensionoftime forImplementation

56 / / / /224/10/2022 10/26/2022 Reinsurance Circulars Repatriation of Assigned Capital byIRDAI REIN CIR MISC

FRBs/Lloyd’sIndia

57 / / /Gen/221/10/2022 10/26/2022 Health Orders Constitution of Health InsuranceIRDAI HLT ORD

ConsultativeCommittee

58 /F&I/ / /226/10/2022 10/27/2022 F&I Circulars Investments Master Circular -IRDA CIR INV IRDAI

( ) , 2016INVESTMENT REGULATIONS

59 / / / /229/11/2022 11/14/2022 Circulars Participation in Account AggregatorIRDAI IID CIR MISC IID

Framework

60 / & / / /230/11/2022 11/15/2022 & Circulars Regarding the use of out-of-dateIRDAI GA HR CIR MISC GA HR

Operating System ( ) andOS IT

Equipments

61 / / / /231/11/2022 11/22/2022 Non Life Circulars Ayushman Bharat Digital Mission ( )IRDAI NL CIR MISC ABDM

adoption by Doctors

62 /F&I/ / /233/12/2022 12/1/2022 F&I Circulars Clariﬁcation with respect to - -IRDAI CIR INV NDS OM

Investments

63 / / / /234/12/2022 12/6/2022 Acturial Circulars Upload of Motor Third Party data inIRDAI ACTL CIR MISC IIBI

portal

64 / / / /235/12/2022 12/6/2022 Health Circulars Extension of timelines for ﬁling of HealthIRDAI HLT CIR MISC

Quarterly Returns to theAuthority

65 / / / /242/12/2022 12/7/2022 Non Life Orders Constitution of Working Group forIRDAI NL ORD MISC

suggesting the regulatory framework

post de-notiﬁcation of the existingtariﬀs

66 / / / /244/12/2022 12/8/2022 Health Circulars Insurance coverfornew-born-infantsIRDAI HLT CIR REG

67 / / / / 247 /12/2022 12/19/2022 Reinsurance Circulars R e insurance Treaty AgreementsIRDAI REIN CIR MISC

covering Fire and Engineering Lines of

Business

68 /F&I/ / /248/12/2022 12/26/2022 F&I Circulars Declaration of on a quarter endingIRDAI INV CIR NAV

day, which is a holiday

69 / & / / /249/12/2022 12/26/2022 & Circulars Circular on G20 Logo & Theme duringIRDAI PP GR CIR MISC PP GR

India's Presidency period

CIRCULARS ORDERS GUIDELINES INSTRUCTIONS ISSUED FROM// /

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70 / / / /1/1/2023 1/3/2023 Reinsurance Circulars Submission ofReinsuranceReturnsIRDAI REIN CIR RT

71 / / / /2/1/2023 1/3/2023 Reinsurance Guidelines Guidelines on issuance of s to CrossIRDAI REIN GDL MISC FRN

BorderReinsurers

72 / / / /4/1/2023 1/10/2023 Acturial Circulars CircularonAppointedActuary regulationIRDAI ACTL CIR MISC

73 / / / /7/1/2023 1/12/2023 Non Life Circulars Modiﬁcations to Surety InsuranceIRDAI NL CIR MISC

Guidelines

74 / / /16/01/2023 1/13/2023 Investments Circulars S ove reign Green Bonds ( rBs)-IRDA INV CIR SG

Classiﬁcation and Categorisation

75 / / / /21/01/2023 1/19/2023 Non Life Circulars Guidelines on Insurance claims of victimsIRDAI NL CIR MISC

of Subsidence and Landslides in the

calamity aﬀected areas in the State of

Uttarakhand.

76 /F&I/ / /20/1/2023 1/19/2023 F&I Circulars Clariﬁcation on classiﬁcation of sharesIRDAI CIR INV

issued by virtue of demerger to Insurance

Companies

77 /F&I/ / /26/01/2023 1/30/2023 F&I Circulars Proﬁt Related Commission to Non-IRDAI CIR MISC

Executive Director(s)

78 /F&I/ / /027/01/2023 1/31/2023 F&I Circulars Clariﬁcation to Miscellaneous mattersIRDAI INV CIR

relating to Investments

79 /F&I/ / /42/02/2023 2/9/2023 F&I Orders Formation of Consultative Committee onIRDAI CIR INV

Investments

80 / / / /54/02/2023 2/20/2023 NonLife Circulars Treatment of inward Co-Insurance whileIRDAI NL CIR MTP

reporting ObligationsMTP

81 / / / /58/2/2023 2/27/2023 Health Circulars Product for Persons with DisabilitiesIRDAI HLT CIR MISC

( ), Persons afﬂicted with / ,PWD HIV AIDS

and those with Mental Illness

82 / / / /59/2/2023 2/28/2023 Health Circulars Modiﬁcation of the terminology “sub-IRDAI HLT CIR MISC

standard lives” mentioned in IRDAI

(Health Insurance ) Regulations-2016

83 / & / / /67/03/2023 3/15/2023 & Orders Designating Central Public InformationIRDAI GA HR ORD PER GA HR

Ofﬁcers under the Right to Information

Act, 2005

84 / / / /083/03/2023 3/31/2023 Intermediaries Circulars Payment of Distribution Fees to MotorIRDA INT CIR MISP

InsuranceService Provider

85 / / / /82/3/2023 3/31/2023 Intermediaries Circulars Guidance note - Board policy of theIRDAI INT CIR MISC

insureron the commission structure

86 / / / /81/3/2023 3/31/2023 Acturial Circulars Use and File Procedure forProductsIRDAI ACTL CIR PRO

87 /I& / / /77/3/2023 3/31/2023 InsurTech Guidelines Guidelines on Operational IssuesIRDAI AT GDL MISC

pertaining to the Regulatory Sandbox

88 /I& / / /78/3/2023 3/31/2023 InsurTech Orders Committee on Regulatory SandboxIRDAI AT ORD MISC

CIRCULARS ORDERS GUIDELINES INSTRUCTIONS ISSUED FROM// /

01, 2022 31, 2023APRIL TO MARCH

Contd... 4ANNEXURE

SI.

No.

Reference No.

Date

Department

Notiﬁcation

Type

Subject

Annual Report 2022-23

148

REGULATIONS FRAMED UNDER THE IRDA ACT UP TO MARCH, 1999 31, 2023

ANNEXURE 5

1 (The InsuranceAdvisory Committee) (Meeting) Regulations, 2000IRDA

2 (AppointedActuary) Regulations, 2000IRDA

3 (Actuarial Report andAbstract)Regulations,2000IRDA

4 (Licensing ofInsuranceAgents) Regulations, 2000IRDA

5 (Assets,Liabilities and Solvency Margin ofInsurers) Regulations,2000IRDA

6 (General Insurance-Reinsurance) Regulations,2000IRDA

7 (Registrationof Indian InsuranceCompanies)Regulations,2000IRDA

8 (InsuranceAdvertisementsand Disclosure) Regulations,2000IRDA

9 (Obligations of Insurers to Rural Social Sectors)Regulations,2000IRDA

10 (Meetings) Regulations,2000IRDA

11 (Preparation of Financial Statements and Auditors' Report of Insurance Companies) Regulations,IRDA

2000

12 (Investment) Regulations,2000IRDA

13 (Conditionsofservice ofOfﬁcers and other Employees) Regulations,2000IRDA

14 (Insurance Surveyors and Loss Assessors-Licensing, Professional Requirements and Code ofIRDA

Conduct)Regulations,2000

15 (Life Insurance - Reinsurance) Regulations,2000IRDA

16 ( Investment) (Amendment) Regulations, 2001IRDA

17 (Third PartyAdministrators-Health Services) Regulations, 2001IRDA

18 (Re-InsuranceAdvisory Committee)Regulations,2001IRDA

19 (Investments) (Amendment) Regulations, 2002IRDA

20 (Preparation of Financial Statements and Auditors' Report of Insurance Companies) Regulations,IRDA

2002

21 (Protection of Policyholders' Interests) Regulations,2002IRDA

22 (InsuranceBrokers) Regulations,2002IRDA

23 (Obligations of Insurers to Rural Social Sectors)Regulations,2002IRDA

24 (Licensingof Corporate Agents) Regulations,2002IRDA

25 (Licensing of InsuranceAgents) (Amendment) Regulations,2002IRDA

26 (Protectionof Policyholders'Interests) (Amendment) Regulations,2002IRDA

27 (Manner of Receipt ofPremium) Regulations,2002IRDA

28 (Distributions ofSurplus)Regulations,2002IRDA

29 (Registrationof Indian Insurance Companies)(Amendment) Regulations,2003IRDA

30 (Investment)(Amendment)Regulations,2004IRDA

31 (Qualiﬁcationactuary) Regulations,2004IRDA

32 (Obligations of Insurers to Rural / Social Sectors) (Amendment)Regulations, 2004IRDA

S.No.

Name of the Regulation

Annual Report 2022-23

149

33 (MicroInsurance) Regulations,2005IRDA

34 (Conditions of Service of Ofﬁcers and otherEmployees) (Amendment) Regulations,2005IRDA

35 (Obligationof Insurers to Rural or Social Sectors) (Amendment) Regulations,2005IRDA

36 (Licensing ofInsuranceAgents)(Amendment)Regulations, 2007IRDA

37 (LicensingofCorporate Agents)(Amendment)Regulations, 2007IRDA

38 (InsuranceBrokers) (Amendment)Regulations, 2007IRDA

39 (Obligation of Insurersto Rural or Social Sectors) (ThirdAmendment) Regulations,2008IRDA

40 (Obligation ofInsurersto Rural or Social Sectors) (FourthAmendment)Regulations,2008IRDA

41 (Registration of Indian Insurance Companies) (SecondAmendment) Regulations,2008IRDA

42 (Conditions of service of Ofﬁcers and other Employees)(Amendments) Regulations,2008IRDA

43 (Investment) (Fourth Amendment)Regulations,2008IRDA

44 (Sharing of Database for Distribution of Insurance Products) Regulations,2010IRDA

45 (Treatmentof Discontinued Linked Insurance Policies) Regulations,2010IRDA

46 (InsuranceAdvertisementsand Disclosure) (Amendment) Regulations, 2010IRDA

47 (Licensing ofCorporateAgents) (Amendment)Regulations, 2010IRDA

48 (Scheme ofAmalgamation andTransferof General Insurance Business)2011IRDA

49 (Issuanceof Capital byLife Insurance Companies)Regulations, 2011IRDA

50 (Registrationof Indian InsuranceCompanies)(Third Amendment)Regulations,2012IRDA

51 (Insurance Advisory Committee ( Meetings) ( FirstAmendment) Regulations. 2012IRDA

52 (Sharingof conﬁdential informationconcerning domestic or foreign entity) Regulations, 2012IRDA

53 (Registration ofIndian Insurance Companies) (Fourth Amendment)Regulations, 2013IRDA

54 (AppointedActuary)(FirstAmendment) Regulations, 2013IRDA

55 (General Insurance - Reinsurance) Regulations, 2013IRDA

56 (InsuranceBrokers) (SecondAmendment) Regulations, 2013IRDA

57 (SchemeofAmalgamation andTransferof Life Insurance Business)Regulations, 2013IRDA

58 (ThirdPartyAdministrator-Health Services) (FirstAmendment) Regulations, 2013IRDA

59 (Standard Proposal Form for Life Insurance)Regulations, 2013IRDA

60 (Placesof Business)Regulations, 2013IRDA

61 (Issuance of Capital byGeneral Insurance Companies)Regulations, 2013IRDA

62 (Non-linked Insurance Products) Regulations, 2013IRDA

63 (Health Insurance) Regulations, 2013IRDA

64 (Linked Insurance Products) Regulations, 2013IRDA

65 (Investment)(Fifth Amendment)Regulations, 2013IRDA

66 (LifeInsurance - Reinsurance) Regulations, 2013IRDA

67 (Insurance Surveyors and Loss Assessors - Licensing, Professional requirements and code ofIRDA

conduct)(Amendment) Regulations,2013

Contd... 5ANNEXURE

Name of the Regulation

S.No.

REGULATIONS FRAMED UNDER THE IRDA ACT UP TO MARCH, 1999 31, 2023

Annual Report 2022-23

150

68 (LicensingofBanks as InsuranceBrokers) Regulations, 2013IRDA

69 (Web aggregators) Regulations,2013IRDA

70 (Meetings)(First Amendment)Regulations, 2013IRDA

71 (Meetings)(SecondAmendment) Regulations, 2013IRDAIAC

72 (Insurance Brokers) Regulations, 2013IRDA

73 ( -Health Services) (SecondAmendment)Regulations, 2013IRDA TPA

74 (Registration of Indian Insurance Companies)(FifthAmendment) Regulations, 2013IRDA

75 (Licencing of InsuranceAgents) (Amendment) Regulations 2013IRDA

76 (Insurance Surveyors and Loss Assessors- Licensing, Professional requirements and code ofIRDA

conduct)(SecondAmendment)Regulations,2013

77 (Conditions ofService ofOfﬁcers and Other Employees) (Third Amendment)Regulations, 2014IRDA

78 (Registration of Indian InsuranceCompanies)(SixthAmendment) Regulations, 2014IRDA

79 (Health Insurance) (FirstAmendment)Regulations, 2014IRDA

80 (Registration of Insurance Marketing Firm) Regulations, 2015IRDAI

81 (MicroInsurance)Regulations, 2015IRDAI

82 (Transferof Equity Sharesof Insurance Companies)Regulations, 2015IRDAI

83 (Feeforregistering,cancellation or change of Nomination)Regulations, 2015IRDAI

84 (Fee for granting written acknowledgement of the receipt of Notice of Assignment or Transfer)IRDAI

Regulations, 2015

85 (Obligation of Insurerin respectof MotorThird Party InsuranceBusiness)Regulations,2015IRDAI

86 (Placesof Business) Regulations, 2015IRDAI

87 (Maintenance of Insurance Records) Regulations, 2015IRDAI

88 (Registration of CorporateAgents)Regulations, 2015IRDAI

89 (Obligations ofInsurers to Rural and Social sectors) Regulations, 2015IRDAI

90 ( Minimum Limits forAnnuities and otherBeneﬁts) Regulations, 2015IRDAI

91 (Acquisition of Surrenderand Paid up values) Regulations, 2015IRDAI

92 (Insurance Services byCommon Service Centres) Regulations, 2015IRDAI

93 (Registration and Operations of Branch Ofﬁces of Foreign Reinsurers other than Lloyd’s)IRDAI

Regulations, 2015.

94 (Insurance Surveyors and LossAssessors) Regulations, 2015IRDAI

95 ( InsuranceAdvertisementsand Disclosure) (Amendment)Regulations, 2015IRDAI

96 (Other Forms of Capital) Regulations, 2015IRDAI

97 (Issuance of Capital by Indian Insurance Companies transacting other than Life InsuranceIRDAI

business) Regulations, 2015

98 (Issuance of Capital by Indian Insurance Companies transacting Life Insurance business)IRDAI

Regulations, 2015

Contd... 5ANNEXURE

Name of the Regulation

S.No.

REGULATIONS FRAMED UNDER THE IRDA ACT UP TO MARCH, 1999 31, 2023

Annual Report 2022-23

151

99 (Registration and Operations of Branch Ofﬁces of Foreign Reinsurers other than Lloyd’s) (FirstIRDAI

Amendment) Regulations, 2016

100 (Inspectionand Fee forSupply of Copies ofReturns)Regulations, 2015IRDAI

101 (Registration ofIndian Insurance Companies) (SeventhAmendment) Regulations, 2016IRDAI

102 (Lloyd’s India)Regulations, 2016IRDAI

103 ( - Health Services) Regulations, 2016IRDAI TPA

104 (Assets,Liabilities and SolvencyMargin of General Insurance Business)Regulations, 2016IRDAI

105 (Qualiﬁcation ofActuary) (Repeal) Regulations, 2016IRDAI

106 (Assets,Liabilities, and Solvency Margin of Life Insurance Business) Regulations, 2016IRDAI

107 (ActuarialReport andAbstract for Life Insurance Business) Regulations, 2016IRDAI

108 (Appointmentof InsuranceAgents)Regulations, 2016IRDAI

109 (Expenses of Management of Insurers transacting General or Health Insurance Business)IRDAI

Regulations, 2016

110 (Loans orTemporaryadvances to the Full-timeEmployeesof the Insurers) Regulations, 2016IRDAI

111 (Expenses of Management ofInsurers transacting life insurance business)Regulations, 2016IRDAI

112 (GeneralInsurance - Reinsurance) Regulations, 2016IRDAI

113 (Issuance ofe-Insurance Policies)Regulations, 2016IRDAI

114 (Health Insurance) Regulations, 2016IRDAI

115 (Registration of Indian InsuranceCompanies)(Eighth Amendment)Regulations, 2016IRDAI

116 Staﬀ (Ofﬁcersand OtherEmployees) Regulations, 2016IRDAI

117 (Investment)Regulations, 2016IRDAI

118 (Issuance of e-insurance policies)(First Amendment)Regulations, 2016IRDAI

119 (Registration and Operations of Branch Ofﬁces of Foreign Reinsurers other than Lloyd’s) (SecondIRDAI

Amendment) Regulations, 2016

120 (Payment of Commission or Remuneration or Reward to Insurance Agents and InsuranceIRDAI

Intermediaries) Regulations, 2016

121 (Registration of Insurance MarketingFirm) (FirstAmendment) Regulations, 2016IRDAI

122 (Payment of commission or remuneration or reward to insurance agents and insuranceIRDAI

intermediaries) (FirstAmendment) Regulations, 2017

123 (InsuranceWebAggregators) Regulations, 2017IRDAI

124 (Outsourcingof Activities by Indian Insurers) Regulations, 2017IRDAI

125 (AppointedActuary) Regulations, 2017IRDAI

126 (InsuranceSurveyors and Loss Assessors) (FirstAmendment) Regulations, 2017IRDAI

127 (Protection of Policyholders’Interests) Regulations, 2017IRDAI

128 (Payment of commission or remuneration or reward to insurance agents and insuranceIRDAI

intermediaries) (SecondAmendment)Regulations, 2017

Contd... 5ANNEXURE

Name of the Regulation

S.No.

REGULATIONS FRAMED UNDER THE IRDA ACT UP TO MARCH, 1999 31, 2023

Annual Report 2022-23

152

129 (InsuranceBrokers) Regulations, 2018IRDAI

130 (Standard proposal form forLife Insurers) (Repeal) Regulations, 2018IRDAI

131 (Re-Insurance ) Regulations, 2018IRDAI

132 ( Insurance Brokers) (FirstAmendment) Regulations, 2018IRDAI

133 (AppointedActuary)(Amendment) Regulations, 2019IRDAI

134 (UnitLinkedInsurance Products) Regulations, 2019IRDAI

135 (Non-LinkedInsurance Products) Regulations, 2019IRDAI

136 (Registrationof Insurance Marketing Firm) (Amendment) Regulations, 2019IRDAI

137 (Re-insuranceAdvisory Committee) Regulations, 2019IRDAI

138 (Regulatory Sandbox) Regulations, 2019IRDAI

139 (Common Public Services Centers) Regulations, 2019IRDAI

140 (InsuranceIntermediaries)(Amendment) Regulations, 2019IRDAI

141 (Health Insurance) (Amendment)Regulations, 2019IRDAI

142 (ThirdPartyAdministrators - Health Services)(Amendment) Regulations, 2019IRDAI

143 (Minimum Information Required forInvestigationand Inspection)Regulations, 2020IRDAI

144 (InsuranceSurveyors and Loss Assessors) (Amendment) Regulations, 2020IRDAI

145 (Regulatory Sandbox)(Amendment) Regulations, 2021IRDAI

146 (InsuranceAdvertisementsand Disclosure) Regulations, 2021IRDAI

147 (Manner of Assessment of Compensation to Shareholders or Members on Amalgamation)IRDAI

Regulations, 2021

148 (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) (FirstIRDAI

Amendment) Regulations, 2021

149 (Indian Insurance Companies) (Amendment) Regulations, 2021IRDAI

150 (Actuarial Report and Abstract forLife InsuranceBusiness)(Amendment) Regulations, 2022IRDAI

151 (AppointedActuary) Regulations, 2022IRDAI

152 (AssetsLiabilities and SolvencyMargin of General Insurance Business) Regulations, 2022IRDAI

153 (OtherForms ofCapital) Regulations, 2022IRDAI

154 (Regulatory Sandbox) (Amendment) Regulations, 2022IRDAI

155 (Registration of Indian Insurance Companies)Regulations, 2022IRDAI

156 (InsuranceIntermediaries) (Amendment) Regulations, 2022IRDAI

157 (Expenses of Management of Insurers transacting General or Health Insurance business)IRDAI

Regulations, 2023

158 (Expenses of Management of Insurerstransacting life insurance business)Regulations, 2023IRDAI

159 (Paymentof Commission)Regulations, 2023IRDAI

Contd... 5ANNEXURE

Name of the Regulation

S.No.

REGULATIONS FRAMED UNDER THE IRDA ACT UP TO MARCH, 1999 31, 2023

Annual Report 2022-23

153

LIST OF MICRO INSURANCE PRODUCTS OF LIFE INSURERS

( 31, 2023)AS AT MARCH

ANNEXURE 6

S. No Insurer Individual Category Group Category

1 Aditya Birla Sun Life Insurance Co. Ltd. Group Bima YojanaABSLI

2 Aegon Life Insurance Co. Ltd. Aegon Life Group Micro Insurance Plan

3 Ageas Federal Life Insurance Co. Ltd. Group Microsurance Plan II

4 'Aviva Life Insurance Co. Ltd. Aviva Group Micro Insurance Plan

5 Bajaj Allianz Life Insurance Co. Ltd. Bajaj Allianz Life Group Sampoorna

Suraksha Kavach

Bajaj Allianz Life Group Sampoorna

Jeevan Suraksha

6 Bharti Life Insurance Co. Ltd. Bharti Life Grameen Jeevan Bima Bharti Life Group Term MicroAXA AXA AXA

Insurance Plan

7 Canara Life Insurance Co. Ltd. Canara Oriental Bank OfHSBC HSBC

Commerce Life Insurance Sampoorna

Kavach Plan

8 Edelweiss Tokio Life Insurance Co. Ltd. Edelweiss Tokio Life – Raksha Kavach Edelweiss Tokio Life – Jan Suraksha

(Micro Insurance Plan)

9 Life Insurance Co. Ltd. Jeevan Suraksha Term on CreditHDFC

Group Suraksha

Group Micro Term Insurance

10 Prudential Life Insurance Co. Ltd. Pru Sarv Jana Suraksh Pru Shubh Raksha CreditICICI ICICI ICICI

Pru Anmol Bachat Pru Shubh Raksha OneICICI ICICI

Pru Shubh Raksha LifeICICI

11 IndiaFirst Life Insurance Co. Ltd. IndiaFirst Life “ ”INSURANCE KHATA

Plan (MicroInsuranceProduct)

IndiaFirst Life Micro Bachat Plan

12 Kotak Mahindra Insurance Co. Ltd. Kotak Sampoorn Bima Kotak Raksha Group Micro Insurance

Micro-Insurance Plan Plan

13 Life Insurance Corporation of India 's Bhagya Lakshmi (939) 's One Year Renewable GroupLIC LIC

's New Jeevan Mangal (940) Micro Term Assurance PlanLIC

's Micro Bhachat (951)LIC

14 Max Life Insurance Co. Ltd. Max Life Group Saral Suraksha Plan

(Micro Insurance Product)

15 Metlife Life India Insurance Co. Ltd. MetLife Bima Yojana - (Group MicroPNB PNB

Insurance)

16 Pramerica Life Insurance Co. Ltd. Pramerica Life Sarv Suraksha

Pramerica Life Sampoorna Suraksha

17 Sahara India Life Insurance Co. Ltd. Sahara Surakshit Pariwar Jeevan

Bima

Sahara Sahayog

18 Life Insurance Co. Ltd. Life - Grameen Bima Life - Grameen Super SurakshaSBI SBI SBI

Life - Group Micro Shield -SBI SP

Life - Group Micro ShieldSBI

19 Shriram Life Insurance Co. Ltd. Shriram Grameena Suraksha Shriram Jan Sahay

Shriram Life Sujana

20 Tata Life Insurance Co. Ltd. Tata Life Insurance Saat Saath -AIA AIA

Micro Insurance Product

Tata Life Insurance SaatAIA POS

Saath - Micro Insurance Product

Annual Report 2022-23

154

NUMBER OF PRODUCTS AND RIDERS DURING 2022-23

ANNEXURE 7

S. Life Insurers Number of

No. Products

and Riders

Public Sector

1 Life Insurance Corporation of India 16

Private Sector

2 Aditya Birla Sun Life Insurance Co. Ltd. 24

3 Life Insurance Co. Ltd 6AEGON

4 Ageas Federal Life Insurance Co. Ltd. 10

5 Aviva Life Insurance Co. Ltd 9

6 Bajaj Allianz Life Insurance Co. Ltd. 30

7 Bharti Life Insurance Co. Ltd. 8AXA

8 Canara Life Insurance Co. Ltd. 11HSBC OBC

9 Edelweiss Tokio Life Insurance Co. Ltd. 5

10 Exide Life InsuranceCo. Ltd 1

11 Future Generali India Life Insurance Co. Ltd. 2

12 Life Insurance Co. Ltd 35HDFC

13 Prudential Life Insurance Co. Ltd. 27ICICI

14 IndiaFirst Life Insurance Co. Ltd. 7

15 Kotak Mahindra Life Insurance Co. Ltd 16

16 Max Life Insurance Co. Ltd. 24

17 MetLife India Insurance Co. Ltd. 12PNB

18 Pramerica Life Insurance Co. Ltd 3

19 Reliance Nippon Life Insurance Co. Ltd 4

20 Sahara Life Insurance Co. Ltd. 0

21 Life Insurance Co. Ltd. 11SBI

22 Shriram Life Insurance Co. Ltd. 7

23 Star Union Dai-ichi Life Insurance Co. Ltd. 7

24 Tata Life Insurance Co. Ltd. 25AIA

Total 300

S. General Insurer Name Number of Products

No. and Add-ons

General Health

Insurance Insurance

Public Sector

1 National Insurance Co. Ltd. 32 15

2 The New India Assurance Co. Ltd. 117 5

3 The Oriental Insurance Co. Ltd. 30 9

4 United India Insurance Co. Ltd. 13 1

Private Sector

5 Acko General Insurance Limited 1 3

6 Bajaj Allianz General Insurance Co. Ltd. 215 19

7 Cholamandalam General Insurance Co. Ltd. 94 5MS

8 Future Generali India Insurance Co. Ltd. 257 11

9 Go Digit General Insurance Co. Ltd. 40 6

10 General Insurance Co. Ltd. 41 6HDFC ERGO

11 Lombard General Insurance Co. Ltd. 63 7ICICI

12 Tokio General Insurance Co. Ltd. 123 10IFFCO

13 Kotak Mahindra General Insurance Co. Ltd. 88 3

14 Kshema General Insurance Co. Ltd.

15 Liberty General Insurance Co. Ltd. 27 3

16 Magma General Insurance Co. Ltd. 52 5HDI

17 Navi General Insurance Co. Ltd. - 2

18 Raheja General Insurance Co. Ltd. 9 2QBE

19 Reliance General Insurance Co. Ltd. 77 4

20 Royal Sundaram General Insurance Co. Ltd. 43 8

21 General Insurance Co. Ltd. 255 5SBI

22 Shriram General Insurance Co. Ltd. 12 18

23 Tata General Insurance Co. Ltd. 31 26AIG

24 Universal Sompo General Insurance Co. Ltd. 612 3

25 Zuno General Insurance Co. Ltd. 32 7

Specialized Insurers

26 Agriculture Insurance Co of India Ltd 2 -

27 Export Credit Guarantee Corporation of India Ltd. 1 -

Standalone Health Insurers

28 Aditya Birla Health Insurance Co. Ltd. - 6

29 Care Health Insurance Ltd. - 7

30 Manipal Cigna Health Insurance Co. Ltd. - 2

31 Niva Bupa Health Insurance Co. Ltd. - 8

32 Star Health and Allied Insurance Co Ltd - 14

Grand Total 2267 220

Note: For detailed information about the products, please refer to websiteIRDAI

Annual Report 2022-23

155

ANNEXURE 8

FEE STRUCTURE FOR INSURERS AND INTERMEDIARIES AND FEE

2022-23COLLECTED IN

Processing Fee

Registration

Fee

Renewal Fee

Periodicity of

Renewal

1 Insurer (Life/General/Health) - 500,000

1/20th of 1% of Gross Direct Premium

written in India subject to a minimum of

10,00,000 and maximum of 10 crore

Every year

(by January

31)

2,029,913,815

2 Reinsurer/ sFRB - 500,000

1/20th of 1 % of the total premium in respect

of facultative reinsurance accepted in India

subject to a minimum of 5,00,000 and

maximum of 10 crore

Every year

(by January

31 for Re)GIC

Every Year

(by December

31 for s)FRB

22,234,950

3 Service Company of Lloyds - 50,000 50,000

Every Year (by

December 31)

Amalgamation and transfer of General/

Life insurance business

1/10th of 1% of Gross Direct

Premium written in India

by the transacting entities

during the ﬁnancial year

preceding the ﬁnancial year in

which the application is ﬁled

with the Authority subject to a

minimum of 50 lakh and

maximum of 5 crore

--Nil

5 Third Party Administrator 100,000 200,000 150,000 3 years 1,800,000

Brokers-Direct 25,000 50,000* 100,000 3 years

Brokers-Reinsurance 50,000 1,50,000* 300,000 3 years

Brokers-Composite 75,000 2,50,000* 500,000 3 years

Surveyors and Loss Assessors (Individual

and Corporate)

Individual:

1000,

Corporate:

5000

I Renewal Fee if application ﬁled before 30

days from the date of expiry:

Individual- 1000

Corporate – 5000

ii. Renewal fee if renewal application NOT

ﬁled 30 days before the date of expiry

Individual – 1100

Corporate – 5100

iii. Renewal fee if renewal application ﬁled

after the date of expiry of license but within

six months from the date of expiry of license:

Individual - 1750

Corporate - 5750 :

3 years 4,836,630

8 Corporate Agents 10000#

I CoR for the

entity: 25000

ii. Certiﬁcate to

the / / :PO SP AV

500

CoR Renewal: 25000

Renewal of Certiﬁcate to / / : 500PO SP AV 

3 Years 88,238,436

9 Web Aggregators 10,000 25,000 25,000 3 Years 240,100

10 Common Public Service Centre ( )CPSC - 10,000 2,000 3 Years Nil

11 Referrals - 10,000 10,000 3 Years 24,000

12 Insurance Marketing Firm - 5,000 2,000 3 Years 825,473

13 Insurance Repository 10,000 100,000 50,000 3 Years 100,000

14 ISNP(Insurance Self-Network Platform) 0 10,000 - - 770,000

Total 2,175,142,754

6 26,159,350

S.No. Insurer/ Intermediary

Fee structure

Total Fee

collected ( )

* After grant of in-principle approval

# Non Refundable Fee

CoR- Certiﬁcate of Registration

PO SP AV- Principal Ofﬁcer, - Speciﬁed Person & - Authorised Veriﬁer

Annual Report 2022-23

156

ANNEXURE 9 (I)

INDIAN ASSURED LIVES MORTALITY IALM STANDARD RATES( ) – 2012-14 -

MALE INSURED LIVES THAT ARE MEDICALLY UNDERWRITTEN AT INCEPTION

Age qx (Graduated) Age qx (Graduated) Age qx (Graduated)

2 0.000915 40 0.00168 78 0.051024

3 0.00047 41 0.001815 79 0.056231

4 0.000271 42 0.001969 80 0.061985

5 0.000185 43 0.002144 81 0.068338

6 0.000152 44 0.002345 82 0.07535

7 0.000149 45 0.002579 83 0.083082

8 0.000167 46 0.002851 84 0.091601

9 0.000206 47 0.003168 85 0.100979

10 0.000265 48 0.003536 86 0.111291

11 0.000341 49 0.003958 87 0.122616

12 0.000429 50 0.004436 88 0.135037

13 0.000522 51 0.004969 89 0.148639

14 0.000614 52 0.00555 90 0.163507

15 0.000698 53 0.006174 91 0.179726

16 0.00077 54 0.006831 92 0.19738

17 0.000829 55 0.007513 93 0.216547

18 0.000874 56 0.008212 94 0.237302

19 0.000905 57 0.008925 95 0.259706

20 0.000924 58 0.009651 96 0.283813

21 0.000934 59 0.010393 97 0.309659

22 0.000937 60 0.011162 98 0.337265

23 0.000936 61 0.011969 99 0.36663

24 0.000933 62 0.012831 100 0.397733

25 0.000931 63 0.013765 101 0.430529

26 0.000931 64 0.014792 102 0.46495

27 0.000934 65 0.015932 103 0.500904

28 0.000942 66 0.017206 104 0.538278

29 0.000956 67 0.018635 105 0.576942

30 0.000977 68 0.02024 106 0.616752

31 0.001005 69 0.02204 107 0.657553

32 0.001042 70 0.024058 108 0.699191

33 0.001086 71 0.026314 109 0.741515

34 0.00114 72 0.028832 110 0.784383

35 0.001202 73 0.031638 111 0.827673

36 0.001275 74 0.034757 112 0.871285

37 0.001358 75 0.038221 113 0.915145

38 0.001453 76 0.042061 114 0.959214

39 0.00156 77 0.046316 115 1

Note:

1. Age as on Last Birthday

2. qx(Graduated) Rates are Graduated Mortality Rates

Annual Report 2022-23

157

ANNEXURE II9 ( )

INDIAN INDIVIDUAL ANNUITANT MORTALITY TABLE’S (2012-15)

/OVERALL COMBINED MORTALITY RATES

[Within the meaning of Regulation 4 of IRDAI

(Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016]

Age Graduated Mortality Rates Age Graduated Mortality Rates

20 0.000284 68 0.013447

21 0.000305 69 0.01484

22 0.000328 70 0.016393

23 0.000353 71 0.018128

24 0.000379 72 0.020067

25 0.000407 73 0.022236

26 0.000438 74 0.024662

27 0.000471 75 0.027379

28 0.000507 76 0.030422

29 0.000545 77 0.03383

30 0.000586 78 0.037651

31 0.000631 79 0.041932

32 0.000679 80 0.04673

33 0.000731 81 0.052106

34 0.000787 82 0.058127

35 0.000847 83 0.064868

36 0.000913 84 0.07241

37 0.000984 85 0.08084

38 0.001061 86 0.090252

39 0.001144 87 0.100746

40 0.001234 88 0.112428

41 0.001332 89 0.125408

42 0.001438 90 0.139798

43 0.001553 91 0.155712

44 0.001679 92 0.17326

45 0.001815 93 0.192548

46 0.001964 94 0.213673

47 0.002125 95 0.236719

48 0.002302 96 0.261749

49 0.002495 97 0.288807

50 0.002705 98 0.317906

51 0.002936 99 0.349031

52 0.003188 100 0.382129

53 0.003464 101 0.417111

54 0.003768 102 0.453851

55 0.004101 103 0.49219

56 0.004468 104 0.531933

57 0.004871 105 0.572866

58 0.005316 106 0.614755

59 0.005807 107 0.657357

60 0.006349 108 0.700435

61 0.006948 109 0.743762

62 0.007612 110 0.787136

63 0.008347 111 0.830382

64 0.009163 112 0.873364

65 0.01007 113 0.915987

66 0.011077 114 0.958198

67 0.012198 115 0.99999

Annual Report 2022-23

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