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Union of India - Act

The Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000

UNION OF INDIA
India

The Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000

Rule THE-INSURANCE-REGULATORY-AND-DEVELOPMENT-AUTHORITY-ACTUARIAL-REPORT-AND-ABSTRACT-REGULATIONS-2000 of 2000

  • Published on 14 July 2000
  • Commenced on 14 July 2000
  • [This is the version of this document from 14 July 2000.]
  • [Note: The original publication document is not available and this content could not be verified.]
The Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000Published vide Notification No. IRDA/7/2000, dated 14.7.2000, published in the Gazette of India, Extraordinary, Part 3, Section 4, dated 19.7.2000.

14.

/660F.No. IRDA/7/2000, dated 14th July, 2000. - In exercise of the powers conferred by clause (g) of sub-section (2) of section 114-A of the Insurance Act, 1938 (4 of 1938), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations, namely:-

1. Short title and commencement

.-(1) These regulations may be called The Insurance Regulatory and Development Authority (Actuarial Report and Abstract) Regulations, 2000.
(2)They shall come into force from the date of their publication in the Official Gazette.

2. Definitions

.-(1) In these regulations, unless the context otherwise requires,-
(a)"Act" means the Insurance Act, 1938 (4 of 1938);
(b)"Authority" means the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(c)"extra premium" means a charge for any risk not provided for in the minimum contract premium;
(d)"group business" means those insurance contracts which are group policies as mentioned under sub-section (2) of section 4 of the Act;
(e)"guarantees" means the terms in regard to benefits or premiums or charges, which may not be altered during the currency of the policy;
(f)"individual business" means individual insurance contracts issued on single/joint lives;
(g)"inter valuation period" means, as respects any valuation, the period to the valuation date of that valuation from the valuation date of the preceding valuation in connection with which an abstract was prepared under the Act or under the enactments repealed by the Act, or, in a case where no such valuation has been made in respect of the class of business in question, from the date on which the insurer began to carry on that class of business;
(h)"maturity date" means a fixed date on which benefit may become payable either absolutely or contingently;
(i)"non-par policies" or "policies without participation in profits" means policies which are not entitled for any share in surplus (profits) during the terms of the policy;
(j)"office yearly premium" means regular premium (excluding extra premiums which are required to be shown separately) payable by the policy-holder to secure the basic benefits under the policy in a policy year;
(k)"options" means the rights available to a policy-holder under a policy;
(l)"par policies" or "policies with participation in profits" means policies which are not non-par policies as defined under clause (i);
(m)"policies with deferred participation in profits" means policies entitled for participation in profits after a certain period from the date of commencement of the policy;
(n)"premium term" means the period during which premiums are payable;
(o)"riders" or "rider benefits" means add-on benefits, which are in addition to basic benefits under a policy;
(p)"valuation date" means as respects any valuation the date as at which the valuation is made;
(q)all words and expressions used herein and not defined but defined in the Insurance Act, 1938 (4 of 1938), or in the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or in any rules or regulations made thereunder shall have the meanings respectively assigned to them in those Acts or rules or regulations.

3. Procedure for preparation of actuarial report and abstract

.-(1) The abstract and statements must be so arranged that the number and letters of the paragraphs correspond with regulation 4.
(2)The abstracts and statements shall be furnished to the authority, within nine months from the end of the period to which they refer to, in accordance with sub-section (1) of section 15 of the Act.
(3)Four copies of the abstracts and statements shall be furnished to the authority in accordance with sub-section (1) of section 15 of the Act, and one of the four copies so furnished shall be signed by the persons as mentioned in sub-section (2) of section 15 of the Act.
(4)There shall be appended to every such abstract and statement-
(a)a certificate signed by the principal officer that full and accurate particulars of every policy under which there is a liability, either actual or contingent, has been furnished to the appointed actuary for the investigation; and
(b)a certificate signed by the appointed actuary with his remarks, if any, to the effect that-
(i)the data furnished by the principal officer has been included in conducting the valuation of liabilities for the purpose of investigation;
(ii)reasonable steps have been taken to ensure the accuracy and completeness of the data;
(iii)he has complied with provisions of the Act;
(iv)he has complied with guidance notes issued by the Actuarial Society of India with the concurrence of the authority;
(v)in his opinion, the mathematical reserves are adequate to meet the insurer's future commitments under the contracts, and the policy-holders' reasonable expectations.

4. Requirements applicable to abstract and statements

.-(1) Abstracts and statements shall be prepared separately in respect of-(a)Linked Business;(b)Non-Linked Business; and(c)Health Insurance Business.
(2)An insurer shall prepare the following statements which shall be annexed to the abstract prepared in accordance with these regulations, namely:-
(a)in respect of Linked Business,-
(i)Form LB-1;
(ii)Form LB-2;
(iii)Form LB-3;
(iv)Form LB-4;
(v)Form IA;
(b)in respect of Non-Linked Business,-
(i)Form NLB-1;
(ii)Form NLB-2;
(iii)Form DD;
(iv)Form DDD;
(v)Form DDDD;
(vi)Form IA;
(c)in respect of Health Insurance Business,-
(i)Form LB-1;
(ii)Form LB-2;
(iii)Form LB-3;
(iv)Form NLB-1;
(v)Form IA
(d)Summary statements,-
(i)Form K;
(ii)Form IRDA-AA as specified under regulation 4 of Insurance Regulatory and Development Authority (Assets, Liabilities, and Solvency Margin of Insurers) Regulations, 2000;
(iii)Form H;
(iv)Form I;
(v)Statement of Composition and Distribution of surplus in respect of policy-holders'fund as specified under regulation 8.
(3)Each Abstract shall show-
(a)The Valuation Date .-The date on which valuation (investigation) is done;
(b)New Products .-A brief description of new products introduced during the inter-valuation period giving salient features;
(c)Foreign Operations .-A brief description of the foreign operations of the insurer, during the inter-valuation period;
(d)Valuation Method .-A brief description of-
(i)the methods adopted in the determination of mathematical reserves in respect of insurance products;
(ii)the method by which age at entry, premium term, maturity date, valuation age, period from the valuation date to the maturity date, have been treated for the purpose of valuation;
(iii)the method of allowing for-
(I)incidence of premium income; and
(II)premiums payable otherwise than annually;
(e)Valuation Bases .-(i) Valuation parameters used in the valuation shall be furnished in the manner as specified in the table hereunder:-
Description Mortality basis used Morbidity basis used Inflation rate Interest rate Expenses Future bonuses, if any Others, please specify Remarks
(1) (2) (3) (4) (5) (6) (7) (8) (9)
(a) Insurance Product                
(i)Regular premium                
(ii)Single premium and fully paid up                
(iii)Reduced paid up                
(b) Insurance Product                
(i)Regular premium                
(ii) Single premium and fully paid up                
(iii)Reduced paid up                
(ii)Expenses related to premiums, sum assured, annuity, etc., and per policy shall be specified separately under column (5) of the table;
(iii)Items such as terminal bonus, in case of with profit contracts, management charges, etc., in respect of linked business, shall be specified under column (8) of the table;
(f)Other Adjustments (Provisions).-The methods by which provision, if any, has been made for the following matters, including a statement of bases wherever necessary:-
(i)Policies in respect of which extra premiums have been charged on account of underwriting of under-average lives that are subject to extra risks such as occupation hazard, over-weight, under-weight, smoking history, health, climatic or geographical conditions;
(ii)Lapsed policies not included in the valuation but under which a liability exists or may arise;
(iii)Options available under individual and group insurance policies;
(iv)Guarantees available to individual and group insurance policies;
(v)The rates of exchange at which benefits in respect of policies issued in foreign currencies have been converted into Indian Rupees and what provision has been made for possible increase of mathematical reserves arising from future variations in rates of exchange;
(g)Further Information .-The following information shall be appended:-
(i)Returns on assets as specified under regulation 5;
(ii)Distribution of surplus as specified under regulation 6;
(iii)Principles adopted in distribution of surplus as specified under regulation 7;
(iv)Negative reserves of guaranteed surrender value deficiency reserves as specified under regulation 9;
(v)Miscellaneous, if any.

5. Returns on assets

.-(1) The average gross rates of interest yielded by the assets may be determined expressing the investment income as percentage of the mean fund. [ i = 2xI/(A+B-I); where i is the gross yield; I = Investment Income; A = the assets at the beginning of the financial year, and B = the assets at the end of the financial year; Investment Income (shown in the Revenue Account) should include the amount of the unrealised gain taken into revenue account, A and B have to be adjusted value of assets shown in the Balance Sheet.
(2)The average gross rates of interest, referred to under sub-regulation (1), shall be furnished for each fund maintained by an insurer.

6. Distribution of surplus

.-The basis adopted in the distribution of surplus as between the share-holders and the policy-holders, and whether such distribution was determined by the instruments constituting the company, or by its regulations or by-laws or how otherwise shall be mentioned.

7. Principles adopted in distribution of profits

.-The general principles adopted in distribution of profits among policy-holders including statements on following points, shall be furnished:-
(i)Whether the principles were determined by instruments constituting the insurer, or by its regulations or bye-laws or how otherwise;
(ii)The number of years premium to be paid, period to elapse and other conditions to be fulfilled before a bonus is allotted;
(iii)Whether the bonus is allocated in respect of each year's premium paid, or in respect of each calendar year or year of assurance or how otherwise; and
(iv)Whether the bonus vests immediately on allocation, or, if not, conditions of vesting.

8. Statement of composition of surplus and distribution of surplus in respect of policy-holders' funds

.-(1) A statement showing total amount of surplus arising during the inter-valuation period, and the allocation of such surplus, shall be furnished separately for participating business and for non-participating business, with the particulars as mentioned below:-Composition of surplus:(a)Surplus shown under Form I;(b)Interim bonuses paid during the inter-valuation period;(c)Terminal bonuses paid during the inter-valuation period;(d)Loyalty additions or other forms of bonuses, if any, paid during the inter-valuation period;(e)Sum transferred from share-holders' funds during the inter-valuation period;(f)Amount of surplus, from policy-holders' funds, brought forward from preceding valuation;(g)Total surplus [total of the items (a) to (f).Distribution of surplus:Policy-holders' fund:(a)To interim bonuses paid;(b)To terminal bonuses;(c)To loyalty additions or any other forms of bonuses, if any;(d)Among policy-holders with immediate participation giving the number of policies which participated and the sums assured thereunder (excluding bonuses);(e)Among policy-holders with deferred participation, giving the number of policies which participated and the sums assured thereunder (excluding bonuses);(f)Among policy-holders in the discounted bonus class giving the number of policies which participated and the sums assured thereunder (excluding bonuses);(g)To every reserve fund or other fund or account (any such sums passed through the accounts during the inter-valuation period to be separately stated);(h)As carried forward un-appropriated; Share-holders' fund:(i)To the share-holders' funds (any such sums passed through the accounts during the inter-valuation period to be separately stated);Totals:(j)Total surplus allocated [total of the items (a) to (i).
(2)Specimen of bonuses allotted to policies for one thousand rupees together with the amounts apportioned under the various manners in which the bonus is receivable, for each type of participating product, shall be furnished.

9. Negative reserves and guaranteed surrender value deficiency reserves

.-A brief description of treatment adopted for negative reserves and guaranteed surrender value deficiency reserves shall be furnished.

10. Notes applicable to all forms

.-(1) Each form mentioned under sub-regulation (2) of regulation 4 shall have the following description:-Classification;Category;Division;Sub-Class; andGroup.
(2)There shall be two classifications, namely, Business within India, and Total Business (consisting of Business within India and Business outside India), with Classification Codes 1 and 2 respectively.
(3)There shall be three Categories namely, Linked Business, Non-linked Business and Health Insurance Business, with Category Codes 1, 2 and 3 respectively, under each Classification.
(4)There shall be two Divisions, namely, Individual Business and Group Business, with Division Codes 1 and 2 respectively under Category Codes 1, 2 and 3.
(5)There shall be three Sub-Classes, namely, Life Business, General Annuity, and Pension, with Sub-Class Codes 1, 2 and 3 respectively, under Category Codes 1 and 2, and two Sub-Classes, namely, Linked Business, Non-Linked Business, with Sub-Class Codes 1 and 2 respectively, under Category Code 3.
(6)There shall be four Groups under each Sub-Class, with Group Codes as specified under sub-regulation (7).
(7)The details of Group Codes under each Category shall be as follows:-
  GroupCode
(a) CategoryCode 1—Linked Business.—Consisting of InsuranceProducts,—
(1) in respect ofDivision Code 1—Individual Business, and under eachSub-Class Code—
(i) withguarantees—with participation in profits: A;
(ii) with noguarantees—with participation in profits: B;
(iii) withguarantees—without participation in profits: C;
(iv) with noguarantees—without participation in profits: D;
(2) in respect ofDivision Code 2—Group Business, and under each Sub-ClassCode—
(i) withguarantees—with participation in profits: A;
(ii) with noguarantees—with participation in profits: B;
(iii) withguarantees—without participation in profits: C;
(iv) with noguarantees—without participation in profits: D;
(b) CategoryCode 2—Non-Linked Business.—Consisting ofInsurance Products,—
(1) in respect ofDivision Code 1—Individual Business,—
(I) Sub-Class Code1—Sub-Class-Life Business,—
(i) withparticipation in profits: A;
(ii) with deferredparticipation in profits: B;
(iii) underdiscounted Bonus system: C;
(iv) withoutparticipation in profits: D;
(II) Sub-ClassCodes 2, 3—Sub-Class—General Annuity/Pension, as thecase may be,—
(i) ImmediateAnnuities—with participation in profits: A;
(ii) ImmediateAnnuities—without participation in profits: B;
(iii) DeferredAnnuities—with participation in profits: C;
(iv) DeferredAnnuities—without participation in profits: D;
(2) in respect ofDivision Code 2—Group Business,—  
(I) Sub-Class Code1—Sub-Class—Life Business, where—
(i) Premiums areguaranteed for not more than one year:—
(a) withparticipation in profits: A;
(b) withoutparticipation in profits; B;
(ii) Premiums areguaranteed for more than one year:—  
(a) withparticipation in profits: C;
(b) withoutparticipation in profits: D;
(II) Sub-ClassCodes 2, 3—Sub-Class—General Annuity/Pension, as thecase may be,—
(i) ImmediateAnnuities—with participation in profits: A;
(ii) ImmediateAnnuities—without participation in profits: B;
(iii) DeferredAnnuities—with participation in profits: C;
(iv) DeferredAnnuities—without participation in profits: D;
(c) CategoryCode 3—Health Insurance Business.—Consisting ofInsurance Products,—
(1) in respect ofDivision Code 1—Individual Business,—
(I) Sub-Class Code1—Linked Business,—
(i) withguarantees—with participation in profits: A;
(ii) with noguarantees—with participation in profits: B;
(iii) withguarantees—without participation in profits: C;
(iv) with noguarantees—without participation in profits: D;
(II) Sub-ClassCode 2—Non-Linked Business,—  
(i) withparticipation in profits: A;
(ii) with deferredparticipation in profits: B;
(iii) underdiscounted Bonus system: C;
(iv) withoutparticipation in profits: D;
(2) in respect ofDivision Code 2—Group Business,—
(I) Sub-Class Code3—Linked Business,—
(i) withguarantees—with participation in profits: A;
(ii) with noguarantees—with participation in profits: B;
(iii) withguarantees—without participation in profits: C;
(iv) with noguarantees—without participation in profits: D;
(II) Sub-ClassCode 4—Non-Linked Business,—
(i) Premiums areguaranteed for not more than one year:—
(a) withparticipation in profits: A;
(b) withoutparticipation in profits: B;
(ii) Premiums areguaranteed for more than one year:—  
(a) withparticipation in profits: C;
(b) withoutparticipation in profits: D;
(8)"Nil" Statements shall be furnished for those Forms where the insurer has no transactions.
(9)Information relating to insurance products shall be given in Forms in the following order of insurance products, wherever required:-Whole Life AssurancesEndowment AssurancesAnticipated Endowment Plans (Money Back Plans)Pure EndowmentsDouble EndowmentsTerm Insurance Contracts, andOthers (specifying each).
(10)All figures shall be furnished in thousands and all amounts shall be furnished in Indian rupees.
(11)In respect of Group Business, "the number of policies" in Forms, wherever applicable, shall be read as "number of Schemes".
(12)Rider benefits shall be furnished in Forms, wherever required, in the order of (a) accident Covers-double, triple, (b) Disability Covers, (c) Dread Disease Covers, and (d) Others (specifying each).
(13)Other Adjustments, shall be furnished in Forms, wherever necessary, for instance, Provision for Deaths due to AIDS.Form DDDD(See Regulation 4)Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000Particulars Of Policies Forfeited Or Lapsed In The Last Year Under Review And Of Polices Revived And Reinstated For Full Benefits Classified According To The Year In Which They Were Issued-For The Year Ended 31st March, 20.....(Direct Business plus reinsurance accepted, if any)
    Form Code:
Name of Insurer: Registration Number: Date of registration:
Classification: Business Within India/Total Business  
Classification Code:    
Category: Non-Linked Business   Category Code:
Division:   Division Code:
Sub-Class:   Sub-Class Code:
Group:   Group Code:
    New Business transacted during the year Total business in force at the end of the year
Item No. Description Number of policies Number of lives Sums Assured Annuity p.a. Premium Single Premiums Number of policies Number of lives Sum Assured Annuity p.a. Vested Bonus
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
01 Total Before Reinsurance:(a) Regular Premium Contracts;(b) Single Premium Contracts;(c) Other                      
02 Reinsurance ceded(a) Regular Premium Contracts;(b) Single Premium Contracts;(c) Other                      
03 Total After Reinsurance(a) Regular Premium Contracts;(b) Single Premium Contracts;(c) Other                      
Notes To Form DD:

1. All figures must be furnished in thousands.

2. In respect of Group Business, number of group schemes shall be furnished under the column: "number of policies";

3. "Premium" refers to Annualised Premium.

4. "Single Premium" includes consideration for immediate or deferred annuities and all other premiums paid at the outset of the contracts and no subsequent premium is payable.

5. Col [Item (c)] - "Other" includes Paid up and Fully paid up contracts where no Premium is payable in future.

Form DDD(See Regulation 4)Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000Additions To And Deletions From Policies For The Year Ended 31st March, 20....
    Form Code:
Name of Insurer: Registration Number: Date of registration:
Classification: Business Within India/Total Business  
Classification Code:    
Category: Non-Linked Business   Category Code:
Division:   Division Code:
Sub-Class:   Sub-Class Code:
Group:   Group Code:
Item No. Description No. of policies Sum Assured Annuity p.a. Reversionary bonus additions
(1) (2) (3) (4) (5) (6)
01 Policies at the beginning of the year        
  Additions during the year:        
02 New Policies issued        
03 Old policies reinstated        
04 Old Policies revived        
05 Old policies changed and increased        
06 Bonus additions allotted        
07 Total(Sum of items 01 to 06)        
  Deletions during the year|      
08 By death        
09 By survivance or the happening of contingencies insured against other than death        
10 By expiry of term under temporary insurance        
11 By surrender of policy        
12 By surrender of bonus        
13 By forfeiture or lapse        
14 By revivals of old polices        
15 By change and decrease        
16 By being not taken up        
17 Total discontinued: (Sum of items 08 to 16)        
18 Total existing at the end of the year: [(07) - (17)]        
Notes To Form DDD :

1. All figures must be furnished in thousands.

2. In respect of Group Business, number of group schemes shall be furnished under the column: "number of policies";

3. All amounts stated shall be total gross amounts without taking into account of re-insurances ceded or accepted.

Form DDDD(See Regulation 4)Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000Particulars Of Policies Forfeited Or Lapsed In The Last Year Under Review And Of Polices Revived And Reinstated For Full Benefits Classified According To The Year In Which They Were Issued-For The Year Ended 31st March, 20.....
    Form Code:
Name of Insurer: Registration Number: Date of registration:
Classification: Business Within India/Total Business  
Classification Code:    
Category: Non-Linked Business   Category Code:
Division:   Division Code:
Sub-Class:   Sub-Class Code:
Group:   Group Code:
Item No Year in which policies were issued Polices forfeited/lapsed Policies revived and reinstated for full benefits
    Number of polices Sum Assured Annuity p.a. Number of polices Sum Assured Annuity p.a.
(1) (2) (3) (4) (5) (6) (7) (8)
01 Year ending -, being the year under review            
02 Year ending -, being the year previous to that under review            
03 Year ending -, being the year previous to that under review            
04 Year ending -, being the year previous to that under review            
05 Year ending -, being the year previous to that under review            
06 Year ending -, being the year and earlier            
Notes to Form DDDD : -

1. All figures must be furnished in thousands.

2. All amounts stated shall be total gross amounts without taking into account of re-insurance ceded or accepted.

3. For Col (2), for instance, valuation date is 31.3.2001. Item 01 should relate to the year ending on 31.3.2001. Item 02 should relate to the year ending on 31.3.2000. Item 03 should relate to the year ending on 31.3.1999, and so on. Item 06 should relate to the year ending on 31.3.1996 and earlier.

Form NLB-1(See Regulation 4)Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000Particulars Of Policies And Valuation Details As At 31st March 20.....(Direct Business plus reinsurance accepted less reinsurance ceded)
    Form Code:
Name of Insurer: Registration Number: Date of registration:
Classification: Business Within India/Total Business  
Classification Code:    
Category: Non-Linked Business   Category Code:
Division:   Division Code:
Sub-Class:   Sub-Class Code:
Group:   Group Code:
Particulars Of PoliciesValuation Details
Item No. Description Number of policies Number of lives Sums Assured Annuity p.a. Vested Bonuses Office Yearly Pre. Sum Assured Vested Bonuses Annuity p.a. Future expenses Future Bonuses Terminal Bonuses Cost of bonuses allocated Office Yearly Pre. Mathematical Reserves
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)
01 (a) Insurance Product:                              
  (i) Regular Premium                              
  (ii) Single premium                              
  (iii) Fully paid up                              
  (iv) Reduced Paid up                              
  (b) Insurance Product:                              
  (i) Regular Premium                              
  (ii) Single premium                              
  (iii) Fully paid up                              
  (iv) Reduced Paid up                              
02 Rider Benefits, specify                              
03 Other adjustments, specify                              
04 Total before Reinsurance                              
05 Reinsurance ceded                              
06 Total after Reinsurance                              
Notes To Form NLB - 1:

1. All figures should be in thousands.

2. Col.(17)=Col.(9)+Col.(10)+Col.(11)+Col.(12)+Col.(13)+Col.(14)+Col.(15)-Col.(16).

Form NLB-2(See Regulation 4)Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000.Summary And Valuation Of Policies As At 31st March, 20.....(Direct Business plus reinsurance accepted, if any, less reinsurance ceded)
Particulars of policiesValuation details
Item No. Sub-Class Description Number of policies Number of lives Sums Assured Annuity p.a. Vested Bonuses Office Yearly Pre. Sum Assured Vested Bonuses Annuity p.a. Future expenses Future Bonuses Terminal Bonuses Cost of Bonuses allocated Office Yearly Pre. Mathematical Reserves
(1) (2)   (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)
01 Life Business INDIVIDUAL BUSINESS:Before Reinsurance                              
02   After Reinsurance                              
03 General Before Reinsurance                              
04 Annuity After Reinsurance                              
05 Pension Before Reinsurance                              
06   After Reinsurance                              
07 Life Business GROUP BUSINESS:Premiums Guaranteed for not more than one year: Before Reinsurance                              
08   After Reinsurance                              
09   Premiums Guaranteed: for more than one year: Before Reinsurance                              
10   After Reinsurance                              
11 General Before Reinsurance                              
12 Annuity After Reinsurance                              
13 Pension Before Reinsurance                              
14   After Reinsurance                              
15   After Reinsurance                              
16 TOTALS Before Reinsurance                              
17   After Reinsurance                              
Notes To Form NLB-2 :

1. All figures should be in thousands.

2. Col(17)=Col(9)+Col(10)+Col(11)+Col(12)+Col(13)+Col(14)+Col(15)-Col(16).

Form LB-1(See regulation 4)Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000Particulars Of Policies And Valuation Details As At 31st March, 20.....(Direct Business plus reinsurance accepted less reinsurance ceded)
    Form Code:
Name of Insurer: Registration Number: Date of registration:
Classification: Business Within India/Total Business  
Classification Code:    
Category: Non-Linked Business   Category Code:
Division:   Division Code:
Sub-Class:   Sub-Class Code:
Group:   Group Code:
Particulars of policesValuation details
        Benefits payable on death, maturity or otherwise          
Item No. DESCRIPTION Number of polices Number of lives On Death On Maturity Other than (5) and (6) Office yearly Pre. Unit Liabilities Non Unit Liabilities Cost of Bonuses allocated Mathematical Reserves
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
01 (A) Insurance Product:                    
  (i) Regular Premium                    
  (ii) Single premium                    
  (iii) Fully paid up                    
  (iv) Reduced Paid up                    
  (B) Insurance Product:                    
  (i) Regular Premium                    
  (ii) Single premium                    
  (iii) Fully paid up                    
  (iv) Reduced Paid up                    
02 Rider Benefits, specify                    
  .......                    
03 Other adjustments, specify                    
04 Total before Reinsurance                    
05 Deduct Reinsurance ceded                    
06 Total after Reinsurance                    
Notes To Form LB-1:

1. All figures should be in thousands ;

2. Col. (12)=Col. (9)+Col. (10)+Col. (11)

Form LB-4(See Regulation 4)Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000.Summary And Valuation Of Policies As At 31st March, 20......(Direct Business plus reinsurance accepted less reinsurance ceded)
    Form Code:
Name of Insurer: Registration Number: Date of registration:
Classification: Business Within India/Total Business  
Classification Code:    
Category: Non-Linked Business   Category Code:
Division:   Division Code:
Sub-Class:   Sub-Class Code:
Group:   Group Code:
Particulars of policesValuation details
          Benefits payable on death, maturity or otherwise          
Item No. Sub-Class DESCRIPTION Number of polices Number of lives On death On maturity Other than (5) & (6) Office yearly pre. Unit liabilities Non-unit liabilities Cost of bonuses allocated Mathematical reserves
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
01 Life Business Individual Business With Guarantees:Before Reinsurance                    
02   After Reinsurance                    
03   Without Guarantees:Before Reinsurance                    
04   After Reinsurance                    
05 General annuity With Guarantees:Before Reinsurance                    
06   After Reinsurance                    
07   Without Guarantees:Before Reinsurance                    
08   After Reinsurance                    
09 Pension With Guarantees:Before Reinsurance                    
10   After Reinsurance                    
11   Without Guarantees:Before Reinsurance                    
12   After Reinsurance                    
13 Life Business Group Business With Guarantees:Before Reinsurance                    
14   After Reinsurance                    
15   Without Guarantees:Before Reinsurance                    
16   After Reinsurance                    
17 General annuity With Guarantees:Before Reinsurance                    
18   After Reinsurance                    
19   Without Guarantees:Before Reinsurance                    
20   After Reinsurance                    
21 Pension With Guarantees:Before Reinsurance                    
22   After Reinsurance                    
23   Without Guarantees:Before Reinsurance                    
24   After Reinsurance                    
Notes To Form LB-4 :Col (13)= Col (10)+Col (11)+Col (12).Form IA(See Regulation 4)Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000Valuation Result As At 31st March, 20......
    Form Code:
Name of Insurer: Registration Number: Date of registration:
Category:   Category Code:
Item No. Description Balance of fund shown in Balance Sheet Mathematical reserves including cost of bonuses allocated Surplus Negative Reserves Surrender Value Deficiency
(1) (2) (3) (4) (5) (6) (7)
01 Business withinIndia: Par Polices          
02 Non-par Polices          
03 Totals          
04 Total Business: Par Polices          
05 Non-par polices          
06 Totals          
Notes To Form IA:

1. All figures should be in thousands.

2. Col (5) = Col (3) - Col (4).

Form LB-2(See Regulation 4)Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000.Statement Of Net Asset Values For The Segregated Funds Maintained By The Insurer For Its Linked Business For The Financial Year Ended 31st March, 20....
    Form Code:
Name of Insurer: Registration Number: Date of registration:
Classification: Business Within India/Total Business  
Classification Code:    
Category: Non-Linked Business   Category Code:
Division:   Division Code:
Sub-Class:   Sub-Class Code:
Group:   Group Code:
Item No. Description Segregated Fund 1 Segregated Fund 2 Segregated Fund 3 ..... Total
(1) (2) (3) (4) (5) (6) (7)
01 Fund brought forward from last year          
02 Value of creation of units          
03 Increase (decrease) in value of investments in the financial year          
04 Other income          
05 Total income(Sum 01 to 04)          
06 Value of cancellation of units          
07 Management charges          
08 Tax paid          
09 Other expenditure          
10 Increase (decrease) in provisions          
11 Total expenditure(Sum 06 to10)          
12 Fund carried forward          
13 Total Number of Units:          
14 Net Asset Value per Unit          
Notes To Form LB-2 :

1. All items must be in thousands 7.

2. Items under Col (3), Col (4), Col (5), Col (6) etc. must be brought forward from the annual accounts of the company.

Form LB-3(See Regulation 4)Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000.Statement Of Analysis Of Units In Segregated Funds As At 31st March, 20.....
    Form Code:
Name of Insurer: Registration Number: Date of registration:
Classification: Business Within India/Total Business  
Classification Code:    
Category: Non-Linked Business   Category Code:
Division:   Division Code:
Sub-Class:   Sub-Class Code:
Group:   Group Code:
Item No. Description Segregated Fund 1 Segregated Fund 2 Segregated Fund 3 ..... Total
(1) (2) (3) (4) (5) (6) (7)
01 (a) Insurance Product          
02 (b)          
03 (c)          
04            
05 Total          
Form H(See Regulation 4)Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000.Summary Of Valuation As At 31st March, 20.....
    Form Code:
Name of Insurer: Registration Number: Date of Registration
Item No.   Category of business Mathematical Reserves (inclusive of cost of bonuses allocated)
(1)   (2) (3)
01 Business WithinIndia:Linked Business    
02 Non-Linked Business    
03 Health Insurance Business    
04 Total    
05 Total Business:Linked Business    
06 Non-Linked Business    
07 Health Insurance Business    
08 Total    
Notes To Form H:

1. All figures should be in thousands.

2. Mathematical reserves in Col (3) shall be furnished inclusive of cost of bonuses allocated

Form I(See Regulation 4)Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000.Valuation Results As At 31st March, 20....
    Form Code:
Name of Insurer: Registration Number: Date of Registration
Item No Description Balance of Fund shown in Balance Sheet Mathematical reserves (excluding cost of bonuses allocated) Surplus Negative Reserves Surrender Value Deficiency Reserves
(1) (2) (3) (4) (5) (6) (7)
01 Business withinIndia:Par Polices          
02 Non-par Polices          
03 Totals          
04 Total Business:Par Polices          
05 Non-par polices          
06 Totals          
Notes To Form I:

1. All figures should be in thousands.

2. Col (5) = Col (3) - Col (4).

Form K(See Regulation 4)Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000.Statement Of Solvency Margins: Life Insurers
    Form Code:
Name of Insurer: Registration Number: Date of registration:
Classification: Business Within India/Total Business Classification
TABLE I- REQUIRED SOLVENCY MARGIN BASED ON MATHEMATICAL RESERVES AND SUM AT RISK
Item No. Description Mathematical Reserves before Reinsurance Mathematical Reserves after Reinsurance K1 Sum at Risk before Reinsurance Sum at Risk after Reinsurance K2 First Factor Second Factor Required Solvency Margin
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
01 Category: Non-Linked:Division-IndividualSub-Class-Life Business                  
02 Sub-Class-General Annuity                  
03 Sub-Class-pension                  
04 Division: Group Business:Sub-class: Life Business:(a) Premiums guaranteed for not more than one year                  
05 (b) Premiums guaranteed for more than one year                  
06 Sub-class: General Annuity                  
07 Sub-class: PensionCategory: Linked:Division-IndividualSub-Class-Life Business                  
08 (a) With guarantees                  
09 (b) Without guaranteesSub-Class-General Annuity                  
10 (a) With guarantees                  
11 (b) Without guaranteesSub-Class-Pension                  
12 (a) With guarantees                  
13 (b) Without guarantees                  
14 Division: Group Business:Sub-Class-Life Business(a) with guarantees                  
15 (b) Without guarantees                  
16 Sub-Class-General Annuity(a) with guarantees                  
17 (b) Without guarantees                  
18 Sub-Class-Pension(a) With guarantees                  
19 (b) Without guarantees                  
20 Category: Health InsuranceDivision-IndividualSub-Class-Linked(a) With guarantees                  
21 (b) Without guarantees                  
22 Sub-Class- Non-Linked                  
23 Division-Group BusinessSub-class-Linked(a) With guarantees                  
24 (b) Without guarantees                  
25 Sub-class: Non-Linked(a) Premiums guaranteed for not more than one year                  
26 (b) Premiums guaranteed for more than one year                  
27 Total                  
Notes To Form K:

1. K1 = 0.85* or (Mathematical Reserves after Reinsurance/Mathematical Reserves before reinsurance), whichever is higher. [* 0.50 in case of reinsurers, carrying on life insurance-business];

2. K2 = 0.5 or (Sum at Risk after reinsurance/Sum at risk before reinsurance), which ever is higher;

3. Col.(11) = [Col.(3) x Col.(5) x Col. (9)] + [Col.(6) x Col.(8) x Col. (10)];

4. In the computation of the total sum at risk, ignore the contracts for which the sum at risk is a negative figure or does not exist;

5. Details of first and second factors:

Item First Factor Second Factor
Non-Linked Business:Individual Business:01: Life Business02: General Annuity03: Pension04: Health 4%4%4%4% 0.3%0%0%0%
Group Business:Life : Premiums guaranteed for:05: not more than one year06: more than one year07: General Annuity 408: Pension 1%3%4%4% 0.2%0.3%0%0%
Linked Business:Individual Business:Life Business -09: With guarantees10: Without guaranteesGeneral Annuity-11: With guarantees12: Without GuaranteesPension -13: With guarantees14: Without Guarantees 2%1%2%1%2%1% 0.2%0.3%0%0%0%0%
Group Business:Life Business-15: With guarantees16: Without GuaranteesGeneral Annuity17: With guarantees18: Without GuaranteesPension19: With guarantees20: Without Guarantees 2%1%2%1%2%1% 0.3%0.2%0%0%0%0%
Health InsuranceIndividual BusinessLinked business-21: With Guarantees22: Without Guarantees23: Non-Linked Business 2%1%4% 0%0%0%
Group BusinessLinked-24: With Guarantees25: Without guaranteesNon-Linked26: Premiums guarantees for not more than year27: Premiums guarantees for more than one year 2%1%1%3% 0%0%0%0%
TABLE II- REQUIRED SOLVENCY MARGIN BASED ON ASSETS OF POLICY-HOLDERS' FUND
    Form Code:
Name of Insurer: Registration Number: Date of registration:
Classification: Business Within India/Total Business Classification Code :
Item No. Category of Asset Notes No. Amount (see Notes below) Rs. Third Factor % Required Solvency Margin
  (1) (2) (3) (4) (5)
01020304050607080910111213141516 Non-Mandated investmentCorporate Bonds:AAA or equivalentAA or equivalentA or equivalentBBB or equivalentBB or equivalentB or equivalentLower than BUnratedMortgages:ResidentialCommercialReal estate:ResidentialCommercialPreference shares:Listed Preference SharesUnlisted Preference SharesEquity:Listed Ordinary SharesUnlisted Ordinary Shares        
17 Total        
Notes :

1. Column (5) = Column(3)*Column(4);

2. Column (4) = zero until further intimation from the Authority;

3. The Table should show the Amount (in Column (3)) which is balance sheet value in respect of the above-mentioned category of asset (where the balance sheet is prepared in accordance with Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations, 2000.)

4. All the figures in Columns (3) and (5) should be in Indian Rupees lakhs.

TABLE III - AVAILABLE SOLVENCY MARGIN AND SOLVENCY RATIO
    Form Code:
Name of Insurer: Registration Number: Date of registration:
Classification: Business Within India/Total Business Classification
Item Description Notes No. Adjusted Value
(1) (2) (3) (4)
01020304 Available Assets in Policy-holders' Fund:Deduct:Mathematical ReservesOther LiabilitiesExcess in Policy-holders' funds (01-02-03)    
050607 Available Assets in Shareholders Fund: Deduct:Other Liabilities of shareholders' fundExcess in Shareholders' funds (05-06)    
0809 Total ASM(04)+(07)Total RSM    
10 Solvency Ratio(ASM/RSM)    
Certification:I,.............., the Appointed Actuary, certify that the above statements have been prepared in accordance with the section 64-VA of the Insurance Act, 1938, and the amounts mentioned therein are true and fair to the best of my knowledge...........................................................Name and Signature of Appointed ActuaryPlace................Date.................Notes:

1. Item No. 01 shall be the amount of the Adjusted Value of Assets as mentioned in Form IRDA-Assets-AA as specified under Schedule 1 of Insurance Regulatory and Development Authority (Assets, Liabilities, and Solvency Margin of Insurers) Regulations, 2000.

2. Item No. 02 shall be the amount of Mathematical Reserves as mentioned in Form H;

3. Item Nos. 03 and 06 shall be the amount of other liabilities as mentioned in the Balance Sheet;

4. Items No. 05 shall be the amount of the Total Assets as mentioned in Form IRDA-Assets- AA as specified under Schedule I of Insurance Regulatory and Development Authority (Assets, Liabilities, and Solvency Margin of Insurers) Regulations, 2000.