Compliance Calendar for Insurance Broking Companies

What is IRDA Compliance for insurance company?

Insurance companies are surrounded by a complicated pattern of economic, social ideas and expectations. Insurance Company pull the resources and invest it. Insurance companies having complicated pattern and having fiduciary duty reporting becomes an importance part of an organisation.

Reporting is nothing but sharing the information with the Authorities. For the good governance of an organisation the Authority levies the reporting requirement.

Insurance Company are governed by the various Authorities like Insurance Act, 1938 or amendment thereof; Companies Act 2013; The Foreign Exchange Management Act, 1999. Also, the various policies shall be incorporated by the Insurance Company for smooth business. The Insurance carries complicated business the requirement of compliances increases. The ultimate goal of reporting is transparency and accountability in the organisation.

Reporting required under the Insurance Act

The Insurance Regulatory and Development Authority of India is a statutory body who regulates the Insurance Company. The Insurance Company need to file monthly reports, Quarterly Report, Annually Reports or event based report to the Authority in a prescribed time.

The reports shall be filed by the Authority offline as well as online during the prescribed time in the manner prescribed by the Authority under the respected rules, regulation or circular as may be.

The Insurance Company shall file monthly reporting like information of information of Business information, Policyholders grievances, claims report etc in the prescribed time. Same above the various quarterly report or annual report shall be filled.

The Insurance Company shall timely intimate the Board about the performance of the Company. The Board shall be intimated about the risk raised how resolved, details of policyholders details, details of claims, management report etc.

The accounts shall be prepared by the Company in the manner prescribed by the authority. The Insurance Company shall maintain the solvency Margin ration at all time.

The Annual return of the company shall be filed with Authority in the four copies within the six months from the end of the financial Year. If Insurer carries business outside India than said six months will extended by the three months. The Annual Return shall be signed by the chairman and two directors and by principal officer.

Returns by insurer who established business outside India

Insurer who have establishment outside India have furnish to the Authority four certified copies in the English language of every balance sheet, account, abstract, report and statement supplied to the public authority along with statement audited by an auditor or by a person duly qualified under the law of the insurer’s country showing the assets held by insurer in India as at the date of any balance-sheet so furnished and separate abstract of the valuation report and separate abstract of the valuation report within the time prescribed above.

Reporting required under the Companies Act

All the Insurance Company in India shall be a public Company registered under the Companies Act, 2013. Since the insurance company are public company, they have to comply the provisions of the Companies Act 2013 for Public Company. The provisions for declaration from directors, filing of the resolutions to the Ministry of Corporate Affairs or any other provisions as and when applicable shall be complied duly. The provisions of appointment of Directors, Auditors, annual filing, issue of shares etc shall be complied. In case of contradiction between the Acts the stringent provisions shall prevail.

The Insurance Company has to file the various board resolution related to appointment or resignation of directors, issue of shares, appointment of auditor etc with ROC.

The Annual return in MGT-7 and AOC-4 shall be filed within the 60 days of the AGM. For an Insurance company filing of balance sheet in XBRL is exempted.

The IRDAI has also issued the Corporate Governance Guidelines for an Insurance Company. Insurance company shall comply with the provisions of the said guidelines. The Company shall constitute the committees as prescribed under the guidelines. Insurance Company has to file the annual report as prescribed under the said guidelines in the time prescribed under the guidelines.

Reporting required under the FEMA

The Insurance Company shall have foreign investment or foreign promoters. Such insurance company shall have to comply with the provisions of the FEMA. The inflow and outflow of the foreign flow shall be duly intimated to the Reserve Bank of India in the form prescribed.

Insurance Company has to file annual return of foreign flow in the manner prescribed and time prescribed to RBI.

S. No.

Particulars/Compliances to be done

Ref. to Regulations/Circular/Act

Last Date for compliance

Compliance (Yes/No)



Whether the broker has submitted half yearly results?


IRDA(Insurance Brokers) Regulations, 2002

31st October

31st April






Whether the broker maintains required books of accounts?


IRDA(Insurance Brokers) Regulations, 2002





Whether the broker has submitted the financial statements along with auditors’ report?


IRDA(Insurance Brokers) Regulations, 2002

Within 90 days from end of the close of the FY




Whether the broker has taken necessary steps to rectify the deficiencies made out in the auditor’s report and informed the Authority accordingly?


IRDA(Insurance Brokers) Regulations, 2002

Within 90 days from the date of Auditors’ Report




Whether promptly replied to the requisition made by the Authority (IRDA)?


IRDA(Insurance Brokers) Regulations, 2002

Within 30 days




Whether the code of conduct has been complied with by the insurance broker, Principal Officer and the specified employees with particular reference to renewal of policies, matters relating to advertisement, matters relating to training and requisition of copy of code of conduct?

Schedule III





Whether the insurance money is held in an ‘Insurance Bank Account’ opened with any scheduled bank/specified institution until it is transferred on to the reinsurer/direct insurer?


IRDA(Insurance Brokers) Regulations, 2002





Whether requisite professional indemnity cover has been taken?


IRDA(Insurance Brokers) Regulations, 2002





Whether Annual Returns in Form “A” to Form “L” have been submitted within the prescribed time?






Whether the premium received from any single client is within the limits specified?


IRDA(Insurance Brokers) Regulations, 2002





Whether annual license fee has been paid?

IRDA(Insurance Brokers) (Amendment) Regulations, 2007

Within 15 days from finalization of annual audited accounts OR till the 30th September, whichever is earlier




Whether the insurance broker or its Principal Officer suffers from any disqualification?

Section 42D(5) of the Insurance Act,1938





Whether detailed information on the client’s business and risk management philosophy has been obtained by the broker?


IRDA(Insurance Brokers) Regulations, 2002





Whether instructions received from the clients are promptly replied with along with written acknowledgement and progress reports are furnished?


IRDA(Insurance Brokers) Regulations, 2002





Whether the insurance broker has in his employment minimum of two persons who have the necessary qualifications specified and the experience to conduct the business of insurance broker?


IRDA(Insurance Brokers) Regulations, 2002





Whether the insurance broker maintains the capital adequacy and fulfills the deposit requirements?


R-10 & R-22

IRDA(Insurance Brokers) Regulations, 2002





Whether the Principal Officer possesses the minimum qualification and is equipped with the requisite practical & theoretical training?


IRDA(Insurance Brokers) Regulations, 2002





Whether the complaints from the clients are promptly replied and handled by any senior level official?






Whether Register of Directors and promoters, Claim register, Advertisement register, training register, Complaint & Grievance register are properly maintained and fully updated?






Whether the proposal form is signed by an IRDA trained person on behalf of the insurance broker?






Whether the broker has any branch and if there is any branch then whether any IRDA qualified person has been appointed thereat?






Whether the person selling the insurance on behalf of the insurance broker has been duly authorized? 






Whether the broker has earned any Income other than the brokerage/commission?






Whether any extra-ordinary expenditure has been incurred?






Whether any inter-company funds transfer within the same group has been approved/done?






Whether any agent/service provider has been appointed by the broker and if there is any such appointment whether an agreement has been duly approved between the parties which is supported by proper address proof & PAN details of such agent/service provider?






Whether any business promotion expenses & advertisement expenditure has been incurred?






Whether any payment has been made to third person/party not related to insurance business and disclosed in the Annual report?






Whether any fixed assets has been purchased and further the person purchasing the fixed assets has been duly authorized by the Board?






Details regarding—

Annual Reports for last 3 years

Shareholding structure/pattern as on date

Director’s disclosure in Form 24AA

Details of Branches along with manpower

Particulars of Key Managerial Personnel

All statutory information filed with ROC

Details of other income, if any

Item wise schedule of Sundry Debtors

Item wise schedule of Advances recoverable in cash or in kind

Security Deposit

Item wise schedule of Other Liabilities

Invoice of Fixed Assets purchased

Ledgers of Rent and Traveling expenses & Conveyance expenses

Board Minutes

Voucher verification

Risk Inspection Reports

List of employees (Trained & Others) with their educational qualification and salary per month

Bank Statements & its Reconciliation

Verification of FDRs

Any other document based on annual report/board minutes/vouchers, etc.






Whether broker is issuing cover note then who is signing it and how is control maintained over the same?






Whether any payment/receipt as referral fees?






Whether internal control system is compatible w. r. t. the nature, size, growth & business of the broker?






Lex comply

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