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Union of India - Section

Section 10 in The Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000

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: