The insurance regulator has come out with new norms for insurers on minimum information they have to provide for inspection and investigation by the Authority.
As per the Insurance Regulatory and Development Authority of India (Minimum Information Required for Investigation & Inspection) Regulations 2020, the insurers should maintain a record of all proposals received for insurance with proposal number, date when the proposal was signed by the proposer, date of the receipt of the proposal, name and code of the insurance agent, staff or intermediary and data and amount of the insurance proposal deposit, among others.
For health insurance policies, additional records giving all applicable hospital records and details of claims processed by the third party administrators should be captured.
In respect of group insurance business, additional information such as group type and size, free cover limit applied to the group and rating factors considered.
For reinsurance business, details such as unique identification number and type of reinsurance agreement, etc., have to be maintained, as per the norms.