The Insurance Regulatory and Development Authority (Irda) today said it had committed a mistake by sending notices to some companies which had already filed or were not required to file their investment returns and investment policies.
"There was a mistake on our part in sending notices to some companies which were not required to file their returns and some which had already filed them," Irda chairman N Rangachary said.
While HDFC Standard Life Max New York Life and general insurance company Royal Sundaram Alliance have told the regulator that they have already filed their returns, another five companies said they were not required to file their investment returns with the Irda since they had not commenced business.
The list of companies in the second category included are ICICI Lombard General Insurance, ING Vysya, Metlife and Bajaj Allianz Life.
On September 14, Irda, in a circular, had listed these companies along with over a dozen others for not complying with the regulatory norm of filing the quarterly investment returns and investment policies.
The circular had also directed these companies to file their returns for the quarter ended June 30 by September end. Irda sources, however, did not disclose if some of the companies which included state-owned insurers Life Insurance Corporation, General Insurance Corporation (GIC), New India Assurance, United India Insurance, National Insurance and Oriental Insurance had completed the required formality.
The list of private insurers which are yet to file their investment returns includes Tata AIG (both life and general), OM Kotak, SBI Life and Reliance General.
OM Kotak, SBI Life, Bajaj Allianz (both life and non-life), Reliance General, ICICI Lombard, New India, National Insurance and GIC are yet to file their investment policies with the regulator, sources said.
According to investment norms, the companies were required to file the quarterly investment returns by the end of July 2001. The guidelines also stipulate that these returns be filed with the insurance regulator within 21 days of the end of a quarter.
The Irda has prescribed that all companies constitute an investment committee to frame the annual investment policy which has to be subsequently approved by the board of directors. The details of the policy are to be submitted to the regulator within 30 days of its clearance by the board.
