The Insurance Regulatory & Development Authority (Irda) has extended the deadline for insurance companies to disclose their investment details by another 15 days. The regulator’s move comes after nearly half of the risk firms, including the Life Insurance Corporation (LIC) of India, failed to comply within the stipulated deadline of December 15 and sought extension.
The regulator has asked the insurance companies to disclose their investment details for the September-November period of the current year.
“Insurers had asked Irda to give them extra time. In the meantime, the regulator cannot be harsh on them as it has to see that the policyholders’ money is safe,” said an Irda official.
While seeking the information earlier this month, Irda had warned that insurers failing to submit the data would face penal action.
A senior Irda official said that insurance companies that have disclosed their investments have complied with the regulator’s guidelines.
