TheAuthority has notified the IRDAI (Re-insurance) Regulations,2018 which standseffective from 1^st January 2019. These regulations are applicable toall Life insurers, General Insurers, Health Insurers, Indian Reinsurers,Branches of Foreign Reinsurers(FRBs), Lloyd’s India Syndicates/Service Cos,IIOs, Exempted Insurers and Insurance Pools.

Theabove regulations repealed IRDAI (General Insurance-Reinsurance) Regulations,2016 and IRDA (Life Insurance-Reinsurance) Regulations,2013. As a result, theexisting reporting formats, returns and statements require change.

Inview of the above, it has been decided to carry out a comprehensive review ofthe existing formats for various entities. Accordingly, the Authority herebysets up a Reinsurance Working Group with the following constitution (Part I).The Terms of Reference and Submission of the Report are mentioned as below inPart II and Part III respectively.

I.             Constitution of the Working Group:

II.           Terms of References of the Working Group:

1.   Review the current Reinsurance formssubmitted both online and offline for the correctness and completeness of thedata and recommend changes if any.

2.   To ensure avoid redundancy and to deviserelevant forms applicable for Insurers/Reinsurers/FRBs/Lloyds India/IIOs/ExemptedInsurers/Insurance Pools.

III.          Submission of the Report and Recommendations:

Theworking Group shall ensure that the inputs of all relevant stakeholders aresought and examined before arriving at its recommendations. The Working Groupmay meet as often as required and make its recommendations within one month ofpublishing this order.

Member(Distribution)