Annual Report 2021-22

ANNUAL REPORT 2021-22Annual Report 2021-22 Head Office Survey No. 115/1, Financial District Nanakramguda, Gachibowli, Hyderabad – 500032, India Phone: +91-40-20204000This Report is in conformity with the format as per the Insurance Regulatory and Development Authority (Annual Report-Furnishing of Return, Statements and Other Particulars) Rules, 2000. Annual Report 2021 - 22Annual Report 2021 - 22Annual Report 2021 - 22CONTENTS Mission Statement xi Members of the Authority xiii Senior Officials of IRDAI xv PART – I POLICIES AND PROGRAMMES 1 I.1 Review of General Economic Environment 3 I.2 Appraisal of Insurance Market 5 I.3 Number and Details of Authorised Insurers/Reinsurers 23 I.4 Policies and Measures to Develop Insurance Market 25 I.5 Research and Development Activities Undertaken by the Insurers 26 I.6 Review 28 I.6.1 Protection of Interests of Policyholders 28 I.6.2 Maintenance of Solvency Margins of Insurers 30 I.6.3 Monitoring of Reinsurance 30 I.6.4 Monitoring Investments of the Insurers 33 I.6.5 Health Insurance 36 I.6.6 Specified Percentage of Business to be done in Rural and Social Sector 42 I.6.7 Accounts and Actuarial Standards 43 I.6.8 Directions, Orders and Regulations Given by the Authority 43 I.6.9 Powers and Functions Delegated by the Authority 43 I.6.10 Other Policies and Programmes having Bearing on the Working of the Insurance Market 43 PART – II REVIEW OF WORKING AND OPERATIONS 49 II.1 Regulation of Insurance and Reinsurance Companies 51 II.2 Insurance Agents and Intermediaries Associated with Insurance Business 52 II.3 Professional Institutes connected with Insurance Education 62 II.4 Litigations, Appeals and Court Pronouncements 64 II.5 International Cooperation in Insurance 64 II.6 Public Complaints 67 II.7 Functioning of the Advisory Committee 69 II.8 Functioning of Ombudsman 70 II.9 Insurance Associations and Insurance Councils 70 II.10 Other Activities having a Bearing on the Insurance Market 72 Annual Report 2021 - 22PART – III STATUTORY AND DEVELOPMENTAL FUNCTIONS OF THE AUTHORITY 73 III.1 Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration 75 III.2 Protection of the interests of policyholders in matters concerning assigning of policy, nomination by policyholders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance 75 III.3 Specifying requisite qualifications, code of conduct and practical 78 training for intermediaries or Insurance Intermediaries and agents III.4 Specifying the code of conduct for surveyors and loss assessors 78 III.5 Promoting efficiency in the conduct of insurance business 78 III.6 Promoting and regulating professional organisations connected with the insurance and reinsurance business 80 III.7 Levying fees and other charges for carrying out the purposes of the Act 83 III.8 Calling information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organisations connected with the insurance business 83 III.9 Control and Regulation of rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938) 85 III.10 Specifying the form and manner in which books of accounts shall be maintained and statements of accounts shall be rendered by Insurers and other insurance intermediaries 85 III.11 Regulating investment of funds by insurance companies 86 III.12 Regulating maintenance of margin of solvency 86 III.13 Adjudication of disputes between Insurers and Intermediaries or Insurance Intermediaries 87 III.14 Specifying the percentage of life insurance business and general insurance business to be undertaken by the Insurers in the rural and social sector 87 PART – IV ORGANISATIONAL MATTERS 89 IV.1 Organisation 91 IV.2 Human Resources 92 IV.3 Promotion of Official Language 95 IV.4 Information Technology 97 IV.5 Accounts 98 IV.6 Acknowledgments 98 ii Annual Report 2021 - 22BOX ITEMS I.1 Participation of Women in Life Insurance 15 I.2 Cyber Liability Insurance 24 I.3 Bird's Eye View of Insurance Sector 48 TABLES I.1 National Income Estimates of India 3 I.2 Estimates of Gross Value Added (GVA) by Economic Activity 3 I.3 Savings of the Household Sector 5 I.4 Growth in Real Premium by Region in the World in 2021 5 I.5 Premium Volume by Region in the World in 2021 7 I.6 Insurance Penetration and Density by Region in the World in 2021 7 I.7 Insurance Penetration and Density in India 8 I.8 Premium Underwritten by Life Insurers 10 I.9 Segment-wise Premium Underwritten by Life Insurers 11 I.10 New Individual Policies issued by Life Insurers 12 I.11 Paid up Capital of Life Insurers 12 I.12 Commission Expenses (and Rewards) of Life Insurers 13 I.13 Operating Expenses of Life Insurers 13 I.14 Benefits Paid By Life Insurers 13 I.15 Actual Death Claims of Life Insurers 14 I.16 Dividend Paid by Life Insurers 16 I.17 Offices of Life Insurers 16 I.18 Gross Direct Premium of General and Health Insurers 17 I.19 Premium Underwritten Outside India by General Insurers 18 I.20 Segment-wise Premium (Within India) Underwritten by General and Health Insurers 18 I.21 New Policies Issued by General and Health Insurers 19 I.22 Paid-up Capital of General and Health Insurers 19 I.23 Commission Expenses of General and Health Insurers 20 I.24 Incurred Claim Ratio of General and Health Insurers 21 I.25 Underwriting Experience of General and Health Insurers 21 I.26 Investment Income of General and Health Insurers 21 I.27 Profit After Tax of General and Health Insurers 22 I.28 Dividend Paid by General and Health Insurers 22 I.29 Offices of General and Health Insurers 23 I.30 Registered Insurers and Reinsurers 23 I.31 Complaints on Unfair Business Practices Registered against Life Insurers 28 I.32 Reinsurance Placements by General Insurers 32 I.33 Net Retention of General Insurers 33 I.34 Total Investments of the Insurance Sector 34 I.35 Investments of Life Insurers 34 I.36 Investments of General, Health and Reinsurance Companies 35 I.37 Health Insurance Premium Underwritten by General and Health Insurers 36 Annual Report 2021 - 22 iiiI.38 Policies, Lives Covered, and Premium under Health Insurance 36 Business of General and Health Insurers I.39 Incurred Claims Ratio under Health Insurance Business of General and Health Insurers 37 I.40 Claims Paid under Health Insurance Business of General and Health Insurers 38 I.41 Status of Claims under Health Insurance Business of General and Health Insurers 39 I.42 Policies, Lives Covered, and Premium under Health Insurance Business of Life Insurers 40 I.43 Status of Claims under Health Insurance Business of Life Insurers 40 I.44 Business under Personal Accident Insurance 41 I.45 Coverage under Government Sponsored Personal Accident Schemes 41 I.46 Business under Overseas Travel Insurance 41 I.47 Business under Domestic Travel Insurance 41 I.48 Health, PA, and Travel Insurance Business Underwritten Outside India 42 II.1 Insurance Agents Associated with Life Insurers 52 II.2 Gender-wise Distribution of Agents Associated with Life Insurers 53 II.3 Insurance Agents Associated with General and Health Insurers 53 II.4 Gender-wise Distribution of Agents Associated with General and Health Insurers 53 II.5 Corporate Agents Associated with Insurance Business 54 II.6 Performance of Micro Insurance Business in Life Insurance Sector 54 II.7 Micro Insurance Agents of Life Insurers 55 II.8 Licenses Issued to Surveyors and Loss Assessors 58 II.9 New Business Performance of Insurance Agents and Intermediaries in Life Insurance 60 II.10 Business Performance of Insurance Agents and Intermediaries Associated with General Insurers 61 II.11 Business Performance of Insurance Agents and Intermediaries in Health Insurance 62 II.12 Details of Legal Cases Filed during 2021-22 64 II.13 Details of Legal Cases Disposed/Dismissed during 2021-22 64 II.14 Status of Grievances as per IGMS 68 II.15 Grievances Registered in DARPG Portal and Referred to IRDAI 69 III.1 Death Claims due to COVID-19 Pandemic 77 III.2 Health Insurance Claims due to COVID-19 Pandemic 77 IV.1 Composition of the Authority as on March 31, 2022 91 IV.2 Details of Meetings of the Authority held during 2021-22 92 IV.3 Sanctioned and Actual Staff Strength in IRDAI 92 IV.4 Category-wise Staff Strength in IRDAI 92 IV.5 Age-wise Distribution of Staff in IRDAI 93 IV.6 Region-wise Staff Strength in IRDAI 93 IV.7 Grade-wise Staff Strength in IRDAI 93 iv Annual Report 2021 - 22CHARTS I.1 Share of Sectors in GVA at Current Prices in 2021-22 4 I.2 Domestic Savings in the Indian Economy 4 I.3 Insurance Penetration in India 8 I.4 Insurance Density in India 9 I.5 Insurance Penetration in Select Countries in 2021 9 I.6 Insurance Density in Select Countries in 2021 9 I.7 New Business Premium of Life Insurers 10 I.8 Total Premium of Life Insurers 10 I.9 Linked and Non-linked Premium of Life Insurers 11 I.10 Segment-wise Share in Life Insurance Premium 11 I.11 Benefits Paid by Life Insurers 14 I.12 Investment Income of Life Insurers 14 I.13 Profit After Tax of Life Insurers 16 I.14 Tier-wise Distribution of Offices of Life Insurers 17 I.15 Premium (within India) Underwritten by General and Health Insurers 17 I.16 Segment-wise Share in Premium of General and Health Insurance 18 I.17 Sector-wise Share in Premium of General and Health Insurance 18 I.18 Operating Expenses of General and Health Insurers 20 I.19 Net Incurred Claims of General and Health Insurers 20 I.20 Tier-wise Distribution of Offices of General and Health Insurers 23 I.21 Incidence of Mis-selling Complaints 29 I.22 Disposal of Mis-selling Complaints 29 I.23 Gross Reinsurance Premium of Indian Reinsurer and FRBs 32 I.24 Investments of Life Insurers: Fund-wise 35 I.25 Sector-wise Share in Premium of Health Insurance 36 I.26 Trend in Health Insurance Premium 36 I.27 Lives Covered and Premium under Health Insurance 37 I.28 Share of States in Health Insurance Premium 37 I.29 Net Incurred Claims under Health Insurance 37 I.30 Trend in Incurred Claim Ratio under Health Insurance: Sector-wise 38 I.31 Trend in Incurred Claim Ratio under Health Insurance: Segment-wise 38 I.32 Health Insurance Premium of Life Insurers 39 II.1 Channel-wise Individual New Business Performance in Life Insurance Business 60 II.2 Channel-wise Group New Business Performance in Life Insurance Business 60 II.3 Channel-wise Business Performance of General Insurers 61 II.4 Channel-wise Performance of Health Insurance Business 62 II.5 Classification of Life Insurance Complaints 68 II.6 Classification of General Insurance Complaints 69 IV.1 Grade-wise Distribution of Staff in IRDAI 93 Annual Report 2021 - 22 vSTATEMENTS 99 1 International Comparison of Insurance Penetration 101 2 International Comparison of Insurance Density 102 3 Premium Underwritten by Life Insurers 103 4 Linked and Non-Linked Premium of Life Insurers 104 5 Segment-wise Total Premium of Life Insurers 105 6 Equity Share Capital of Life Insurers 106 7 Status of Individual Death Claims of Life Insurers 107 8 Status of Group Death Claims of Life Insurers 109 9 State/ UT wise Distribution of Offices of Insurers 111 10 Gross Direct Premium of General and Health Insurers (Within and Outside India) 112 11 Segment-wise Gross Direct Premium of General and Health Insurers (Within India) 113 12 Equity Share Capital of General, Health and Reinsurance Companies 115 13 Incurred Claims Ratio of General and Health Insurers (Within India) 116 14 Status of Claims of General and Health Insurers 118 15 Solvency Ratio of Life Insurers 120 16 Solvency Ratio of General, Health and Reinsurance Companies 121 17 Solvency Ratio of Branches of Foreign Reinsurers 122 18 Assigned Capital of Branches of Foreign Reinsurers 123 19 Gross Reinsurance Premium of Reinsurers including FRBs 124 20 Investments (Assets Under Management) of Life Insurers 125 21 Investments (Assets Under Management) of General, Health and Reinsurance Companies 128 ANNEXURES 131 1 List of Registered Insurers/Reinsurers Operating in India 133 2 (i) Share of Members in Indian Market Terrorism Risk Insurance Pool 135 (ii) Share of Members in Indian Nuclear Insurance Pool 136 3 Data for calculation of Motor TP Obligation for FY 2022-23 137 4 Circulars/Orders/Guidelines/Instructions issued from April 01, 2021 to March 31, 2022 138 5 Regulations framed under the IRDA Act, 1999 up to March 31, 2022 142 6 List of Micro Insurance Products of Life Insurers 146 7 Number of Products and Riders Approved by IRDAI in 2021-22 147 8 Fee Structure for Insurers and Various Intermediaries and Fee Collected in FY 2021-22 148 9 Penalties Levied by the Authority during 2021-22 149 10 (i) Indian Assured Lives Mortality (IALM) - 2012-14 152 (ii) Indian Individual Annuitant’s Mortality Table (2012-15) 153 vi Annual Report 2021 - 22ABBREVIATIONS AFIR : Asian Forum of Insurance Regulators AGM : Assistant General Manager AIF : Alternative Investment Fund AM : Assistant Manager AML : Anti Money Laundering ASEAN : Association of Southeast Asian Nations ASHA : Accredited Social Health Activist ASST : Assistant BAP : Business Analytics Project BCs : Business Correspondents BLA : Baseline Assessment CAD : Cosumer Affairs Department CAG : Comptroller and Auditor General of India CBR : Cross Border Reinsurer CFT : Countering the Financing of Terrorism CGM : Chief General Manager CII : Critical Information Infrastructure CKYCR : Central KYC Records Registry CoR : Certificate of Registration CPIO : Central Public Information Officer CPSC : Common Public Service Center CPPP : Central Public Procurement Portal CSC : Common Service Centre CWG : Core Working Group DARPG : Department of Administrative Reforms and Public Grievances DCF : District Consumer Forum DFS : Department of Financial Services DGM : Deputy General Manager DPG : Directorate of Public Grievances eIAs : electronic Insurance Accounts ED : Executive Director EMEA : Europe, Middle East, Africa ESOPs : Employee Stock Options EOI : Expression of Interest FAA : First Appellate Authority FATF : Financial Action Task Force FDI : Foreign Direct Investment FFE : Fire Fighting Equipment FIO : Federal Insurance Office FIU-IND : Financial Intelligence Unit- India FRB : Foreign Reinsurance Branch FRN : Filing Reference Number FSA : Financial Sector Assessment FSAP : Financial Sector Assessment Program FSB : Financial Stability Board Annual Report 2021 - 22 viiFSSA : Financial System Stability Assessment FoF : Fund of Funds GDP : Gross Domestic Product GM : General Manager GNDI : Gross National Disposable Income GoI : Government of India GRC : Grievance Redressal Committee GVA : Gross Value Added HOD : Head of Department iTrex : Insurance Transactions Exchange IAC : Insurance Advisory Committee IAI : Institute of Actuaries of India IAIS : International Association of Insurance Supervisors IALM : Indian Assured Lives Mortality IBAI : Insurance Brokers Association of India ICP : Insurance Core Principles ICR : Incurred Claims Ratio IFRS : International Financial Reporting Standard IGCC : IRDAI Grievance Call Centre IGMS : Integrated Grievance Management System IGC : Internal Grievance Redressal Committee IIB : Insurance Information Bureau of India III : Insurance Institute of India IIISLA : Indian Institute of Insurance Surveyors and Loss Assessors IIRM : Institute of Insurance and Risk Management IMCC : Inter-Ministerial Co-ordination Committee IMF : International Monetary Fund IMFs : Insurance Marketing Firms INFE : International Network on Financial Education INIP : Indian Nuclear Insurance Pool IPPB : India Post Payment Bank IRCTC : Indian Railway Catering and Tourism Corporation IRDAI : Insurance Regulatory and Development Authority of India ISNP : Insurance Self-Network Platform ISP : Insurance Sales Persons IWD : International Women's Day IFSCA : International Financial Services Centres Authority InvITs : Infrastructure Investment Trusts JWG : Joint Working Group KMP : Key Managerial Personnel KYC : Know Your Customer LPA : Letter Patent Appeal MACT : Motor Accident Claims Tribunal MFI : Micro Finance Institution MGNREGA : Mahatma Gandhi National Rural Employment Guarantee Act MGR : Manager MI : Micro Insurance viii Annual Report 2021 - 22MISP : Motor Insurance Service Provider MMIC : Mortality & Morbidity Investigation Center MMOU : Multilateral Memorandum of Understanding MoF : Ministry of Finance MRO : Mumbai Regional Office MoRTH : Ministry of Road Transport & Highways NAIC : National Association of Insurance Commissioners NBFC : Non-Banking Financial Company NCDRC : National Consumer Disputes Redressal Commission NCFE : National Centre for Financial Education NDRO : New Delhi Regional Office NGOs : Non-Government Organizations NIA : National Insurance Academy NOC : No Objection Certificate NRA : National Risk Assessment NSFE : National Strategy for Financial Education NSO : National Statistical Office NLP : natural language processing NCRB : National Crime Records Bureau NHSRC : National Health Systems Resource Centre NHA : National Health Authority NCIIPC : National Critical Information Infrastructure Protection Centre NCSC : National Commission for Schedule Caste OECD : Organization for Economic Co-operation and Development OLI : Offical Language Implementation OMOP : One More Option Plan PA : Personal Accident PACS : Primary Agricultural Cooperative Societies PAT : Profit After Tax PFCE : Private Final Consumption Expenditure PM-JAY : Pradhan Mantri Jan Arogya Yojana PMFBY : Pradhan Mantri Fasal Bima Yojana PMJDY : Pradhan Mantri Jan Dhan Yojana PMJJBY : Pradhan Mantri Jeevan Jyoti Bima Yojana PML : Prevention of Money Laundering PMLA : Prevention of Money Laundering Act PMO : Prime Minister's Office PMSBY : Pradhan Mantri Suraksha Bima Yojana PMVVY : Pradhan Mantri Vaya Vandana Yojana PO : Principal Officer POS : Point of Sales POSP : Point of Sales Person PRISM : Predictive Life Risk Scoring Model PSU : Public Sector Undertaking PRP : Peer Review Process Annual Report 2021 - 22 ixPRAN : Property Risk Analyser RAC : Re-Insurance Advisory Committee RAP : Rural Authorised Person RBI : Reserve Bank of India RBSF : Risk Based Supervisory Framework RBC : Risk Based Capital REITs : Real Estate Investment Trusts RSM : Required Solvency Margin RTI : Right To Information RWBCIS : Restructured Weather Based Crop Insurance Scheme RFP : Request for Proposal SA : Senior Assistant SAHI : Stand-alone Health Insurer SAT : Securities Appellate Tribunal SCDRC : State Consumer Disputes Redressal Commission SEBI : Securities and Exchange Board of India SHGs : Self Help Groups SLA : Surveyors and Loss Assessors SPV : Special Purpose Vehicle TAT : Turn Around Time TOLIC : Town Official Language Implementation Committee TPA : Third Party Administrator UAE : United Arab Emirates UFBP : Unfair Business Practices UIDAI : Unique Identification Authority of India ULIP : Unit-Linked Product USD : United States Dollar UT : Union Territory VCHVS : Vehicle Claims History Verification Service VLE : Village Level Entrepreneur VAPT : Vulnerability Assessment and Penetration Testing WB : World Bank x Annual Report 2021 - 22T N M E T E A T S MISSION  To protect the interest of and secure fair treatment to policyholders;  To bring about speedy and orderly growth of the insurance industry (including annuity and superannuation payments), for the benefit of the common man and to provide long term funds for accelerating growth of the economy;  To set, promote, monitor and enforce high standards of integrity, financial soundness, fair dealing and competence of those it regulates;  To ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place effective grievance redressal machinery;  To promote fairness, transparency and orderly conduct in financial markets dealing with insurance and build a reliable management information system to enforce high standards of financial soundness amongst market players;  To take action where such standards are inadequate or ineffectively enforced;  To bring about optimum amount of self-regulation in day-to-day working of the industry consistent with the requirements of prudential regulation. Annual Report 2021 - 22 xixii Annual Report 2021 - 22INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA MEMBERS OF THE AUTHORITY CHAIRMAN Dr. Subhash Chandra Khuntia Shri Debasish Panda (Upto 06.05.2021) (From 14.03.2022) WHOLE-TIME MEMBERS Ms. T L Alamelu Shri K Ganesh Shri Parmod Kumar Arora (Upto 06.05.2022) (Upto 30.07.2022) (From 04.01.2021) Ms. S N Rajeswari Shri Rakesh Joshi Shri Thomas Devasia (From 04.03.2021) (From 22.03.2022) (From 19.09.2022) PART-TIME MEMBERS Ms. Sushama Nath Shri Nihar N Jambusaria Shri Amit Agrawal (Upto 23.08.2021) (Upto 11.02.2022) (Upto 03.07.2022) CA (Dr.) Debashis Mitra Shri Suchindra Misra (From 12.02.2022) (From 04.07.2022) Annual Report 2021 - 22 xiiixiv Annual Report 2021 - 22SENIOR OFFICIALS OF IRDAI (As on March 31, 2022) EXECUTIVE DIRECTOR Shri Suresh Mathur On deputation at IIRM, Hyderabad CHIEF GENERAL MANAGERS Shri Randip Singh Jagpal Shri A R Nithiyanantham Dr. Mamta Suri Consumer Affairs Intermediaries Finance & Accounts, and Internal Audit Smt. J Meena Kumari Smt. Yegna Priya Bharath Shri V Jayanth Kumar Supervision, HR, Administration, Non-Life Life Internal Accounts, Corporate Services, Estates and Designated Officer GENERAL MANAGERS Shri S N Jayasimhan Shri Ramana Rao Addanki Shri Sanjeev Kumar Jain Information Technology Finance & Accounts (Non-Life) Supervision Shri T S Naik Shri S P Chakraborty Shri A Venkateswara Rao Communications, Actuarial and OLI Enforcement Administration and Estates Shri P K Maiti Shri Raj Kumar Sharma Smt. J Anita Sectoral Development and On deputation at SILIC, Lucknow Non-Life Chief Vigilance Officer Smt. K G P L Rama Devi Shri D V S Ramesh Shri Sudipta Bhattacharya Intermediaries Legal and Health Finance & Accounts (Life) Shri G R Surya Kumar Shri P S Jagannatham Shri M S Jayakumar Actuarial Life Investment Shri N M Behera Shri K Mahipal Reddy Shri T Venkateswara Rao On deputation at Insurance Non-Life Life Ombudsman, Bhubaneswar Shri Pankaj Kumar Tewari Surveyor ANNUAL REPORT TEAM Mr. G. R. Surya Kumar Mr. M S Jayakumar Mr. M.N. Munshi Dr. H.Jeyanthi Chief General Manager General Manager Deputy General Manager O SD Mr. Anurag Bajpai Ms. Arundhati Chakrabarty Mr. Pranav V Mr. Ravi Ranjan Manager Assistant Manager Assistant Manager Assistant Manager Annual Report 2021 - 22 xvxvi Annual Report 2021 - 22I POLICIES AND PROGRAMMESPART I : POLICIES AND PROGRAMMES I.1 REVIEW OF GENERAL ECONOMIC 21 showing a growth of 18.4 per cent. Per Capita ENVIRONMENT Private Final Consumption Expenditure increased to ₹1,02,992 in 2021-22 from ₹88,775 in 2020-21 I.1.1 As per provisional estimates of National registering a 16.0 per cent increase. Income released by National Statistical Office (NSO), India's Gross Domestic Product (GDP) at I.1.2 Aggregate supply, measured by Gross Value I current prices in the year 2021-22 is estimated at Added (GVA) at basic prices, expanded by 18.2 per ₹236.65 lakh crore, as against ₹198.01 lakh crore in cent in 2021-22 after registering a contraction of 2020-21, showing a growth rate of 19.5 per cent. 1.6 per cent in 2020-21. The acceleration in GVA The Gross National Disposable Income (GNDI) at growth was facilitated by a sustained recovery in current prices is estimated at ₹238.78 lakh crore the industrial and the services sectors, albeit on a during 2021-22, as compared to ₹200.86 lakh crore favourable base. The agricultural sector provided a during 2020-21, showing a rise of 18.9 per cent. cushion to the economy, staying resilient continuously over the three years. The per capita GDP at current prices is ₹1,72,913 during 2021-22 as compared to ₹1,46,087 in 2020- Table I.1: National Income Estimates of India (at current prices) Growth (%) Item 2020-21* 2021-22# 2020-21 2021-22 Gross Value Added (GVA) at basic prices (₹lakh crore) 180.58 213.49 -1.6 18.2 Gross Domestic Product (GDP) (₹lakh crore) 198.01 236.65 -1.4 19.5 Gross National Disposable Income (GNDI) (₹lakh crore) 200.86 238.78 -1.6 18.9 Per Capita GDP (₹) 1,46,087 1,72,913 -2.4 18.4 Per Capita GNDI (₹) 1,48,194 1,74,473 -2.7 17.7 Per Capita Private Final Consumption Expenditure (PFCE) (₹) 88,775 1,02,992 -2.7 16.0 *First Revised Estimates; #Provisional Estimates Source: NSO, Press Note dated May 31, 2022. Table I.2: Estimates of Gross Value Added (GVA) by Economic Activity (At current prices) (`lakh crore) Growth (%) Industry 2020-21* 2021-22# 2020-21 2021-22 I. Agriculture, Forestry and Fishing 36.09 39.80 7.5 10.3 II. Industry Mining & Quarrying 3.25 5.13 -9.4 57.9 Manufacturing 27.09 33.07 0.2 22.1 Electricity, Gas, Water Supply & Other Utility Services 5.07 5.87 1.1 15.6 III. Services Construction 13.16 17.19 -4.2 30.7 Trade, Hotels, Transport, Communication & Services related to Broadcasting 28.66 35.29 -17.6 23.1 Financial, Real Estate & Professional Services 40.46 45.43 4.3 12.3 Public Administration, Defence & Other Services 26.79 31.71 -0.8 18.4 GVA at Basic Prices 180.58 213.49 -1.6 18.2 *First Revised Estimates; #Provisional Estimates Source: NSO, Press Note dated May 31, 2022. Annual Report 2021 - 22 3 | Policies and ProgrammesChart I.1: Share of Sectors in GVA at Current Prices in 2021-22 Agriculture, Public Administration, Forestry & Fishing Defence & Other Services I 15% 19% Mining & Quarrying 2% Financial, Real Estate & 21% Professional Services 15% Manufacturing 3% 17% 8% Electricity, Gas, Water Supply & Other Trade, Hotels, Transport, Utility Services Communication & Services related to Broadcasting Construction I.1.3 The rate of gross domestic saving had The net financial savings of the household sector – dropped to 27.8 per cent of gross national the most important source of funds – surged by 3.6 disposable income (GNDI) in 2020-21 from 29.4 per cent to 11.5 per cent of GNDI in 2020-21, the per cent a year ago due to dissaving of the general highest in over two decades led by deposits and government sector and a fall in savings of the non- insurance funds instruments. Insurance funds have financial corporations. seen 0.8 per cent upturn from 1.8 per cent of GNDI in 2019-20 to 2.6 per cent of GNDI in 2020-21 due to COVID led increased awareness about health insurance. Chart I.2: Domestic Savings in the Indian Economy (Per cent of Gross National Disposable Income) 27.8% Gross Saving 29.4% 9.9% i. Non-financial Corporations 10.4% 2.8% ii. Financial Corporations 2.9% -6.7% iii. General Government -3.1% 21.9% iv. Household sector 19.2% 2019 - 20 2020 - 21 Source: RBI Annual Report 2021-22 4 | Policies and Programmes Annual Report 2021 - 22Table I.3: Savings of the Household Sector reductions. This was partly offset by a 10.6 per cent increase in medical insurance premiums in China. (Per cent of Gross National Disposable Income) The aggregate for emerging markets excluding Item 2019-20 2020-21 China was stronger, with premiums up 4.1 per cent. Household sector savings 19.2 21.9 i. Net financial savings (A-B) 7.9 11.5 I.2.1.3 In life, global premium growth bounced I ii. Savings in physical assets 11.1 10.2 back strongly by 4.5 per cent in both the advanced iii. Savings in the form of valuables 0.2 0.2 and emerging markets excluding China. Life A. Gross Financial Savings 11.7 15.5 premiums in China contracted by 2.6 per cent due of which: to weakness in life savings business caused by a 1. Currency 1.4 1.9 further decline in critical illness business. Strong life 2. Deposits 4.2 6.3 premium growth in advanced markets was 3. Shares and Debentures 0.4 0.5 supported by a surge in asset values and labour 4. Claims on Government 1.3 1.6 market recovery that lifted demand for savings- 5. Insurance Funds 1.8 2.6 linked business. Regulatory developments and a 6. Provident and Pension Funds 2.2 2.5 tax law change boosted the sale of annuity B. Financial Liabilities 3.9 4.0 products in the US. France reported the strongest Source: RBI Annual Report 2021-22. premium growth of 27.3 per cent, mainly driven by I.2 APPRAISAL OF INSURANCE MARKET growth in unit-linked business. In advanced Asia- Pacific, market shifts towards protection products I.2.1 APPRAISAL OF GLOBAL INSURANCE under regulatory encouragement supported MARKET market growth. I.2.1.1 The global economy is slowing and the risk Table I.4: Growth in Real Premium by Region in of inflationary recession in a number of economies the World in 2021 (In per cent) has increased. As per the Swiss Re Sigma research Regions Life Non-Life Total (publication no.4/2022), this economic slowdown Advanced markets 5.4 2.9 3.9 and the high-inflation environment will weigh on Emerging markets 1.5 1.5 1.5 insurance markets. Slowing growth typically leads Asia-Pacific 0.6 0.8 0.7 to lower demand for insurance. The major impact India 8.5 5.8 7.8 of inflation will show in rising claims costs in non- World 4.5 2.6 3.4 life. Property and motor insurance are expected to Source: Swiss Re, Sigma 4/2022 be most impacted in the near term. I.2.1.4 The US remains the largest insurance I.2.1.2 In 2021, total global insurance premiums market in the world followed by China and Japan. grew by 3.4 per cent in real terms. The non-life The three together accounted for almost 56 per sector posted 2.6 per cent growth, driven by rate cent of the global premiums in 2021, slightly less hardening in commercial lines in advanced than that in 2020 (57 per cent). The market share of markets. However, in China, the largest emerging the top 20 countries remained 90 per cent in 2021 market, non-life premium volumes contracted by and six Asian markets in the top 20 rankings of 0.7 per cent as the de-tariffication of motor Swiss Re (China, Japan, South Korea, India, Taiwan insurance sparked fierce competition and rate and Hong Kong) contributed to 23 per cent market Annual Report 2021 - 22 5 | Policies and Programmesshare. With the conflict in Ukraine weighing on Indian Insurance in the Global Scenario economic growth in Europe in particular, insurance I.2.1.7 As per Swiss Re data, India ranks tenth industry growth in emerging markets is expected (eleventh in 2020) in global insurance business with to outpace that in the advanced markets this year, a market share of 1.85 per cent in 2021 (1.78 per with emerging Asia in the lead. As per Swiss Re, cent in 2020). Total insurance premium in India I India is expected to be one of the fastest growing increased by 13.46 per cent (7.8 per cent inflation markets in the world over the coming decade. adjusted real growth) in 2021 whereas global total insurance premium increased by 9.04 per cent (3.4 I.2.1.5 Swiss Re estimates show that global per cent inflation adjusted real growth) during the premium volumes to surpass USD 7 trillion in 2022 year. with a strong 6.1 per cent growth, reflecting the resilience of insurance markets over the course of I.2.1.8 In life insurance business, India is ranked the COVID pandemic. This is based on the ninth (tenth in 2020) in the world in 2021. India's expectation of more rate hardening in non-life to share in global life insurance market was 3.23 per counter high inflation and strong premium growth cent (3.11 per cent in 2020) during 2021. Life in emerging markets. It is estimated to be 0.8 per insurance premium in India increased by 14.16 per cent growth in global non-life premiums in 2022 in cent (8.5 per cent inflation adjusted real growth) in real terms. Non-life premium growth in emerging 2021 whereas global life insurance premium markets will likely outstrip that in advanced increased by 9.91 per cent (4.5 per cent inflation economies in next two years, mainly driven by the adjusted real growth). strong demand for short-term health insurance. Growth in commercial lines will be stronger than in I.2.1.9 In non-life insurance business, India is personal lines of business. ranked fourteenth in the world same as last year. India's share in global non-life insurance market I.2.1.6 Global life premium is expected to contract was 0.78 per cent (0.76 per cent in 2020) during in real terms in 2022 but in nominal terms, it is 2021. The Indian non-life insurance sector expected to grow at 4.8 per cent to USD 3.1 trillion recorded 11.30 per cent (5.8 per cent inflation in 2022. Inflationary pressures, economic adjusted real growth) growth during 2021 whereas uncertainty and financial markets condition are the the global non-life insurance premium had only primary drivers of subdued premium growth in 8.37 per cent growth (2.6 per cent inflation 2022. Saving premiums, which represent more than adjusted real growth). three quarters of the life sector, will likely suffer from volatile financial market conditions and I.2.1.10 Globally, the share of life insurance falling disposable incomes. Heightened risk business in total premium was 43.69 per cent and awareness post pandemic is driving demand for the share of non-life insurance premium was 56.31 protection-type products, and insurers are per cent during 2021. However, the share of life changing their business models to be digital-ready. insurance business for India was high at 76.14 per Further, higher interest rates will support demand cent while the share of non-life insurance business for guaranteed savings products. In 2023, it is was at 23.86 per cent. expected that global life premium growth will recover to 1.9 per cent in real terms as inflation pressures ease and economic conditions improve. 6 | Policies and Programmes Annual Report 2021 - 22Table I.5: Premium Volume by Region in the increase in insurance penetration from 2.71 per World in 2021 cent in 2001-02 to 5.2 per cent in 2009-10. Since (USD Billions) then the level of insurance penetration declined till Region Life Non-Life Total 2014-15 due to decline in life insurance Advanced markets 2,323.20 3,241.12 5,564.32 penetration. However, the insurance penetration (41.75) (58.25) (100.00) Emerging markets 674.37 621.90 1,296.28 started again increasing from 2015-16 and reached I (52.02) (47.98) (100.00) 4.20 per cent in 2021-22. While the penetration of Asia-Pacific 1,129.25 707.75 1,837.00 life insurance sector has gone up from 2.15 per cent (61.47) (38.53) (100.00) in 2001-02 to 3.2 per cent in 2021-22, non-life India 96.68 30.30 126.97 insurance penetration has gone up from 0.56 per (76.14) (23.86) (100.00) cent to 1.0 per cent during the same period. World 2,997.57 3,863.03 6,860.60 (43.69) (56.31) (100.00) I.2.1.13 Insurance density in India increased from Note: Figures in bracket indicate share of the segment to total in USD 78 in 2020-21 to USD 91 in 2021-22. The level per cent. of insurance density has reported consistent Source: Swiss Re, Sigma 4/2022 increase from USD 11.5 in 2001-02 to USD 64.4 in Insurance Penetration and Density the year 2010-11. After some ups and downs, insurance density recorded steady increase from I.2.1.11 Insurance penetration and density are two the year 2016-17. While life insurance density has metrics, among others, often used to assess the gone up from USD 9.1 in 2001-02 to USD 69 in level of development of the insurance sector in a 2021-22, non-life insurance density has gone up country. While insurance penetration is measured from USD 2.4 to USD 22 during the same period. as the percentage of insurance premium to GDP, insurance density is calculated as the ratio of I.2.1.14 As per Swiss Re Sigma report, globally premium to population (per capita premium). insurance penetration and density were 3.0 per cent and USD 382 respectively for the life segment I.2.1.12 Insurance penetration in India during and 3.9 per cent and USD 492 respectively for the 2021-22 was 4.2 per cent remained same as in non-life segment in 2021. Overall insurance 2020-21. During the first decade of insurance penetration and density were 7.0 per cent and sector liberalization, the sector has reported USD 874 respectively in 2021. Table I.6: Insurance Penetration and Density by Region in the World in 2021 Region Penetration (%) Density (USD) Life Non-Life Total Life Non-Life Total USA and Canada 2.7 8.7 11.4 1823 5960 7782 Advanced EMEA 4.8 3.2 8.0 2226 1468 3694 Emerging EMEA 0.6 1.0 1.6 35 58 92 Advanced Asia Pacific 6.0 3.0 9.0 2325 1187 3512 Emerging Asia Pacific 2.1 1.6 3.7 132 100 232 India 3.2 1.0 4.2 69 22 91 World 3.0 3.9 7.0 382 492 874 EMEA- Europe, Middle East and Africa Source: Swiss Re, Sigma 4/2022 Annual Report 2021 - 22 7 | Policies and ProgrammesI.2.1.15 Estimates of insurance penetration and Insurance penetration and density in select density in India by Swiss Re collated from its yearly countries are reproduced from Swiss Re Institute reports are presented below. report in Statement 1 and Statement 2 respectively. Table I.7: Insurance Penetration and Density in India Penetration (%) Density (USD) Year Life Non-Life Total Life Non-Life Total 2001-02 2.15 0.56 2.71 9.1 2.4 11.5 2002-03 2.59 0.67 3.26 11.7 3.0 14.7 2003-04 2.26 0.62 2.88 12.9 3.5 16.4 2004-05 2.53 0.64 3.17 15.7 4.0 19.7 2005-06 2.53 0.61 3.14 18.3 4.4 22.7 2006-07 4.10 0.60 4.80 33.2 5.2 38.4 2007-08 4.00 0.60 4.70 40.4 6.2 46.6 2008-09 4.00 0.60 4.60 41.2 6.2 47.4 2009-10 4.60 0.60 5.20 47.7 6.7 54.3 2010-11 4.40 0.71 5.10 55.7 8.7 64.4 2011-12 3.40 0.70 4.10 49.0 10.0 59.0 2012-13 3.17 0.78 3.96 42.7 10.5 53.2 2013-14 3.10 0.80 3.90 41.0 11.0 52.0 2014-15 2.60 0.70 3.30 44.0 11.0 55.0 2015-16 2.72 0.72 3.44 43.2 11.5 54.7 2016-17 2.72 0.77 3.49 46.5 13.2 59.7 2017-18 2.76 0.93 3.69 55 18 73 2018-19 2.74 0.97 3.70 54 19 74 2019-20 2.82 0.94 3.76 58 19 78 2020-21 3.2 1.0 4.2 59 19 78 2021-22 3.2 1.0 4.2 69 22 91 Chart I.3: Insurance Penetration in India Source: Swiss Re, Sigma, Various issues 20-1002 30-2002 40-3002 50-4002 60-5002 70-6002 80-7002 90-8002 01-9002 11-0102 21-1102 31-2102 41-3102 51-4102 61-5102 71-6102 81-7102 91-8102 02-9102 12-0202 22-1202 6 5 4 3 2 1 0 tnec rep ni I Note: 1. Insurance penetration is measured as ratio of premium to GDP. 2. Insurance density is measured as ratio of premium to total population. 3. Figures may not add up to the total due to rounding off. Source: Swiss Re, Sigma, Various Issues.                                                 Life  Non-Life  Total 8 | Policies and Programmes Annual Report 2021 - 22Source: Swiss Re, Sigma, Various issues # Data relates to financial year # Data relates to financial year Note: Insurance Penetration is measured as percentage of insurance Note: Insurance Density is measured as ratio of insurance premium premium to GDP to population. Source: Swiss Re, Sigma No. 4/2022 Source: Swiss Re, Sigma No. 4/2022 20-1002 30-2002 40-3002 50-4002 60-5002 70-6002 80-7002 90-8002 01-9002 11-0102 21-1102 31-2102 41-3102 51-4102 61-5102 71-6102 81-7102 91-8102 02-9102 12-0202 22-1202 Chart I.4: Insurance Density in India 100 80 60 40 20 0 Life Non-Life Total DSU ni                       I                            Chart I.5: Insurance Penetration in Select Chart I.6: Insurance Density in Select Countries in 2021 Countries in 2021 Life Non-Life Life Non-Life Turkey Indonesia Saudi Arabia India# Russia Turkey Indonesia Russia Argentina Argentina Mexico Mexico China Brazil Brazil Saudi Arabia India# China Australia South Africa Germany World World Australia Canada Japan# Japan# Italy Italy Germany France South Korea# South Korea# France UK Canada UK USA USA South Africa 0 2 4 6 8 10 12 - 1,000 2,0003,0004,0005,0006,0007,0008,0009,000 Per cent USD Annual Report 2021 - 22 9 | Policies and ProgrammesI.2.2 APPRAISAL OF INDIAN INSURANCE I.2.2.2 In 2021-22, new business and renewal MARKET premium accounted for 45.46 per cent and 54.54 per cent of the total premium received by life Appraisal of Life Insurance Market insurers respectively. New business premium Life Insurance Premium recorded 12.98 per cent growth while renewal I I.2.2.1 Life insurance industry recorded a premium business had a growth of 7.92 per cent. Single income of ₹6.93 lakh crore during 2021-22 as premium products continue to play a major role for against ₹6.29 lakh crore in the previous financial LIC as they contributed 37.91 per cent of total year, registering growth of 10.16 per cent. While premium while it was 15.87 per cent for private life private sector insurers posted 17.36 per cent insurers. LIC continued to have a higher market growth in premium, LIC recorded 6.13 per cent share at 63.18 per cent in new business and 60.65 growth. The market share of LIC decreased by 2.34 per cent in renewal business premium. per cent to 61.80 per cent in 2021-22 while market Insurance company-wise life insurance premium is share of private insurers has increased to 38.20 per provided in Statement 3. cent. Table I.8: Premium Underwritten by Life Insurers (₹crore) Premium LIC Private Sector Total 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 First Year (FY) 33,930.86 36,649.35 46,869.16 73,943.39 80,800.02 1,10,592.74 (-41.46) (8.01) (5.74) (57.77) (-21.01) (36.87) Single 1,50,498.69 1,62,282.83 47,401.21 41,992.25 1,97,899.90 2,04,275.08 (25.08) (7.83) (29.30) (-11.41) (26.07) (3.22) New Business (FY+ Single) 1,84,429.55 1,98,932.18 94,270.37 1,15,935.64 2,78,699.92 3,14,867.82 (3.45) (7.86) (16.40) (22.98) (7.50) (12.98) Renewal 2,18,857.00 2,29,092.80 1,31,174.11 1,48,653.53 3,50,031.11 3,77,746.32 (8.82) (4.68) (16.56) (13.33) (11.60) (7.92) Total (New + Renewal) 4,03,286.55 4,28,024.97 2,25,444.48 2,64,589.17 6,28,731.04 6,92,614.14 (6.30) (6.13) (16.50) (17.36) (9.74) (10.16) Note: Figures in bracket indicates growth (in per cent) over previous year. Chart I.7: New Business Premium of Life Insurers Chart I.8: Total Premium of Life Insurers (`crore) (`crore) 3,14,868 6,92,614 2,78,700 6,28,731 1,98,932 4,28,025 1,84,430 4,03,287 1,15,936 2,64,589 94,270 2,25,444 LIC Private Sector Total LIC Private Sector Total 2020-21 2021-22 2020-21 2021-22 10 | Policies and Programmes Annual Report 2021 - 22I.2.2.3 LIC of India is the only Indian insurer crore in 2020-21 to ₹1.00 lakh crore in 2021-22. The underwriting life insurance business outside India. share of unit-linked products in total premium was The total premium underwritten outside the 14.48 per cent. country by LIC stood at ₹419.70 crore in 2021-22 as against ₹400.34 crore in 2020-21 registering a I.2.2.5 Life insurance segment constitutes 77 per growth of 4.83 per cent against growth of 5.84 per cent of total life insurance premium followed by I cent in 2020-21. pension and annuity segments together about 22 per cent in 2021-22. Life, pension and variable Segment-wise Life Insurance Premium segment recorded growth of 10.70 per cent, 13.38 per cent and 34.66 per cent respectively while I.2.2.4 The traditional products registered a annuity and health segment witnessed decline of growth of 10.15 per cent in 2021-22, with premium 11.83 per cent and 2.68 per cent respectively of ₹5.92 lakh crore as against ₹5.38 lakh crore in during 2021-22. previous year. On the other hand, Unit-linked products (ULIPs) registered a growth of 10.24 per Segment-wise life insurance premium details are cent with increase in premium from ₹0.91 lakh provided in Statement 4 and Statement 5. Table I.9: Segment-wise Premium Underwritten by Life Insurers (₹crore) Segment Linked Premium Non-Linked Premium Total Premium 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 Annuity - - 31,594.43 27,855.71 31,594.43 27,855.71 Health 185.22 163.64 634.43 634.04 819.65 797.68 Life 82,150.38 88,625.45 4,00,526.24 4,45,678.26 4,82,676.61 5,34,303.71 Pension 8,671.04 11,537.61 1,01,158.54 1,12,987.92 1,09,829.58 1,24,525.52 Variable - - 3,810.77 5,131.51 3,810.77 5,131.51 Total 91,006.64 1,00,326.69 5,37,724.41 5,92,287.45 6,28,731.04 6,92,614.14 Chart I.9: Linked and Non-linked Chart I.10: Segment-wise Share in Premium of Life Insurers (2021-22) Life Insurance Premium (2021-22) (₹crore) Annuity Variable Pension Health Linked, 1,00,327 4% Non-Linked, 5,92,287 14% 18% 1% 0.1% 86% Life 77% Policies Issued by Life Insurers registered a growth of 3.54 per cent and contributed 74.60 per cent of the policies issued. I.2.2.6 During 2021-22, the life insurance industry The private sector registered a growth of 3.38 per registered a growth of 3.51 per cent in the number cent and contributed 25.40 per cent of the policies of new policies issued against the previous year. LIC issued. Annual Report 2021 - 22 11 | Policies and ProgrammesTable I.10: New Individual Policies issued Total Other Forms of Capital of life insurers as on by Life Insurers March 31, 2022 was ₹4,194 crore (₹2,210 crore as (in lakh) on March 31, 2021). Insurer 2020-21 2021-22 LIC 209.75 217.19 Expenses of Life Insurers (-4.21) (3.54) I Private Sector 71.52 73.94 I.2.2.9 IRDAI (Expenses of Management of Insurers (2.89) (3.38) transacting life insurance business) Regulations, Total 281.27 291.13 2016 prescribe the allowable limits of expenses of (-2.49) (3.51) management taking into account, inter alia the Note : Figures in bracket indicates the growth (in per cent) over the type and nature of product, premium paying term previous year. and duration of insurance business. During the Paid-up capital of Life Insurers year 2021-22, out of 24 life insurers, 16 were compliant with the above regulations. Eight life I.2.2.7 Total capital of the life insurers increased by insurers had exceeded the limits of expenses on an 25.40 per cent to ₹35,547 crore as on March 31, overall basis or segmental basis and the same are 2022. During 2021-22, an additional capital of under examination and consideration for grant of ₹7200 crore was brought in the life insurance forbearance. industry and about 86 per cent of this was by LIC. The life insurance industry reported gross Insurance company wise details of equity share expenses of management of ₹1.07 lakh crore capital are provided in Statement 6. during 2021-22 which was 15.50 per cent of total Table I.11: Paid up Capital of Life Insurers gross premium. (₹crore) Insurer As at March Additions during As at March I.2.2.10 The commission expenses ratio 31, 2021 2021-22 31, 2022 (commission expenses as a percentage of LIC 100.00 6,225.00 6,325.00 premium) decreased marginally to 5.18 per cent in Private Sector 28,246.37 975.38 29,221.75 2021-22 from 5.25 per cent in 2020-21. However, Total 28,346.37 7,200.38 35,546.75 total commission increased by 8.77 per cent (total Note: Paid up Capital excludes Share premium and Share application premium growth 10.16 per cent) during 2021-22. money Other Forms of Capital of Life Insurers I.2.2.8 Under the provisions of IRDAI (Other Forms of Capital) Regulations, 2016, six private life insurers have raised Other Forms of Capital amounting to ₹1,984 crore during 2021-22 i.e. ₹350 crore by Aditya Birla Sun Life Insurance Co. Ltd., ₹125 crore by IndiaFirst Life Insurance Co. Ltd., ₹496 crore by Max Life Insurance Co. Ltd., ₹400 crore by PNB MetLife India Insurance Co. Ltd., ₹125 crore by Star Union Dai-ichi Life Insurance Co. Ltd., and ₹488 crore by Tata AIA Life Insurance Co. Ltd. 12 | Policies and Programmes Annual Report 2021 - 22Table I.12: Commission Expenses (and Rewards) of Life Insurers (₹crore) LIC Private Sector Total S. No. Segment 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 1 First Year 8,969.83 9,730.97 6,845.72 8,088.84 15,815.56 17,819.80 Commission (26.44) (26.55) (14.60) (10.94) (19.57) (16.11) I 2 Commission on 564.67 490.27 580.22 829.73 1,144.89 1,320.01 Single Premium (0.37) (0.30) (1.22) (1.98) (0.58) (0.65) 3 Rewards on New 1,201.39 1,099.57 378.06 441.61 1,579.45 1,541.18 Business Commission (0.65) (0.55) (0.40) (0.38) (0.57) (0.49) 4 New Business 10,735.90 11,320.81 7,804.00 9,360.18 18,539.89 20,680.99 Commission (1+2+3) (5.82) (5.69) (8.28) (8.07) (6.65) (6.57) 5 Renewal 11,434.74 11,850.65 3,019.45 3,355.68 14,454.19 15,206.33 Commission (5.23) (5.17) (2.30) (2.26) (4.13) (4.03) 6 Total Commission 22,170.64 23,171.46 10,823.44 12,715.86 32,994.08 35,887.31 (4+5) (5.50) (5.41) (4.80) (4.81) (5.25) (5.18) Note: Figures in bracket are Commission Expense Ratio in per cent. I.2.2.11 The operating expenses of the life insurers Benefits Paid by Life Insurers increased by 17.93 per cent to ₹71,435 crore in 2021-22 and operating expenses ratio (operating I.2.2.12 The life insurance industry paid benefits of expenses as a per cent of gross premium ₹5.02 lakh crore in 2021-22 which constitutes 73.10 underwritten) increased from 9.77 per cent in per cent of the net premium. LIC accounted for 2020-21 to 10.31 per cent in 2021-22. 70.39 per cent of total benefits paid and remaining 29.61 per cent by private insurers. The benefits paid Table I.13: Operating Expenses of on account of surrenders / withdrawals increased Life Insurers (₹crore) to ₹1.58 lakh crore in 2021-22 of which LIC Insurer 2020-21 2021-22 accounted for 60.09 per cent and the remaining by LIC 34,989.52 38,890.68 private insurers. In the current year, out of the total (8.68) (9.09) surrender benefits, ULIP policies accounted for Private Sector 26,432.76 32,544.34 1.96 per cent for LIC and 78.29 per cent for private (11.72) (14.44) insurers. Total 61,422.29 71,435.02 (9.77) (10.31) Note: Figures in bracket are Operating Expense Ratio in per cent. Table I.14: Benefits Paid by Life Insurers (₹crore) LIC Private Sector Total Benefit 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 Death Claim 23,878.62 35,720.29 18,079.81 25,101.57 41,958.43 60,821.86 Maturity 1,65,659.20 2,05,526.54 25,845.12 34,129.53 1,91,504.32 2,39,656.07 Surrender/ Withdrawal 80,101.00 95,118.04 49,315.89 63,166.90 1,29,416.88 1,58,284.94 Annuities/ Pensions 14,571.36 16,257.21 1,406.32 1,990.77 15,977.68 18,247.97 Others 911.63 815.51 19,003.52 24,270.57 19,915.15 25,086.08 Total 2,85,121.81 3,53,437.58 1,13,650.66 1,48,659.34 3,98,772.47 5,02,096.92 Note: 1. Claims include terminal bonus as a part of benefits paid. 2. Death claim is net of reinsurance Annual Report 2021 - 22 13 | Policies and ProgrammesDeath Claims Chart I.11: Benefits Paid by Life Insurers (2021-22) (`crore) I.2.2.13 In case of individual life insurance Death Claim M aturity Surrender/Withdrawal business, the life industry's death claim settlement Annuities/Pensions Others ratio increased to 98.64 per cent in 2021-22 from 3,53,438 1,48,659 5,02,097 I 98.39 per cent in the previous year and the 0.2% 16% 5% repudiation/rejection ratio decreased to 1.02 per 5% 4% cent from 1.14 per cent. 27% 1% 32% I.2.2.14 In case of group life insurance business, life 42% insurance companies settled 98.77 per cent claims during 2021-22 against 98.62 per cent in the 58% 48% previous year. 23% Insurer-wise claim details of individual and group 17% 10% 12% life insurance business are provided in Statement 7 LIC Private Sector Total and Statement 8 respectively. Table I.15: Actual Death Claims of Life Insurers (Amount in ₹crore) Claims pending Claims Total Claims Claims paid Claims Repudiated Claims rejected at end of the Unclaimed period NOP Amount NOP Amount NOP Amount NOP Amount NOP Amount NOP Amount Individual Life Insurance Business 16,08,924 48,080.54 15,87,110 45,817.57 12,609 1,099.12 3,900 192.45 2,727 482.36 2,578 489.03 (100.00) (100.00) (98.64) (95.29) (0.78) (2.29) (0.24) (0.40) (0.17) (1.00) (0.16) (1.02) Group Life Insurance Business 14,36,081 26,923.79 14,18,442 26,043.24 9,087 549.27 2,062 51.61 134 2.10 6,356 277.57 (100.00) (100.00) (98.77) (96.73) (0.63) (2.04) (0.14) (0.19) (0.01) (0.01) (0.44) (1.03) NOP – No. of Policies Note: 1. Figures in brackets are percentage to total. 2. For Individual life insurance business, the count is in terms of NOP and in case of group life insurance business, the count is terms of number of lives. Investment Income of Life Insurers Chart I.12: Investment Income of Life Insurers (`crore) I.2.2.15 Investment income (Policyholder's and 4,66,030 Shareholder's) including capital gains and other 4,16,711 income of life insurance industry declined by 10.58 2,93,875 2,79,379 per cent to ₹4.17 lakh crore in 2021-22. While LIC 1,86,651 recorded 5.19 per cent growth, private insurers 1,22,835 experienced 34.19 per cent decline in investment income in the year 2021-22. LIC Private Sector Total 2020-21 2021-22 14 | Policies and Programmes Annual Report 2021 - 22BOX ITEM I.1 PARTICIPATION OF WOMEN IN LIFE INSURANCE Women comprise roughly 49 per cent of the total population in India. Their contribution to the economic activity of the country is significant and is increasing every year. Under the circumstances, there is a need for life insurers to recognize the growing significance of women population in the economy, identify their special needs or requirements, if any, and develop suitable product solutions to provide adequate life insurance coverage. In this context, a brief study is made on the share of female lives covered in life insurance business. Only individual new business data – number of policies and first year premium for the year 2021-22 has been considered for the purpose. • The number of policies issued to women in the year 2021-22 is around 1.01 crore which is 34.7 per cent of 2.91 crore total policies as against a share of 33 per cent in 2020-21. • The proportion of policies on women amongst private Life Insurers and LIC LIC vs Private Insurers 71% 64% 36% 29% LIC Private Female Male  In 16 States/UTs, the share in number of policies bought by women to the total policies sold is higher than the all-India average of 34.7 per cent. Top 5 States/UT Bottom 5 States/UT Share to total Share to total State State policies (%) policies (%) Karnataka 45 Jammu & Kashmir 26 Kerala 44 Ladhak 26 Sikkim 42 Haryana 27 Goa 42 Rajasthan 30 Arunachal Pradesh 41 Uttar Pradesh 30 Life insurance is available to women on the same terms as that of men, subject to however their income earning capacity. In fact, there is a positive practice of according preferential treatment to the female lives by most of the life insurers while charging the premium as their life expectancy is higher. Insurance of women segment also depends on literacy levels, financial independence and financial decision making, possible moral hazard. Participation of women in Life Insurance Marketing i. 6,99,429 women are working as agents in the life insurance industry, making it 29 per cent of the total individual agency force as at March 31, 2022. Out of the total number of women agents, the share of private life insurers is 52 per cent and LIC is 48 per cent. ii. Among the private life insurers, Max Life Insurance Co. Ltd. has the highest percentage of women agents at 42.5 per cent followed by Ageas Federal Life Insurance Co. Ltd. at 42.4 per cent and SUD Life Insurance Co. Ltd. at 41.7 per cent.Life Reinsurance Offices of Life Insurers I.2.2.16 During 2021-22, ₹605.76 crore was ceded I.2.2.19 The number of life insurance offices stood as reinsurance premium by LIC (₹442.21 crore in at 11,060 as on March 31, 2022 same as previous 2020-21). The private insurers together ceded year. Around 60 per cent of life insurance offices are ₹5,190.21 crore (₹3908.92 crore in 2020-21) as located in Tier I centers where the population is one I premium towards reinsurance. Retention ratio of lakh and above. About 0.75 per cent of life Life insurers was 99.16 per cent for 2021-22 as insurance offices are in Tier VI centers with a against 99.31 per cent for 2020-21. population of less than 5,000. Profits of Life Insurers State/UT-wise distribution of life insurance offices are provided in Statement 9. I.2.2.17 Profits of life insurance industry declined by 10.50 per cent in 2021-22 with profit after tax I.2.2.20 As at March 31, 2022, LIC of India has (PAT) of ₹7,751 crore as against ₹8,661 crore in offices in 688 districts out of 750 districts in the 2020-21. Out of the 24 life insurers in operation country, covering 92 per cent of all districts in the during 2021-22, 15 companies reported profits. LIC country, whereas the private sector insurers have reported increase in profits by 39.39 per cent while offices in 596 districts covering 79 per cent of all private insurers together reported a loss of 35.62 districts in the country. LIC and private insurers per cent in 2021-22. together have covered 92 per cent of all districts in the country. All the districts were covered through Chart I.13: Profit After Tax of Life Insurers life insurance offices in 24 out of 36 states/UTs of (`crore) 8,661 7,751 the country. 5,760 2,901 4,043 3,708 The number of districts without a life insurance LIC Private Sector Total office stood at 59 in the country, out of which 48 2020-21 2021-22 districts belong to the north eastern states. Returns to Shareholders of Life Insurers Table I.17: Offices of Life Insurers I.2.2.18 Three private life insurers viz. Bajaj Allianz (Number of Offices) As on March 31, 2021 As on March 31, 2022 Life Insurance Co. Ltd., SBI Life Insurance Co. Ltd. Location LIC Private Total LIC Private Total and Shriram Life Insurance Co. Ltd. paid interim sector sector Tier I 1,844 4,717 6,561 1,848 4,746 6,594 dividend of ₹137.15 crore, ₹200.07 crore and Tier II 559 735 1,294 561 706 1,267 ₹44.31 crore respectively for the FY 2021-22. LIC Tier III 1,353 476 1,829 1,357 458 1,815 Tier IV 1,037 107 1,144 1,042 106 1,148 has not proposed to pay dividend to shareholder Tier V 123 29 152 123 30 153 i.e. Government of India for the year 2021-22. Tier VI 54 26 80 54 29 83 Total 4,970 6,090 11,060 4,985 6,075 11,060 Table I.16: Dividend paid by Life Insurers Note: Tier I - Population 1,00,000 & Above (₹crore) Tier II - Population of 50,000 to 99,999 Insurer 2020-21 2021-22 Tier III - Population of 20,000 to 49,999 LIC 0.00 0.00 Tier IV - Population of 10,000 to 19,999 Tier V - Population of 5,000 to 9,999 Private Sector 615.35 381.53 Tier VI - Population less than 5,000 Total 615.35 381.53 Note: Excludes dividend distribution tax 16 | Policies and Programmes Annual Report 2021 - 22Chart I.14: Tier-wise Distribution of crore in India in the year 2021-22 registering a Offices of Life Insurers growth of 11.06 per cent from previous year. Out of (As on March 31,2022) 25 private insurers (including standalone health Tier VI insurers) operating in the year 2021-22, 24 insurers 1% Tier I Tier V 60% reported an increase in premium underwritten as 1% compared to the previous year. In case of public I Tier IV sector general insurers, market share of all the 10% public sector insurers except New India has Tier II decreased from previous year. 11% Tier III 16% Insurance company wise premium underwritten Appraisal of General and Health Insurance within India is given in Statement 10. Market General and Health Insurance Premium I.2.2.21 The general insurance industry underwrote total direct premium of `2.21 lakh Table I.18: Gross Direct Premium of General and Health Insurers (₹crore) Within India Within and Outside India Insurer 2020-21 2021-22 2020-21 2021-22 Public Sector Insurers 71,843.72 75,032.84 75,211.29 78,335.45 (-1.94) (4.44) (-1.73) (4.15) Private Sector Insurers 98,000.96 1,09,753.37 98,000.96 1,09,753.37 (8.00) (11.99) (8.00) (11.99) Stand-alone Health Insurers 15,755.19 20,867.18 15,755.19 20,867.18 (8.86) (32.45) (8.86) (32.45) Specialized Insurers 13,114.85 15,046.83 13,114.85 15,046.83 (25.66) (14.73) (25.66) (14.73) Total 1,98,714.72 2,20,700.21 2,02,082.30 2,24,002.82 (5.19) (11.06) (5.15) (10.85) Note: 1. Figure in brackets indicate growth in per cent over previous year. 2. Reclassification/Regrouping in the previous year's figures, if any, by the insurer has not been considered. Chart I.15: Premium (within India) Underwritten I.2.2.22 Three public sector insurers except United by General and Health Insurers (`crore) India are underwriting general insurance business 220,700 outside India. Premium underwritten outside the 198,715 country declined by 1.93 per cent in 2021-22. The 109,753 75,033 98,001 71,844 overseas premium constitutes 8.28 per cent of the 15,75520,867 13,11515,047 total premium underwritten by the insurers in Public Sector Private Sector Stand-alone Specialized Total Insurers Insurers Health Insurers Insurers 2021-22. 2020-21 2021-22 Annual Report 2021 - 22 17 | Policies and ProgrammesTable I.19: Premium Underwritten Outside Segment-wise General and Health Insurance India by General Insurers (₹crore) Premium Insurer 2020-21 2021-22 I.2.2.23 The health business reported a growth of National 44.92 51.10 26.27 per cent in 2021-22 making it the largest (-11.34) (13.76) general insurance segment in India with a market I New India 3,024.94 2,942.05 share of about 36 per cent. The market share of (4.24) (-2.74) motor segment decreased to about 32 per cent but Oriental 297.71 309.46 reported a positive growth of 3.90 per cent (-7.93) (3.95) compared to negative growth reported in the Total 3,367.57 3,302.61 previous year. After COVID led interruptions in (2.80) (-1.93) 2020-21, marine segment reported a growth of Note: 1. Figures in bracket indicate growth (in percent) over previous year. 19.48 per cent in 2021-22. Fire and other segments 2. Reclassification/Regrouping in the previous year's figures, if any, also recorded positive growth of 7.15 per cent and by the insurer has not been considered. 1.10 per cent respectively in 2021-22. Insurance company wise segment-wise premium underwritten is provided in Statement 11. Table I.20: Segment-Wise Premium (Within India) Underwritten by General and Health Insurers (₹crore) Segment Public Sector Private Sector Stand-alone Health Specialised Total Insurers Insurers Insurers Insurers 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 Fire 8,375.40 8,514.95 11,737.49 13,036.08 NA NA NA NA 20,112.89 21,551.03 Marine 1,724.82 1,834.43 1,763.27 2,333.18 NA NA NA NA 3,488.09 4,167.61 Motor 23,218.11 21,768.98 44,574.07 48,664.50 NA NA NA NA 67,792.19 70,433.48 Health 28,902.71 35,374.27 19,095.07 24,260.83 15,755.19 20,867.18 NA NA 63,752.97 80,502.27 Others 9,622.68 7,540.22 20,831.06 21,458.78 NA NA 13,114.85 15,046.83 43,568.58 44,045.82 Total 71,843.72 75,032.84 98,000.96 1,09,753.37 15,755.19 20,867.18 13,114.85 15,046.83 1,98,714.72 2,20,700.21 Chart I.17: Sector wise Share in Premium of Chart I.16: Segment wise Share in Premium of General and Health Insurance (2021-22) General and Health Insurance (2021-22) Specialised Stand-alone Fire Health Insurers Insurers Public Sector Others 10% Marine 9% 7% Insurers 2% 34% 20% Motor 32% Health 36% Private Sector Insurers 50% 18 | Policies and Programmes Annual Report 2021 - 22Policies issued by General and Health Insurers Other Forms of Capital of General and Health Insurers I.2.2.24 The general and health insurers have issued 26.57 crore policies in the year 2021-22 I.2.2.26 Under the provisions of IRDAI (Other reporting an increase of 7.68 per cent. Forms of Capital) Regulations, 2016, General insurers have effectively raised Other Forms of Table I.21: New Policies Issued by I General and Health Insurers Capital amounting to ₹276 crore during 2021-22. (in lakhs) Total other forms of capital as on March 31, 2022 Insurer 2020-21 2021-22 was ₹5,151 crore. Public Sector Insurers 684.27 631.93 (-6.71) (-7.65) Private Sector Insurers 1,259.72 1,423.53 Expenses of General and Health Insurers (-0.33) (13.00) Stand-alone Health Insurers 105.41 125.94 I.2.2.27 Commission expenses and operating (14.34) (19.47) expenses constitute a major part of the total Specialized Insurers 417.93 475.30 expenses. The gross commission expenses of (28.40) (13.73) Total 2467.33 2,656.70 general insurance industry was ₹16,931 crore for (2.16) (7.68) the year 2021-22 increased by 9.87 per cent from Note: Figures in brackets indicate growth in per cent over previous year. The operating expenses of general previous year. insurers stood at ₹41,455 crore in 2021-22, Paid-up Capital of General and Health Insurers showing overall increase of 8.29 per cent. I.2.2.25 Total paid up capital of all general and I.2.2.28 During the year 2021-22, five private health insurers as on March 31, 2022 was `37,855 insurers were under exemption period as the crore. During 2021-22, the general and health insurers are yet to complete first five years of insurers added `5,013 crore to their equity capital operations. Out of remaining insurers, 18 insurers base. During the year, `5,000 crore were infused in were compliant, nine insurers were non-compliant three PSU general insurers by Government of India. and eight general insurers were granted Private sector general insurers effectively took out forbearance in accordance with the IRDAI capital to the extent of `1,151 crore because of the (Expenses of Management of Insurers transacting demerger of general Insurance business of Bharti General or Health Insurance Business) Regulations, AXA General Insurance Co. Ltd. to ICICI Lombard 2016, subject to the condition that excess of General Insurance Co. Ltd. expenses of management shall be charged to Insurance company wise paid up capital is provided shareholders' fund. In case of Reliance Health in Statement 12. Insurance Ltd., its business portfolio has been transferred to Reliance General Insurance Co. Ltd. Table I.22: Paid-up Capital of General and Health Insurers (₹crore) Insurer As at March Additions As at March 31, 2021 during 2021-22 31, 2022 Public Sector Insurers 13,724.00 5,000.00 18,724.00 Private Sector Insurers 11,493.19 -1,151.43 10,341.76 Stand-alone Health Insurers 4,235.06 404.27 4,639.33 Specialized Insurers 3,390.00 760.00 4,150.00 Total 32,842.24 5,012.84 37,855.09 Note: Reclassification/Regrouping in the previous year's figures, if any, by the insurer has not been considered. Annual Report 2021 - 22 19 | Policies and ProgrammesTable I.23: Commission Expenses of General and Health Insurers (₹crore) Segment Public Sector Private Sector Stand-alone Health Specialised Total Insurers Insurers Insurers Insurers 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 Fire 985.14 990.04 1,065.28 1,171.05 NA NA NA NA 2,050.42 2,161.09 Marine 148.17 179.27 184.74 256.61 NA NA NA NA 332.91 435.88 I Motor 2,106.58 1,940.11 3,436.85 4,053.25 NA NA NA NA 5,543.43 5,993.36 Health 1,872.36 1,890.39 1,764.31 2,117.16 2,134.87 2,758.69 NA NA 5,771.54 6,766.24 Others 703.98 746.02 935.79 776.53 NA NA 71.43 51.98 1,711.20 1,574.53 Total 5,816.23 5,745.83 7,386.97 8,374.60 2,134.87 2,758.69 71.43 51.98 15,409.50 16,931.10 Chart I.18: Operating Expenses of General and Health Insurers (₹crore) 15,759 Public Sector Insurers 14,150 18,308 Private Sector Insurers 21,690 3,663 Standalone Health Insurers 4,925 552 Specialized Insurers 691 38,281 Total 41,455 2020-21 2021-22 Claims of General and Health Insurers insurers experienced highest claims ratio of 103.17 per cent whereas private sector general insurers I.2.2.29 The net incurred claims of the general had lowest claims ratio of 77.95 per cent during the insurers stood at ₹1.41 lakh crore in 2021-22 as year 2021-22. Among the various segments, health against ₹1.12 lakh crore in 2020-21 reported an segment had the highest claims ratio at 105.68 per increase of about 26 per cent during 2021-22. The cent against a claim ratio of 89.51 per cent during incurred claims ratio (net incurred claims to net previous year. earned premium) of the general insurance industry Insurance company wise claim ratio and status of was 89.08 per cent during 2021-22 against 81.06 claims are provided in Statement 13 and Statement per cent of previous year. Public sector general 14 respectively. Chart I.19: Net Incurred Claims of General and Health Insurers (₹crore) 54,605 Public Sector Insurers 67,986 42,985 Private Sector Insurers 52,714 6,779 Standalone Health Insurers 12,719 7,181 Specialized Insurers 7,147 1,11,550 Total 1,40,566 2020-21 2021-22 20 | Policies and Programmes Annual Report 2021 - 22Table I.24: Incurred Claim Ratio of General and Health Insurers (in per cent) Segment Public Sector Private Sector Standalone Health Specialised Total Insurers Insurers Insurers Insurers 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 Fire 68.33 66.96 57.60 51.27 NA NA NA NA 65.07 60.33 Marine 69.49 86.02 80.32 85.78 NA NA NA NA 75.11 85.88 Motor 78.60 94.03 73.59 74.53 NA NA NA NA 75.61 81.30 I Health 101.02 126.80 78.44 94.66 75.43 79.06 NA NA 89.51 105.68 Others 86.58 58.54 63.60 64.96 NA NA 93.95 92.47 83.47 72.72 Total 87.48 103.17 73.39 77.95 75.43 79.06 93.95 92.47 81.06 89.08 NA - Not Applicable Investment Income of General and Health Note: Reclassification/Regrouping in the previous year's figures, if any, Insurers by the insurer has not been considered. Underwriting Experience of General and Health I.2.2.31 The investment income of all general and Insurers health insurers during 2021-22 was ₹32,546 crore registering a growth of 9.42 per cent. I.2.2.30 The underwriting losses of the general and health insurers was ₹31,810 crore in 2021-22 Table I.26: Investment Income of reporting an increase of 58.74 per cent. The ratio of General and Health Insurers underwriting loss to net earned premium for (₹crore) general insurance industry in 2021-22 was 20.13 Insurer 2020-21 2021-22 per cent as compared to 14.56 per cent in the year Public Sector Insurers 14,529.48 14,609.74 2020-21. (-5.04) (0.55) Private Sector Insurers 12,745.46 14,654.42 Table I.25: Underwriting Experience of (13.99) (14.98) General and Health Insurers (₹crore) Standalone Health Insurers 805.40 1,277.19 Insurer 2020-21 2021-22 (8.73) (58.58) Public Sector Insurers -13,497.75 -20,443.55 Specialized Insurers 1,663.21 2,005.15 (20.27) (20.56) (-21.62) (-30.71) Total 29,743.55 32,546.49 Private Sector Insurers -4,052.83 -8,158.25 (3.98) (9.42) (-6.92) (-12.06) Standalone Health Insurers -2,373.65 -3,263.34 Note: 1. Figures in bracket indicate growth (in per cent) over the previous (-26.41) (-20.29) year. Specialized Insurers -114.59 55.56 2. Regrouping/Reclassification, if any, in previous years figures by the insurer has not been considered. (-1.50) (0.72) Total -20,038.83 -31,809.59 Profits After Tax (PAT) of General and Health (-14.56) (-20.13) Insurers Note: 1. Figures in bracket indicate ratio (in per cent) of underwriting profit/ I.2.2.32 During the year 2021-22, the net loss of loss to net earned premium. 2. Regrouping/Reclassification, if any, in previous years figures by the general and health insurance industry was ₹2,857 insurer has not been considered. crore as against the net profit of ₹3,853 crore in 3. Underwriting Profit/Loss = Premium Earned (Net) - Claim Incurred (Net) – Net Commission – Operating Expenses related to Insurance 2020-21. Business - Premium Deficiency Reserve Out of the four public sector insurers, one has reported PAT and three have reported loss after tax Annual Report 2021 - 22 21 | Policies and ProgrammesTable I.28: Dividend Paid by General and during the year 2021-22. New India reported a PAT Health Insurers of ₹164 crore during the year 2021-22 against a PAT (₹crore) of ₹1,605 crore in 2020-21. National, Oriental and Insurer 2020-21 2021-22 United reported loss of ₹1,675 crore, ₹3,115 crore Public Sector Insurers - - and ₹2,136 crore respectively. Private Sector Insurers 1,001.06 1,197.70 I Stand-alone Health Insurers - - Among the 20 private general insurers, while 13 Specialised Insurers - - companies reported PAT, the remaining seven Total 1001.06 1,197.70 companies incurred losses during the year 2021-22. Note: Out of the five stand-alone health insurers, only one 1. Above figures include final dividend and interim dividend also. has reported PAT and the remaining four 2. Reclassification/Regrouping in the previous year's figures, if any, by companies have incurred losses during the year the insurer has not been considered. 2021-22. Both the specialized insurers viz., Offices of General and Health Insurers Agriculture Insurance Company of India Ltd. and ECGC Limited have reported PAT of ₹738 crore and I.2.2.34 As on March 31, 2022, the general and ₹875 crore respectively during the year 2021-22 as health insurers were operating from 10,775 offices compared at ₹490 crore and ₹460 crore respectively as against 11,248 offices as on March 31, 2021, all during the year 2020-21. over the country. Compared to the previous year, there is a decrease of 473 offices. As per tier-wise Table I.27: Profit After Tax of General and classification of offices, it is observed that 70 per Health Insurers (₹crore) cent of offices of general and health insurers are Insurer 2020-21 2021-22 located in Tier I cities. About one per cent of general Public Sector Insurers -1,467.29 -6,761.16 insurance offices alone are in Tier VI locations with a Private Sector Insurers 5,729.06 4,098.77 population of less than 5,000. Standalone Health Insurers -1,359.73 -1,808.01 I.2.2.35 District-level analysis reveals that general Specialised Insurers 950.50 1,613.46 insurers have offices in 77 per cent of total districts Total 3,852.53 -2,856.93 in the country (575 districts) and SAHI is having Note: Reclassification/Regrouping in the previous year's figures, if any, offices in 52 per cent of total districts in the country by the insurer has not been considered. (387 districts). There are 11 states/UTs which have Returns to Shareholders of General and Health the presence of general insurance office in all their Insurers districts and 16 States/UTs are having SAHI offices in more than 50 per cent of their districts. I.2.2.33 Private sector general insurers alone paid State/UT wise distribution of general and health dividend during the year 2021-22 (₹123.45 crore by insurance offices with district wise coverage are Bajaj Allianz General Insurance Co. Ltd., ₹231.65 provided in Statement 9. crore by HDFC Ergo General Insurance Co. Ltd., ₹378.08 crore by ICICI Lombard General Insurance Co. Ltd., ₹458.72 crore by Shriram General Insurance Co. Ltd., ₹4.79 crore by Universal Sompo General Insurance Co. Ltd. and ₹1.01 crore by Reliance General Insurance Co. Ltd.). 22 | Policies and Programmes Annual Report 2021 - 22Table I.29: Offices of General and Health Insurers As on March 31, 2021 As on March 31, 2022 Location Public Private Public Private SAHI Specialized Total SAHI Specialized Total Sector Sector Sector Sector Tier I 4,175 2,527 930 86 7,718 3,995 2,363 1,085 73 7,516 Tier II 843 138 125 - 1,106 779 144 156 - 1,079 Tier III 1,194 37 81 - 1,312 1,040 39 104 - 1,183 I Tier IV 722 9 14 - 745 632 14 19 - 665 Tier V 241 11 - - 252 216 11 - - 227 Tier VI 106 9 - - 115 98 6 1 - 105 Total 7,281 2,731 1,150 86 11,248 6,760 2,577 1,365 73 10,775 Note: Tier I - Population 1,00,000 & Above Tier II - Population of 50,000 to 99,999 Tier III - Population of 20,000 to 49,999 Tier IV - Population of 10,000 to 19,999 Tier V - Population of 5,000 to 9,999 Tier VI - Population less than 5,000 general insurers, six private insurers have Chart I.20: Tier-wise Distribution of Offices of General and Health Insurers completed more than 20 years of their operations (As on March 31, 2022) in general insurance market in India. Tier V Tier VI Ti 6e %r IV 2% 1% I.3.4 In exercise of the powers under provision of Tier III 11% Tier I sub-section 2(A) of Sec. 3 of the Insurance Act, 1938 Tier II 70% (4 of 1938) to transact re-insurance business in 10% India, Factory Mutual Insurance Company has been given certificate of registration as Foreign Reinsurance Branch (FRB) on April 28, 2021 and its Registration No. is FRB/011. I.3 NUMBER AND DETAILS OF AUTHORIZED I.3.5 The Authority vide Order Ref. No. INSURERS/ RE-INSURERS 514/F&A(NL)/Demerger/Bharati-ICICI/147 dated September 03, 2021 has given approval for I.3.1 At the end of March 2022, there are 67 insurers demerger of general Insurance business of Bharti operating in India of which 24 are life insurers, 26 AXA General Insurance Co. Ltd. to ICICI Lombard are general insurers, five are stand-alone health General Insurance Co. Ltd. by way of scheme of insurers and 12 are re-insurers including foreign arrangements, subject to conditions stipulated reinsurers’ branches and Lloyd's India. therein. I.3.2 Of the 67 insurers presently in operation, eight are in the public sector and the remaining 59 are in Table I.30: Registered Insurers and Reinsurers the private sector. Two specialized insurers, namely ECGC and AIC, one life insurer namely LIC of India Type of Insurer Public Private Total (LIC), four in general insurance and one in Sector Sector reinsurance namely GIC Re are in public sector. In Life 1 23 24 private sector, there are 23 life insurers, 20 general General 6 20 26 insurers, five stand-alone health insurers and 11 re- Stand-alone Health - 5 5 insurers including foreign reinsurers' branches and Re-insurers 1 11 12 Lloyd's India. Total 8 59 67 I.3.3 Out of 23 private life insurers, 12 insurers have Note: List of registered insurers/reinsurers is given in Annexure 1. completed more than 20 years of their operations in life insurance market in India. Out of 20 private Annual Report 2021 - 22 23 | Policies and ProgrammesBOX ITEM I.2 CYBER LIABILITY INSURANCE There are rising incidences of cyber-attacks along with a growing number of high profile data breaches. The online exposures for individuals, business organizations, offices and other establishments continue to increase more so in the current pandemic situation. The Authority had, therefore, constituted a working group with a focus to examine the possibility of bringing standardization of Cyber Liability Insurance policy wording. The Working Group, after conducting wide consultations with various stakeholders, and after internal deliberations concluded that standardization of policy wording is not desirable at this juncture keeping in view of the evolving nature of legislative frameworks in dealing with cyber risk, fast growing digital ecosystem, increasing interconnectedness globally and complexity of IT systems and emergence of new risks. The Authority issued a Guidance document on Product Structure for Cyber Insurance vide circular No. IRDAI/NL/CIR/MISC/242/09/2021 dated September 08, 2021 The main objectives of the guidance document on product structure for Cyber Insurance are: a) to enable insurers to evaluate new technologies posing heightened cyber risk, identify protection gaps in the existing products and address the changing needs of market. b) to facilitate insurers in developing stand-alone cyber insurance products, specifically designed to address the evolving cyber risks. c) to provide a set of recommendations on maximum possible coverages that could be included in the cyber insurance products. d) to encourage insurers to adopt best practices and provide additional covers in response to customer needs. e) to improve the development of the cyber insurance market with new products and enhance benefits for policyholders. General insurers who have already developed some cyber insurance products with exclusive coverage for individuals to protect against cyber perils and currently offering the products that mainly focused on commercial business, may review the product structure based on the coverages advocated in the document. Considering the demand for new cyber insurance products due to the dynamic nature of cyber-attacks and novel challenges, the general insurers shall continuously endeavor to design a tailor-made products referring to model policy wordings and guidance provided in the document. The above objectives should be implemented by insurers in a manner that is fair and useful to policyholders. It may be noted that the model product structure and suggested insurance coverages brought out in the guidance documents are indicative and not intended to be an exhaustive list of requirements.I.4 POLICIES AND MEASURES TO DEVELOP default, insolvency / bankruptcy. It contributes to INSURANCE MARKET the economic growth of a country by facilitating trade and helps in improving economic stability by I.4.1 Surety Insurance addressing the trade losses due to payment risks. The Authority has issued IRDAI (Surety Insurance Considering the risk exposure of various stake I Contracts) Guidelines, 2022 dated January 03, 2022 holders in a trade credit transaction and keeping in to regulate and develop surety insurance business view the practical underwriting approach and given its unique risk features. The guidelines have changing trade practices, IRDAI has issued revised come into force with effect from April 01, 2022. Trade Credit Insurance Guidelines, 2021. The revised guidelines enhance the scope of cover and Surety Insurance is a proven risk management provide support to the credit insurance industry by mechanism that is useful especially for construction way of relaxing norms with regard to coverage, projects. Surety Insurance help provide owners of buyer underwriting and reinsurance. construction projects with guarantees of success and enhanced reputations. Surety Insurance offers The revised guidelines facilitate the insurers: an alternative to Bank Guarantees. a) To offer trade credit insurance covers to In the backdrop of the on-going growth in new suppliers as well as licensed banks, financial infrastructure projects in India and difficulties faced institutions and factoring companies, by the project contractors in availing bank against non-payment of the buyer for the guarantees, IRDAI (Surety Insurance Contracts) bills discounted/purchased. Guidelines, 2022 not only seek to aid contractors b) To offer trade credit insurance with but also enable the insurers to tap the huge customized covers to improve businesses potential of the surety market through prudent for the SMEs and MSMEs, considering the underwriting. evolving insurance risk needs of these sectors. I.4.2 Trade Credit Insurance c) To cover the transactions in online trade platforms such as TReDS. Considering the evolving credit insurance risk of d) To increase the trade credit insurance various sectors and as a response to changing coverage net to various buyers including market conditions, the Authority has revised the domestic and overseas due to relaxed Trade Credit guidelines, vide IRDAI (Trade Credit norms in underwriting and with reinsurance Insurance) Guidelines, 2021 dated September 08, support. 2021. The guidelines have come into force from November 01, 2021. I.4.3 Title Insurance Trade credit insurance protects businesses against Title insurance is a form of indemnity insurance that the risk of non-payment for goods and services by protects a potential owner of a property against buyers. It usually covers a portfolio of buyers and financial loss from defects in title to real property. indemnifies an agreed percentage of an invoice or invoices that remain unpaid as a result of protracted Annual Report 2021 - 22 25 | Policies and ProgrammesIn order to meet the objective of offering basic title Apart from above insurers are also encouraged to insurance covers by the general insurers for legal design and file similar products, keeping in view the liabilities of promoters/developers towards minimum coverage as specified in the given policy defective title of the property, protection for wordings. individual buyers for the purchased units in the I projects and to facilitate easy marketability of these I.4.4 New Initiatives products, the Authority issued circular dated September 08, 2021 to permit additional product From March 2022, various new steps were initiated construct and specimen policy wording for the with a view to achieve insurance for all by 2047. following two new products in addition to the Working groups were formed to suggest any existing products: Act/Regulation amendments for promoting orderly growth of the insurance industry and facilitate ease (a) Promoter Legal Expenses (Defence of doing business. Stakeholder engagements Cost) Policy: through monthly open house, meetings with CEOs This cover will indemnify the insured of insurers etc. are also being carried out. against legal defence costs only against suits challenging the Title of the project. I.5 RESEARCH AND DEVELOPMENT ACTIVITIES UNDERTAKEN BY THE INSURERS (b) Allottee/Individual Buyer Retail Policy: Notable Research and Development activities This cover is designed to indemnify the carried out by various insurers which are reported insured against loss from a defect on title to IRDAI are provided below: of property. The policy may be opted by the individual buyer and financiers of the I.5.1 Life Insurers property at the time of the possession of the property for protection against any • Digital access of policy transactions and legal suits in future. customer service interactions through self- service or digital modes and video guides for The main objectives of new title insurance products products. are to provide cover to: • Customer interface design focusing on ease a) promoters/developers preferring to opt of access, maximise options for assistance, for a minimum legal defence cost; omni-channel and mobile first approach. Smooth onboarding with least b) end users i.e. allottees /individual buyers/ documentation by enabling customer to financiers at the time of possession/ submit income documents by uploading handing over of the property unit for bank statements or by logging in through protection against any legal suits in their internet banking account. future. • Mobile apps having calculators with rich User These two new products will be complementary to Interface/User Experience accessible without existing products and provide options to customers internet. that may improve marketability of title insurance. 26 | Policies and Programmes Annual Report 2021 - 22• Plug and Play platform for partner I.5.2 General Insurers integrations: Video verification and customer service for partner's customers. • Mobile App to keep track of vitals such as blood pressure, SpO2(oxygen saturation), • Simplification of processes by digitalization heart rate, respiration rate, heart rate like pre-filling insurance application with variability, and stress level basis a 2-minute I OCR of KYC. face scan using the mobile camera; Mobile app to help customers to understand their • Chatbot / WhatsApp to assist policyholder in calorie intake based on photographs of the any claim related query and the digital claim food that they are planning to consume. registration process and Voice bot on IVR . • Launch of Voice BOT: A Voice BOT solution • Focused group discussions to understand which uses advanced speech recognition consumer usage and attitude towards life technology to understand long narratives insurance. and provide a contextual response for specific use cases such as claims intimation • Surveys amongst digitally savvy young and claims status. individuals in the age group of 20-25 years to understand their savings habit and • Chatbot on instant messaging platforms like investment choice. WhatsApp, Telegram etc. which runs on natural language processing (NLP) based • Evaluation of customer loyalty and technology that helps provide great experience by monitoring through scores. conversational experiences to policyholders. • Research across customers and dental • Text analytics to simplify claims processing service providers to understand dental which automatically classifies, extracts and insurance product requirements. enriches data from the documents in the desired format. The policyholder simply • Study to understand the Mental Health needs to scan and upload their documents space. and extraction of data would happen automatically. • Integration of products with science-based behavioral change programme on an • Mobile application which enables risk insurance platform that encourages healthy engineering team to conduct risk inspections activity among customers and rewards them remotely and digitally. for it. • Remote Sensing Technology and Geographical Information System extensively used for monitoring of crop condition, assessment of yield loss and acreage. Annual Report 2021 - 22 27 | Policies and ProgrammesI.6 REVIEW place the Integrated Grievance Management System (IGMS) as an online system for grievance I.6.1 PROTECTION OF INTERESTS OF management that is not only a gateway for POLICYHOLDERS registering and tracking grievances online but also I.6.1.1 The basic framework for protection of act as an industry-wide grievance repository for I policyholder's interests is contained in the IRDAI IRDAI to monitor disposal of grievances by (Protection of Policyholder's Interests) Regulations insurance companies. 2017. IRDAI facilitates resolution of policyholder Complaints on Unfair Business Practices grievances by monitoring the insurers' policy of Grievance Redressal and takes several initiatives I.6.1.2 Due to effective supervision and efforts of towards protecting the interests of the insurance IRDAI, complaints are under control. The number of consumers. Unfair Business Practices (UFBP) complaints registered against private sector life insurers have In order to provide alternative channels to receive reduced by about 17 per cent in 2021-22 from complaints against insurers, IRDAI has set up IRDAI previous year and the ratio of UFBP complaints to Grievance Call Centre (IGCC). IRDAI has also put in new polices sold remained at 0.30 per cent in 2021- 22. Table I.31: Complaints on Unfair Business Practices Registered against Life Insurers Complaints 2020-21 2021-22 LIC Private Total LIC Private Total Total No. of complaints on Life Insurers 1,09,631 41,415 1,51,046 1,14,202 40,624 1,54,826 No. of UFBP complaints 3,928 26,746 30,674 3,509 22,207 25,716 Share of UFBP complaints to total complaints (%) 3.58 64.58 20.31 3.07 54.66 16.61 Share of UFBP to new policies sold (%) 0.02 0.37 0.11 0.02 0.30 0.09 UFBP- Unfair Business Practices Complaints on Spurious calls and Mis-selling handled as per the laid down policy of the insurance company in all cases, all the life insurers were I.6.1.3 Spurious calls in the name of officials of advised to draw out a company specific policy on IRDAI/IGMS, various government agencies and handling mis-selling complaints and also a other financial institutions is a matter of concern for company specific policy on handling spurious calls the insurance industry. IRDAI has issued several complaints. All the life insurers have drawn above public notices, press releases, advertisements in policies. IRDAI has cautioned the public not to leading TV Channels, newspapers, and directions to transact with spurious callers in any manner. insurance companies to caution public against spurious calls etc. at various touch points and in media as well. In order to ensure that all the complaints under mis-selling and spurious calls are 28 | Policies and Programmes Annual Report 2021 - 22I.6.1.4 The analysis of mis-selling complaints data I.6.1.5 On the advice of IRDAI, insurers have also of private life insurers shows that been taking the issue of mis-selling seriously by doing a root cause analysis to identify the major causes and have taken suitable steps to prevent or  Number of mis-selling complaints have reduce mis-selling. Some of them are: ascertain reduced from 25,482 in 2020-21 to 23,110 in suitability of product, place controls on the various 2021-22. Incidence of mis-selling complaints I channels tuning it based on the vulnerability of the per 10,000 policies sold has also reduced over channel and have a strategy on dealing with the years. complaints of mis-selling.  The complaints being disposed in I.6.1.6 The definitive way of reducing mis-selling is favour of complainant has increase from 24 to make the members of public aware of the per cent in 2020-21 to 27 per cent over in concept of insurance, kinds of insurance policies, 2021-22. risks covered, benefits offered, exclusions, and conditions etc. This is sought to be achieved through various efforts of financial education to Chart I.21: Incidence of Mis-selling Complaints improve financial literacy. Some of the important insurance literacy initiatives 60 35,189 40000 50 35000 taken by IRDAI are: 25,482 30000 40 51 23,110 25000 30 36 20000 • Awareness Campaigns 31 15000 20 IRDAI has been continuously engaged in 10000 10 5000 various insurance awareness campaigns with 0 0 the aim of equipping the existing and the 2019-20 2020-21 2021-22 prospective policyholders with reasonable understanding of their risk coverage needs No. of complaints and for choosing insurance products suitable Complaints per 10,000 policies sold to meet those needs. This is done through a multi-pronged approach using electronic, print, digital and social media platforms. Chart I.22: Disposal of Mis-selling Complaints • Implementation of National Strategy for Financial Education IRDAI continues to play an active role as a Member of the Core Committee of the National Centre for Financial Education 67% 68% 68% (NCFE), an institution comprising representatives of all the financial sector 8% 7% 5% regulators in India with an aim to implement 25% 24% 27% the National Strategy for Financial Education (NSFE) 2019-2024. 2019-20 2020-21 2021-22 In Favour Partially in Favour Rejections • Adoption of Districts To further the cause of financial inclusion through insurance, IRDAI has advised Annual Report 2021 - 22 29 | Policies and Programmesinsurance companies to adopt districts for Reliance General Insurance Co. Ltd vide IRDAI Order spreading insurance literacy and for coverage IRDA/F&A/ORD/SOLP/200/11/2019 dated of families based on their insurance needs. November 06, 2019. The aspirational districts identified by the NITI Aayog are indicated as the target areas For computation of solvency ratio as on March 31, for the campaigns. There has been a 2022, three public sector general insurance I slowdown in the initiative due to the companies viz. National, Oriental and United have pandemic but the industry is now gearing up been granted forbearance of 75 per cent of Fair to take it forward in the right earnest. Based Value Change Account as on March 31, 2022. on the outcome of the campaigns, the Further, all the four public sector general insurance feasibility of rolling out the campaigns in companies have been allowed to amortise their other districts of the country, would be pension liability towards OMOP over a period not examined. exceeding five years from financial year 2019-20. I.6.2 MAINTENANCE OF SOLVENCY MARGINS Solvency Ratio of Reinsurers OF INSURERS I.6.2.4 General Insurance Corporation of India I.6.2.1 Every insurer is required to maintain a reported a solvency ratio of 1.96 as on March 31, Required Solvency Margin as per Section 64VA of 2022. All foreign reinsurance branches have the Insurance Act, 1938. Every insurer shall maintain reported solvency margin above 1.50 as on March an excess of the value of assets over the amount of 31, 2022. liabilities of not less than amount prescribed by the IRDAI, which is referred to as a Required Solvency Insurance company wise solvency ratio for general, Margin. The IRDAI (Assets, Liabilities and Solvency health and reinsurance companies is provided in Margin of Life Insurance Business) Regulations, Statement 16 and solvency ratio of branches of 2016, IRDAI (Assets, Liabilities and Solvency Margin foreign reinsurers is provided in Statement 17. of General Insurance Business) Regulations, 2016 and the IRDAI (Actuarial Report and Abstract for I.6.3 MONITORING OF REINSURANCE Life Insurance Business) Regulations, 2016 describe in detail the method of computation of the Indian Reinsurers Required Solvency Margin. I.6.3.1 As at March 31, 2022, there is only one Solvency Ratio of Life Insurers Indian Reinsurer registered with the Authority, namely General Insurance Corporation of India (GIC I.6.2.2 At the end of March 2022, all 24 life insurers Re). GIC Re has been providing re-insurance complied with the stipulated solvency ratio of 1.5. support to direct insurers in India and foreign Insurance company wise solvency ratio for life insurers/re-insurers. The Corporation's reinsurance insurers is provided in Statement 15. program has been designed to meet the objectives of optimizing retention within the country, Solvency Ratio of General and Health Insurers ensuring adequate coverage for cedants' exposure at reasonable cost and developing technical I.6.2.3 As at March 31, 2022, 25 out of 26 private expertise and adequate financial capacities within sector general insurers including the standalone the domestic market. health insurers have complied with the stipulated Solvency Ratio of 1.50. The business portfolio of GIC Re is also managing the Nuclear Pool and Reliance Health Insurance Ltd. was transferred to Terrorism Pool. It receives obligatory cessions on 30 | Policies and Programmes Annual Report 2021 - 22each and every policy issued by domestic general from January 22, 2021. The Authority regulates the insurers subject to certain limits and leads most of re-insurance business placement by Indian the treaty programs and facultative programs of insurers/re-insurers with Cross Border Reinsurers these insurers. This obligatory cession for 2021-22 (CBRs) as per IRDAI (Re-insurance) Regulations, is five per cent. 2018. I Foreign Reinsurance Branches The CBRs are provided with a Filing Reference Number (FRN) by the Authority, which is valid for I.6.3.2 With the view to make India a Reinsurance one financial year, enabling the CBR to transact hub, the Insurance Law (Amendment) Act, 2015 has reinsurance business with Indian insurers/ allowed Foreign Reinsurers and the Society of reinsurers. In the year 2021-22, 290 CBRs Lloyd's to open their Branches in India to transact participated in Indian reinsurance business as reinsurance business in India. As on March 31, 2022, against 332 CBRs in the year 2020-21. there are 11 Foreign Reinsurance Branches (FRBs) including Lloyd's operating in India. Lloyd's India is Appraisal of Reinsurance Business operating through one Service Company. These I.6.3.4 Reinsurance is being done by Indian FRBs are branches of prominent reinsurers across reinsurer, FRBs and CBRs. Out of the gross the world with rich experience and expertise. reinsurance premium of ₹61,337 crore in the year 2021-22 by Indian reinsurer and FRBs, Indian Assigned capital of FRBs is provided in Statement business accounted for about 75 per cent and 18. foreign business accounted for the remaining. Out of the total Indian business of ₹45,981 crore in the The details of reinsurance business booked by year 2021-22, GIC Re accounted for about 61 per these FRBs are as under: cent and remaining by FRBs. 2017-18 2018-19 2019-20 2020-21 2021-22 Gross RI Premium Income- Gross Reinsurance Premium of Reinsurers including Indian Business (₹crore) 5,996.40 9,444.61 12,585.59 14,323.30 17,962.11 FRBs is provided in Statement 19. Thus, these FRBs are helping to retain the premium Retention and Reinsurance Placement within India and develop reinsurance capacity in India. The FRBs have to adhere to IRDAI (Registration and Operations of Branch Offices of I.6.3.5 In 2021-22, reinsurance premium placed by foreign reinsurers other than Lloyd's) Regulations, general insurers within and outside India remained 2015 and Lloyd's and its service companies have to 20.16 per cent and 7.99 per cent of gross premium adhere with IRDAI (Lloyd's India) Regulations, 2016 respectively. Net retention of general insurers and any other circulars/guidelines issued from time increased from 70.82 per cent in 2020-21 to 71.85 to time by the Authority in this regard. per cent in 2021-22. Cross Border Reinsurers I.6.3.3 “Cross Border Reinsurers” (CBR) are the reinsurers, who do not have any physical presence in India but carry on reinsurance business with Indian insurers. The Authority, under provisions of Insurance Act, 1938 has issued guidelines on “Cross Border Reinsurer”. These guidelines are effective Annual Report 2021 - 22 31 | Policies and ProgrammesChart I.23: Gross Reinsurance Premium of Indian Reinsurer and FRBs (`crore) 61,471 61,337 44,333 45,981 I 14,457 18,129 14,323 17,962 17,138 15,356 134 166 47,014 43,209 30,010 28,019 17,004 15,190 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 INDIAN BUSINESS FOREIGN BUSINESS TOTAL GIC Re FRBs Table I.32: Reinsurance Placement by General and Health Insurers (₹crore) Reinsurance premium Reinsurance premium Segment placed within India placed outside India 2020-21 2021-22 2020-21 2021-22 Fire 9,734.68 10,797.82 4,662.69 5,268.62 45.28 46.11 21.69 22.50 Marine Cargo 493.37 604.87 333.02 467.70 19.57 18.47 13.21 14.28 Marine Hull 403.36 410.26 454.54 371.70 37.28 38.42 42.01 34.81 Motor 8,125.10 8,050.45 252.49 566.62 12.46 11.33 0.39 0.80 Aviation 431.83 449.17 303.44 365.02 51.77 45.20 36.38 36.73 Engineering 1,255.56 1,521.33 631.53 808.08 39.78 40.76 20.01 21.65 Other Misc. 24,483.92 23,533.36 7,350.57 10,144.01 22.75 19.37 6.83 8.35 Total 44,927.82 45,367.26 13,988.26 17,991.75 22.25 20.16 6.93 7.99 Note: First row across each segment shows the absolute figures whereas second row shows percentage of gross premium 32 | Policies and Programmes Annual Report 2021 - 22Table I.33: Net Retention of General and Health Insurers (As a Per cent of Gross Premium) Public Sector Private Sector Total Segment 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 Fire 46.68 43.68 23.73 23.57 33.03 31.39 Marine Cargo 72.54 72.40 64.52 64.98 67.22 67.26 I Marine Hull 24.06 31.50 3.00 2.33 20.71 26.77 Motor 94.52 94.64 83.07 84.88 87.15 87.87 Engineering 54.72 51.86 23.47 22.53 40.22 37.59 Aviation 10.82 18.67 15.69 15.79 11.85 18.07 Other Misc. 80.60 80.15 61.69 65.55 70.42 72.29 Total 79.20 78.29 64.64 67.43 70.82 71.85 Insurance Pools premium income for 2021-22 has been same as previous year i.e. ₹103.50 crore. No claim has been Terrorism Pool paid by the pool during the year 2021-22. I.6.3.6 The Indian market terrorism risk insurance Share of members in Indian Market Terrorism Risk pool was formed with the initiative of all non-life Insurance Pool and Nuclear Insurance Pool in the insurers in India in April 2002, after terrorism cover year 2021-22 is provided in Annexure 2. was withdrawn by international reinsurers post 9/11 incident and is administered by GIC Re. The I.6.4 MONITORING INVESTMENTS OF THE Pool is applicable to insurance of terrorism risk INSURERS covered under property insurance policies, including cover to dwellings and fixed assets in I.6.4.1 Insurers have been mandated to follow the multiple locations. The Pool's premium income for pattern of investment, as required under IRDAI 2021-22 was ₹1,226.80 crore as against ₹516.60 (Investment) Regulations 2016. Details of crore in 2020-21. The claims paid by the Pool during investments by Life, General, Health and 2021-22 were ₹2.4 crore. No major losses were Reinsurance companies as on March 31, 2022 are as reported to the Pool during 2021-22. under: Nuclear Pool Total Investments of the Insurance Sector I.6.4.2 As on March 31, 2022, the investments made I.6.3.7 The enactment of Civil Liability for Nuclear by the insurance industry stood at ₹54.37 lakh crore Damage Act, 2010 mandates protection of as against ₹49.13 lakh crore as on March 31, 2021 unknown and potentially catastrophic risk arising registering an increase of 10.65 per cent. The share out of nuclear event. Generally, nuclear perils are of life insurers stood at 91.09 per cent, general excluded from conventional insurance covers as it insurers including specialized insurers and Stand- requires a large insurance capacity. Therefore, to alone Health Insurers (SAHI) constituted 7.10 per protect the liability arising out of nuclear perils, cent and reinsurers including branches of foreign Indian Nuclear Insurance Pool (INIP) was formed in reinsurers constituted 1.81 per cent as on March 31, 2015 which is also managed by GIC Re. The pool will 2022. The share of PSUs stood at 72.19 per cent and provide coverage to nuclear operators in the private sector constituted 27.81 per cent in the country and also to nuclear suppliers. The Pool's same period. Annual Report 2021 - 22 33 | Policies and ProgrammesTable I.34: Total Investments of the Insurance Sector (As on March 31) (₹Crore) General and Health Sector Life Insurers R einsurers Total Insurers 2021 2022 2021 2022 2021 2022 2021 2022 Public 33,97,832 36,79,475 1,58,703 1,67,993 68,799 77,349 36,25,333 39,24,816 I (10.65) (8.29) (16.44) (5.85) (17.09) (12.43) (11.01) (8.26) Private 10,82,142 12,72,712 1,90,067 2,18,214 15,733 20,985 12,87,942 15,11,911 (32.06) (17.61) (21.92) (14.81) (34.33) (33.38) (30.49) (17.39) Total 44,79,973 49,52,187 3,48,770 3,86,206 84,532 98,334 49,13,275 54,36,727 (15.16) (10.54) (19.37) (10.73) (19.96) (16.33) (15.53) (10.65) Note: 1. Figures in brackets represent growth in percentage over the previous year 2. Reinsurers included Branches of Foreign Reinsurers Investments of Life Insurers Life fund contributed about 65 per cent and remaining by Pension and General Annuity & I.6.4.3 The total funds of life insurers as on March Group fund and Unit Linked Fund (ULIP). 31, 2022 was ₹49.52 lakh crore, of which about 88 per cent was from traditional products and balance Life insurance company-wise investments are from ULIP products. Out of the total investments, provided in Statement 20. Table I.35: Investments of Life Insurers (As on March 31) (₹Crore) S.No. Category 2021 2022 A Traditional Products 1 Central Government Securities 16,71,268 18,95,074 (42.23) (43.46) 2 State government and other approved securities 10,43,770 10,79,100 (26.38) (24.75) 3 Housing and Infrastructure 4,16,718 3,94,524 (10.53) (9.05) 4 Approved Investments 6,80,935 8,36,597 (17.21) (19.19) 5 Other Investments 1,44,452 1,55,341 (3.65) (3.56) Total (1+2+3+4+5) 39,57,144 43,60,637 (100.00) (100.00) B ULIP Funds 6 Approved Investments 4,75,204 5,25,205 (90.89) (88.78) 7 Other Investments 47,626 66,346 (9.11) (11.22) Total (6+7) 5,22,830 5,91,550 (100.00) (100.00) Grand Total (A+B) 44,79,973 49,52,187 Note: Figures in brackets are percentage to total 34 | Policies and Programmes Annual Report 2021 - 22Investments of General, Health and Chart I.24: Investment of Life Insurers: Fund wise Reinsurance Companies (As on March 31, 2022) (`crore) Life Fund Pension and General Annuity & Group Fund Unit Linked Fund I.6.4.4 Total investments made by the general, health and reinsurance companies was ₹4.85 lakh crore as on March 31, 2022 registering 11.83 per I 49,52,187 cent growth from previous year. During the period, 36,79,475 5,91,550 general, health and reinsurance companies have 23,800 11,65,685 invested about 50 per cent of their investment 10,09,757 majorly in Central, State Government and other 12,72,712 approved securities and about 24 per cent in 31,94,952 26,45,919 5,67,750 approved investments. 1,55,929 5,49,033 General, Health and Reinsurance company-wise LIC Private Total investment details are provided in Statement 21. Table I.36: Investments of General, Health and Reinsurance Companies (As on March 31) (₹crore) General and Health Reinsurers Total Category Insurers 2021 2022 2021 2022 2021 2022 Central Government Securities 91,089 1,03,130 29,445 36,037 1,20,533 1,39,166 (26.12) (26.70) (34.83) (36.65) (27.82) (28.72) State government and other 69,585 83,491 18,392 21,154 87,977 1,04,645 approved securities (19.95) (21.62) (21.76) (21.51) (20.30) (21.60) Housing and Loans to 28,404 31,122 6,263 7,347 34,667 38,470 State Govt. for Housing & FFE (8.14) (8.06) (7.41) (7.47) (8.00) (7.94) Infrastructure Investments 57,572 58,402 8,359 9,779 65,931 68,181 (16.51) (15.12) (9.89) (9.94) (15.22) (14.07) Approved Investments 92,098 96,625 17,968 20,088 1,10,066 1,16,713 (26.41) (25.02) (21.26) (20.43) (25.40) (24.09) Other Investments 10,023 13,437 4,105 3,928 14,128 17,365 (2.87) (3.48) (4.86) (3.99) (3.26) (3.58) Total 3,48,770 3,86,206 84,532 98,334 4,33,301 4,84,540 (100.00) (100.00) (100.00) (100.00) (100.00) (100.00) FFE: Fire Fighting Equipment Note : 1. Figures in brackets are percentage to total 2. Reinsurers included Branches of Foreign Reinsurers Annual Report 2021 - 22 35 | Policies and ProgrammesI.6.5 HEALTH INSURANCE Chart I.26: Trend in Health Insurance Premium A. Health Insurance Business of General and (₹crore) Health Insurers 73,052 58,238 50,758 Health Insurance Premium 37,029 44,873 32,943 I.6.5.1 During the year 2021-22, General and 21,509 23,536 24,632 27,228 I Health insurance companies collected ₹73,052 7,830 10,681 13,736 15,135 2 20 0,0 ,10 01 7 crore as health (excluding Personal Accident and 7,689 10,655 12,391 15,875 2017-18 2018-19 2019-20 2020-21 2021-22 Travel) insurance premium registering a growth of Public Sector Private Sector Stand-alone Health Total about 25 per cent over the previous year. Table I.37: Health Insurance Premium Policies and Lives Covered under Health Underwritten by General and Health Insurers Insurance (₹crore) Insurer 2020-21 2021-22 I.6.5.2 During 2021-22, the General and Health Public Sector Insurers 27,228.20 32,942.86 insurance companies have covered 52.04 crore lives (10.54) (20.99) Private Sector Insurers 15,875.09 20,107.23 under 2.26 crore health insurance policies (excl. (28.12) (26.66) Stand-alone Health Insurers 15,134.56 20,001.43 policies issued under PA and Travel Insurance). (10.18) (32.16) Total 58,237.86 73,051.52 I.6.5.3 Health insurance business is classified into (14.74) (25.44) three classes of business namely Government Note: 1. Figures in bracket indicates growth (in per cent) over previous year. sponsored, group and individual. In terms of 2. The data does not include the detail of health insurance business carried-out in foreign countries. number of lives covered, about 59 per cent of the 3. Premium is excluding of Personal Accident and Travel Insurance Business lives were covered under government sponsored 4. Data as per the Health returns submitted by Insurers health insurance schemes, about 31 per cent in Chart I.25: Sector-wise Share in Premium of Health Insurance (2021-22) group business and the remaining about 10 per Stand-alone cent under individual policies issued by general and Health Insurers Public Sector 27% Insurers health insurers. In terms of amount of premium, the 45% share of group business was the highest (50.42 per cent), followed by individual (41.12 per cent) and Private Sector Insurers 28% Government business (8.46 per cent). Table I.38: Policies, Lives Covered and Premium under Health Insurance Business of General and Health Insurers No. of Policies No. of Lives Gross Premium (lakhs) Covered (lakhs) (₹crore) Class of Business 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 Government Sponsored 0.001 0.001 3,429.14 3,065.08 4,290.00 6,075.87 Business (-53.50) (0.00) (-5.26) (-10.62) (-12.82) (41.63) Group Business 9.09 7.00 1,186.95 1,622.88 28,108.09 36,890.58 (19.49) (-36.30) (26.92) (36.73) (8.61) (31.25) Individual Business 228.30 219.25 531.39 516.23 25,839.77 30,085.07 (32.95) (-3.96) (22.94) (-2.85) (29.48) (16.43) Total 237.39 226.25 5,147.47 5,204.19 58,237.86 73,051.52 (32.38) (-5.20) (3.22) (1.10) (14.74) (25.44) Note: Figures in bracket indicates growth (in per cent) over previous year. 36 | Policies and Programmes Annual Report 2021 - 22Chart I.27: Lives covered and Premium under Chart I.28: Share of States in Health Insurance Premium Health Insurance (2021-22) (2021-22) 100% 516 Rest of India Maharastra 80% 1,632 30,085 34% 32% 60% 40% 3,065 36,891 20% Gujarat I 0% 6,076 7% Karnataka 11% No. of Lives Covered (lakhs) Gross Premium (`crore) Government Sponsored Business Group Business Individual Business Delhi Tamilnadu 7% 9% State-wise Health Insurance Business Claims under Health Insurance I.6.5.4 While Five States/UT namely Maharashtra, I.6.5.5 The net incurred claims under health Karnataka, Tamil Nadu, Gujarat and Delhi insurance business of general and health insurers contributed about 66 per cent of total health stood at `63,361 crore in 2021-22 reported an insurance premium in 2021-22, the rest of the increase of about 56 per cent from previous year. States/UTs have contributed remaining 34 per cent. There is an increase in Incurred Claims Ratio (ICR) of health business from 94 per cent in 2020-21 to 109 per cent in 2021-22 and increase is witnessed across all classes of health insurance business. Chart I.29: Net Incurred Claims Under Health Insurance (₹crore) 24,046 Public Sector Insurers 36,020 10,021 Private Sector Insurers 14,845 6,651 Standalone Health Insurers 12,496 40,718 Total 63,361 2020-21 2021-22 Table I.39: Incurred Claims Ratio under Health Insurance Business of General and Health Insurers (in per cent) Govt. Business Group Business Individual Business Total Insurer 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 Public Sector Insurers 124.67 121.27 104.33 130.33 95.52 117.99 103.61 126.17 Private Sector Insurers 96.53 111.71 89.79 106.19 78.64 102.52 85.78 105.11 Standalone Health Insurers -1170.91 0.00 79.95 87.73 84.45 79.38 78.09 81.18 Total 120.09 119.82 97.88 118.64 84.69 95.54 93.80 109.12 Note: 1. It is excluding of Personal Accident and Travel Insurance Business 2. Data as per the Health returns submitted by insurers Annual Report 2021 - 22 37 | Policies and ProgrammesChart I.30: Trend in Incurred Claim ratio Chart I.31: Trend in Incurred Claim Ratio under Health Insurance: Sector wise under Health Insurance: Segment wise 126% 120% I 108% 105% 102% 104% 11 00 59 %% 115% 120% 11 01 99 %% 89 04 %% 89 41 %% 88 28 %% 89 64 %% 81% 1 90 47 %% 1 90 05 9 %% 1% 99 29 %% 949 %8% 96% 78% 88% 85% 62% 63% 66% 71% 72% 73% 2017-18 2018-19 2019-20 2020-21 2021-22 2017-18 2018-19 2019-20 2020-21 2021-22 Public Sector Private Sector Govt. Business Group Business Stand-alone Health Industry Individual Business Industry I.6.5.6 During 2021-22, General and Health claims were settled through in-house mechanism. Insurers have settled 2.19 crore health insurance In terms of mode of settlement of claims, 59 per claims and paid ₹69,498 crore towards settlement cent of total number of claims were settled through of health insurance claims. The average amount cashless mode and another 38 per cent through paid per claim was ₹31,804. In terms of number of reimbursement mode. Insurers have settled two claims settled, 76 per cent of the claims were settled per cent of their claims amount through “both through TPAs and the balance 24 per cent of the cashless and reimbursement mode”. Table I.40: Claims Paid under Health Insurance Business of General and Health Insurers (2021-22) TPA In-House Total Mode of Claim No. Amount No. Amount No. Amount Settlement (lakhs) (₹crore) (lakhs) (₹crore) (lakhs) (₹crore) Only Cashless 106.12 24,974.66 23.69 14,554.49 129.81 39,529.15 (63.69) (58.25) (45.63) (54.67) (59.40) (56.88) Only Reimbursement 58.19 17,030.01 25.78 10,703.86 83.97 27,733.88 (34.93) (39.72) (49.66) (40.21) (38.43) (39.91) Both Cashless and 2.05 832.67 0.99 445.35 3.04 1,278.02 Reimbursement (1.23) (1.94) (1.91) (1.67) (1.39) (1.84) Benefit Based 0.24 40.32 1.45 917.11 1.70 957.43 (0.15) (0.09) (2.80) (3.45) (0.78) (1.38) Total 166.61 42,877.67 51.91 26,620.81 218.52 69,498.48 (100.00) (100.00) (100.00) (100.00) (100.00) (100.00) Note: Figures in bracket are per cent to total. I.6.5.7 During 2021-22, insurers have settled about of them and the remaining about eight per cent 86 per cent of total number of claims registered in were pending for settlement as on March 31, 2022. their books and have repudiated about six per cent 38 | Policies and Programmes Annual Report 2021 - 22Table I.41: Status of Claims under Health Insurance Business of General and Health Insurers (2021-22) (No. in lakhs & Amount in `crore) Claims outstanding New claims Claims disallowed Claims repudiated Claims outstanding at the beginning registered during Total Claims Claims paid as per terms and during the period at the end of the year of the period the period during the period conditions of policy contract No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount 14.73 5,661.79 240.22 93,840.46 254.95 99,502.24 218.52 69,498.48 - 14,955.09 16.37 9,070.24 20.06 5,978.44 I (100.00) (100.00) (85.71) (69.85) - (15.03) (6.42) (9.12) (7.87) (6.01) Note: Figures in brackets are percentage to total B. Health Insurance Business of Life Insurers Health Insurance Riders attached to Life Insurance Products Premium, Policies and Lives Covered I.6.5.10 Riders which are attached to the base I.6.5.8 During the year 2021-22, life insurers products are offered as a value addition to policyholders. Premium of ₹527 crore was procured collected ₹1,303 crore as health insurance premium through health insurance riders attached to life as against ₹1,176 crore in 2020-21 registering a insurance policies during 2021-22. Out of the total growth of 10.85 per cent. premium from these riders, renewals accounted for 56 per cent while the rest 44 per cent was Chart I.32: Health Insurance Premium of contributed by New Business. During 2021-22, 7.62 Life Insurers lakh health insurance riders were issued along with (`crore) new life insurance products covering 46.95 lakh 1303 lives. During the same period, 24.67 lakh riders 1176 850 attached to life insurance products were renewed 712 which covered 33.79 lakh lives. 464 453 Private Sector LIC Total 2020-21 2021-22 Health Insurance Products Marketed by Life Insurers I.6.5.9 During 2021-22, life insurers have procured a total premium of ₹777 crore from various health insurance products. While renewal premium contributed about 83 per cent of total premium, New Business contributed the remaining 17 per cent. Life insurers have issued 3.38 lakh new policies covering 4.73 lakh lives, while they renewed 9.50 lakh policies covering 10.02 lakh lives during 2021- 22. Annual Report 2021 - 22 39 | Policies and ProgrammesTable I.42: Policies, Lives Covered and Premium under Health Insurance Business of Life Insurers No. of Policies / No. of Riders No. of Lives Covered ('000) Gross Premium (₹crore) Class of Business 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 Health Insurance Products Marketed by Life Insurers I New Business Group Insurance 92 20 74.79 123.14 15.79 5.56 Individual Business 4,36,811 3,37,806 481.21 349.93 151.16 124.40 Total 4,36,903 3,37,826 556.00 473.08 166.96 129.96 Renewal Business Group Insurance 13 5 17.78 7.84 0.99 0.98 Individual Business 9,26,427 9,49,791 1,221.09 994.57 665.56 645.72 Total 9,26,440 9,49,796 1,238.87 1002.41 666.55 646.70 Health Riders Attached to Life Insurance Products New Business Group Insurance 1,307 159 3,095.23 4,158.39 95.93 143.01 Individual Business 5,91,372 7,61,479 591.23 537.09 58.39 88.62 Total 5,92,679 7,61,638 3,686.46 4,695.48 154.32 231.63 Renewal Business Group Insurance 591 1327 820.54 928.87 27.12 53.30 Individual Business 15,63,311 24,66,276 1,544.05 2,450.44 160.88 241.76 Total 15,63,902 24,67,603 2,364.59 3,379.31 188.01 295.06 Claims under Health Insurance Business of Life number of claims registered) with respect of health Insurers insurance products. In respect of rider claims, 97 per cent of the claims registered were paid I.6.5.11 During the year 2021-22, life insurers have amounting to ₹99 crore by the life insurers towards paid ₹382 crore as claims towards settlement of settlement of 21,282 number of claims. 41,389 number of claims (81 per cent of total Table I.43: Status of Claims under Health Insurance Business of Life Insurers (2021-22) (Amount in ₹crore) Claims O/S at Claims Reported Claims Paid Claims Repudiated/ Claims O/S at Segment the start of year during the Year during the Year Rejected the start of year No. Amount No. Amount No. Amount No. Amount No. Amount Health Insurance Products 848 30.91 50,383 470.09 41,389 381.83 8,180 69.24 1,662 49.93 Health Insurance Riders 574 8.54 21,218 138.51 21,282 98.84 409 41.35 101 6.86 Personal Accident Insurance I.6.5.13 During 2021-22, the gross premium income from Personal Accident insurance business I.6.5.12 During 2021-22, the insurance industry has was ₹6,914 crore. While private sector general covered a total of 115.66 crore number of lives insurers have contributed about 54 per cent of total under Personal Accident Insurance. It includes premium, public sector general insurers and stand- 55.95 crore number of lives covered under alone health insurers contributed about 35 per cent Government sponsored schemes namely Pradhan and 11 per cent of premium respectively. The ICR Mantri Suraksha Bima Yojana (PMSBY), Pradhan for this line of business was 60 per cent for the year Mantri Jan Dhan Yojana (PMJDY) and IRCTC travel 2021-22. insurance for e-ticket passengers. 40 | Policies and Programmes Annual Report 2021 - 22Table I.44: Business under Personal Accident Insurance No. of Lives (lakh) Gross Premium (₹crore) Incurred Claim Ratio (%) Insurer 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 Public Sector 5,200.65 5,933.13 1,573.35 2,413.82 116.53 90.29 Private Sector 4,783.92 5,381.25 2,931.79 3,722.47 42.40 44.62 Stand-alone Health 177.24 251.40 594.63 777.91 22.23 24.37 I Total 10,161.80 11,565.77 5,099.77 6,914.20 61.66 60.03 Note: 1. The data is inclusive of number of lives covered under IRCTC, PMSBY & PMJDY businesses. 2. The data does not include the details of PA business carried-out in foreign countries. 3. It is to be noted that under IRCTC Scheme, PA cover is offered to railway passengers only for a specified journey undertaken by the passenger and one person may undertake multiple journeys during the reported period. In respect of lives covered in any of PA policy/schemes, one person may have been covered multiple times. Table I.45: Coverage under Government policies. The gross premium income from overseas Sponsored Personal Accident Schemes travel insurance business for 2021-22 was ₹393 (2021-22) crore. In this line of business, private general Scheme No. of persons Gross Premium insurers are the major players with a market share of covered (lakh) (₹crore) about 83 per cent in gross premium. The ICR for this IRCTC 1,694.81 6.56 line of business was 66 per cent for the year PMJDY 1,703.19 3.59 2021-22. PMSBY 2,197.08 262.15 Total 5,595.08 272.30 I.6.5.15 During 2021-22, the gross premium collected from domestic travel insurance business Travel Insurance was ₹137 crore, registering an increase of about 66 per cent over the previous year. The general and I.6.5.14 During 2021-22, 19.09 lakh lives were health insurers have covered 31.54 crore lives under covered under 7.75 lakh overseas travel insurance 0.59 lakh policies. Table I.46: Business under Overseas Travel Insurance No. of Lives (lakh) Gross Premium (₹crore) Incurred Claim Ratio (%) Insurer 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 Public Sector 0.24 0.20 7.79 11.50 63.95 222.32 Private Sector 7.27 16.85 176.81 325.22 69.36 65.53 Stand-alone Health 0.75 2.04 25.83 56.14 45.96 27.38 Total 8.27 19.09 210.44 392.86 66.35 65.59 Note: The data does not include the details of overseas travel insurance business carried-out in foreign countries. Table I.47: Business under Domestic Travel Insurance No. of Lives (lakh) Gross Premium (₹crore) Incurred Claim Ratio (%) Insurer 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 Public Sector 0.02 0.00 7.20 0.0007 - 0.00 Private Sector 2,037.66 3,067.10 75.49 105.43 -0.74 18.14 Stand-alone Health 0.05 87.23 0.16 31.70 0.00 105.73 Total 2,037.73 3,154.32 82.85 137.13 -0.74 34.23 Annual Report 2021 - 22 41 | Policies and ProgrammesHealth Insurance Business Underwritten During the year 2021-22, they procured gross Outside India premium of ₹230 crore from health, PA and travel insurance and have covered 8.44 lakh lives. The ICR I.6.5.16 Public sector general insurers namely New of for this business carried out outside India is 91 India, National and Oriental Insurance are doing per cent during 2021-22. health insurance business in foreign countries. I Table I.48: Health, PA and Travel Insurance Business Underwritten Outside India No. of lives Covered ('000) Gross Premium (₹crore) Incurred Claim Ratio (%) Insurer 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 National 40.00 57.80 2.47 2.88 161.62 195.93 New India 1,678.22 764.02 160.62 167.66 70.30 80.32 Oriental 13.31 22.35 3.76 59.77 97.93 117.85 Total 1,731.53 844.17 166.85 230.31 71.71 90.94 I.6.6. SPECIFIED PERCENTAGE OF BUSINESS TO General and Health Insurers BE DONE IN RURAL AND SOCIAL SECTORS I.6.6.2 During 2021-22, all 29 general and health insurers have fulfilled their rural and social sector The IRDAI (Obligations of Insurers to Rural and obligations as stipulated under the Regulations. Social Sectors) Regulations, 2015 stipulated targets of business from rural and social sectors to be The general insurers underwrote a premium of fulfilled by insurers on an annual basis. ₹28,282 crore in the rural sector in 2021-22. Public Life Insurers sector and private sector insurers underwrote 26.56 per cent and 73.44 per cent respectively of total I.6.6.1 During the year 2021-22, all 23 life insurers gross premium procured in the rural sector. have fulfilled their rural and social sector obligations. M/s Sahara India Life Insurance Co. Ltd. The five SAHI insurers procured ₹3,258 crore is not considered for this obligations as it was premium in rural sector constituting 15.61 per cent directed by IRDAI not to underwrite new business of gross premium procured by them in the year as per the IRDAI order dated June 23, 2017. 2021-22 and have covered 89.09 lakh lives under social sector i.e., 15.54 per cent of total lives The life insurers underwrote 64.97 lakh policies in covered in the previous year. the rural sector (i.e. 22.32 per cent as against the stipulated 20 per cent) out of the total 291.13 lakh Motor Third Party Insurance Business policies underwritten by them in 2021-22. LIC Obligations underwrote 20.73 per cent of the new policies and private insurers underwrote 26.98 per cent of their I.6.6.3 IRDAI (Obligations of Insurers in respect of new individual policies in the rural sector. Motor Third Party Insurance Business) Regulations, 2015 stipulated minimum obligation of insurers The life insurers have covered 4.03 crore lives under with respect to Motor Third Party Insurance social sector i.e. 19.38 per cent as against the Business on an annual basis. stipulation of five per cent. LIC achieved 11.51 per cent and the private sector achieved 22.05 per cent. In the year 2021-22, out of the 24 general insurers, two insurers did not comply with the minimum 42 | Policies and Programmes Annual Report 2021 - 22obligation with respect to Motor Third Party I.6.8 DIRECTIONS, ORDERS AND REGULATIONS insurance business. The matter is under GIVEN BY THE AUTHORITY examination from the regulatory perspective. I.6.8.1 The Authority issued a number of directions, The data for calculating Motor Third Party orders and circulars during 2021-22, the list of obligation is published by IRDAI and the same for which is placed at Annexure 4. In addition, the list of I the year 2022-23 is provided in Annexure 3. all regulations notified by the Authority till March 31, 2022 is placed at Annexure 5. I.6.7 ACCOUNTS AND ACTUARIAL STANDARDS I.6.9 POWERS AND FUNCTIONS DELEGATED BY Accounts THE AUTHORITY I.6.7.1 The financial statements of insurers are I.6.9.1 During the 117th and 118th meeting of the prepared in the form and manner prescribed under Authority held in the year 2021-22 dated February the IRDA (Preparation of Financial Statements and 09, 2022 and March 28, 2022 respectively, the Auditors' Report of Insurance Companies) Authority has delegated some of its powers under Regulations, 2002, amended from time to time and the following Regulations, to the Chairman/ Whole also by various circulars and guidelines issued from Time Members/ other senior officials of the time to time. Books of accounts are maintained in Authority: order to present various line items as required under these Regulations. i. IRDAI (Registration of Insurance Marketing Firm) Regulations, 2015 Appointed Actuary System ii. IRDAI (Insurance Advertisements and Disclosure) Regulations, 2021 I.6.7.2 To regulate the Appointed Actuary system, iii. IRDAI (Other forms of capital) Regulations, the Authority issued IRDA (Appointed Actuary) 2015 Regulations, 2000 which were superseded by the iv. IRDAI (Registration and operations of branch IRDAI (Appointed Actuary) Regulations, 2017 offices of Foreign Reinsurers other than amended from time to time. Lloyd's) Regulations, 2015 I.6.7.3 The Appointed Actuary is responsible for I.6.10 OTHER POLICIES AND PROGRAMMES rendering actuarial advice to the management of HAVING BEARING ON THE WORKING OF THE the insurer, in particular in the areas of product INSURANCE MARKET design and pricing, calculation of technical provisions, insurance contract wording, A. Anti-Money Laundering/Countering the investments and reinsurance, ensuring solvency of Financing of Terrorism (AML/CFT) Programme the company and complying with the Authority's AML/CFT Guidelines directions from time to time. I.6.10.1 Empowered by the Prevention of Money The Appointed Actuary has access to all the Laundering Act (PMLA) and the rules framed there information or documents in possession or under under, the AML/CFT guidelines (the guidelines) to control of the insurer if such access is necessary for the insurance sector were first issued in March the proper and effective performance of the 2006. Since then the insurance sector has been functions and duties of the Appointed Actuary. working towards an effective AML/CFT regime in Annual Report 2021 - 22 43 | Policies and ProgrammesIndia. The guidelines emphasize the importance of Department of Revenue, MoF, GoI formed an Inter- the customer due diligence processes, reporting Ministerial Co-ordination Committee (IMCC) and obligations and record keeping requirements as subsequently Joint Working Group (JWG) of which required under the PMLA. IRDAI is a member. The main aim of aforementioned Committees /group is to co- I Insurers have laid down systems and processes operate / consult/ develop/ implement matters towards implementation of various requirements related to anti-money laundering or countering the under the broad oversight of their board through financing of terrorism laws, regulations and the audit committee. There is a regular review of the guidelines among the Government, law effectiveness of the systems through the insurer's enforcement agencies, FIU-IND and the regulators. internal audit/inspection departments. Compliance IRDAI is reporting to the concerned Ministry the with the guidelines is also monitored by IRDAI preparedness of the insurance sector against the through both on-site and off-site processes. applicable FATF recommendations. I.6.10.2 A consolidated circular on various Operationalization of Central KYC Records stipulations/requirements of AML/CFT framework, Registry as applicable to general insurers was issued in I.6.10.5 In order to facilitate Banks/Financial February 2013. Through this circular, insurers have Institutions with KYC related information of been advised to apply the AML/CFT requirements customers so as to avoid multiplicity of undertaking based on their risk assessment of each of the KYC by Banks/Financial Institutions each time a product's profile. customer avails any financial product/service, I.6.10.3 Pursuant to amendment of PML Hon'ble Finance Minister announced in the Union (Maintenance of Records) Rules, 2005 in 2013 by Budget 2012-13 that a Central Know Your Central Government, IRDAI master circular on AML/ Customer (KYC) depository will be developed to CFT issued in 2010 for Life Insurers was revised in avoid multiplicity of registration of KYC data. line with amendments. The revised Master Circular was issued on September 28, 2015. As per the 2015 amendment to PML (Maintenance of Records) Rules, 2005, every reporting entity shall I.6.10.4 IRDAI is in active coordination with various within 10 days of the establishment of client based agencies/departments in ensuring effective relationship file the electronic copy of the client's implementation of AML/CFT regime in India and is KYC records with the Central KYC Records Registry part of the Working Group for National Risk (CKYCR). Assessment (NRA) on AML/CFT constituted by the Department of Revenue. IRDAI is also part of the IRDAI vide circular dated July 12, 2016 advised Core Working Group (CWG) constituted by the insurers to upload the KYC records of individual Department of Economic Affairs (FATF Cell) for policyholders to Central KYC Registry. Thereafter, to implementation of revised recommendations of comply with the extant PML Rules, IRDAI vide FATF. circular dated January 22, 2021 advised insurers to: In addition, IRDAI is also actively associated with i. Upload the KYC records of Legal Entities the Eurasian Group on Combating Money (LEs) to CKYCR on or after April 01, 2021. Laundering and Financing of Terrorism (EAG), a FATF style regional body. 44 | Policies and Programmes Annual Report 2021 - 22ii. Communicate the KYC identifier to the I.6.10.7 In order to simplify the process of KYC by respective policyholder in a confidential leveraging various electronic platforms, IRDAI manner, once generated/allotted by issued Circular dated September 18, 2020 on CKYCR. “Video Based Identification Process”. iii. Update the existing KYC records B. Right To Information (RTI) Act, 2005 I periodically. I.6.10.8 During the year 2021-22, the Authority Guidelines for e-KYC designated the officers of IRDAI, Hyderabad as the Central Public Information Officers (CPIOs) in terms I.6.10.6 IRDAI has issued a circular on January 29, of Section 5(1) of the RTI Act, 2005 and officers in its 2019 advising insurers not to mandatorily seek Delhi and Mumbai Office as the Central Assistant Aadhaar and PAN/Form 60 from the proposer/ Public Information Officer in terms of Section 5(2) policyholder as part of KYC. However, insurers may of the RTI Act, 2005. Further, during the same accept Aadhaar card as one of the documents for period, First Appellate Authority (FAA) was also establishing identity and/or address of the designated in terms of Section 19(1) of the RTI Act, proposer/policyholder for KYC purpose subject to 2005 to discharge the functions assigned in terms certain conditions. of the said Section of the RTI Act, 2005. In this connection, Department of Revenue/ I.6.10.9 During the year, two training/interactive Ministry of Finance dated February 13, 2019, has sessions were organised for CPIOs and Appellate notified “Prevention of Money-Laundering Authority on the provisions of RTI Act, 2005 for (Maintenance of Records) Amendment Rules, effective discharge of duties and responsibilities in 2019”. Thereafter, Ministry of Law and Justice has accordance with the provisions of the RTI Act, 2005. notified “Aadhaar and the other laws (Amendment) Act, 2019” on July 24, 2019 allowing online I.6.10.10 Further, pursuant to the Sec.4(2), Chapter authentication of Aadhaar only for Banking II of RTI Act, 2005, a Committee of CPIOs and FAA companies and Telecom industries and offline was constituted to identify and review periodically, verification for Insurers under the Aadhaar the categories of information frequently asked by (Targeted Delivery of Financials and other the RTI Applicants and to disclose such information Subsidies, Benefits and Services) Act, 2016. This act in the public domain. also specified that insurers will be allowed to perform online authentication subject to the C. Government Sponsored Socially Oriented notification by Central government, on the Insurance Schemes recommendation of IRDAI and UIDAI. Pradhan Mantri Jeevan Jyoti Bima Yojana Accordingly, 29 insurers were notified on April 23, (PMJJBY) 2020 and 24 insurers were notified on August 19, 2020 to undertake Aadhaar Authentication service I.6.10.11 Pradhan Mantri Jeevan Jyoti Bima Yojana of UIDAI under section 11A of PML Act 2002. (PMJJBY) is a one-year Group Term Life insurance scheme designed by the Government of India. It is available to people in the age group of 18 to 50 Annual Report 2021 - 22 45 | Policies and Programmesyears having a bank account who give their consent Pradhan Mantri Vaya Vandana Yojana (PMVVY) to join / enable auto-debit. The life cover of ₹2 lakh shall be for the one-year period stretching from 1st I.6.10.14 To protect elderly persons aged 60 years June to 31st May and is auto-renewable every year and above against a future fall in their interest thereafter. The premium was ₹330 per annum for income due to the uncertain market conditions, as I policy year 2021-22. The scheme is being offered by also to provide social security during old age, LIC and 13 other life insurers. Government of India launched a simplified scheme of assured pension called the Pradhan Mantri Vaya Pradhan Mantri Suraksha Bima Yojana (PMSBY) Vandana Yojana (PMVVY) in 2017. As per the terms and conditions under this plan, guaranteed rates of I.6.10.12 The Scheme is available to people in the pension for policies sold during a year will be age group 18 to 70 years with a bank account who decided at the beginning of each year by Ministry give their consent to join / enable auto-debit on or of Finance, Government of India. The scheme is before 31st May for the coverage period 1st June to being implemented through Life Insurance 31st May on an annual renewal basis. The risk Corporation of India. coverage under the scheme is ₹2 lakh for accidental death and full disability and ₹1 lakh for partial The Government of India has introduced PMVVY disability. The premium was ₹12 per annum for with modified rate of pension under this plan in policy year 2021-22. The scheme is offered by May 2020 and extended the period of sale of this general insurance companies who are having tie up plan for a further period of three years from FY with banks for this purpose. 2020-21 till March 31, 2023. For the FY 2021-22, the Pradhan Mantri Fasal Bima Yojana (PMFBY) and Scheme provided an assured pension of 7.40 per Restructured Weather Based Crop Insurance cent per annum payable monthly, for the policy Scheme (RWBCIS) term of 10 years for the policies purchased till March 31, 2022. I.6.10.13 Pradhan Mantri Fasal Bima Yojana (PMFBY) and Restructured Weather Based Crop Pradhan Mantri Jan Dhan Yojana (PMJDY) Insurance Scheme (RWBCIS) were launched in the year 2016 with the aim of supporting production in I.6.10.15 Pradhan Mantri Jan-Dhan Yojana agriculture by providing an affordable crop program under the National Mission for Financial insurance product to ensure comprehensive risk Inclusion was launched in the year 2014. It cover for crops of farmers against all non- envisages universal access to banking facilities with preventable natural risks from pre-sowing to post- at least one basic banking account for every harvest stage. RWBCIS uses weather parameters as household, financial literacy, access to credit, “proxy” for crop yields in compensating the insurance and pension. Later, the Government cultivators for deemed crop losses. The schemes extended the comprehensive PMJDY program with are being administered by Ministry of Agriculture. the modification in the accidental insurance cover wherein accidental insurance cover for new RuPay PMFBY and RWBCIS have been revamped to card holders raised from existing ₹1 lakh to ₹2 lakh address the existing challenges in implementation to new PMJDY accounts opened after August 28, of crop insurance schemes in February 2020. The 2018. revamped scheme of PMFBY and RWBCIS is effective from Kharif 2020 season. 46 | Policies and Programmes Annual Report 2021 - 22Pradhan Mantri Jan Arogya Yojana (PM-JAY) I.6.10.16 Pradhan Mantri Jan Arogya Yojana (PM- JAY) is a flagship scheme of Government of India under Ayushman Bharat scheme, was launched on September 23, 2018. The scheme provides a health I cover of ₹5 lakh per family per year for secondary and tertiary care hospitalization to poor and vulnerable households. The scheme is fully funded by the Government and cost of implementation is shared between the Central and State Governments. Annual Report 2021 - 22 47 | Policies and Programmes3.I metI xoB ROTCES ECNARUSNI FO WEIV EYE S'DRIB )erorc` ni tnuomA( 22-1202 12-0202 02-9102 ralucitraP .S latoT efiL-noN efiL latoT efiL-noN efiL latoT efiL-noN efiL .oN 55 13 42 65 23 42 75 33 42 seinapmoc ecnarusni fo rebmuN 1 538,12 577,01 060,11 803,22 842,11 060,11 407,22 493,11 013,11 secfifo fo rebmuN 2 2.4 0.1 2.3 2.4 0.1 2.3 67.3 49.0 28.2 )%( noitartenep ecnarusnI 3 19 22 96 87 91 95 87 91 85 )$( ytisned ecnarusnI 4 38.749,2 07.656,2 31.192 06.847,2 33.7642 72.182 65.307,2 90.5142 74.882 )hkal( deussi seicilop wen fo rebmuN 5 69.616,61,9 28.200,42,2 41.416,29,6 43.318,03,8 03.280,20,2 40.137,82,6 87.201,56,7 95.291,29,1 91.019,27,5 muimerP latoT 6 56.498,21,9 12.007,02,2 44.491,29,6 24.540,72,8 27.417,89,1 07.033,82,6 55.844,16,7 26.619,88,1 39.135,27,5 aidnI nihtiW .i 13.227,3 16.203,3 07.914 29.767,3 85.763,3 43.004 32.456,3 79.572,3 62.873 aidnI edistuO .ii 33.01 58.01 61.01 95.8 51.5 47.9 14.21 34.11 57.21 )%( muimerP ni htworG 7 24.063,60,5 54.533,87 79.420,82,4 48.794,87,4 92.112,57 55.682,30,4 56.829,55,4 50.93567 06.983,97,3 sUSP fo muimerP 8 42.55 79.43 08.16 95.75 22.73 41.46 95.95 28.93 22.66 )%( sUSP fo erahs tekraM 9 93.727,63,45 12.045,48,4 71.781,25,94 28.472,31,94 63.103,33,4 64.379,97,44 67.929,25,24 76.556,26,3 90.472,09,83 tnemeganaM rednU stessA 01 38.104,37 90.558,73 57.645,53 16.881,16 42.248,23 73.643,82 96.844,94 37.063,12 69.780,82 latipaC pu-diaP 11 00.543,9 00.151,5 00.491,4 00.580,7 00.578,4 00.012,2 00.501,5 00.578,4 00.032 latipaC fo smroF rehtO 21 14.818,25 01.139,61 13.788,53 85.304,84 05.904,51 80.499,23 56.580,54 31.398,31 25.291,13 sesnepxe noissimmoC 31 13.098,21,1 92.554,14 20.534,17 37.307,99 44.182,83 92.224,16 39.569,59 39.448,53 00.121,06 sesnepxe gnitarepO 41 88.266,24,6 69.565,04,1 29.690,20,5 03.223,01,5 38.945,11,1 74.277,89,3 94.658,95,4 62.093,80,1 07.664,15,3 smialC 51 11.852,94,4 94.645,23 26.117,61,4 09.377,59,4 55.347,92 53.030,66,4 62.943,26,2 25.506,82 47.347,33,2 stnemtsevni morf emocnI 61 65.498,4 39.658,2- 94.157,7 61.315,21 35.258,3 36.066,8 29.332,6 83.494,1- 03.827,7 xat retfa tfiorP 71 85.193,1 50.010,1 35.183 14.616,1 60.100,1 53.516 40.949,4 12.603,1 30.098,3 diap dnediviD 81 :etoN .srerusni htlaeh enola-dnatS & lareneG fo atad sedulcni efil-noN .1 .smialc derrucni ten etacidni smialc ,srerusni efil-non rof dna diap tfieneb setacidni mialc srerusni efil roF .2 .sBRF gnidulcni srerusnier fo MUA edulcni srerusni efiL-noN fo MUA .3 .sCIGSP 4 dna CIL setacidni sUSP .4 I 48 | Policies and Programmes Annual Report 2021 - 22II REVIEW OF WORKING AND OPERATIONSPART II: REVIEW OF WORKING AND OPERATIONS II.1 REGULATION OF INSURANCE AND on April 09, 2021 to ensure that the advertisements REINSURANCE COMPANIES of insurance are relevant, fair and in simple language enabling informed decision making by During the year under review, the Authority has customers. The Regulations also aim at ensuring all brought out changes in the regulatory stipulations insurers, intermediaries or insurance for the purpose of orderly growth of the insurance II intermediaries adopt fair, honest and transparent sector. In the year 2021-22, the following five practices while issuing advertisements and avoid regulations were framed/amended under the IRDA practices that tend to impair the confidence of the ACT, 1999. They are public. i. IRDAI (Regulatory Sandbox) (Amendment) II.1.3 IRDAI (Manner of Assessment of Regulations, 2021 Compensation to Shareholders or Members on ii. IRDAI (Insurance Advertisements and Amalgamation) Regulations, 2021 Disclosure) Regulations, 2021 iii. IRDAI (Manner of Assessment of In case of amalgamation of two or more insurers, in Compensation to Shareholders or Members order to protect the interest /rights of shareholders on Amalgamation) Regulations, 2021 of transferor insurer, the Authority has notified this iv. IRDAI (Preparation of Financial Statements regulations, which stipulate the compensation and Auditor's Report of Insurance payable to the shareholders or members of the Companies) (First Amendment) Regulations, transferor insurer. It also provides for methodology 2021 for assessment of compensation to shareholders or v. IRDAI (Indian Insurance Companies) members and computation of assets and liabilities. (Amendment) Regulations, 2021 II.1.4 IRDAI (Preparation of Financial The brief descriptions of the above regulations are: Statements and Auditor's Report of Insurance Companies) (First Amendment) Regulations, II.1.1 IRDAI (Regulatory Sandbox) 2021 (Amendment) Regulations, 2021 The amended regulations provide for the manner With a view to enable the completion of in which the premium and unearned premium experiment of the existing sandbox proposals and reserve should be recognized by insurers carrying also to allow new sandbox proposals for on general insurance business. The regulations experiment, validity of the IRDAI (Regulatory also provide for the basis and disclosure of Sandbox) Regulations, 2019 is extended for a premium, premium received in advance and further period of two years by IRDAI (Regulatory unallocated premium in the financial statements. Sandbox) (Amendment) Regulations, 2021 vide gazette notification dated April 07, 2021. The amendments also bring clarity with regard to the basis and disclosure for Unearned Premium II.1.2 IRDAI (Insurance Advertisements and Reserve. Disclosure) Regulations, 2021 The regulations were notified on May 05, 2021 and The Authority has notified IRDAI (Insurance came into force from April 01, 2022. Advertisements and Disclosure) Regulations, 2021 Annual Report 2021 - 22 51 | Review of Working and OperationsII.1.5 IRDAI (Indian Insurance Companies) Management Persons has been introduced. (Amendment) Regulations, 2021 Further, the amended regulations provide that all insurers shall ensure and confirm compliance of the The Government of India had increased the limit of stipulations to the Authority. Foreign Direct Investment (FDI) in insurance industry from 49 per cent to 74 per cent through II I I . 2 I N S U R A N C E A G E N T S A N D Finance Act, 2021. The Indian Insurance Companies INTERMEDIARIES ASSOCIATED WITH (Foreign Investment) Rules, 2015 were also INSURANCE BUSINESS amended in view of the increase in FDI limit in insurance. II.2.1 Insurance Agents The Insurance Companies appoint individual In line with the Government decision, the following agents in accordance with Section 42 of Insurance four regulations were required to be amended: Act 1938 to solicit or procure insurance business. Insurance Agents also provide services relating to i. IRDAI (Registration of Indian Insurance continuance, renewal or revival of policies of Companies) Regulations, 2000; insurance. Insurance Agents can provide services ii. IRDAI (Transfer of Equity Shares of Insurance for one life insurer, one general insurer, one health Companies) Regulations, 2015; insurer and one each of the specialized insurers. iii. IRDAI (Issuance of Capital by Indian Insurance Companies Transacting Life Insurance Agents Associated with Life Insurers Insurance Business) Regulations, 2015; and iv. IRDAI (Issuance of Capital by Indian II. 2.1.1 The number of individual agents of life Insurance Companies Transacting other insurers as at March 31, 2022 showed a marginal than Life Insurance Business) Regulations, decline of 0.51 per cent over the previous year. 2015. While the private life insurers recorded a growth of 1.35 per cent, LIC recorded a decline of 2.02 per In view of the above, the Authority had notified cent. IRDAI (Indian Insurance Companies) (Amendment) Regulations, 2021 on July 07, 2021 through which Out of the total 24.43 lakh individual agents of life the above four regulations had been amended. insurance industry, 71 per cent are male and 29 per cent are female. Some additional stipulations have been introduced in the regulations wherein, the requirement of Resident Indian Citizenship for Directors and Key Table II.1: Insurance Agents Associated with Life Insurers As on March 31, Appointment Termination As on March 31, Insurer 2021 during 2021-22 during 2021-22 2022 LIC 13,53,808 3,6 1,615 3,88 ,991 13,26 ,432 Private Sector 11,01,269 3,22,078 3,07,170 11,16,177 Total 24,55,077 6,83,693 6,96,161 24,42,609 52 | Review of Working and Operations Annual Report 2021 - 22Table II.2: Gender-wise Distribution of Agents Associated with Life Insurers ( 2021-22) Insurer Male Fema le Total LIC 9,90,922 (74.71) 3,35,510 (25.29) 13,26,432 (100.00) Private Sector 7,52,258 (67.40) 3,63,919 (32.60) 11,16,177 (100.00) Total 17,43,180 (71.37) 6,99,429 (28.63) 24,42,609 (100.00) II Note: Figures in brackets are percentage to total Insurance Agents Associated with General and Out of the total 6.88 lakh agents of general Health Insurers insurers, 77 per cent are male and 23 per cent are female. Out of the total 9.64 individual agents of II.2.1.2 Number of agents associated with general Stand-alone health insurers, 72 per cent are male and health insurers recorded a growth of 5.56 per and 28 per cent are female. cent and 24.83 per cent respectively over the previous year. There are no agents associated with specialized insurers. Table II.3: Insurance Agents Associated with General and Heal th Insurers As on March 31, Appointment Termination As on March 31, Insurer 2021 duri ng 2021-22 during 20 21-22 2022 Public Sector General Insurers 2,89,350 14,072 3,536 2 ,99,886 Private Sector Gener al Insurers 3,62,224* 41,555 15,889 3,87,890 General Insurers Total 6,51,574 55,627 19,425 6,87,776 Stand-alone Health Insurers 7,71,906 2,08,558 16,871 9,63,593 *As per the revised data submitted by the insurers Table II.4: Gender wise Distribution of Agents Associated with General and Health Insurers (2021-22) Insurer Male Fema le Total Public Sector General Insurers 2,41,427 (80.51) 58,459 (19.49) 2,99,886 (100.00) Private Sector General Insurers 2,90,213 (74.82) 97,677 (25.18) 3,87,890 (100.00) General Insurers Total 5,31,640 (77.30) 1,56,136 (22.70) 6,87,776 (100.00) Stand-alone Health Insurers 6,94,511 (72.08) 2,69,082 (27.92) 9,63,593 (100.00) Note: Figures in brackets are percentage to total II.2.2 Corporate Agents Agents can represent three life insurers, three non- life insurers and three stand-alone health insurers. Corporate Agents are entities holding a valid certificate of registration issued by the Authority As on March 31, 2022, there were 602 active under IRDAI (Registration of Corporate Agents) Corporate Agents, out of which there are 253 Regulations, 2015 for solicitation and servicing of banks, 349 NBFCs/ Cooperative Societies / Limited insurance business for any of the specified Liability Partnership Firms and other eligible firms. category of life, general or health. Corporate Annual Report 2021 - 22 53 | Review of Working and OperationsTable II.5: Corporate Agents Associated with Insurance Business (As on March 31, 2022) Category Banks NBFCs and Others Total Life 15 23 38 General 12 34 46 Health 0 0 0 II Composite 226 292 518 Total 253 349 602 II.2.3 Insurance Brokers (Micro Insurance) Regulations, 2015 permitting II.2.3.1 The number of registered brokers is 708 as several more entities like RBI regulated NBFC-MFIs, on March 31, 2022. Out of this, the valid brokers District Cooperative Banks, Regional Rural Banks, stood at 562 and remaining 146 are not in force as Urban Co-operative Banks, Business on March 31, 2022. The 562 valid brokers comprise Correspondents (BCs), Primary Agricultural of 494 direct brokers, 63 composite brokers and Cooperative Societies (PACs) and other five reinsurance brokers. Cooperative Societies to be appointed as Micro Insurance agents facilitating better penetration of II.2.3.2 Total 76 new Certificate of Registrations Micro Insurance business. The Regulations also (CoR) were issued during the period from April 01, included additional policyholder protection 2021 to March 31, 2022 out of which 74 were direct measures. insurance brokers, one composite insurance broker and one reinsurance broker. During the period, 166 Micro Insurance in Life Insurance Sector insurance broker registrations were renewed. II.2.4.2 Eighteen life insurers are offering micro insurance products in India. There are 38 micro II.2.4 Micro Insurance Agents insurance products of which 14 are Individual II.2.4.1 The Authority reviewed the Micro products and the remaining 24 are Group products Insurance Regulations, 2005 and notified IRDAI (Annexure 6). Table II.6: Performance of Micro Insurance Business in Life Insurance Sector (2021-22) Individual New Business Group New Business Insurer Policies Premium Premium Lives covered Schemes (Lakh) (`Crore) (`Crore) (Lakh) LIC 7.32 257.92 1,574 67.36 54.97 Private sector 1.45 39.22 218 5,981.52 1,265.76 Total 8.77 297.14 1,792 6,048.88 1,320.73 Note: New business premium includes first year premium and single premium II.2.4.3 The number of micro insurance agents as at SHGs, MFIs and Business Correspondents March 31, 2022 stood at 99,961 of which 80 per constitute six per cent and remaining 94 per cent is cent agents pertained to private sector life insurers. other MI Agents majorly consisting of CSCs. Out of the total Micro Insurance agents, NGOs, 54 | Review of Working and Operations Annual Report 2021 - 22Table II.7: Micro Insurance Agents of Life Insurers Agents LIC Private Sector T otal NGOs 5,094 (25.75) 82 (0.10) 5,176 (5.18) SHGs 274 (1.39) 15 (0.02) 289 (0.29) MFIs 228 (1.15) 38 (0.05) 266 (0.27) II Business Correspondents (BCs) 103 (0.52) 50 (0.06) 153 (0.15) Other MI Agents 14,081 (71.19) 79,996 (99.77) 94,077 (94.11) Total 19,780 (100.00) 80,181 (100.00) 99,961 (100.00) Note: Figures in brackets are percentage to total Micro Insurance in General and Health Number of Policies Issued Insurance Sector Private Sector Public Sector Total II.2.4.4 General micro insurance products cover 1,11,995 28,701 1,40,696 health insurance, cover for belongings, such as, hut, livestock or tools or instruments, personal Note: Data does not include Micro Insurance policies issued by Stand-alone Health Insurers accident either on individual or group basis. The types of Micro Insurance product offered by the II.2.5 Insurance Marketing Firm general insurance companies are Cattle Micro II.2.5.1 Insurance Marketing Firm (IMF) is Insurance Policy, Kisan Agriculture Pumpset Micro registered by the Authority under IRDAI Insurance Policy, Janata Personal Accident (Registration of Insurance Marketing Firm) Sukshma Bima Policy, Silkworm Sukshma Bima Regulations, 2015. The registration is district-wise, Policy, Sheep & Goat Micro Insurance Policy, and the IMFs are allowed to opt for a maximum of Sampoorna Griha Suraksha Policy etc. These three districts within a state. The IMFs are allowed products are targeted at the low income segment to deal with two insurance companies each in of the population. The Authority has permitted different lines of business, i.e. Life Insurance, Pradhan Mantri Fasal Bima Yojana (PMFBY) General Insurance and Health Insurance in retail covering non-loanee farmers, to be solicited and space. In addition, the IMFs are also allowed to tie- marketed by Micro Insurance Agents under IRDAI up with Agriculture Insurance Company of India (Micro Insurance) Regulations, 2015. Ltd. (AIC) and ECGC Ltd. IMFs are allowed to procure all types of life insurance products, Further, general insurance policies issued to Micro, whereas, only retail lines of insurance products are Small and Medium Enterprises as classified in permitted in respect of general insurance. MSMED Act, 2006 under various lines of general insurance business will also qualify as general II.2.5.2 Three interactive sessions were conducted Micro Insurance business up to `10,000 premium for the IMFs in 2021-22, one each for life, non-life per annum per MSM enterprise. and health insurance. The IMFs were apprised of the various kinds of retail products that can be II.2.4.5 Details of general insurance policies issued solicited by them (including standard products), by Micro Insurance Agents in the year 2021-22 are and the sales strategies that can be employed. IMF as follows: facilitates a career path to those who pursue. They are permitted to collect premium online. They support inclusive growth. Annual Report 2021 - 22 55 | Review of Working and OperationsII.2.5.3 Performance of IMF Channel during the IMFs have their presence in aspirational districts as year 2021-22 is as under: on March 31, 2022. NOCs issued during 2021-22 352 II.2.6 Common Public Service Centre-SPV NOCs issued since commencement 2451 II.2.6.1 The Common Service Centres (CSC) are II Certificate of registrations granted 106 established under Digital India programme of Government of India and implemented by M/s. Total registrations as on March 31, 2022 524 CSC e- Governance Services India Limited. The Principal Officers (PO) and Insurance 871 & Authority has notified the IRDAI (Insurance Sales Persons (ISP) qualified for soliciting 1293 Services by Common Service Centers) Regulations, insurance as on March 31, 2022 2015 on October 05, 2015 which is superseded by IRDAI (Insurance Services by Common Public Maharashtra, Delhi and Uttar Pradesh States/UTs Service Centers) Regulations, 2019 notified on July saw maximum number of IMFs registration during 30, 2019. the year. II.2.6.2 Performance of CPSC-SPV channel during Policies and premium generated by IMF channel the year 2021-22 is as under: during the year 2021-22: Insurer No. of Policies Premium (`Crore) No. of RAP who have undergone General and training and passed exam and have been 10,168 Health Insurers (23) 64,592 81.69 issued certificates in 2021-22 Life Insurers (8) 27,767 207.27 No. of RAP since inception 90,139 Total (31) 92,359 288.96 Note: Figures in brackets are number of insurer placing business with IMFs No. of VLE-Ins who have undergone training and passed exam and have been 1,96,138 II.2.5.4 NITI Aayog launched the 'Transformation issued certificates in 2021-22 of Aspirational Districts' programme in January 2018 with the aim to quickly and effectively Total new business premium procured `314 crore transform some of the most underdeveloped Total renewal premium (Life) collected `1460 crore districts of the country. Financial inclusion is one of the 49 key performance indicators for measuring II.2.7 Web Aggregators the transformation of the districts. In alignment with this vision, the IRDAI (Registration of II.2.7.1 IRDAI (Insurance Web Aggregators) Insurance Marketing Firm) (Amendment) Regulations, 2017 was notified on April 13, 2017 Regulations, 2019 were notified on July 24, 2019. with an objective to supervise and monitor the The amendment incentivized prospective Insurance Web Aggregators. Insurance Web applicants to consider aspirational districts as their Aggregators are allowed to sell Life, General and area of operation by reducing the net worth Health Insurance products through online and requirement. distance marketing modes. Consequently, a gradual increase is observed in the presence of IMFs in the aspirational districts and 22 56 | Review of Working and Operations Annual Report 2021 - 22II.2.7.2 Performance of Web Aggregator channel II.2.9 Motor Insurance Service Provider (MISP) during the year 2021-22 is as under: II.2.9.1 The Authority had issued Motor Insurance Number of certified Insurance Web Service Provider (MISP) guidelines ref no. IRDA/ 25 INT/ GDL/ MISP/ 202/ 08/ 2017 dated August 31, Aggregator as on March 31, 2022 2017 after extensive consultations with the Active insurance Web Aggregators 15 II industry stakeholders. The objective of these Total number of visitors 5,79,250 guidelines was to recognize the role of automotive Total number of policies issued 83,596 dealer in distributing and servicing motor insurance policies to have regulatory oversight Total premium procured `75 crore over their activities connected to insurance. These guidelines were to come into force on November II.2.8 Point of Sales Person (POSP) 01, 2017. In the meantime, the Authority received II.2.8.1 In order to facilitate the growth of requests for clarifications, extension of time, etc. insurance business in the country and to enhance The Authority vide its circular dated November 01, 2017 clarified on various issues raised. insurance penetration and insurance density, the Authority as part of its developmental agenda II.2.9.2 The number of MISP registered as on issued guidelines on “Point of Sales Persons”. March 31, 2022 is 22,870. The detailed MISP statistics as on March 31, 2022 is as under: Point of Sales Person or POSP means an individual Sponsoring No. of sponsoring No. of MISP who possesses the minimum qualifications, has agency agencies undergone training and passed the examination as Insurers 20 8,357 specified in POSP guidelines and solicits and Insurance brokers 22 14,109 markets only such products as specified by the Corporate agents 6 404 Authority. Total 48 22,870 The Authority has issued guidelines dated II.2.10 Insurance Repositories December 04, 2019 on Regulatory Framework for II.2.10.1 The Insurance Repository System is an appointment of Postmen and Grameen Dak Sevaks initiative of the Authority to de-materialize of Dept. of Posts as POSP by India Post Payment insurance policies. To achieve this objective, the Bank (IPPB). Authority issued the guidelines on Insurance Repositories and electronic issuance of insurance II.2.8.2 The number of POSP as on March 31, 2022 policies in April, 2011. Subsequently in May, 2015, is 14,48,150. The detailed POSP statistics as on the Authority has issued the “Revised Guidelines on March 31, 2022 is as under: Insurance Repositories and electronic issuance of Insurance policies”. Sponsoring No. of sponsoring No. of POSP agency agencies At present, there are total 98.14 Lakhs eIA created Insurers 45 5,99,392 and a total of 111.66 Lakhs policies converted into Insurance brokers 179 6,59,505 electronic mode since April 2011. Corporate agents 50 1,89,253 Total 274 14,48,150 111.66 Lakhs policies 98.14 Lakhs eIA in electronic mode Annual Report 2021 - 22 57 | Review of Working and OperationsII.2.10.2 There are four Insurance Repositories license issued by IRDAI. No claim in respect of a loss approved by the Authority as on March 31, 2022. which has occurred in India and requiring to be They are: paid or settled in India equal to or exceeding an amount specified in the regulations by the · NSDL National Insurance Repository Authority in value on any policy of insurance, II · CDSL Insurance Repository Limited arising or intimated to an insurer shall be admitted · CAMS Repository Services Limited for payment or settled by the insurer unless he has · Karvy Insurance Repository Limited obtained a report, on the loss that has occurred, from a person who holds a license to act as a II.2.11 Insurance Self-Network Platform (ISNP) surveyor or loss assessor. II.2.11.1 In endeavor to increase the insurance As per Section 64 UM of Insurance Act, 1938 penetration through the medium of e-commerce, amended vide the Insurance Laws (Amendment) the Authority has issued guidelines on Insurance e- Act, 2015, academic qualification as specified by commerce on March 09, 2017. In this regard, a new the Authority and membership of Indian Institute platform namely Insurance Self-Network Platform of Insurance Surveyors and Loss Assessors (IIISLA) (ISNP) is introduced. It is an electronic platform set are statutory requirements for a person to act as a up by any applicant with the permission of the surveyor and loss assessor. There is a provision of Authority. appeal in IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015, as amended from II.2.11.2 The Authority has launched ISNP online time to time, in respect of applicants who are not portal (isnp.irda.gov.in) on April 11, 2017 for filing able to get membership from IIISLA. online applications. The status of the ISNP Table II.8: Licenses Issued to Surveyors and application received from insurers and Loss Assessors intermediaries as on March 31, 2022 is: Type of SLA 2020-21 2021-22 Fresh Licenses Description Numbers Individual 436 514 Insurers 53 Corporate 9 13 Brokers 189 Total 445 527 Web Aggregators 19 Renewals Corporate Agents 66 Individual 2,563 2,824 Total 327 Corporate 45 47 Total 2,608 2,871 II.2.12 Surveyors and Loss Assessors Trainee Enrolments 1,293 1,384 II.2.12.1 Surveyors and Loss Assessors (SLA) play II.2.13 Third Party Administrators (TPAs) an important role in the process of evaluation and settlement of claims pertaining to general II.2.13.1 As at March 31, 2022 there were 21 TPAs insurance policies. Section 64UM of the Insurance registered with IRDAI as against 23 TPAs as at Act, 1938 provides that no person shall act as a March 31, 2021. During the year 2021-22, the surveyor or loss assessor in respect of general Authority didn't receive any new application for insurance business unless he holds a valid SLA grant of Certificate of Registration as TPA. 58 | Review of Working and Operations Annual Report 2021 - 22i. Certificate of Registration No. 29 of M/s The corporate agents continue to lead as the Grand Insurance TPA Private Limited second major distribution channel, and their stands revoked vide Order Ref: contribution is steadily growing in procuring IRDAI/HLT/MISC/ORD/171/06/2021 individual new business. During the year 2021-22, dated June 25, 2021. corporate agents contributed 33.90 per cent of the new business as compared to 30.75 per cent in the II ii. Application for renewal of Certificate of previous year. In contrast to the trends observed in Registration No. 21 of M/s Alankit the individual agents, corporate agents continue Insurance TPA Limited stands rejected to be dominant channel of distribution in the new vide Order Ref: IRDAI/HLT/MISC/ business premium procurement by the private life ORD/175/06/2021 dated July 02, 2021. insurers and stands at 58.23 per cent in 2021-22, while their share is 2.72 per cent for LIC. iii. Application for renewal of Certificate of Registration No. 37 of M/s Vision Digital Micro Insurance (MI) agents, Common Service Insurance TPA Private Limited also stands Centres (CSCs), Web Aggregators, Insurance rejected vide Order Ref: IRDAI/HLT/ Marketing Firm (IMF) and Point of Sales (POS) ORD/MISC/259/10/2021 dated October channels together contributed less than one per 04, 2021. The order of the Authority cent to the individual new business premium in dated October 04, 2021 has been stayed 2021-22. by the Hon'ble High Court of Delhi in WP(C) 10379/2021. The matter is sub- Group New Business judice. II.2.14.2 Direct selling continued to be the dominant channel of distribution for procuring II.2.13.2 The TPAs expanded the network of the group business, with a share of 88.86 per cent of hospitals by adding 26,632 new hospitals to their the group new business premium during 2021-22 network in 2021-22. After withdrawal/ removal of (90.86 per cent during 2020-21). 7828 hospitals, the number of hospitals in the network remained 1,83,352 as on Match 31, 2022. Corporate agents, in particular banks, continue to be the second dominant channel to procure group II.2.14 Performance of Insurance Agents and business for the private insurers. During the year Intermediaries Associated with Insurance 2021-22, this channel contributed to 21.47 per cent Business of the total group new business premium in case of Performance of Insurance Agents and the private insurers, whereas it was 1.06 per cent Intermediaries in Life Insurance Business for LIC. Individual New Business II.2.14.1 The individual agents continue to be dominant distribution channel in procuring individual new business. The new business premium procured by them is 55.01 per cent for the year 2021-22 compared to 58.14 per cent for the previous year. Annual Report 2021 - 22 59 | Review of Working and OperationsTable II.9: New Business Performance of Insurance Agents and Intermediaries in Life Insurance (2021-22) (Figures in percentage of Premium) Individual New Business Group New Business S. Type of Intermediary No. LIC# Private Total LIC# Private Total Sector Sector II 1 Individual Agents 96.26 22.87 55.01 3.00 0.71 2.45 2 Corporate Agents i. Banks 2.63 54.79 31.94 1.06 21.47 5.92 ii. Others* 0.09 3.44 1.96 0.01 5.94 1.42 3 Brokers 0.05 3.41 1.94 0.16 4.42 1.18 4 Direct sale 0.19 12.59 7.16 95.76 66.76 88.86 5 Online direct sale 0.16 2.29 1.36 - - - 6 Micro Insurance Agents 0.47 0.04 0.23 - 0.70 0.17 7 CSCs - 0.01 0.01 - - - 8 Web Aggregators - 0.33 0.19 - - - 9 IMF 0.14 0.18 0.17 - - - 10 Point of Sales 0.01 0.05 0.03 - - - Total 100.00 100.00 100.00 100.00 100.00 100.00 Referrals - 0.02 0.01 - - - # Does not include its overseas new business premium. * Any entity other than banks but licensed as a corporate agent. Note: 1. New business premium includes first year premium and single premium. 2. The leads obtained through referral arrangements have been included in the respective channels. Chart II.1: Channel-wise Individual New Business Chart II.2: Channel-wise Group New Business Performance in Life Insurance Business Performance in Life Insurance Business (2021-22) (2021-22) Percentage of Premium Percentage of Premium Individual Corporate agents, agents, 55% 34% Direct sale 89% Individual Agents 2% Corporate Direct sale, Agents 7% 7% Others, Online Brokers, MI Agents, Brokers 1% direct sale 2% 0.2% 1% 1% 60 | Review of Working and Operations Annual Report 2021 - 22Performance of Insurance Agents and contribution of corporate agents was 8.43 per cent Intermediaries Associated with General of premium. All other channels together Insurers contributed to remaining 9.04 per cent of premium. For public sector general insurers, individual agents II.2.14.3 Amongst various channels of distribution (36.76 per cent) followed by brokers (30.77 per of business for general insurers, broker channel cent) and direct sale (30.17 per cent) are the major II contributed to major share in premium with 35.11 channel of distribution while for private sector per cent followed by direct sale channel and general insurers, brokers (41.26 per cent) and direct individual agents with 25.42 per cent and 22.01 per sale (25.38 per cent) are the major channel of cent respectively in the year 2021-22. The distribution. Table II.10: Business Performance of Insurance Agents and Intermediaries Associated with General Insurers (2021-22) (Figures in Percentage of Premium) S.No. Distribution Channel Public Sector Private Sector Insurers Specialized Total Insurers (excluding SAHI) Insurers 1 Individual Agents 36.76 14.72 0.00 22.01 2 Corporate Agents 1.57 14.19 0.00 8.43 i. Banks 1.13 9.12 0.00 5.46 ii. Others 0.44 5.07 0.00 2.96 3 Brokers 30.77 41.26 10.05 35.11 4 Direct Business 30.17 25.38 0.08 25.42 i. Online 0.41 1.81 0.07 1.16 ii. Other than online 29.76 23.57 0.01 24.25 5 Micro Insurance Agents 0.00 0.00 0.14 0.01 6 Others 0.74 4.45 89.72 9.03 Total 100.00 100.00 100.00 100.00 Performance of Insurance Agents and Chart II.3: Channel-wise Business Performance of Intermediaries in Health Insurance Business General Insurers (Excl. PA and Travel Insurance) Percentage of Premium II.2.14.4 Amongst various channels for distribution of Others health insurance policies, individual agents Micro Insurance 9% Individual Agents Agents contributed a major share in total health insurance 0.01% 22% premium at 32 per cent. The share of this channel was Corporate high at 73 per cent in individual health insurance Agents premium. Direct sale is the second major channel for Direct 8% distribution of health insurance business. Cent per Business 25% cent of Government business and about 30 per cent of total health insurance premium is procured by insurers directly. Another major distribution channel Brokers is brokers, who contributed 27 per cent of total health 35% insurance premium. Brokers contribution is at 47 per cent in case of group health insurance business. Annual Report 2021 - 22 61 | Review of Working and OperationsTable II.11: Business Performance of Insurance Agents and Intermediaries in Health Insurance (Excl. PA and Travel Insurance) (2021-22) (Figures in percentage of Premium) S.No. Distribution Channel Government Business Group Business Individual Business Total 1 Individual Agents - 4.01 71.14 31.32 2 Corporate Agents II i. Banks - 10.01 6.85 7.88 ii. Others - 4.23 0.99 2.55 3 Brokers - 45.69 6.77 25.86 4 Direct Sale i. Online - 0.54 4.40 2.09 ii. Other than Online 100.00 35.23 8.17 29.52 5 Micro Insurance Agents - 0.14 0.00 0.07 6 Common Service Centers - 0.00 0.02 0.01 7 Web aggregators - 0.05 0.90 0.39 8 Insurance Marketing Firms - 0.01 0.11 0.05 9 Point of Sales - 0.00 0.66 0.27 Total 100.00 100.00 100.00 100.00 Chart II.4: Channel-wise Performance of Health has participated in the ranking conducted by Insurance Business (2021-22) different agencies and has secured the best Others Percentage of Premium institution for management education in 0.8% Direct Sale Hyderabad, 19th rank in the all India ranking along Individual 32% Agents with IIM's in the Government Institutions category. 31% The student's enrolment has increased in the post pandemic totaling to 105 students in the senior section. The institute has achieved 100 per cent placements and has an impressive 50 per cent Corporate Brokers Agent growth in the average salaries. 26% 10% II.3.1.2 During the last one year, IIRM has II.3 PROFESSIONAL INSTITUTES CONNECTED conducted 35 workshops for the working WITH INSURANCE EDUCATION professional covering wide range of topics in The Indian Insurance sector has seen a rise in insurance, reinsurance and risk management. The demand for insurance education, training and program on digitization of insurance process has research. As such, the Authority remains in touch few UN working professional as participants. The with professional institutions connected with Institute proposes to continue these initiatives for Insurance Education in India and abroad. upgrading the skills and knowledge for the working professionals in the insurance sector. A number of II.3.1 Institute of Insurance and Risk certificate programs for the executives working in Management (IIRM) insurance sector are being conducted where the certification will enhance their career growth II.3.1.1 During past one year, institute has prospects. experienced a wider industry acceptance of its courses and activities. For the first time the institute 62 | Review of Working and Operations Annual Report 2021 - 22During the past one year, institute has reached out up other intermediaries' examination. The institute many alumni and have conducted annual alumni is authorised by Directorate of Postal Life Insurance meet to strengthen ties between alumni and the for conducting examination and training to their institute. This would also help the IIRM to stay sales force. connected with its alumni in furthering the cause of the insurance industry. The Institute has state of the art training facilities in II Mumbai and Kolkata. During the year ended March II.3.1.3 As a part of outreach activities, IIRM has 31, 2022, 3,010 participants from India and 696 from entered into strategic MOU's with certain specific abroad attended the trainings in risk management, domain experts. Swiss-re is the first among them in insurance and other contemporary topics. the areas of reinsurance; DMF Sundargarh district, Orissa Government in the area of health and II.3.2.3 Jointly with National Institute of Disaster agriculture, Access health International in the area Management, during the year, five webinars were of health insurance and empowerment, GOSURE conducted for enlightening officials from the State –a startup in the domain of insurtech. These MOU's Governments on the role of insurance in disaster risk would help in strengthening the research, training management. Institute continues capacity and incubation and project implementation development initiatives with National Health capabilities at the institute. Many corporates are Authority. eager to have tie-ups with the institute and are even willing to extend their CSR activities at the II.3.3 Indian Institute of Insurance Surveyors and Institute. IIRM aims to grow in a strategic manner, Loss Assessors (IIISLA) maintaining its focus, sense of community, and II.3.3.1 The Indian Institute of Insurance Surveyors commitment to the highest quality standards and Loss Assessors (IIISLA) is an institute promoted through the application of knowledge and and established by the Authority and incorporated continuous research. under Section 25 of the Companies Act, 1956 on October 04, 2005. II.3.2 Insurance Institute of India (III) II.3.2.1 III's flagship examinations (Licentiate, The institute is established to promote quality in Associateship and Fellowship) were conducted at profession of Surveyors and Loss Assessors 172 centres in the country and at 12 locations through education and training, facilitate abroad. As on March 31, 2022, there were 3,68,180 introduction of best practices amongst its members including 62,202 associate members and members and to disseminate technical information 37,671 fellow members of the Institute. amongst its members to upgrade their skill and knowledge. Its objective is to promote research and II.3.2.2 III develops course content and conducts studies in loss control and minimization techniques pre-recruitment/ pre-licencing examinations for and measures and share the same with Insurance insurance intermediaries as mandated by the Industry and general public and to update its Authority. III is a recognized training centre for members on application of new technologies for training for brokers, Insurance Marketing Firms improving service to the users and consumers. (IMFs), corporate agents and surveyors. It is Further, it is also responsible for bringing out authorised to conduct examination for Principal guidance notes, instruction manuals, periodicals Officers/ Specified Officers of corporate agents. for the use and benefit of members and others During the year, 10,79,110 candidates took up the connected with the profession of surveyors and agent examination and 1,21,128 candidates took loss assessors. Annual Report 2021 - 22 63 | Review of Working and OperationsII.3.4 Other Professional Institutes promotes, develops and nurtures research and consultancy activities on institutional and II.3.4.1 The Authority also has statutory individual basis. representation in the Council of the Institute of Actuaries of India (IAI), a statutory and professional II.4 LITIGATIONS, APPEALS AND COURT body for regulation of profession of Actuaries in PRONOUNCEMENTS II India. Its objective, among other things, includes regulation of the practice by the Members of the II.4.1 The details of the litigation in terms of cases profession of Actuary. filed before the Supreme Court, various High Courts, Securities Appellate Tribunal (SAT), Civil Another noteworthy integrated management Courts, Motor Accident Claims Tribunal (MACT), school in relation to insurance education is the and Lok Adalat, as also cases disposed/dismissed National Insurance Academy (NIA), Pune which during 2021-22 are provided in tables below: Table II.12: Details of Legal Cases Filed during 2021-22 S. Particulars of Cases filed Life Non - Health Inter- HR CAD Total No. Life mediaries 1 Supreme Court 1 2 1 - - - 4 2 Writ Petitions filed in various High Courts - 12 18 15 1 46 92 3 Securities Appellate Tribunal - - 5 6 - - 11 4 Writ Appeals, LPAs filed in various High Courts - - - - 2 1 3 5 Contempt Petitions filed in High Courts - - - 1 1 - 2 6 Consumer Cases (DCF+SCDRC+NCDRC) - - - - - 54 54 7 Civil & Lok Adalat cases 1 1 - 2 - 12 16 8 MACT cases - - - - - 1 1 9 PILs - 1 1 - - 1 3 Total 2 16 25 24 4 115 186 Table II.13: Details of Legal Cases Disposed/Dismissed during 2021-22 S.No. Particulars Life Non-Life Health Brokers HR CAD Total A B A B A B A B A B A B A B 1 Supreme Court - - - 2 - - - 2 - - - - - 4 2 Writ Petitions disposed in various High Courts - 3 1 6 - 4 2 11 2 1 1 14 6 39 3 Securities Appellate Tribunal - - 1 - 2 1 4 4 - - - - 7 5 4 Contempt Petitions disposed in High Courts - - - - - - - 2 - - - - - 2 5 Civil & Lok Adalat cases - - - 1 - - - - - - 7 - 7 1 Total - 3 2 9 2 5 6 19 2 1 8 14 20 51 A: Cases disposed with direction to IRDAI; B: Cases disposed without direction to IRDAI II.5 INTERNATIONAL COOPERATION IN In this context, and in furtherance of its regulatory INSURANCE objectives, IRDAI engages itself with various international organization, forums and foreign IRDAI recognizes importance of adopting regulators. IRDAI continued to actively engage and international best practices while introducing and contribute to ongoing developments in the implementing regulatory measures domestically. 64 | Review of Working and Operations Annual Report 2021 - 22international arena in the financial year 2021-22 as II.5.2 Bilateral Engagements well. II.5.2.1 Effective May 2013, IRDAI is a signatory to the Multilateral Memorandum of Understanding II.5.1 Association with International (MMOU) of IAIS which provides an international Association of Insurance Supervisors (IAIS) platform for cooperation and sharing of II II.5.1.1 IRDAI is Member of the IAIS, the global information. Further, the IRDAI (Sharing of standard-setting body responsible for developing Confidential Information Concerning Domestic or and assisting in the implementation of principles, Foreign Entity) Regulations, 2012 are in place which standards and guidance. The IAIS is a voluntary provides for the manner in which confidential membership organisation of insurance supervisors information can be shared with other regulatory and regulators from more than 200 jurisdictions. bodies. The policy work of IAIS is conducted through a committee system led by Executive Committee and II.5.2.2 IRDAI had so far signed two bilateral MoUs. supported by five policy Committees. IRDAI has One with Insurance Authority, United Arab Emirates representation at committee and working group (UAE) and another with Federal Insurance Office levels which have mandate in the areas of Financial (FIO), United States of America (USA). The MoUs Inclusion, Corporate Governance, Market Conduct, provide a framework for cooperation and Macro Prudential Policy and Surveillance and coordination, including for the exchange of Insurance Capital Standard Development. The information and training assistance. However, deliberations and knowledge sharing translate into during the last few years, the insurance supervisors the formulation and adoption of global insurance and related agencies from the countries of USA, standards. Kazakhstan, Mongolia, Mauritius have also shown their willingness towards bilateral MoU which are II.5.1.2 Insurance supervisors use the Insurance under consideration. Core Principles (ICPs), developed by IAIS, as a benchmark to assess the quality of their regulatory II.5.3 Asian Forum of Insurance Regulators and supervisory frameworks and to help inform (AFIR) future work priorities. The peer review process II.5.3.1 Asian Forum of Insurance Regulators (AFIR), (PRP) of IAIS help member jurisdictions identify a forum of insurance supervisors from Asia and gaps in observance of the ICPs. IRDAI is a Oceania regions, was established based on Beijing participant in the peer review process exercises Declaration on Regional Insurance Regulation conducted during the year and the assessment Cooperation in 2005. The mission of the AFIR is to results are encouraging. IRDAI contributed to the strengthen capacity building, facilitate insurance IAIS's initiative for information exchange among regulatory capability and promote regulatory insurance supervisors by providing details on the cooperation in Asia and Oceania regions. AFIR policy measures taken in response to COVID-19 currently has 21 members including India pandemic. represented by IRDAI. II.5.1.3 IRDAI utilizes capacity-building sponsored AFIR Members have been meeting annually with by IAIS and its partners to address gaps and each participating jurisdiction taking turns to be challenges in the implementation of IAIS standards the host organizer. So far, 16 AFIR meetings have and adopt good supervisory practices. Annual Report 2021 - 22 65 | Review of Working and Operationsbeen held. Due to COVID-19, last two meetings are includes two major components viz., financial held in virtual mode. The 16th meeting was held in stability assessment (responsibility of the IMF) and virtual format on September 02, 2021 and financial development assessment (responsibility attended by 18 members including India and a of the World Bank). FSAPs are mandatory for every wide variety of topics were taken up for discussion five years for the 29 systemically important II that include update on its recent initiatives, role of jurisdictions. India is one of these 29 countries. public private partnerships in reducing the protection gap for catastrophic risks and the II.5.5.2 The first FSAP for India was conducted in Sustainable Development Goals and the role of 2011-12 and the report published by IMF on Insurance. AFIR Members also deliberated on the August 29, 2013. The second FSAP mission was proposals to improve AFIR governance structure. initiated by the joint IMF-WB team in December 2016 followed by two more mission visits in March II.5.4 Financial Stability Board (FSB) and June-July, 2017. Subsequently, IMF and WB have released the Financial System Stability II.5.4.1 Financial Stability Board (FSB) is an Assessment (FSSA) and Financial Sector international body established to address financial Assessment (FSA) reports respectively for India on system vulnerabilities and to drive the December 21, 2017. As part of the India 2017 FSAP, development and implementation of strong the IMF also published a technical note on regulatory, supervisory and other policies in the “Insurance Sector Regulation and Supervision”. This interest of financial stability. One of the main technical note provides an assessment of the recent mandates of FSB is to implement G20 policy development of regulation and supervision of the announcements on financial regulation. In FSB, Indian insurance sector and made India is represented by Ministry of Finance (MoF), recommendations for Indian Insurance market. The Reserve Bank of India (RBI) and Securities report observes that most of the 2011 FSAP Exchange Board of India (SEBI). IRDAI contributes recommendations on insurance regulation have to FSB's work by way of providing its views and been addressed. The report mentions that the four comments on insurance sector related issues ICPs rated in 2011 as only Partly Observed (PO), the discussed in the FSB meetings to the Ministry of related recommendations have all been addressed, Finance. IRDAI also provides responses to FSB through the legislative changes, strengthening of surveys/ questionnaires/reviews relevant to non-life reserving requirements and introduction insurance. of a set of requirements on insurance fraud. II.5.5 Financial Sector Assessment Programme II.5.6 OECD International Network on Financial (FSAP) Education (INFE) II.5.5.1 The Financial Sector Assessment Program II.5.6.1 The Organization for Economic Co- (FSAP), a joint programme of the International operation and Development (OECD) provides a Monetary Fund (IMF) and World Bank (WB), is a unique policy forum for governments to exchange comprehensive and in-depth assessment of a views and experiences on financial education as an country's financial sector. In developing economies important means to financial inclusion. Having and emerging markets, FSAP assessments are recognized the importance of financial literacy, conducted jointly by IMF and World Bank and in OECD International Network on Financial advanced economies by IMF alone. The FSAP Education (INFE) was launched in 2008 by OECD 66 | Review of Working and Operations Annual Report 2021 - 22governments. India participates regularly in the Integrated Grievance Management System INFE's activities, represented by four of India's II.6.2 In order to provide alternative channels to financial regulators viz. RBI, SEBI, IRDAI and PFRDA. receive complaints against insurers, IRDAI has set IRDAI became a member of OECD INFE in April, up IRDAI Grievance Call Centre (IGCC) which 2012. During OECD INFE meetings, the participants receives complaints through a toll free telephone share initiatives taken across the globe with regard II number and by email and registers complaints to financial literacy and financial inclusion. apart from furnishing the status of the resolution. IRDAI has also put in place the Integrated Grievance II.5.7 Other Engagements Management System (IGMS) as an online system for grievance management that is not only a II.5.7.1 During 2021-22, IRDAI continued to gateway for registering and tracking grievances contribute towards an effective and useful online but also act as an industry-wide grievance engagement with the Government of India with repository for IRDAI to monitor disposal of regard to various international treaties and grievances by insurance companies. IGCC has an dialogues in areas related to insurance sector. interface with IGMS and through IGMS, IRDAI has IRDAI also participates in international an interface with grievance systems of all insurers. conferences, seminars and workshops in order to strengthen the exchanges and cooperation in Status of Grievances in IGMS insurance field. II.6.3 During the year 2021-22, 2,20,341 grievances II.6 PUBLIC COMPLAINTS were received in IGMS out of which 70 per cent were related to Life Insurance business and 30 per cent Grievance Redressal Policy were related to General Insurance business. II.6.1 IRDAI facilitates resolution of policyholder Number of grievances reported in the year 2021-22 grievances by monitoring the insurers' policy of increased over the previous year by 2.5 per cent for grievance redressal and takes several initiatives life insurers and 36 per cent for general insurers. towards protecting the interests of the insurance consumers. Grievance Redressal procedure is II.6.4 The resolution rate for the grievances prescribed in protection of policyholders' interests received for industry is 99.18 per cent. Life insurers Regulations, 2017 in terms of which IRDAI resolved 99.92 per cent of the grievances handled mandated all insurers to have in place a grievance (99.72 per cent by private sector and almost 100 per redressal policy, designate a Grievance Redressal cent by LIC) and general insurers resolved 97.44 per Officer at the Head Office/Corporate cent of the grievances handled (97.78 per cent by Office/Principal Office and also a Grievance Public sector and 97.22 per cent by Private sector Redressal Officer at every other office. The companies). Regulations also prescribe insurers to constitute a policyholder protection committee in accordance with the corporate governance guidelines for receiving and analysing reports relating to grievances and their redressal. Annual Report 2021 - 22 67 | Review of Working and OperationsTable II.14. Status of Grievances as per IGMS (Number of Grievances) 2020-21 2021-22 Reported Attended Pending at Reported Attended Pending at Insurer during the during the the end of during the during the the end of year year the year year year the year II Life Insurer LIC 1,09,631 1,12,454 29 1,14,202 1,14,226 5 Private 41,415 41,286 153 40,624 40,664 113 Total 1,51,046 1,53,740 182 1,54,826 1,54,890 118 General Insurer Public Sector 21,192 21,456 378 23,822 23,663 537 Private Sector 26,825 26,421 433 41,693 40,692 1,164 Total 48,017 47,877 811 65,515 64,625 1,701 Grand Total 1,99,063 2,01,617 993 2,20,341 2,19,515 1,819 II.6.5 Of the total life insurance complaints Of the general insurance complaints, most received in IGMS, more than 65 per cent of the complaints received during 2021-22 are related to complaints received are related to three type of claims (68 per cent) which witnessed eight per cent issues i.e. survival claims, policy servicing and increase over the previous year. unfair business practices. Chart II.5: Classification of Life Insurance Complaints 27% 25% 24% 23% 21% 20% 19% 17% 7% 6% 6% 3% 0.35% 0.30% Survival Claims Policy Servicing Others Unfair Business Proposal Death Claims ULIP Related Practices Processing 2020-21 2021-22 68 | Review of Working and Operations Annual Report 2021 - 22Chart II.6: Classification of General Insurance Complaints 68% 60% II 16% 12% 15% 12% 4% 3% 2.43% 2.07% 0.72% 0.98% 0.70% 0.49% 0.66% 0.34% 0.11% 0.05% Claim Policy Related Others Premium Refund Product Coverage Proposal Cover Note Related Related 2020-21 2021-22 Status of Grievances in DARPG portal Reforms and Public Grievances (DARPG) portal. A total of 11,783 grievances have been disposed of II.6.6 During the year 2021-22, 11,892 grievances during the year. A total of 483 grievances were have been referred to IRDAI of the grievances pending as at March 31, 2022. registered in Department of Administrative Table II.15: Grievances Registered in DARPG Portal and Referred to IRDAI Grievances Total Grievances Grievances Received Grievance Source at the start of Grievances of disposed of at the end of during 2021-22 2021-22 during 2021-22 during 2021-22 2021-22 DPG 18 228 246 228 18 DARPG 14 192 206 190 16 Local/Internet 203 8,935 9,138 8,802 336 President Secretariat 1 52 53 51 2 Pension 1 11 12 12 0 PMO 137 2,474 2,611 2,500 111 Total 374 11,892 12,266 11,783 483 DPG- Directorate of Public Grievances; DARPG - Department of Administrative Reforms and Public Grievances; PMO- Prime Minister's Office Source: CPGRAMS portal The pending status of grievances as at March 31, 2022 is as below: Pending for Number of Grievances II.7 FUNCTIONING OF THE ADVISORY < 15 days 312 COMMITTEE 15 - 30 days 136 Insurance Advisory Committee 31 - 60 days 35 > 60 days - II.7.1 The Insurance Advisory Committee (IAC) Total 483 consists of 25 members to represent the interests of commerce, industry, transport, agriculture, consumer fora, surveyors, agents, intermediaries, Annual Report 2021 - 22 69 | Review of Working and Operationsorganisations engaged in safety and loss II.8.2 IRDAI in order to monitor the non- prevention, research bodies and employees' compliance of the award of insurance Ombudsman association in the insurance sector. The has issued Circulars Ref: CAD/Insu.Omb/10-11 Chairperson and the members of the Authority are dated November 23, 2010 and Ref: the ex officio Chairperson and ex officio members IRDAI/Cir/Misc/194/ 11/2015 dated November 03, II of the Insurance Advisory Committee. The object 2015. In the circular dated November 03, 2015 of the Insurance Advisory Committee is to advise issued by IRDAI, insurers have been advised as the Authority on matters relating to the making of follows: the regulations. The Insurance Advisory Committee may advise the Authority on such other • Orders of Judicial/Quasi-Judicial Bodies matters as may be prescribed. should be complied with by the insurer within the time frame stipulated in the During the year 2021-22, the Insurance Advisory order or award and in cases where time Committee met once on December 10, 2021 for frame is not specified in the order/award, the 44th Meeting of the IAC. the order/award should be complied within 60 days of the receipt of the order/ Re-insurance Advisory Committee award by the insurer and II.7.2 Based on the approval dated December 06, • In cases where the insurer prefers an 2018 of DFS, GoI under Section 101B (1) of the appeal against the order of the Judicial/ Insurance Act, 1938, IRDAI vide Order No. Quasi-Judicial body, such appeal against IRDAI/REIN/NOT/RIN/101/5/2022 dated May 19, the order should be preferred within the 2022 had re-constituted Re-insurance Advisory stipulated time limit as per the rules Committee (RAC) for the period of three years. applicable. Previous Reinsurance Advisory Committee's tenure • The complainant should be informed in expired on December 31, 2021. The RAC in its the matter accordingly. meeting dated September 30, 2021 had discussed and recommended obligatory cessions for FY II.9 INSURANCE ASSOCIATIONS AND 2022-23. INSURANCE COUNCILS II.8. FUNCTIONING OF OMBUDSMAN Life Insurance Council II.8.1 In order to provide an expeditious and II.9.1 Life Insurance Council (LI Council) is a inexpensive forum for adjudication of matters representative body of insurers who carry on life relating to claims in respect of personal lines of insurance business in India. Constituted under insurance upto a certain limit, Government Sec.64C of Insurance Act 1938, the LI Council introduced a system of Ombudsman in the functions through several sub-committees and insurance sector with effect from November 11, includes all 24 life insurers in India. 1998. Currently there are 17 insurance II.9.2 Activities of LI Council in the year 2021-22: ombudsmen in the country who are allotted to LI Council held two General Body (GB) meetings different geographical areas as their areas of and one Executive Committee (EC) meeting in the jurisdiction. year 2021-22. 70 | Review of Working and Operations Annual Report 2021 - 22The following issues were discussed in the a total of 42 companies (24 general insurers meetings and necessary industry wide action plans comprising 4 PSUs and 20 private, 5 standalone were started: health insurers, one PSU reinsurer, 10 FRBs and two specialized insurers) which are members of the GI a. IRDAI had sought LI Council to consider Council. After the passage of the Insurance Laws adopting Code of Good Insurance (Amendment) Act in April 2015, GI Council is a self- II Practices for the industry. The council is in regulatory organization for the non-life insurance the process of finalizing the same for industry's market conduct and practices. recommendation to IRDAI. II.9.4 GI Council activities in the year 2021-22: b. IRDAI had sought recommendations on rationalizing the claim forms across the a. As a representative body of all non-life industry to enable early process of death insurers, SAHI companies, reinsurers and claims and avoidance of excessive/ specialized insurers operating in India, irrelevant information sought. The matter the GI Council furnished the views of the was deliberated amongst the members industry to IRDAI and / or Government of and final set of standard templates for India in respect of various new regulations death claim, after approval from IRDAI, framed, amendments carried out to the has been shared with all insurers for existing regulations, as a part of the adoption during the first week of 2022- consultative process the Regulator / GoI 23. adopts. c. It was decided to restart the insurance b. GI Council participated in the discussions awareness campaign “SabsePehle Life and contributed the industry's views, insurance”. The phase two campaign was wherever sought, in the development and launched on February 15, 2022. The notification of The Motor Vehicle Act campaign ran till March 31, 2022 across (comprehensively amended in 2019). 360-degree media – TV, Radio, Print, Council is participating in the discussions Outdoor, Digital and PR. aimed at developing the applicable CMV Rules. General Insurance Council c. The Council interacted in various groups, II.9.3 The General Insurance Council (GI Council) is Committees and Sub-Committees a representative body of general insurers including formed by IRDAI, various industry bodies Stand-alone Health Insurers, Specialized Insurers, like FICCI, CII, ASSOCHAM, etc. aimed at Reinsurers, Foreign Reinsurer Branches (FRBs) and overall enhancement of policy holders'/ Lloyd's India operating in India. As per Section 64C insurance beneficiaries' experience. of the Insurance Act, 1938 (as amended in January 2015) all general insurers, health insurers and d. It has contributed to the IRDAI's customer reinsurers that are granted certificate of centric initiatives of standardization of registration by IRDAI to carry out business in India wordings and exclusions in some of the are required to be members of the General popular insurance products. Insurance Council. As on March 31, 2022, there are Annual Report 2021 - 22 71 | Review of Working and Operationse. The year 2021-22 continued to be II.10. Other Activities having a Bearing on the impacted with the COVID-19 pandemic. Insurance Market The general insurers and stand-alone II.10.1 The Authority from time to time health insurers received a huge number provides/makes necessary changes in the of COVID treatment related claims which regulatory framework for introducing any new II the industry handled quite efficiently and product in the market for life, general and health settled claims approximating to ₹25,000 insurance segments. crores. Insurance company wise total number of life, f. GI Council facilitated in negotiations with general and health insurance products approved by various hospitals and tried persuading Authority during 2021-22 is provided in them to charge reasonable rates to the Annexure 7. insured patients. Although no official agreement could be reached on this, several hospitals in smaller centres and average standard hospitals in larger towns and cities were found, by and large, charging near about the Council recommended rates. 72 | Review of Working and Operations Annual Report 2021 - 22III STATUTORY AND DEVELOPMENTAL FUNCTIONS OF THE AUTHORITYPART III: STATUTORY AND DEVELOPMENTAL FUNCTIONS OF THE AUTHORITY Section 14 of the IRDA Act, 1999 (IRDA Act) lays providing for various do's and don'ts for insurers down the duties of the Authority to regulate, and intermediaries at the point of sale as well as at promote and ensure orderly growth of the the point of claim. The purpose behind is to protect insurance business and reinsurance business. Sub- the interest of the policyholder and to ensure section (2) of the said section lays down the powers policyholder centric governance by insurers which III and functions of the Authority. Part III of the Annual lay more emphasis on redressal of grievance. The Report covers the activities of the Authority in Authority directed insurers to have in place a board 2021-22 while carrying out its functions and approved policy for protection of policyholders exercising the powers conferred on it. which shall include various service parameters and Turn Around Time (TAT) for rendering services to III.1 Issue to the Applicant a Certificate of policyholders, procedure for expeditious Registration, Renew, Modify, Withdraw, resolution of complaints, steps taken to enhance Suspend or Cancel such Registration consumer education and measures to prevent mis- selling. Further, the regulations also mandate that III.1.1 During the year 2021-22, no new insurance every insurer shall have in place proper procedures company has been granted Certificate of and effective mechanism for speedy resolution of Registration (CoR). complaints/grievances of policyholders. III.1.2 In exercise of the powers under provision of The Authority vide its Corporate Governance sub-section 2(A) of Sec. 3 of the Insurance Act, 1938 guidelines - 2016 has mandated all the insurers to (4 of 1938) to transact re-insurance business in have in place, a Policyholders' Protection India, Factory Mutual Insurance Company has been Committee. The Committee should put in place given certificate of registration on April 28, 2021 systems to ensure that policyholders have access and its Registration No. is FRB/011. to grievance redressal mechanisms and shall also ensure handling of policyholder complaints with III.1.3 The Authority vide Order Ref. No. seriousness, promptness and empathy in order to 514/F&A(NL)/Demerger/Bharati-ICICI/147 dated enhance the trust and confidence in the insurance September 03, 2021 has given approval for sector. demerger of general Insurance business of Bharti AXA General Insurance Co. Ltd. to ICICI Lombard Issuance of Electronic Policies General Insurance Co. Ltd. by way of scheme of arrangements, subject to conditions stipulated III.2.2 In the wake of COVID-19 pandemic, digital therein. means of doing business is given thrust in the interest of the policyholders. Exemption is granted III.2 Protection of the Interests of Policyholders under Proviso to Regulation 4 (iii) of IRDAI in Matters Concerning Assigning of Policy, (Issuance of e-Insurance policies) Regulations, Nomination by Policyholders, Insurable 2016, up to March 31, 2022, from the requirement Interest, Settlement of Insurance Claim, to issue policy document and copy of proposal Surrender Value of Policy and Other Terms and form in physical form. It was also clarified that this Conditions of Contracts of Insurance. is subject to express consent of the policyholder to Grievance Redressal receive electronic policy bond and if the policyholder insists, the hard copy has to be issued III.2.1 The Authority notified IRDAI (Protection of without any charges. Further, 30 days Free Look Policyholders' Interests) Regulations, 2017 Annual Report 2021 - 22 75 | Statutory and Developmental Functions of the Authorityperiod is allowed for all such cases. Return of e- Standard Individual Term Life Insurance and Policy documents by mail by policyholder with Pension Products clear intention of cancellation of policy shall be valid for Free Look Cancellation. III.2.4 In line with the growing demand for term and pension products, life insurers have been Dispensing with Physical Signature on Proposal introducing innovative protection and pension III Forms products with multiple features, options, riders, etc. To make available simple products that broadly III.2.3 The COVID-19 outbreak impacted the meet the needs of an average customer, a standard traditional manner of canvassing life insurance individual term life insurance product (Saral Jeevan policies. In particular, the filling-in of the physical Bima) and a standard individual immediate annuity proposal forms, obtaining wet signatures on them product (Saral Pension) were designed. All life and subsequent movement of such physical papers insurers were mandated to make the products etc., were severely affected. To overcome this, available for sale with the same names. The authenticating the proposal for life insurance standard products are simple to understand, meet through electronic means in place of physical the key needs of large number of customers and signature, is allowed for business solicitation under enhance ease of purchase with their uniform terms all types of products till September 30, 2022. The and conditions across insurers. process flow includes sending the completed proposal form on his/her registered email ID or Settlement of COVID-19 Related Claims mobile number by an email or a message with a III.2.5 The COVID-19 pandemic has claimed many link. The prospect can consent to the proposal by lives. The Authority has advised all the insurers to clicking the confirmation link or validate it through settle the life insurance claims expeditiously. The OTP method. status of death claims due to COVID-19 pandemic To ensure proper utilization of the facilitation and is provided in Table III.1. to safeguard interests of the policyholders, the following conditions are laid down: i. The insurer shall not accept payment of moneys towards proposal deposit till the receipt of consent of the proposer. ii. In all cases, approved sales materials are to be used. iii. Ensure authenticity of email ids/mobile numbers. Carry out pre-issuance verification calls. iv. Provide appropriate training to all persons involved in the sales/solicitation process to ensure that the consent of the customer is obtained only after clear information has been provided to the proposer on the product. 76 | Statutory and Developmental Functions of the Authority Annual Report 2021 - 22Table III.1: Death Claims due to COVID-19 Pandemic (cumulative up to March 31, 2022) (Amount in `Crore) Claims Reported Claims Settled Claims Repudiated Claims Outstanding Number Amount Number Amount Number Amount Number Amount of claim s of claim of claims of claim of claims of claim of claims of claim III 2,26,90 6 17,757 2,25,219 17,269 1,550 448 137 40 The status of health insurance claims due to COVID-19 pandemic is provided below: Table III.2: Health Insurance Claims due to COVID-19 Pandemic (cumulative up to March 31, 2022) (Amount in `Crore) Total Claims Claims Settled Claims Di sallowed Claims Re pudiated Claims Outstanding Number Amount Number Amount Number Amount Number Amount Number Amount of claims of claim of c laims of claim of claims* of claim of claims of clai m of claims of claim 29,96,801 34,598 26,54,001 24,362 7,223 3,11,952 2,782 30,84 8 230 *Number is included under the head claims settled Claim Settlement during Floods and Cyclones following lines: III.2.7 The year 2021 has seen the occurrence of a. Nomination of a senior officer at the company natural catastrophic events in various parts of the level to act as a Nodal Officer for the affected country. Cyclone Tauktae and Cyclone Yaas in May- States. The Nodal Officer's duty is to coordinate June 2021 created havoc in states of Kerala, the receipt, processing and settlement of all Karnataka, Goa, Maharashtra, Gujarat, West Bengal, eligible claims. Odisha and UT of Lakshadweep, Daman and Diu. In b. Publishing the details of offices/ special camps August 2021, floods occurred in the state of set up for the purpose and other relevant Maharashtra. details through the insurer's website, media and through State Government channels to The Authority issues guidance to the industry during enable filing of claims. catastrophes, keeping the interests of policyholders c. Survey of claims to be carried out immediately affected, in view. During the year 2021-22, guidance and claim payments/on account payments to was issued to insurers with a view to ensure that the be disbursed at the earliest. claims pertaining to loss of life and property arising d. Engaging adequate number of surveyors out of Cyclone Tauktae, Cyclone Yass and immediately in the affected areas. Maharashtra floods were attended to promptly. The e. Launching of extensive awareness campaigns insurers were instructed to settle the claims of the by insurers in the affected states duly victims in the above disasters on priority basis and the highlighting the measures taken by them. same was monitored by the Authority. f. In view of COVID-19 pandemic, the insurers were advised to encourage the policyholders to The Authority advised the insurers to initiate steps for use electronic communication wherever quick registration and disposal of claims on the possible for correspondence while intimating the claim and filing all the relevant documents. Annual Report 2021 - 22 77 | Statutory and Developmental Functions of the AuthorityIII.3 Specifying Requisite Qualifications, Code with settlement of claims in respect of general of Conduct and Practical Training for insurance policy. Intermediaries or Insurance Intermediaries and Agents. III.4.4 The Authority receives grievances from surveyors regarding empanelment for survey jobs, III.3.1 The licensing and code of conduct for all the III non-payment of survey fee by insurance intermediaries in the insurance business are companies, denial of membership by IIISLA to in- specified clearly in the regulations framed under house surveyors and lapsed license holders, denial the IRDA Act, 1999 vide Insurance Surveyors and of level of membership by IIISLA, etc. Such Loss Assessors (Licensing, Professional complaints are forwarded to respective insurance Requirements and Code of Conduct) Regulations, companies and IIISLA for resolution at their end. 2015, IRDAI (Insurance Brokers) Regulations, 2018, Policyholders also complain against surveyors/ IRDAI (Appointment of Insurance Agents) surveyors firms on non-receipt of copy of survey Regulations, 2016 and IRDAI (Registration of report, delay in issuance of survey report, Corporate Agents) Regulations, 2015. misconduct, violation of IRDA Surveyor III.3.2 A regulatory frame work has been laid down Regulations etc. Such complaints are taken up with by the Authority to further strengthen the surveyors for speedy disposal of the issues. Apart regulatory supervision by issuing circular No. from above, various RTIs and references are also IRDA/INT/CIR/T&E/ 136/07/2016 on received by the Authority against surveyors and harmonization of training and examination corporate surveyor firms. During the year 2021-22, requirements for various channels of distribution. the Authority received 90 complaints on CPGRAMS portal, 87 have been addressed and three were III.4 Specifying the Code of Conduct for outstanding as on March 31, 2022. Surveyors and Loss Assessors III.5 Promoting Efficiency in the Conduct of III.4.1 The duties and responsibilities of a surveyor Insurance Business and loss assessor are specified in Chapter IV of the III.5.1 Insurance Regulatory Sandbox IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015 as amended in 2020. To give a fillip to insurance penetration, there is a need to facilitate innovations in the insurance III.4.2 The code of conduct regarding the sector, especially those triggered by technology. professional and ethical requirements for conduct The extant regulatory framework may pose certain of surveyor and loss assessors' professional work is hindrances for regulated entities to try out new specified in Chapter VI of the Regulations and the ideas or new technology. With a view to facilitating Regulation 16 elaborates on the code. innovations, IRDAI has adopted a Regulatory III.4.3 Further, in order to protect the interest of Sandbox approach. policyholders, the Authority has notified the IRDAI (Protection of Policyholders' Interest) Regulations, Further, as per Regulation 13(3) of the IRDAI 2017 which supersedes IRDA (Protection of (Regulatory Sandbox) Regulations, 2019, the Policyholders' Interest) Regulations, 2002. Authority has issued the guidelines on the Adherence to code of conduct by surveyors and operation of the Regulatory Sandbox outlining the loss assessors has been further emphasized under procedure to be followed in implementing the Regulation 15 of the said Regulation, while dealing “innovation in insurance” programme. 78 | Statutory and Developmental Functions of the Authority Annual Report 2021 - 22With a view to enable the completion of (i) para 7 of IRDAI (Remuneration of Chief Executive experiment of the existing sandbox proposals and Officer / Whole-time Director / Managing Director also to allow new sandbox proposals for of Insurers) Guidelines, 2016; and experiment, validity of the IRDAI (Regulatory (ii) Clause (c) of Regulation 2 of IRDAI (Transfer of Sandbox) Regulations, 2019 is extended for a Equity Shares of Insurance Companies) further period of two years by IRDAI (Regulatory Regulations, 2015, on exercise of ESOPs, III Sandbox) (Amendment) Regulations, 2021 vide gazette notification dated April 07, 2021. the Authority issued circular vide dated May 21, 2021 specifying the applicability of reporting and III.5.2 Promoting Ease of Doing Business in Fire approval requirements. Line of Business for Dwellings, Micro and Small Businesses As per the Circular, all ESOPs, at the time of grant shall be reported to the Authority preferably as a IRDAI had issued guidelines for standard products part of the application filed with IRDAI for fire and allied perils for Dwellings, Micro and (Remuneration of Chief Executive Officer / Whole- Small businesses (Bharat Griha Raksha, Bharat time Director / Managing Director of Insurers) Sookshma Udyam Suraksha and Bharat Laghu Guidelines, 2016. Udyam Suraksha) in January 2021. Further where specific trust has been formed by an With increase in demand for new covers in the Fire insurer for issuance of ESOPs to their employees, line of business and to facilitate insurance the issue of shares to such trust and exercise of innovations in this segment, general insurers are option by one or more employees shall also fall now permitted to design and file alternative within the ambit of the Section 6A of the Insurance products covering Fire and allied perils to standard Act, 1938. products for Dwellings, Micro and Small businesses. The circular also provides that where exercise of ESOP by KMPs is beyond the threshold limit The circular issued in this regard also specify that specified in Section 6A (4) of the Insurance Act, such alternative products may be variations of the 1938, the prior approval of the Authority shall be standard product and may include already sought before such exercise. approved add-ons as part of the base product or may delete an existing provision. However, the III.5.4 Holding More Than One Certificate of definitions and wordings of terms used in the Registration to One Group – IRDAI (Registration standard product shall be the reference point for and Operations of Branch Offices of Foreign those terms when used in the alternative products Reinsurers other than Lloyd's) Regulations, as well. 2015. III.5.3 Applicability of Provision of Section 6A Clause (d) of sub section (9) of Section 2 of (4)(b) of the Insurance Act, 1938 on Exercise of Insurance Act, 1938 provides that a “foreign Employee Stock Options (ESOPs) company” engaged in reinsurance business can To ensure compliance of section 6A (4)(b) of the transact the business of reinsurance through a Insurance Act, 1938 read with branch in India. Annual Report 2021 - 22 79 | Statutory and Developmental Functions of the AuthorityAccordingly, it is clarified in the circular vide dated III.6.3 Insurance Information Bureau of India February 16, 2022 that where the 'applicant' as (IIB) defined under Regulation 2(b) of the IRDAI III.6.3.1 Section 14(2)(f) of the IRDAI Act, 1999 (Registration and Operations of Branch Offices of empowers the Authority to promote and regulate Foreign Reinsurers other than Lloyd's) Regulations, professional organizations connected with the III 2015 falls within a group, no other entity of that insurance and re-insurance business. Accordingly, group shall be eligible to apply for Certificate of Authority established the Insurance Information Registration to act as Foreign Reinsurance Branch Bureau of India (IIB) to fulfil the need for a sector- in India. level data repository and analytics which would empower stakeholders through provision of III.6 Promoting and Regulating Professional accurate, timely, reliable insurance data and Organizations Connected with the Insurance analysis. and Reinsurance Business III.6.3.2 The Bureau maintains industry-level The following professional organizations are databases for multiple lines of insurance business connected with the insurance and reinsurance such as Life, Motor, Health, Fire, Engineering and business: Marine and generates various reports and other outputs on the same, for the use of the industry. III.6.1 Indian Institute of Insurance Surveyors The Bureau further maintains the database of all and Loss Assessors (IIISLA) Licensed Insurance Salespersons in India. III.6.1.1 The Indian Institute of Insurance Surveyors III.6.3.3 Some of the important activities and and Loss Assessors (IIISLA) is an institute promoted services of IIB are detailed below: and established by the Authority and incorporated under Section 25 of the Companies Act, 1956 on a. Fraud Mitigation Support to Insurers October 04, 2005. The Authority has a mandate to promote and regulate IIISLA under Section 14(2)f The Bureau provides support to insurers in of IRDAI Act, 1999 that deals with promoting and prevention and mitigation of frauds through regulating professional organizations connected Search Engines and Risk Scoring Models. The with the insurance and re-insurance business. following services support insurers in prevention and mitigation of fraud: III.6.2 Insurance Brokers Association of India (IBAI) i Life Insurance Underwriting & Claims Search Tool (QUEST): QUEST which is III.6.2.1 Insurance Brokers Association of India operated using advanced technologies on (IBAI) was incorporated as a company under real-time basis, provides clients' complete Section 25 of the Companies Act, 1956 on July insurance history including any adverse 2001. Brokers registered by the Authority are decisions or loading in the past to the necessarily required to be the members of the insurers at the time of underwriting and Insurance Brokers Association of India (IBAI). claim processing, on the strength of its database. 80 | Statutory and Developmental Functions of the Authority Annual Report 2021 - 22Potential frauds identified during the year 2021-22 vi. Health Insurance (HI) Portability Portal 2.0: The Bureau also operates the No. of Queries No. of Cases Sum Assured HI Portability Portal for the benefit of 1.34 Crore 78,000 `42,766 crore policyholders who wish to migrate from ii Vehicle Claims History Verification one insurer to another. The portal was Service (VCHVS): This service provides a revamped during the year under review III vehicle's claim history for the immediate with additional functionalities. The portal five-year period to the insurers on real- enables the porting-in insurer to check time basis, helping them avoid no claim bonus on vehicles which had a claim in the policy and claims history of the recent past. policyholder before taking a decision on the porting request. 2020-21 2021-22 2.1 crore Hits 3.35 crore Hits b. Repository and Applications iii Long-Term Third-Party Policy Search In addition to the services cited above, IIB hosts Service: A web service has been built many other repositories and applications which which enables insurers to retrieve the support the industry in certain key functions as policy details of long-term policies based mentioned below: on the Chassis Number. In case of long- term bundled policies, at the time of i. Licensed Insurance Salespersons' renewal/rollover of stand-alone Own Repository (ENVOY): This database Damage policy, the insurers can consists of data of all insurance authenticate whether or not the salespersons such as individual agents, mandatory TP cover is already in place. specified persons of corporate agents, Broker Qualified Persons, Point of Sale iv. Motor Fraud Initiatives: Sharing of Persons (PoSPs) etc. ENVOY helps stolen and recovered vehicles collated principals to ensure that the applicants from all the States across the country are not already enrolled with another received from National Crime Records entity in the same line of business, before Bureau (NCRB) with the industry on daily onboarding. Apart from providing basis through APIs. In the Motor line of periodical updates/reports to IRDAI, OTP business, the Bureau has built fraud based self-deactivation of Broker triggers which alert the insurers on Qualified Persons, Authorized Verifiers, potential claim frauds. MISP designated person/sales person and PoSPs was introduced in the year v. PRAN (Property Risk Analyser): This 2021-22 to ease the process of de- service was launched during the year activation of salespersons. 2021-22 for the Fire insurance segment by which an insurer can understand the ii. Insurance Transactions Exchange five years' trend of a given risk (iTrex): The Bureau operates iTrex which location/district, in terms of Incurred is an exchange hub that supports flow of Claim Ratio. information between insurers and Insurance Repositories (IRs). iTrex also Annual Report 2021 - 22 81 | Statutory and Developmental Functions of the Authorityacts as a KYC repository for electronic reports which fall in annual, thematic and policies and as a database of electronic customized categories on a regular basis. Insurance Accounts (eIAs) issued by IRs The reports released in the year 2021-22 and electronic policies issued by the include: insurers. The IT infrastructure of iTrex has III been revamped during the year to handle • Life Insurance Claims Report 2019-20 enhanced volumes and functions. • Motor Third Party Claim Development Analysis Report c. Benchmark Reports • Motor Annual Report F.Y. 2019-20 • Annual Reports on Fire, Marine and i. Mortality & Morbidity Investigation Engineering segments Center (MMIC): The Bureau operates the • Study on Reimbursement Claims (Health) Center which performs studies on the • Report on Distribution of Diseases. levels of mortality & morbidity among different categories of assured lives in e. Advanced Analytics India. The rates generated by these reports are mandated by the Authority as The Bureau has in recent years developed its the benchmark/referral rates for the in-house expertise in statistical modelling industry and are key inputs in pricing and and advanced analytics in the field of valuation. The reports generated by IIB in insurance. It has built the Predictive Life Risk the year 2021-22 include: Scoring Model (PRISM) which indicates the risk propensity of a life insurance • Indian Assured Lives Mortality (IALM) proposal/policy in its early years. The model Report 2015-17 was furthered sharpened during the year to • Group Annuitants Mortality Report augment its precision. 2012-16 PRISM usage of Life Insurers during the year 2021-22 The Center has also taken up Morbidity/Critical No. of Queries Potentially Hazardous cases identified by PRISM Illness study for the period 2013-19 which is being 2.42 Crore 3.22 lakh attempted first time in the Indian insurance sector. A Risk Score Model has also been deployed for the benefit of the insurers to estimate the ii. Motor Third Party (TP) Pricing: IIB propensity to claim in private cars. While the provides data inputs to the Authority for average claim incidence in the overall private fixing the tariffs under motor third party car portfolio was around 20 per cent, the portfolio. same for vehicles assigned with critical score iii. Loss Cost Schedule: The loss costs in the by the model worked out to 54. Fire insurance portfolio are published by IIB and are considered by the insurance f. Collaborations/Data Sharing companies for determining the premium Arrangements rates. IIB provides a credible platform for exchange of key information with/among insurers, d. Other Reports/Activities IRDAI and many Departments/Ministries in The Bureau also publishes a large number of Government and agencies such as National 82 | Statutory and Developmental Functions of the Authority Annual Report 2021 - 22Crimes Record Bureau (NCRB), Ministry of III.8 Calling Information from, Undertaking Road Transport & Highways (MoRTH) and Inspection of, Conducting Enquiries and State Transport Authorities for projects of Investigations Including Audit of the Insurers, much importance. The Bureau has also been Intermediaries, Insurance Intermediaries and entrusted with public awareness initiatives Other Organizations Connected with the such as SMS campaign for uninsured Insurance Business III vehicles, which it is managing in coordination with the State Transport Authorities. III.8.1 Section 33 of Insurance Act, 1938 and Sec.14(2)(h) of the IRDAI Act, 1999 lay down the IIB also provides inputs to National Health statutory provisions for calling of information from Systems Resource Centre (NHSRC) and and carrying out on-site inspection, including National Health Authority (NHA) on key investigation of insurance companies, trends in health insurance claims. intermediaries, insurance intermediaries and other organizations connected with the insurance III.6.4 Institute of Insurance and Risk business. Supervisory oversight, at the minimum Management (IIRM) involves a two-pronged approach, viz., off-site examination and on-site inspection. III.6.4.1 The Institute of Insurance and Risk Management (IIRM) is a professional body jointly Off-site Examination set up by IRDAI and erstwhile Government of III.8.2 The primary objective of off-site surveillance Andhra Pradesh as an international education and is to monitor the financial health and market research organization for promotion of insurance conduct of regulated entities, for identifying education and it is incorporated under Section 25 entities which show financial deterioration and of the Companies Act, 1956. The overall working of which would be a source for supervisory concerns. IIRM is overseen by Board of Directors headed by This acts as a trigger for timely remedial action. The the Chairman of IRDAI. off-site examination is conducted by analyzing periodic statements, returns, reports, policies and III.7 Levying Fees and Other Charges for compliance certificates mandated under the Carrying Out the Purposes of the Act directions issued by IRDAI from time to time. III.7.1 The Authority levies various regulatory fees On-site Inspection and charges for licensing and renewal of license for insurers, reinsurers and intermediaries. Total III.8.3 The Authority, through the Supervision amount of ₹206.29 crore was collected from department, pursues its on-site supervision of the insurers and intermediaries in the year 2021-22 as regulated entities with regard to their observance fees and other charges. of / compliance to provisions of relevant Acts, Rules, Regulations, Guidelines/ Circulars, III.7.2 During the year 2021-22, there are no Directions, Standards, etc. changes in the fee structure for insurers and intermediaries. The fee structure for insurers and General, thematic and focused inspections are intermediaries along with the fee collected in FY undertaken at the site of the regulated entities for 2021-22 is provided in Annexure 8. assessment of their functioning by examination of Annual Report 2021 - 22 83 | Statutory and Developmental Functions of the Authorityc) Focused inspections relevant records, books of accounts and business activities on sample basis in order to assess Number of entities Type of entity compliance to various regulatory provisions and inspected other applicable laws relating to financial Life Insurer 1 condition, market conduct, corporate governance, Total 1 III risk management, and related matters of the III.8.5 As per the set procedure, the final inspection regulated entities. report along with the responses of the inspected entities are analyzed at the Enforcement and III.8.4 Owing to COVID-19 pandemic, the Compliance Department considering supporting Authority has undertaken inspections of regulated evidences and courses of action as proposed for entities in remote format (online) for the year 2021- each of the inspection observation. Proposed 22. A total of 88 remote inspections were course of actions are submitted to the Head of undertaken during the year 2021-22, the details of Department (HOD) of the concerned Nodal which are given below: department for their comments/inputs within 15 days' time. After taking care of the comments from Number of entities the HODs and also considering the actions taken Type of inspection inspected offsite/onsite on other similar issues, Enforcement General inspection 72 ans Compliance Department recommends a Thematic inspection 15 course of action, which is submitted to the Focused inspection 1 Competent Authority for approval. Based on the Total 88 course of action approved by the competent Authority, the inspected entity is either charged or a. General Inspections advised and/or observation is closed. The entity Number of entities which is charged for certain regulatory Type of entity inspected violation/non-compliance is given an opportunity Life Insurer 5 to present their submission in person through General Insurer 6 personal hearing and then final actions like penalty, Health Insurer 5 warning, caution, direction, advisory etc. is taken by Reinsurer 1 the Competent Authority. Foreign Reinsurer Branch 3 Insurance Broker 15 In addition, in certain cases where the violations are Corporate Agent 4 quite serious warranting cancellation of Third Party Administrator 9 registration/license etc., the Authority cancels the Corporate Surveyor 11 registration/license after following due process. Insurance Marketing Firm 13 Total 72 Apart from the above, the Authority also exercises Adjudication process in case of violation of certain b) Thematic Inspections specified Sections of Insurance Act. Number of entities Type of entity All orders passed by the IRDAI are appealable in inspected Securities Appellate Tribunal. Life Insurer 7 General Insurer 8 III.8.6 During the year 2021-22, on-site and remote inspection reports concluded by Enforcement and Total 15 compliance department are 106. The details are as in the following table: 84 | Statutory and Developmental Functions of the Authority Annual Report 2021 - 22Inspection Reports of Motor Vehicles Act, 1988, the Motor Third Party Type of Entity Concluded premium rates has been earlier notified by IRDAI every year. Life Insurers 2 Non-life Insurers 6 Presently under the provisions of Motor Vehicles Web Aggregator 4 (Amendments) Act, 2019, the Central Government Brokers 45 III shall prescribe a Motor Vehicles (Third Party Corporate Agents 14 Insurance Base Premium and Liability) Rules under Surveyors 16 sub-section (1) of section 212 of MV Act 1988 in Foreign Reinsurance Branch 1 consultation with the Insurance Regulatory and Third Party Administrator (TPA) 8 Development Authority of India. Insurance Marketing Firm 9 Insurance Repository 1 Therefore, the Ministry of Road Transport and Total 106 Highways, vide Gazette notification number G.S.R. 394 (E), dated May 25, 2022 has published Motor The details of regulatory action taken on the Vehicles (Third Party Insurance Base Premium and observations of 106 closed reports are as under: Liability) Rules, 2022 and shall come into force on Advisory: 261 June 01, 2022. Direction: 100 Caution: 139 III.10 Specifying the Form and Manner in which Warning 6 Books of Accounts shall be Maintained and Penalty: `3.68 crore on 18 instances Statements of Accounts shall be Rendered by Insurers and Other Insurance Intermediaries III.8.7 Regulatory actions are also taken by III.10.1 The financial statements of insurers are departments other than Enforcement and prepared in the form and manner prescribed under Compliance department based on off-site the IRDA (Preparation of Financial Statements and inspection and focused inspections. Auditors' Report of Insurance Companies) The details of monetary penalties levied by the Regulations, 2002, amended from time to time and Authority during the year 2021-22 are given in also by various circulars and guidelines issued from Annexure 9. time to time. Books of accounts are maintained in order to present various line items as required III.9 Control and Regulation of Rates, under these Regulations. Advantages, Terms and Conditions that may be offered by Insurers in respect of General III.10.2 In case of intermediaries, books of Insurance Business not so Controlled and accounts and financial statements are required to Regulated by the Tariff Advisory Committee be maintained in the form and manner stipulated under Section 64U of the Insurance Act, 1938 (4 under the respective regulations/ circulars/ of 1938) guidelines. III.9.1 All classes of tariffed General insurance business were de-tariffed with effect from January III.10.3 Wherever the Authority has not stipulated 01, 2008 except Motor Third Party business in so far the form/and manner in which books of accounts as pricing is concerned. Since Motor Third Party are to be maintained, provisions of Companies cover is a statutory insurance under the provisions Act/Rules and other applicable Acts/Rules apply. Annual Report 2021 - 22 85 | Statutory and Developmental Functions of the AuthorityIII.11 Regulating Investment of Funds by form part of industry group “Real Estate Insurance Companies Activities” under NIC industry classification. i. Investment in debt securities of InvITs/REITs III.11.1 IRDAI (Investment) Regulations, 2016 read shall be valued either as per FIMMDA or at along with Master Circular and guidelines applicable market yield rates published by amended from time to time regulate Insurers' III any rating agency registered with SEBI. Investments. III.11.2 Investment in Debt Securities of Listed III.11.3 Investment in Fund of Funds (FoF) of Infrastructure Investment Trusts and Real Alternative Investment Fund (AIF) by Insurers Estate Investment Trusts by Insurer Insurers are permitted to Invest in Fund of Funds Insurers are permitted to invest in Units of listed (FoF) of Alternative Investment Fund (AIF) subject Infrastructure Investment Trusts (InvITs) and Real to the following conditions: Estate Investment Trusts (REITs). Consequent to Finance Act, 2021 permitting Trusts to issue Debt a. No investment is permitted into AIFs which Securities, the following conditions shall apply to undertake leverage or borrowing other insurers investing in “Debt Securities” issued by than to meet day-to-day operational InvITs / REITs: requirements and as permitted under SEBI (Alternative Investment Funds) a. Debt instruments of InvIT / REIT shall be Regulations, 2012. rated and not less than “AA” as a part of b. Insurer shall invest only into Fund of Funds Approved Investments. (FoF) which comply requirement of Section b. Debt instruments of InvITs / REITs rated and 27E of the Insurance Act, 1938. or downgraded below “AA” shall form part c. Insurer shall ensure compliance with of Other Investments. Section 27E by a clause in the fund offer c. No insurer shall invest more than 10% of documents executed by FoF to restrain the outstanding debt instruments such FoF investing into AIFs which invest in (including the current issue) in a single overseas companies/funds. InvIT/REITs issue. d. No insurer shall invest in an AIF, which in d. The cumulative investments in units and turn has exposure to a FoF, in which the debt instruments of InvITs and REITs shall insurer has taken an exposure. not exceed 3% of total fund size of the III.12 Regulating Maintenance of Margin of insurer at any point of time. Solvency e. No investment shall be made in debt III.12.1 Every insurer is required to maintain a instruments of an InvIT/REIT where the Required Solvency Margin as per Section 64VA of sponsor is under the promoter group of the the Insurance Act, 1938. Every insurer shall insurer. maintain an excess of the value of assets over the f. Group shall have the meaning as defined amount of liabilities of not less than amount under Regulation 2(g) of IRDAI prescribed by the IRDA, which is referred to as a (Investment) Regulations, 2016 Required Solvency Margin. The IRDAI (Assets, g. Investment in debt instruments of InvIT will Liabilities and Solvency Margin of Life Insurance form part of “Infrastructure Investments”. Business) Regulations, 2016, IRDAI (Assets, h. Investment in debt instruments of REIT will 86 | Statutory and Developmental Functions of the Authority Annual Report 2021 - 22Liabilities and Solvency Margin of General into account as maximum of 'Trailing 12 Insurance Business) Regulations, 2016 and the months Claims' and 'Trailing 36 months IRDAI (Actuarial Report and Abstract for Life Claims divided by 3'. Insurance Business) Regulations, 2016 describe in III.13 Adjudication of Disputes between detail the method of computation of the Required Insurers and Intermediaries or Insurance Solvency Margin. III Intermediaries III.12.2 In the case of insurers, the minimum Required Solvency Margin is rupees fifty crore III.13.1 As per Regulation 59(2) of IRDAI (Insurance (rupees one hundred crore in the case of reinsurer) Brokers) Regulations, 2018, any disputes arising and arrived at in the manner specified by the between an insurance broker and an insurer or any Authority. The Insurance Act, 1938 (as amended other person either in the course of his from time to time) specifies a level of solvency engagement as an insurance broker or otherwise margin known as control level of solvency, on the may be referred to the Authority by the person so breach of which, the Authority shall direct the affected; and on receipt of the complaint or insurer to submit a financial plan indicating a plan representation, the Authority may examine the of action to correct the deficiency within a specified complaint and if found necessary proceed to period not exceeding six months. conduct an enquiry or an inspection or an investigation in terms of these regulations. III.12.3 In the case of general insurers, Re-insurers and Branches of Foreign Re-insurers, the Required III.14 Specifying the Percentage of Life Solvency Margin shall be the maximum of the fifty Insurance Business and General Insurance per cent of minimum capital/Assigned Capital Business to be Undertaken by the Insurers in the requirement for the insurer or reinsurer or Rural and Social Sector. Branches of Foreign Re-insurers; or higher of RSM- 1 and RSM-2 computed as under for each Line of III.14.1 IRDAI (Obligations of Insurers to Rural and Business separately: Social Sectors) Regulations, 2015 is notified on August 24, 2015 superseding the IRDA (obligations • RSM-1 means the Required Solvency of Insurers to Rural and Social Sectors) Regulations, Margin based on net premiums, and shall 2002. The obligations stated in these regulations be determined as twenty percent of the are applicable since FY 2016-17. amount which is higher of the Gross Premiums multiplied by a Factor A and the As per the regulatory provisions, the insurers Net Premiums. For the purpose of should undertake the rural and social sector calculation of RSM1, 'Trailing 12 month's obligations as prescribed therein in every financial premium' will be taken into account. year. • RSM-2 means the Required Solvency III.14.2 With effect from financial year 2020-21, Margin based on net incurred claims, and Accredited Social Health Activist (ASHA) workers shall be determined as thirty percent of the and Mahatma Gandhi National Rural Employment amount which is the higher of the Gross Guarantee Act (MGNREGA) workers are treated as Incurred Claims multiplied by a factor B and pertaining to Rural and Social Sector category. the Net Incurred claims. For the purpose of calculation of RSM2, Claims will be taken Annual Report 2021 - 22 87 | Statutory and Developmental Functions of the AuthorityIV ORGANISATIONAL MATTERSPART IV: ORGANISATIONAL MATTERS IV.1 ORGANIZATION Ms. Sushama Nath, former Finance Secretary, continued as Part-time Members of the Authority IV.1.1 Shri. Debasish Panda IAS (UP:87) (Retd.), and held the office upto June 24, 2021 and August former Secretary, Department of Financial Services 23, 2021 respectively. was appointed as Chairperson of the Authority by IV the Government of India for a period of three years Shri Amit Agrawal, Additional Secretary, with effect from March 14, 2022. Department of Financial Services, Ministry of Finance, Government of India was appointed as Shri Parmod Kumar Arora, Whole-time Member Part-time Member of the Authority with effect from (Actuary) and Smt. S. N. Rajeswari, Whole-time June 25, 2021 and held the office upto July 03, Member (Distribution) continued in the Authority 2022. during the period. Shri Suchindra Misra, Additional Secretary, Smt. T.L. Alamelu, Whole-time Member (Non-Life) Department of Financial Services, Ministry of and Shri K. Ganesh, Whole-time Member (Life) Finance, Government of India was appointed as continued and held the office upto May 06, 2022 Part-time Member of the Authority with effect from and July 30, 2022 respectively. July 04, 2022. Shri Rakesh Joshi, appointed as Whole-time Shri Nihar N Jambusaria, President, the Institute of Member (Finance & Investments) with effect from Chartered Accountants of India, became Part-time March 22, 2022. Member of the Authority with effect from February Shri Thomas M. Devasia, appointed as Whole-time 12, 2021 and continued up to February 11, 2022. Member (Non-Life) with effect from September 19, Thereafter, CA (Dr.) Debashis Mitra, President, the 2022. Institute of Chartered Accountants of India, became Part-time Member of the Authority with IV.1.2 Shri Debasish Panda, Secretary, Department effect from February 12, 2022. of Financial Services, Ministry of Finance and Table IV.1: Composition of the Authority as on March 31, 2022 Name Position Provision Shri Debasish Panda Chairperson Appointed under Section 4(a) of the IRDA Act, 1999 Smt. T L Alamelu Whole-time Member Appointed under Section 4(b) of the IRDA Act, 1999 (Non-Life) Shri K Ganesh Whole-time Member Appointed under Section 4(b) of the IRDA Act, 1999 (Life) Shri Parmod Kumar Arora Whole-time Member Appointed under Section 4(b) of the IRDA Act, 1999 (Actuary) Smt. S. N. Rajeswari Whole-time Member Appointed under Section 4(b) of the IRDA Act, 1999 (Distribution) Shri Rakesh Joshi Whole-time Member Appointed under Section 4(b) of the IRDA Act, 1999 (Finance & Investment) Shri Amit Agrawal Part-time Member Appointed under Section 4(c) of the IRDA Act, 1999 CA(Dr.) Debashis Mitra Part-time Member Appointed under Section 4(c) of the IRDA Act, 1999 Annual Report 2021 - 22 91 | Organisational MattersMeetings of the Authority IV.2 HUMAN RESOURCES IV.2.1 The role of Human Resource Department is IV.1.3 During the year 2021-22, the Authority to meet the requirement of human resources and met on six occasions. plan, develop, process and administer policies and Authority Meeting Date programs designed to create an environment that IV 113th Meeting of the Authority June 28, 2021 develops, encourage and sustains the well-being of 114th Meeting of the Authority September 02, 2021 employees. The main aim is to strengthen the 115th Meeting of the Authority October 01, 2021 employer-employee relationship through 116th Meeting of the Authority December 22, 2021 measuring job satisfaction, employee engagement 117th Meeting of the Authority February 09, 2022 and resolving workplace conflict. 118th Meeting of the Authority March 28, 2022 The vision of the department is to develop, implement and support programs and processes The details of the meetings attended by each that add value to the Authority and its employees, member are given below: leading to improved employee welfare, Table IV.2: Details of Meetings of the empowerment, growth and retention. Authority held during 2021-22 Staff Strength Name Number Number IV.2.2 The staff strength and the need for of Meetings of Meetings additional manpower are reviewed from time to Held Attended time. The position of sanctioned and actual staff Shri Debasish Panda 1* 1 strength as on March 31, 2022 is given below: Smt. T L Alamelu 6 6 Table IV.3: Sanctioned and Actual Staff Shri K Ganesh 6 6 Strength in IRDAI Shri Parmod Kumar Arora 6 6 Smt. S. N. Rajeswari 6 6 Class As on March 31, 2021 As on March 31, 2022 Shri Rakesh Joshi 1* 1 Sanctioned Actual Sanctioned Actual Smt. Sushama Nath 1** 1 I 258 198 319 193 Shri Amit Agrawal 6 6 III & IV 22 15 17 15 Shri Nihar N Jambusaria 5** 2 Total 280 213 336 208 CA(Dr.) Debasish Mitra 1* 1 Category-wise Staff Strength * Number of meetings held after assuming charge. ** Number of meetings held during the year before demitting the office. IV.2.3 The category-wise distribution of the staff members is provided below: Table IV.4: Category-wise Staff Strength in IRDAI Category As on March 31, 2021 As on March 31, 2022 Class SC ST Others Total SC ST Others Total I 21 7 170 198 21 7 165 193 (10.61) (3.54) (85.86) (100.00) (10.88) (3.63) (85.49) (100.00) II & IV 1 1 13 15 1 1 13 15 (6.67) (6.67) (86.67) (100.00) (6.67) (6.67) (86.67) (100.00) Total 22 8 183 213 22 8 178 208 (10.33) (3.76) (85.92) (100.00) (10.58) (3.85) (85.58) (100.00) 92 | Organisational Matters Annual Report 2021 - 22Gender and Age Profile of Employees Region-wise Staff strength IV.2.4 Out of 208 employees, 50 are female IV.2.5 The region-wise distribution of the staff constituting 24 per cent. IRDAI is a young and members is provided below: dynamic organization with average age of Table IV.6: Region-wise Staff Strength in IRDAI employees about 42 years. The age-wise distribution of the staff members in 2021-22 is Region No. of Percentage IV Officers of Total given below: Head Office 186 89.43 Table IV.5: Age-wise Distribution of New Delhi Regional Office(NDRO) 16 7.69 Staff in IRDAI Mumbai Regional Office (MRO) 6 2.88 Total 208 100.00 Age (Years) Staff Strength Percentage to Total < 30 38 18.27 Grade-wise Staff Strength 31 - 40 54 25.96 IV.2.6 The grade-wise distribution of staff members 41 - 50 85 40.87 is provided below: 51 - 60 31 14.90 Total 208 100.00 Table IV.7: Grade-wise Staff Strength in IRDAI Grades 2020-21 2021-22 Executive Director (ED) 1 1 Chief General Manager (CGM) 7 6 General Manager (GM) 19 19 Deputy General Manager (DGM) 24 23 Assistant General Manager (AGM) 47 45 Manager (MGR) 27 27 Assistant Manager (AM) 73 72 Assistant (ASST) 14 14 Senior Assistant (SA) 1 1 Total 213 208 Chart IV.1: Grade-wise Distribution of Staff in IRDAI (2021-22) ASST/SA ED CGM 7% 0.48% 3% GM 9% AM DGM 35% 11% AGM 22% MGR 13% Annual Report 2021 - 22 93 | Organisational MattersTraining and Development Other Activities IV.2.7 Training and Development is critical for Azadi Ka Amrit Mahotsav helping employees to develop their personal and professional skills, knowledge, and abilities. In IV.2.11 As per the intiatives of the Government of order to enhance and widen the knowledge base, India, 75th Independence Day was celebrated as IV employees have been nominated for various "Azadi Ka Amrit Mahotsav". The aim was not only training programs. Several training initiatives were to acknowledge the struggles, which our undertaken during the year to enhance the forefathers had to endure, but also to appreciate knowledge, skills and efficiencies of staff members. the journey so far and celebrate the same. All staff and their family members were encouraged to In-house Training participate in this Mahotsav in remembering IV.2.8 To create a talent pool, the Capacity Building India's achievements in insurance sector since Programme was continued in IRDAI that involves independence and the achievements of IRDAI. imparting training to the staff members weekly on the Core Curriculum modules developed by In this regard, a week long activities such as singing International Association of Insurance Supervisors of patriotic songs and poem recitation by (IAIS). The aim of the program was to develop employees, discussion on history of insurance, sufficient well-qualified staff, including Malhotra Committee report and achievements of experienced actuaries, auditors, insurance/re- IRDAI, small plays/self shot films on the themes of insurance experts, economists, lawyers, and IT 'journey of independence’ and ‘Story of inclusion in specialists. The staff must have appropriate levels Insurance and/or on different products and of skills and experience to meet the demands of services and exhibition showcasing the story of supervision. In addition, Supervisors must keep up innovation and transformation in the Organization with insurance industry practices and levels of and insurance sector from independence to sophistication so as to supervise the regulated present day including global outreach and vision entities effectively. up to 2047 were conducted. Domestic Training Covid-19 Vaccination IV.2.9 Twenty-eight (28) officers dealing with RTI related matters have attended two days webinar on IV.2.12 Vaccination drive has been carried out for “Transparency Audit with respect of compliance IRDAI staff members and their families including under Section 4 of RTI Act, 2005” between August outsource staff and their family members. 26 and 27, 2021. Four officers have attended two days online training on “Advance course on Observance of International Women's Day disciplinary proceedings” between July 22 and 23, IV.2.13 The International Women's Day (IWD) 2022 2021 conducted by the National Productivity was celebrated on March 08, 2022 by all the staff Council, New Delhi. with lot of enthusiasm praising women officers for their achievements in professional and other fields. Foreign Training Constitution Day IV.2.10 Four officers have attended five days National Association of Insurance Commissioners IV.2.14 As part of Government's initiative of Azadi (NAIC) International Fellows Virtual Programme. ka Amrit Mahotsav, the Constitution Day was organized with “Jan Bhagidari” on a mega scale. When the Hon'ble President of India lead the 94 | Organisational Matters Annual Report 2021 - 22celebration of the Constitution Day-live from Grievance redressal and welfare of employees. The Central Hall of Parliament on November 26, 2021 Committee was last reconstituted on January 21, IRDAI staff read out the Preamble of the 2020. During the year 2021-22, one complaint was Constitution along-with the Hon'ble President of received and dealt with. India. In pursuance of recommendation of National IV On the occasion, an “Online Quiz on Constitutional Commission for Schedule Caste (NCSC), an Internal Democracy” was also organized and large number Grievance Redressal Committee (IGC) for of staff participated enthusiastically. employees belonging to Schedule Castes community has been constituted on November 05, National Girl Child Day 2021. IV.2.15 IRDAI had celebrated the “National Girl IV.3 PROMOTION OF OFFICIAL LANGUAGE Child Day” on January 24, 2022, as part of the initiatives under 'Azadi Ka Amrit Mahotsav'. IV.3.1 IRDAI continues to make its concerted Employees took photographs with their efforts to promote the use of Hindi in office work. A daughter/s and recorded short video messages separate Official Language Implementation (OLI) with their own caption and the pictures were department is functioning to ensure effective displayed on the virtual notice board of IRDAI. compliance with various provisions relating to the implementation of official language. During the Internal Committee for Women Employees year, special efforts were made to ensure IV.2.16 In terms of provisions of the Sexual compliance the Official Language Policy of the Harassment of Women at Workplace (Prevention, Union enshrined in the Constitution of India Prohibition and Redressal) Act, 2013, the Internal including the Official Language Act, 1963, the Complaints Committee has been reconstituted Official Language Rules, 1976, and the annual vide office order ref: IRDAI/HR/ORD/PER/ programme given by the Government of India for 222/08/2020 dated August 27, 2020 with a view to the use of Hindi and the orders issued by the redressing the complaints in this regard as also to Department of Official Language from time to time. ensure compliance of various provisions laid down The annual programme for use of Hindi for the year in the Act. There are no complaints received in the 2021-22 was published through an office order for year 2021-22. its compliance. The Authority has conducted a program viz., IV.3.2 All the documents to be laid down before the Behavioral training / Management Development Parliament were prepared in bilingual. The Program, that included a session on 'Prevention of letters/representations/appeals/RTI applications Sexual Harassment of women at work place' for all received in Hindi were replied in Hindi ensuring the staff members. compliance with Rule 5 of the Official Language Rules, 1976. Implementation of Rule 11 of the Grievance Redressal Committee above Rules was also ensured. IV.2.17 The Grievance Redressal Committee (GRC) was constituted in accordance with Regulation 72 Progress Report of IRDA (Condition of Service of Officers & Other IV.3.3 The data relating to the quarterly progress Employees) Regulations, 2000, on February 04, report was collected from all the departments in 2011, to look into grievances, if any, of its officers the format prescribed by the Department of and employees. Regulation 78 of IRDAI Staff Official Language, Government of India. The report (Officers and Other Employees) Regulations, 2016 was submitted to the Department of Official prescribes the provisions and process for Language, Ministry of Home Affairs and Annual Report 2021 - 22 95 | Organisational MattersDepartment of Financial Services, Ministry of IV.3.7 IRDAI organized two official language Finance within the stipulated time period. Besides technical seminars and a Hindi quiz competition the quarterly progress report, half yearly progress for the member offices of TOLIC. The top level report, annual progress report and the evaluation executives of the IRDAI participated in the 72nd and report were also prepared and submitted to the 73rd meetings of Town Official Language aforesaid departments as well as to the Town Implementation Committee (Banks), Hyderabad. In IV Official Language Implementation Committee addition to this, IRDAI actively participated in all (TOLIC). the seminars, workshops / competition organized by TOLIC. On October 30, 2021 OLI department of Achievements and Awards IRDAI delivered a guest lecture at Army Public School, Golkonda, Hyderabad on the subject IV.3.4 IRDAI successfully organized an online Hindi “Hindi is the language of employment” and on typing competition for Town Official Language February 17, 2022 at Regional office of New India Implementation Committee through the online Assurance Ltd., Hyderabad on the subject typing application created by IRDAI with the “Introduction to Official Language Rules”. special purpose of promoting Hindi typing. All employees were encouraged to use Hindi in their IV.3.8 Eight officers of IRDAI participated in the day-to-day correspondence. Assistance was one-day workshop organized by the Department provided in preparing the agenda and minutes in of Financial Services on October 21, 2021 and Hindi for meetings of Authority. Maintaining February 04, 2022. In addition to this, IRDAI registers in bilingual form as well as use of Hindi in participated in the one-day Regional Official the official notings and documents was Language conference and prize distribution encouraged. ceremony of the South and South West Region organized by the Department of Official Language, IV.3.5 Hindi correspondence and Hindi noting Ministry of Home Affairs, Government of India on stood at 73.05 per cent and 86.34 per cent December 04, 2021 at Hyderabad. respectively against the target of 55 per cent and 30 per cent for the period ended March 31, 2022. In Hindi Training comparison to the last year, average Hindi correspondence has registered an increase of 0.52 IV.3.9 The roster of employees was updated per cent, Hindi noting has registered a growth of according to the Hindi language knowledge and 2.59 per cent. The original correspondence was 100 training of the employees. This is particularly per cent bilingual by the Mumbai Regional Office. utilized for nominating employees for the training In order to increase Hindi correspondence, 24 programms of Pragya and Parangat conducted by standard formats were developed in the year 2021- the Hindi Training Institute, Department of Official 22. Language, Ministry of Home Affairs, Government of India. During 2021-22, 35 employees were given IV.3.6 On September 14, 2021 IRDAI has won Pragya and Parangat Hindi knowledge training. As second prize in Region 'C' for the year 2020-21 for per provision for Hindi training in the office, all the doing excellent performance in official language officials who have undergone training were given for the awarding of Rajbhasha Kirti Puruskar in the honorarium. Provision has been made to pay category of board / autonomous body / trust/ honorarium for Parangat training in IRDAI. For the society. The IRDAI has been awarded the first prize promotion of the use of Hindi, 10 employees have by Town Official Language Implementation been trained through ongoing desk training. Committee (Banks) for implementation of official language. Twenty-six Employees have won the prize under the aegis of TOLIC. 96 | Organisational Matters Annual Report 2021 - 22Hindi Workshops and Meetings books is being increased every year continuously. The OLI Department interacted regularly with IV.3.10 Official Language Implementation communication department of IRDAI for Committee has been constituted under the publishing consumer awareness material in Hindi chairmanship of the Chairman with all the heads of and other regional languages. More than 50 per departments as members, and review meetings cent of the total expenditure for advertisements in IV have been organized every quarter. Official IRDAI was incurred on the advertisements in Hindi Language Implementation Committees have also and the regional languages. been constituted at New Delhi and Mumbai IV.4 INFORMATION TECHNOLOGY Regional Offices. Hindi workshops were conducted regularly to make the employees familiar with the IV.4.1 As a part of constant endeavor to improve rules related to Hindi and Hindi typing with the the efficiency and effectiveness of IT systems, IRDAI help of Unicode and other easy to use methods in has taken several steps during the current financial order to make more extensive use of Hindi in their year. day-to-day work. During 2021-22, 102 employees of Head Office at Hyderabad were trained through Business Analytics Project (BAP) these workshops. Hindi workshops were also organized at New Delhi Regional Office and IV.4.2 Business Analytics Project is the application Mumbai Regional Office and training was imparted for offsite regulatory monitoring developed by to 14 and seven employees respectively. IRDAI. The new service provider – Wipro Ltd. has been selected through open Expression of Interest Monitoring of Official Language Imple- (EOI) followed by Limited Tender – Request for mentation Proposal (RFP), published on Central Public Procurement Portal (CPPP) for a total period of IV.3.11 OLI department at Head Office conducted seven years for BAP 2.0. OLI inspection of all the departments of Head Office including Mumbai and New Delhi Regional Surveyor module in BAP has undergone major Office in February-March 2022. modifications during the year, in order to ensure that the regulatory applications are aligned to the Hindi Pakhwada regulatory requirements. IV.3.12 Hindi Pakhwada was celebrated during BAP Module Changes implemented September 14 – 29, 2021 in the Head Office and Surveyor Implementation of Regional Offices of IRDAI. During this Pakhwada, a Amendment of Surveyor total of nine competitions were held and 43 officers 2015 regulations in BAP. were participated. The department, winning the most prizes and the department that participated Other major activities in BAP are: the most in the Pakhwada were also rewarded. In  Streamlining of Surveyor refunds post total, 116 officers and employees and two integration of Paygov Multiple payment departments were awarded. interface. Other Information  Completion of tendering activities for BAP 2.0.  Signing of separate agreement with SAP IV.3.13 To promote Hindi, 116 Hindi books written India Pvt. Ltd. for BAP 2.0 by prominent authors were included in the library during the current year and the budget for Hindi Annual Report 2021 - 22 97 | Organisational MattersInternal Applications Strengthening of Internal Information and Cyber Security IV.4.3 During the year, the following activities were carried out: IV.4.5 VAPT (Vulnerability Assessment and  Development of IRDAI's intranet and Penetration Testing) for entire ICT infrastructure of revamped website successfully IRDAI for public facing and internal applications IV completed. IRDAI’s revamped website is was conducted to identify and close gaps for live in parallel. strengthening IRDAI cyber security.  Maintenance and support for Cross Border Reinsurers, IMF and ISNP IV.4.6 IRDAI Information Security policies and applications. procedures and Cyber Crisis Management Plan are  Migration of internal applications. prepared to strengthen IRDAI IT security and procedures. Information and Cyber Security for Insurers IV.5 ACCOUNTS IV.4.4 IRDAI has taken up following initiatives / steps for information and cyber security for IV.5.1 The accounts of the Authority for the insurers: Financial Year 2021-22 have been submitted to the Comptroller and Auditor General of India (C&AG) for audit and certification.  A committee was constituted to review IRDAI's Information and Security guidelines dated April 07, 2017 and The audited accounts for the Financial Year 2020- whether to extend the applicability of 21 were laid before the Lok Sabha on December 20, Guidelines for insurers to other entities, 2021 and before the Rajya Sabha on December 14, which are regulated by IRDAI, with or 2021, in terms of Section 17 of The IRDA Act, 1999. without modification.  Strengthening of IT security of insurers IV.6 ACKNOWLEDGEMENTS due to close follow-ups with insurers for timely submission of Annual Assurance IV.6.1 IRDAI would like to place on record its Audit. appreciation and sincere thanks to the Members of  Advisories issued to insurers from time- the Authority, Members of the Insurance Advisory to-time to keep up with the evolving Committee, the Reinsurance Advisory Committee, challenges and better management of Department of Financial Services (Ministry of cyber security threats. Finance), Members of the Consultative Committee,  IRDAI in co-ordination with NCIIPC all insurers and intermediaries for their invaluable (National Critical Information guidance and co-operation in its proper Infrastructure Protection Centre) has functioning; and to the compact team of officers identified systems of LIC (Life Insurance and employees of IRDAI for efficient discharge of Corporation) as Critical Information their duties. The Authority also records its special Infrastructure (CII). thanks to the members of the public, the press, all the professional bodies and international agencies connected with the insurance profession through their councils including the International Association of Insurance Supervisors (IAIS) for their valuable contribution from time to time. 98 | Organisational Matters Annual Report 2021 - 22STATEMENTSSTATEMENT 1 INTERNATIONAL COMPARISON OF INSURANCE PENETRATION (In per cent) S.No. Country* 2020 2021 Life Non-Life Total Life Non-Life Total America 1 USA 3.0 9.0 12.0 2.6 9.1 11.7 2 Canada 3.5 5.2 8.7 3.3 4.8 8.1 3 Brazil 2.3 1.8 4.1 2.1 1.7 3.9 4 Mexico 1.2 1.4 2.6 1.2 1.3 2.5 5 Argentina 0.3 1.9 2.2 0.3 1.9 2.2 Europe-Middle East-Africa 6 South Africa 11.2 2.5 13.7 10.0 2.2 12.2 7 UK 8.8 2.3 11.1 8.9 2.2 11.1 8 France 5.1 3.5 8.6 6.1 3.4 9.5 9 Italy 6.3 2.3 8.6 6.9 2.2 9.1 10 Netherlands 1.5 8.1 9.6 1.4 7.7 9.1 11 Sweden 5.8 1.8 7.6 5.8 1.9 7.6 12 Switzerland 4.3 4.1 8.4 3.1 4.0 7.1 13 Germany 2.8 4.0 6.8 2.6 3.9 6.5 14 Spain 1.9 3.2 5.2 2.0 3.2 5.1 15 Russia 0.4 1.0 1.4 0.4 0.9 1.3 16 Saudi Arabia 0.0 1.5 1.5 0.1 1.3 1.3 17 Turkey 0.3 1.2 1.5 0.2 1.1 1.3 18 Pakistan 0.5 0.3 0.8 0.5 0.2 0.7 Asia Pacific 19 Taiwan 14.0 3.4 17.4 11.6 3.2 14.8 20 South Korea# 6.4 5.2 11.6 5.8 5.2 10.9 21 Singapore 7.6 1.9 9.5 7.5 1.8 9.3 22 Japan# 5.8 2.4 8.1 6.1 2.2 8.4 23 Thailand 3.4 1.9 5.3 3.4 1.9 5.4 24 Malaysia# 4.0 1.5 5.4 3.9 1.4 5.3 25 New Zealand 0.8 4.1 4.9 0.8 4.0 4.8 26 Australia 1.1 3.6 4.7 1.0 3.5 4.4 27 India# 3.2 1.0 4.2 3.2 1.0 4.2 28 China 2.4 2.1 4.5 2.1 1.9 3.9 29 Indonesia 1.4 0.5 1.9 1.1 0.5 1.6 30 Sri Lanka 0.5 0.6 1.2 0.6 0.6 1.3 World 3.3 4.1 7.4 3.0 3.9 7.0 * Data pertains to the calendar year 2020 & 2021 # Data pertains to financial year 2020-21 & 2021-22 Note: Insurance penetration is measured as ratio of premium (in US Dollars) to GDP (in US Dollars) Source: Swiss Re, Sigma Volumes 3/2021 and 4/2022 Annual Report 2021 - 22 101 | StatementsSTATEMENT 2 INTERNATIONAL COMPARISON OF INSURANCE DENSITY (In USD) S.No. Country* 2020 2021 Life Non-Life Total Life Non-Life Total America 1 USA 1,918 5,754 7,673 1,837 6,356 8,193 2 Canada 1,532 2,243 3,775 1,697 2,520 4,217 3 Brazil 151 120 271 160 130 290 4 Mexico 99 116 214 115 131 247 5 Argentina 24 156 180 31 207 238 Europe-Middle East-Africa 6 Switzerland 3,667 3,557 7,224 2,866 3,744 6,610 7 Netherlands 799 4,223 5,022 805 4,497 5,301 8 UK 3,574 949 4,523 4,234 1,039 5,273 9 Sweden 2,993 945 3,938 3,478 1,119 4,597 10 France 1,959 1,359 3,317 2,654 1,486 4,140 11 Germany 1,281 1,827 3,108 1,321 1,992 3,313 12 Italy 1,972 721 2,692 2,467 785 3,253 13 Spain 525 871 1,396 591 960 1,551 14 South Africa 560 124 684 698 154 852 15 Saudi Arabia 8 273 281 13 299 312 16 Russia 41 105 146 49 111 160 17 Turkey 24 104 128 22 102 124 18 Pakistan 6 3 10 7 4 11 Asia Pacific 19 Singapore 4,528 1,110 5,638 5,414 1,327 6,742 20 Taiwan 3,861 938 4,800 3,772 1,032 4,804 21 South Korea# 2,050 1,691 3,741 1,971 1,764 3,735 22 Japan# 2,329 951 3,280 2,347 855 3,202 23 Australia 568 1,880 2,448 623 2,195 2,817 24 New Zealand 349 1,678 2,027 403 1,936 2,339 25 Malaysia# 415 153 568 444 157 600 26 China 241 214 455 253 229 482 27 Thailand 244 139 383 246 141 387 28 India# 59 19 78 69 22 91 29 Indonesia 54 21 75 48 22 70 30 Sri Lanka 21 24 45 24 25 49 World 360 449 809 382 492 874 * Data pertains to the calendar year 2020 & 2021 # Data pertains to financial year 2020-21 & 2021-22 Note: Insurance density is measured as ratio of premium (in US Dollar) to total population. Source: Swiss Re, Sigma Volumes 3/2021 and 4/2022 102 | Statements Annual Report 2021 - 22STATEMENT 3 PREMIUM UNDERWRITTEN BY LIFE INSURERS (₹crore) S.No. Insurer 2020-21 2021-22 Private Sector Insurers 1 Aditya Birla Sun Life Insurance Co. Ltd. 9,775.22 12,140.23 2 Aegon Life Insurance Co. Ltd. 526.07 416.46 3 Ageas Federal Life Insurance Co. Ltd. 1,958.64 2,207.30 4 Aviva Life Insurance Co. Ltd. 1,165.25 1,268.15 5 Bajaj Allianz Life Insurance Co. Ltd. 12,024.84 16,127.05 6 Bharti AXA Life Insurance Co. Ltd. 2,280.82 2,601.56 7 Canara HSBC Life Insurance Co. Ltd. 5,116.03 5,889.92 8 Edelweiss Tokio Life Insurance Co. Ltd. 1,248.24 1,464.20 9 Exide Life Insurance Co. Ltd. 3,324.75 3,767.96 10 Future Generali India Life Insurance Co. Ltd. 1,322.19 1,433.54 11 HDFC Life Insurance Co. Ltd. 38,583.49 45,962.83 12 ICICI Prudential Life Insurance Co. Ltd. 35,732.82 37,457.99 13 IndiaFirst Life Insurance Co. Ltd. 4,055.50 5,186.56 14 Kotak Mahindra Life Insurance Co. Ltd. 11,100.22 13,015.11 15 Max Life Insurance Co. Ltd. 19,017.90 22,414.17 16 PNB MetLife India Insurance Co. Ltd. 6,032.82 7,348.26 17 Pramerica Life Insurance Co. Ltd. 993.60 1,098.78 18 Reliance Nippon Life Insurance Co. Ltd. 4,736.45 5,036.57 19 Sahara India Life Insurance Co. Ltd. 73.20 61.44 20 SBI Life Insurance Co. Ltd. 50,254.17 58,759.64 21 Shriram Life Insurance Co. Ltd. 2,018.53 2,349.60 22 Star Union Dai-ichi Life Insurance Co. Ltd. 2,998.62 4,136.80 23 TATA AIA Life Insurance Co. Ltd. 11,105.09 14,445.03 Private Total 225,444.48 264,589.17 (16.50) (17.36) 24 Life Insurance Corporation of India 403,286.55 428,024.97 (6.30) (6.13) Grand Total 628,731.04 692,614.14 (9.74) (10.16) Note: Figures in the brackets represent the growth (in per cent) over the previous year. Annual Report 2021 - 22 103 | Statements104 | Statements Annual Report 2021 - 22 4 TNEMETATS SRERUSNI EFIL FO MUIMERP DEKNIL-NON DNA DEKNIL )22 - 1202( )erorc₹( muimerP latoT muimerP dekniL-noN muimerP dekniL latoT weN latoT weN latoT weN weN( ssenisuB weN( ssenisuB weN( ssenisuB .S laweneR elgniS raeY tsriF laweneR elgniS raeY tsriF laweneR elgniS raeY tsriF rerusnI + ssenisuB raeY tsriF( + ssenisuB raeY tsriF( + ssenisuB raeY tsriF( .oN )laweneR )elgniS + )laweneR )elgniS + )laweneR )elgniS + 32.041,21 82.574,6 59.466,5 99.172,3 69.293,2 94.972,8 43.786,4 51.295,3 92.169,1 68.036,1 47.068,3 49.787,1 08.270,2 07.013,1 01.267 .dtL .oC ecnarusnI efiL nuS alriB aytidA 1 64.614 97.993 76.61 24.0 52.61 97.223 04.603 93.61 23.0 70.61 76.39 04.39 82.0 90.0 91.0 .dtL .oC ecnarusnI efiL nogeA 2 03.702,2 78.093,1 34.618 69.844 74.763 12.574,1 46.740,1 75.724 31.902 44.812 90.237 32.343 68.883 38.932 40.941 .dtL .oC ecnarusnI efiL laredeF saegA 3 51.862,1 74.579 76.292 85.561 90.721 44.149 83.167 60.081 69.261 01.71 07.623 90.412 16.211 26.2 00.011 .dtL .oC ecnarusnI efiL avivA 4 50.721,61 16.099,6 44.631,9 06.396,2 58.244,6 50.140,11 16.597,3 44.542,7 70.922,2 73.610,5 00.680,5 00.591,3 00.198,1 35.464 84.624,1 .dtL .oC ecnarusnI efiL znaillA jajaB 5 65.106,2 23.666,1 32.539 17.886 25.642 67.823,2 44.225,1 23.608 13.336 10.371 08.272 88.341 19.821 04.55 15.37 .dtL .oC ecnarusnI efiL AXA itrahB 6 29.988,5 91.490,3 37.597,2 56.878 90.719,1 59.110,4 56.687,1 92.522,2 61.228 31.304,1 89.778,1 35.703,1 44.075 84.65 69.315 .dtL .oC ecnarusnI efiL CBSH aranaC 7 02.464,1 57.389 54.084 62.263 91.811 75.821,1 73.427 91.404 39.453 72.94 46.533 83.952 62.67 33.7 39.86 .dtL .oC ecnarusnI efiL oikoT ssiewledE 8 69.767,3 78.567,2 90.200,1 80.948 10.351 34.474,3 16.736,2 38.638 73.177 64.56 35.392 72.821 62.561 27.77 55.78 .dtL .oC ecnarusnI efiL edixE 9 45.334,1 75.679 79.654 19.104 60.55 75.023,1 07.598 78.424 78.993 99.42 79.211 78.08 01.23 40.2 60.03 .dtL .oC ecnarusnI efiL aidnI ilareneG erutuF 01 38.269,54 10.808,12 28.451,42 73.433,7 54.028,61 27.439,33 66.752,31 50.776,02 94.559,5 75.127,41 11.820,21 53.055,8 67.774,3 88.873,1 88.890,2 .dtL .oC ecnarusnI efiL CFDH 11 99.754,73 57.559,12 42.205,51 11.152,4 41.152,11 81.622,71 06.850,7 95.761,01 89.044,2 16.627,7 18.132,02 51.798,41 66.433,5 31.018,1 35.425,3 .dtL .oC ecnarusnI efiL laitnedurP ICICI 21 65.681,5 53.024,2 12.667,2 49.430,1 72.137,1 78.438,3 64.915,1 14.513,2 02.069 12.553,1 96.153,1 98.009 08.054 47.47 60.673 .dtL .oC ecnarusnI efiL tsriFaidnI 31 11.510,31 53.278,6 77.241,6 69.446,2 18.794,3 32.152,9 92.315,5 49.737,3 85.417,1 63.320,2 88.367,3 60.953,1 38.404,2 83.039 54.474,1 .dtL .oC ecnarusnI efiL ardnihaM katoK 41 71.414,22 52.905,41 29.409,7 21.981,3 08.517,4 15.028,51 93.521,01 21.596,5 14.841,3 17.645,2 66.395,6 68.383,4 08.902,2 17.04 90.961,2 .dtL .oC ecnarusnI efiL xaM 51 62.843,7 71.088,4 01.864,2 98.005,1 02.769 98.769,5 92.389,3 95.489,1 21.744,1 74.735 83.083,1 78.698 05.384 87.35 37.924 .dtL .oC ecnarusnI aidnI efiLteM BNP 61 87.890,1 19.397 78.403 05.211 73.291 03.950,1 47.867 65.092 53.601 12.481 74.93 71.52 13.41 51.6 61.8 .dtL .oC ecnarusnI efiL aciremarP 71 75.630,5 62.457,3 23.282,1 87.117 45.075 05.647,3 26.299,2 88.357 20.896 68.55 70.092,1 36.167 44.825 67.31 86.415 .dtL .oC ecnarusnI efiL noppiN ecnaileR 81 44.16 44.16 00.0 00.0 - 29.95 29.95 00.0 00.0 - 25.1 25.1 - - - .dtL .oC ecnarusnI efiL aidnI arahaS 91 46.957,85 92.203,33 53.754,52 70.770,6 82.083,91 15.963,52 64.762,11 50.201,41 66.138,3 04.072,01 31.093,33 38.430,22 03.553,11 14.542,2 98.901,9 .dtL .oC ecnarusnI efiL IBS 02 06.943,2 10.082,1 95.960,1 25.327 70.643 59.603,2 34.852,1 25.840,1 49.117 95.633 56.24 85.12 70.12 95.11 84.9 .dtL .oC ecnarusnI efiL marirhS 12 08.631,4 94.012,2 13.629,1 87.743,1 35.875 52.585,3 06.059,1 46.436,1 36.892,1 10.633 65.155 98.952 76.192 51.94 25.242 .dtL .oC ecnarusnI efiL ihci-iaD noinU ratS 22 30.544,41 25.680,9 05.853,5 70.303,3 44.550,2 48.410,11 01.790,7 47.719,3 88.842,3 68.866 81.034,3 24.989,1 67.044,1 81.45 85.683,1 .dtL .oC ecnarusnI efiL AIA ataT 32 71.985,462 35.356,841 46.539,511 52.299,14 93.349,37 49.105,761 27.710,58 22.484,28 66.601,33 65.773,94 32.780,79 18.536,36 34.154,33 06.588,8 38.565,42 latoT etavirP 79.420,824 08.290,922 81.239,891 38.282,261 53.946,63 15.587,424 15.333,822 00.254,691 94.801,061 15.343,63 64.932,3 82.957 81.084,2 43.471,2 48.503 aidnI fo noitaroproC ecnarusnI efiL 42 41.416,296 23.647,773 28.768,413 80.572,402 47.295,011 54.782,295 32.153,313 22.639,872 41.512,391 70.127,58 96.623,001 90.593,46 06.139,53 49.950,11 76.178,42 latoT dnarGSTATEMENT 5 SEGMENT-WISE TOTAL PREMIUM OF LIFE INSURERS (2021 - 22) (₹crore) LINKED (INDIVIDUAL AND GROUP) Type Non-Participating Participating Both First Year Renewal Single Total First Year Renewal Single Total Grand Total Percentage Annuity - - - - - - - - - - Health -0.01 163.65 - 163.64 - - - - 163.64 0.16 Life 20,840.95 57,868.06 9,915.41 88,624.42 - 1.03 - 1.03 88,625.45 88.34 Pension 4,030.73 6,362.30 1,144.52 11,537.55 - 0.06 - 0.06 11,537.61 11.50 Variable - - - - - - - - - - Total 24,871.67 64,394.00 11,059.94 100,325.61 - 1.09 - 1.09 100,326.69 100.00 NON-LINKED (INDIVIDUAL AND GROUP) Type Non-Participating Participating Both First Year Renewal Single Total First Year Renewal Single Total Grand Total Percentage Annuity 573.50 33.60 27,245.71 27,852.81 - 2.91 - 2.91 27,855.71 4.70 Health 120.24 504.07 9.74 634.04 - - - - 634.04 0.11 Life 24,700.31 49,842.53 63,894.61 138,437.45 38,619.80 258,102.19 10,518.83 307,240.81 445,678.26 75.25 Pension 5,018.26 2,558.22 103,595.41 111,171.89 35.81 1,680.16 100.06 1,816.03 112,987.92 19.08 Variable 32.22 91.43 4,112.36 4,236.01 44.64 536.14 314.72 895.50 5,131.51 0.87 Total 30,444.54 53,029.84 198,857.83 282,332.21 38,700.24 260,321.39 10,933.61 309,955.24 592,287.45 100.00 LINKED AND NON-LINKED (INDIVIDUAL AND GROUP) Type Non-Participating Participating Both First Year Renewal Single Total First Year Renewal Single Total Grand Total Percentage Annuity 573.50 33.60 27,245.71 27,852.81 - 2.91 - 2.91 27,855.71 4.02 Health 120.23 667.71 9.74 797.68 - - - - 797.68 0.12 Life 45,541.26 107,710.59 73,810.03 227,061.87 38,619.80 258,103.22 10,518.83 307,241.84 534,303.71 77.14 Pension 9,048.99 8,920.52 104,739.93 122,709.44 35.81 1,680.22 100.06 1,816.08 124,525.52 17.98 Variable 32.22 91.43 4,112.36 4,236.01 44.64 536.14 314.72 895.50 5,131.51 0.74 Total 55,316.21 117,423.85 209,917.76 382,657.82 38,700.24 260,322.48 10,933.61 309,956.33 692,614.14 100.00 Annual Report 2021 - 22 105 | StatementsSTATEMENT 6 EQUITY SHARE CAPITAL OF LIFE INSURERS (₹crore) Infusion Foreign As on March As on March Indian Foreign S.No. Insurer during Investment 31, 2021 31, 2022 Promoter Investor the year % 1 Aditya Birla Sun Life Insurance Co. Ltd. 1,901.21 - 1,901.21 969.62 931.59 49.00 2 Aegon Life Insurance Co. Ltd. 1,468.25 9.48 1,477.73 753.64 724.09 49.00 3 Ageas Federal Life Insurance Co. Ltd. 800.00 - 800.00 408.00 392.00 49.00 4 Aviva Life Insurance Co. Ltd. 2,004.90 - 2,004.90 1,022.50 982.40 49.00 5 Bajaj Allianz Life Insurance Co. Ltd. 150.71 - 150.71 111.52 39.18 26.00 6 Bharti AXA Life Insurance Co. Ltd. 3,086.20 340.00 3,426.20 1,747.36 1,678.84 49.00 7 Canara HSBC Life Insurance Co. Ltd. 950.00 - 950.00 703.00 247.00 26.00 8 Edelweiss Tokio Life Insurance Co. Ltd. 312.62 352.93 665.55 437.43 228.12 34.28 9 Exide Life Insurance Co. Ltd. 1,850.00 - 1,850.00 1,850.00 - - 10 Future Generali India Life Insurance Co. Ltd. 1,965.82 180.00 2,145.82 676.04 1,469.78 68.50 11 HDFC Life Insurance Co. Ltd. 2,020.94 91.68 2,112.62 1,470.37 642.25 30.40 12 ICICI Prudential Life Insurance Co. Ltd. 1,435.97 1.33 1,437.31 853.31 583.99 40.63 13 IndiaFirst Life Insurance Co. Ltd. 663.46 - 663.46 490.96 172.50 26.00 14 Kotak Mahindra Life Insurance Co. Ltd. 510.29 - 510.29 510.29 - - 15 Max Life Insurance Co. Ltd. 1,918.81 - 1,918.81 1,819.68 99.14 5.17 16 PNB MetLife India Insurance Co. Ltd. 2,012.88 - 2,012.88 1,028.27 984.61 48.92 17 Pramerica Life Insurance Co. Ltd. 374.06 - 374.06 190.77 183.29 49.00 18 Reliance Nippon Life Insurance Co. Ltd. 1,196.32 - 1,196.32 610.13 586.20 49.00 19 Sahara India Life Insurance Co. Ltd. 232.00 - 232.00 232.00 - - 20 SBI Life Insurance Co. Ltd. 1,000.04 - 1,000.04 725.66 274.37 27.44 21 Shriram Life Insurance Co. Ltd. 179.38 - 179.38 103.34 76.04 42.39 22 Star Union Dai-ichi Life Insurance Co. Ltd. 258.96 - 258.96 140.00 118.96 45.94 23 Tata AIA Life Insurance Co. Ltd. 1,953.50 - 1,953.50 996.28 957.22 49.00 Private Total 28,246.33 975.42 29,221.75 17,850.16 11,371.59 38.91 24 Life Insurance Corporation of India 100.00 6,225.00 6,325.00 6,325.00 - - Grand Total 28,346.33 7,200.42 35,546.75 24,175.16 11,371.59 31.99 106 | Statements Annual Report 2021 - 227 TNEMETATS srerusnI efiL fo smialC htaeD laudividnI fo sutatS )22-1202( )erorc₹ ni tnuomA tfieneB( gnidnep smialC noitarud - gnidnep smialc fo pu kaerB" gnidnep smialC smialC ")seiciloP .oN( esiw doirep eht fo dne ta demialcnU smialC detcejer smialC detaidupeR smialC diap smialC smialC latoT dekoob / detamitni trats ta doirep eht fo ry 1 > ry 1< - 6 6 < - 3 shtnom 3 < tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN rerusnI efiL .oN.S shtnom tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP - - - 7 19.0 7 - - - - 89.23 681 34.648 5189 23.088 80001 96.678 7999 46.3 11 alriB aytidA 1 efiL nuS - - - %00.001 %01.0 %70.0 - - - - %57.3 %68.1 %51.69 %70.89 %001 %001 - - - 1 20.0 1 - - - - 24.3 6 40.372 317 84.672 027 84.672 027 00.0 0 efiL nogeA 2 - - - %00.001 %10.0 %41.0 - - - - %42.1 %38.0 %67.89 %30.99 %001 %001 - - 1 22 34.3 32 - - - - 76.8 75 36.221 4162 37.431 4962 30.821 4462 07.6 05 saegA 3 laredeF - - %53.4 %56.59 %55.2 %58.0 - - - - %34.6 %21.2 %20.19 %30.79 %001 %001 - - - - - - - - - - 52.4 72 07.662 5461 59.072 2761 59.072 2761 00.0 0 efiL avivA 4 - - - - - - - - - - %75.1 %16.1 %34.89 %93.89 %001 %001 - - - 11 73.9 11 - - - - 37.44 591 88.177 44802 79.528 05012 72.228 54012 07.3 5 jajaB 5 znaillA - - - %00.001 %31.1 %50.0 - - - - %14.5 %39.0 %54.39 %20.99 %001 %001 - 1 - 1 28.6 2 - - - - 40.2 72 27.432 4713 95.342 3023 95.342 3023 00.0 0 axA itrahB 6 efiL - %00.05 - %00.05 %08.2 %60.0 - - - - %48.0 %48.0 %63.69 %90.99 %001 %001 - - - 3 05.2 3 - - - - 18.7 14 97.772 9672 01.882 3182 32.282 8872 78.5 52 aranaC 7 CBSH - - - %00.001 %78.0 %11.0 - - - - %17.2 %64.1 %24.69 %44.89 %001 %001 - - - - - - - - - - 08.7 91 60.251 679 68.951 599 68.651 399 00.3 2 ssiewledE 8 oikoT - - - - - - - - - - %88.4 %19.1 %21.59 %90.89 %001 %001 - 3 2 45 94.11 95 - - - - 23.0 7 18.603 3127 26.813 9727 38.903 6127 87.8 36 efiL edixE 9 - %80.5 %93.3 %35.19 %16.3 %18.0 - - - - %01.0 %01.0 %92.69 %90.99 %001 %001 - - - - - - - - - - 20.9 46 76.77 0061 96.68 4661 89.38 6561 17.2 8 erutuF 01 ilareneG - - - - - - - - - - %04.01 %58.3 %06.98 %51.69 %001 %001 - - 4 91 81.52 32 66.5 71 38.171 881 63.701 631 22.8062 85762 42.8192 22172 10.1572 44962 42.761 871 efiL CFDH 11 - - %93.71 %16.28 %68.0 %80.0 %91.0 %60.0 %98.5 %96.0 %86.3 %05.0 %83.98 %66.89 %001 %001 3 63 22 91 25.72 08 77.0 8 - - 52.211 893 05.7792 59712 40.8113 18222 22.0113 56222 28.7 61 ICICI 21 laitnedurP %57.3 %00.54 %05.72 %57.32 %88.0 %63.0 %20.0 %40.0 - - %06.3 %97.1 %94.59 %28.79 %001 %001 6 - 3 - 40.4 9 - - - - 81.81 341 13.722 5874 35.942 7394 85.542 2294 59.3 51 tsriF aidnI 31 %76.66 - %33.33 - %26.1 %81.0 - - - - %92.7 %09.2 %01.19 %29.69 %001 %001 Annual Report 2021 - 22 107 | Statements108 | Statements Annual Report 2021 - 22 7 TNEMETATS ...dtnoC srerusnI efiL fo smialC htaeD laudividnI fo sutatS )22-1202( )erorc₹ ni tnuomA tfieneB( gnidnep smialC noitarud - gnidnep smialc fo pu kaerB" gnidnep smialC smialC ")seiciloP .oN( esiw doirep eht fo dne ta demialcnU smialC detcejer smialC detaidupeR smialC diap smialC smialC latoT dekoob / detamitni trats ta doirep eht fo ry 1 > ry 1< - 6 6 < - 3 shtnom 3 < tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN rerusnI efiL .oN.S shtnom tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP 8 1 2 31 23.8 42 - - - - 31.91 06 51.685 9407 95.316 3317 13.606 7117 82.7 61 ka toK 41 efiL %33.33 %71.4 %33.8 %71.45 %63.1 %43.0 - - - - %21.3 %48.0 %35.59 %28.89 %001 %001 - - - - - - - - - - 73.86 502 49.8002 03803 13.7702 53013 18.6702 43013 05.0 1 efiL xaM 51 - - - - - - - - - - %92.3 %66.0 %17.69 %43.99 %001 %001 - 1 - 1 05.2 2 30.2 3 - - 12.34 422 96.966 7538 34.717 6858 34.717 6858 00.0 0 BNP 61 efiL teM - %00.05 - %00.05 %53.0 %20.0 %82.0 %30.0 - - %20.6 %16.2 %53.39 %33.79 %001 %001 - - - 2 02.0 2 - - - - 05.1 61 43.15 3401 40.35 1601 38.25 0601 12.0 1 aciremarP 71 efiL - - - %00.001 %73.0 %91.0 - - - - %38.2 %15.1 %08.69 %03.89 %001 %001 - - 2 1 45.0 3 06.1 5 - - 84.41 471 41.443 84531 67.063 03731 82.953 62731 84.1 4 ecnaileR 81 noppiN - - %76.66 %33.33 %51.0 %20.0 %44.0 %40.0 - - %10.4 %72.1 %93.59 %76.89 %001 %001 - 1 - 2 60.0 3 - - 00.0 51 13.0 61 74.21 2311 58.21 6611 28.21 4611 20.0 2 arahaS 91 efiL - %33.33 - %76.66 %74.0 %62.0 - - %00.0 %92.1 %44.2 %73.1 %90.79 %80.79 %001 %001 - - 61 02 04.02 63 46.01 96 - - 85.721 1451 35.1572 04145 41.0192 68755 06.8082 47845 45.101 219 efiL IBS 02 - - %44.44 %65.55 %30.0 %10.0 %73.0 %21.0 - - %83.4 %67.2 %55.49 %50.79 %99 %001 - - - 4 70.0 4 - - 31.21 87 85.32 361 93.761 0265 61.302 5685 81.202 4585 89.0 11 marirhS 12 efiL - - - %00.001 %30.0 %70.0 - - %79.5 %33.1 %16.11 %87.2 %93.28 %28.59 %001 %001 - 1 1 - 04.0 2 - - - - 23.41 47 06.651 5782 23.171 1592 03.071 3492 20.1 8 efiL DUS 22 - %00.05 %00.05 - %32.0 %70.0 - - - - %63.8 %15.2 %14.19 %24.79 %001 %001 - - - 2 31.5 2 - - - - 36.08 711 71.8151 0597 39.3061 9608 35.9951 7608 04.4 2 AIA ataT 32 efiL - - - %00.001 %23.0 %20.0 - - - - %30.5 %54.1 %56.49 %35.89 %001 %001 71 44 35 281 88.821 692 07.02 201 59.381 182 39.157 6983 91.90471 542732 66.49481 028142 18.36181 094042 48.033 0331 etavirP %47.5 %68.41 %19.71 %94.16 %07.0 %21.0 %11.0 %40.0 %99.0 %21.0 %70.4 %16.1 %31.49 %11.89 %001 %001 latoT - - 1701 1121 51.063 2822 66.164 5262 05.8 9163 91.743 3178 83.80482 5689431 88.58592 4017631 64.39292 9735631 24.292 5271 CIL 42 - - %39.64 %70.35 %22.1 %71.0 %65.1 %91.0 %30.0 %62.0 %71.1 %46.0 %20.69 %47.89 %001 %001 71 44 4211 3931 30.984 8752 63.284 7272 54.291 0093 21.9901 90621 75.71854 0117851 45.08084 4298061 72.75474 9685061 62.326 5503 latoT %66.0 %17.1 %06.34 %30.45 %20.1 %61.0 %00.1 %71.0 %04.0 %42.0 %92.2 %87.0 %92.59 %46.89 %001 %0018 TNEMETATS SRERUSNI EFIL FO SMIALC HTAED PUORG FO SUTATS )22-1202( )erorc₹ ni tnuomA tfieneB( gnidnep smialC noitarud - gnidnep smialc fo pu kaerB" gnidnep smialC smialC ")seiciloP( esiw doirep eht fo dne ta demialcnU smialC detcejer smialC detaidupeR smialC diap smialC smialC latoT dekoob / detamitni trats ta doirep eht fo ry 1 > ry 1< - 6 6 < - 3 shtnom 3 < tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN rerusnI efiL .oN.S shtnom tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP - 2 - 1 93.2 3 - - - - 87.7 25 77.666 07431 59.676 52531 62.576 81531 96.1 7 alriB aytidA 1 efiL nuS - %76.66 - %33.33 %53.0 %20.0 - - - - %51.1 %83.0 %05.89 %95.99 %001 %001 - - - - 30.0 - - - - - - - 30.67 163 60.67 163 60.67 163 - - efiL nogeA 2 - - - - %40.0 - - - - - - - %69.99 %00.001 %001 %001 - - - 5 24.1 5 - - - - 81.51 54 30.98 644 36.501 694 38.001 184 18.4 51 saegA 3 laredeF - - - %00.001 %43.1 %10.1 - - - - %73.41 %70.9 %82.48 %29.98 %001 %001 - - - - - - - - 00.0 1 51.0 1 84.86 5431 36.86 7431 46.86 7431 - - efiL avivA 4 - - - - - - - - %00.0 %70.0 %22.0 %70.0 %97.99 %58.99 %001 %001 - - 2 961 08.8 171 - - - - 68.22 181 74.3551 209291 21.5851 452391 52.8751 961391 78.6 58 jajaB 5 znaillA - - %71.1 %38.89 %55.0 %90.0 - - - - %44.1 %90.0 %00.89 %28.99 %001 %001 - - - - - - - - - - 89.2 82 72.341 9771 62.641 7081 60.541 2081 91.1 5 axA itrahB 6 efiL - - - - - - - - - - %40.2 %55.1 %69.79 %54.89 %001 %001 - - - - - - - - - - 78.21 68 81.163 66401 50.473 25501 30.473 15501 20.0 1 aranaC 7 CBSH - - - - - - - - - - %44.3 %28.0 %65.69 %81.99 %001 %001 - 2 - - 31.0 2 - - - - 41.1 21 26.18 0032 88.28 4132 88.28 4132 - - ssiewledE 8 oikoT - %00.001 - - %51.0 %90.0 - - - - %83.1 %25.0 %74.89 %93.99 %001 %001 - - - - - - - - - - - - 81.423 36341 81.423 36341 81.423 36341 - - efiL edixE 9 - - - - - - - - - - - - %00.001 %00.001 %001 %001 - - - - - - 27.0 2 00.0 1 05.9 96 14.612 5751 36.622 7461 52.622 4461 83.0 3 erutuF 01 ilareneG - - - - - - %23.0 %21.0 - %60.0 %91.4 %91.4 %94.59 %36.59 %001 %001 - - - - - - - - 07.8 691 40.441 218 72.5613 611853 00.8133 421953 78.8423 104853 31.96 327 CFDH 11 efiL - - - - - - - - %62.0 %50.0 %43.4 %32.0 %04.59 %27.99 %001 %001 033 928 989 2492 26.081 0905 97.0 021 69.4 24 58.15 442 10.7922 800832 32.5352 405342 05.4142 078932 37.021 4363 ICICI 21 laitnedurP %84.6 %92.61 %34.91 %08.75 %21.7 %90.2 %30.0 %50.0 %02.0 %20.0 %50.2 %01.0 %06.09 %47.79 %001 %001 - - - 7 23.1 7 - - - - 83.61 612 57.198 81862 54.909 14072 54.909 14072 - - tsriF aidnI 31 - - - %00.001 %41.0 %30.0 - - - - %08.1 %08.0 %50.89 %81.99 %001 %001 Annual Report 2021 - 22 109 | Statements110 | Statements Annual Report 2021 - 22 8 TNEMETATS ...dtnoC SRERUSNI EFIL FO SMIALC HTAED PUORG FO SUTATS )22-1202( )erorc₹ ni tnuomA tfieneB( gnidnep smialC noitarud - gnidnep smialc fo pu kaerB" gnidnep smialC smialC ")seiciloP( esiw doirep eht fo dne ta demialcnU smialC detcejer smialC detaidupeR smialC diap smialC smialC latoT dekoob / detamitni trats ta doirep eht fo ry 1 > ry 1< - 6 6 < - 3 shtnom 3 < tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN tfieneB fo .oN rerusnI efiL .oN.S shtnom tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP tnuomA seiciloP 41 34 76 002 56.23 423 - - - - 76.32 912 23.5961 755821 46.1571 001921 64.3271 376821 81.82 724 katoK 41 efiL %23.4 %72.31 %86.02 %37.16 %68.1 %52.0 - - - - %53.1 %71.0 %87.69 %85.99 %001 %001 - - - 4 51.8 4 - - - - 38.52 121 72.157 58902 42.587 01112 42.587 01112 - - efiL xaM 51 - - - %00.001 %40.1 %20.0 - - - - %92.3 %75.0 %76.59 %14.99 %001 %001 - 1 - 2 58.1 3 - - - - 13.02 421 19.7901 78662 70.0211 41862 48.8111 11862 32.1 3 BNP 61 efiL teM - %33.33 - %76.66 %61.0 %10.0 - - - - %18.1 %64.0 %20.89 %35.99 %001 %001 - - - 03 87.2 03 - - 41.2 72 83.52 522 10.023 22671 13.053 40971 23.243 07871 99.7 43 aciremarP 71 efiL - - - %00.001 %97.0 %71.0 - - %16.0 %51.0 %52.7 %62.1 %53.19 %24.89 %001 %001 - - - 1 10.0 1 50.0 2 - - - - 40.82 885 01.82 195 50.82 985 50.0 2 ecnaileR 81 noppiN - - - %00.001 %40.0 %71.0 %81.0 %43.0 - - - - %87.99 %94.99 %001 %001 - - - - - - - - - - - - - - - - - - - - arahaS 91 efiL - - - - - - - - - - - - - - - - - 2 1 - 93.2 3 45.0 01 66.92 3841 72.26 883 46.6482 69586 06.0492 08407 48.1392 83407 67.8 24 efiL IBS 02 - %76.66 %33.33 - %80.0 %00.0 %20.0 %10.0 %10.1 %01.2 %21.2 %55.0 %08.69 %33.79 %001 %001 - - - - - - - - 41.0 01 03.5 202 16.183 08184 50.783 29384 32.683 14384 28.0 15 marirhS 12 efiL - - - - - - - - %40.0 %20.0 %73.1 %24.0 %95.89 %65.99 %001 %001 - - - - - - - - 00.6 203 09.7 58 52.235 84412 61.645 53812 61.645 53812 - - efiL DUS 22 - - - - - - - - %01.1 %83.1 %54.1 %93.0 %54.79 %32.89 %001 %001 - - - - - - - - - - 02.2 01 16.662 8371 18.862 8471 18.862 8471 - - AIA ataT 32 efiL - - - - - - - - - - %28.0 %75.0 %81.99 %34.99 %001 %001 443 978 9501 1633 46.142 3465 01.2 431 16.15 2602 16.754 0213 01.45871 0536911 60.70681 9037021 02.55381 7722021 58.152 2305 etavirP %01.6 %85.51 %77.81 %65.95 %03.1 %74.0 %10.0 %10.0 %82.0 %71.0 %64.2 %62.0 %59.59 %90.99 %001 %001 latoT - - 291 125 39.53 317 - - - - 76.19 7695 41.9818 290222 37.6138 277822 70.7128 275222 66.99 0026 CIL 42 - - %39.62 %70.37 %34.0 %13.0 - - - - %01.1 %16.2 %74.89 %80.79 %001 %001 443 978 1521 2883 75.772 6536 01.2 431 16.15 2602 72.945 7809 42.34062 2448141 97.32962 1806341 82.27562 9484241 15.153 23211 latoT %14.5 %38.31 %86.91 %80.16 %30.1 %44.0 %10.0 %10.0 %91.0 %41.0 %40.2 %36.0 %37.69 %77.89 %001 %001STATEMENT 9 STATE/ UT WISE DISTRIBUTION OF OFFICES OF INSURERS (AS ON MARCH 31, 2022) Number of Districts with Number of Offices Offices Stand-alone Total Stand-alone S.No. State/UT Life General Health Number Life General Health Insurers Insurers Insurers of Districts Insurers Insurers Insurers 1 Andhra Pradesh 516 485 65 13 13 13 13 2 Arunachal Pradesh 15 12 - 25 7 3 0 3 Assam 281 221 20 34 32 27 10 4 Bihar 469 253 20 38 38 31 6 5 Chhattisgarh 198 196 16 33 29 16 6 6 Goa 52 52 6 2 2 2 2 7 Gujarat 614 603 67 33 32 31 18 8 Haryana 324 295 62 22 22 22 20 9 Himachal Pradesh 116 121 6 12 11 11 5 10 Jharkhand 288 166 22 24 24 15 9 11 Karnataka 599 625 101 31 31 29 28 12 Kerala 573 535 76 14 14 14 13 13 Madhya Pradesh 618 370 54 52 54 38 20 14 Maharashtra 1,107 1,156 188 36 36 36 31 15 Manipur 25 12 2 16 6 2 2 16 Meghalaya 23 24 2 12 7 3 1 17 Mizoram 12 10 - 11 6 4 0 18 Nagaland 18 12 - 15 7 3 0 19 Odisha 401 294 40 30 30 26 22 20 Punjab 353 387 59 23 23 22 17 21 Rajasthan 510 483 66 33 33 32 25 22 Sikkim 11 10 1 6 2 2 1 23 Tamil Nadu 919 930 141 38 38 38 35 24 Telangana 365 319 72 33 33 22 21 25 Tripura 37 46 2 8 8 4 1 26 Uttar Pradesh 1,322 721 96 75 75 66 36 27 Uttarakhand 150 128 17 13 13 9 6 28 West Bengal 740 431 96 23 23 23 22 29 Andaman & Nicobar Islands 3 8 1 3 2 0 1 30 Chandigarh 34 57 7 1 1 1 1 31 Dadra & Nagar Haveli and Daman & Diu 3 8 - 3 2 2 0 32 Delhi 242 300 46 11 11 11 9 33 Jammu & Kashmir 98 103 9 20 20 11 4 34 Ladakh 2 3 - 2 1 2 0 35 Lakshadweep 1 1 - 1 1 1 0 36 Puducherry 21 33 5 4 4 3 2 Total 11,060 9,410 1,365 750 691 575 387 Annual Report 2021 - 22 111 | StatementsSTATEMENT 10 GROSS DIRECT PREMIUM OF GENERAL AND HEALTH INSURERS (WITHIN AND OUTSIDE INDIA) (₹crore) S.No. Insurer 2020-21 2021-22 Private Sector Insurers 1 Acko General Insurance Ltd. 422.39 988.21 2 Bajaj Allianz General Insurance Co. Ltd. 12,569.53 13,688.59 3 Bharti AXA General Insurance Co. Ltd.* 3,159.90 NA 4 Cholamandalam MS General Insurance Co. Ltd. 4,388.21 4,824.12 5 Edelweiss General Insurance Co. Ltd. 218.57 348.88 6 Future Generali India Insurance C. Ltd. 3,835.23 4,137.98 7 Go Digit General Insurance Ltd. 2,417.62 4,673.94 8 HDFC ERGO General Insurance Co. Ltd. 12,295.10 13,497.55 9 ICICI Lombard General Insurance Co. Ltd. 14,003.09 17,976.87 10 IFFCO Tokio General Insurance Co. Ltd. 8,410.88 8,452.91 11 Kotak Mahindra General Insurance Co. Ltd. 543.99 742.47 12 Liberty General Insurance Ltd. 1,445.71 1,506.46 13 Magma HDI General Insurance Co. Ltd. 1,283.59 1,757.17 14 Navi General Insurance Ltd. 104.40 106.57 15 Raheja QBE General Insurance Co. Ltd. 272.22 375.83 16 Reliance General Insurance Co. Ltd. 8,310.28 9,408.96 17 Royal Sundaram General Insurance Co. Ltd. 2,822.28 2,866.59 18 SBI General Insurance Co. Ltd. 8,264.86 9,166.22 19 Shriram General Insurance Co. Ltd. 2,138.88 1,752.95 20 Tata AIG General Insurance Co. Ltd. 8,042.06 10,024.97 21 Universal Sompo General Insurance Co. Ltd. 3,052.16 3,456.12 Private Sector Insurers Total 98,000.96 109,753.37 (8.00) (11.99) Public Sector Insurers 22 National Insurance Co. Ltd. 14,185.75 13,076.83 23 The New India Assurance Co. Ltd. 31,573.42 35,515.93 24 The Oriental Insurance Co. Ltd. 12,747.42 14,020.43 25 United India Insurance Co. Ltd. 16,704.70 15,722.25 Public Sector Insurers Total 75,211.29 78,335.45 (-1.73) (4.15) Specialized Insurers 26 Agriculture Insurance Co. of India Ltd. 12,052.57 13,940.21 27 ECGC Ltd. 1,062.28 1,106.62 Specialized Insurers Total 13,114.85 15,046.83 (25.66) (14.73) Stand-alone Health Insurers 28 Aditya Birla Health insurance Co. Ltd. 1,300.64 1,726.67 29 Care Health Insurance Ltd. 2,559.75 3,880.91 30 HDFC ERGO Health Insurance Co. Ltd.** NA NA 31 ManipalCigna Health Insurance Co. Ltd. 755.49 986.18 32 Niva Bupa Health Insurance Co. Ltd. 1,750.78 2,809.97 33 Reliance Health Insurance Ltd.*** (0.01) (0.02) 34 Star Health and Allied Insurance Co. Ltd. 9,388.54 11,463.47 Stand-alone Health Insurers Total 15,755.19 20,867.18 (8.86) (32.45) Grand Total 202,082.30 224,002.82 (5.15) (10.85) *Demerger of general Insurance business of Bharti AXA General Insurance Co. Ltd. to ICICI Lombard General Insurance Co. Ltd. w.e.f. April 01, 2021. **Erstwhile HDFC Ergo Health Insurance Co. Ltd. merged with HDFC Ergo General Insurance Co. Ltd. w.e.f March 01, 2020. ***Takeover of Reliance Health Insurance portfolio by Reliance General Insurance Co. Ltd. Note: 1. Figures in bracket indicate growth (in per cent) over previous year. 2. NA indicates that insurer's business was not in operation during the corresponding financial year. 3. Reclassification/Regrouping in the previous year's figures, if any, by the insurer has not been considered. 112 | Statements Annual Report 2021 - 2211 TNEMETATS )AIDNI NIHTIW( SRERUSNI HTLAEH DNA LARENEG FO MUIMERP TCERID SSORG ESIW-TNEMGES )erorc₹( latoT srehtO htlaeH rotoM eniraM eriF .S 22-1202 12-0202 22-1202 12-0202 22-1202 12-0202 22-1202 12-0202 22-1202 12-0202 22-1202 12-0202 rerusnI .oN srerusnI rotceS etavirP 12.889 93.224 23.07 92.13 21.704 89.221 57.015 01.862 - - 20.0 10.0 .dtL ecnarusnI lareneG okcA 1 95.886,31 35.965,21 26.433,3 55.817,3 62.183,3 47.103,2 25.448,4 33.627,4 57.112 53.661 44.619,1 65.656,1 .dtL .oC ecnarusnI lareneG znaillA jajaB 2 - 09.951,3 - 13.539 - 87.654 - 84.863,1 - 21.57 - 22.423 *.dtL .oC ecnarusnI lareneG AXA itrahB 3 21.428,4 12.883,4 12.611 25.77 71.196 55.266 31.724,3 88.421,3 25.49 55.87 11.594 17.444 .dtL .oC ecnarusnI lareneG SM maladnamalohC 4 88.843 75.812 09.4 96.1 04.621 29.88 84.791 44.111 19.2 36.5 02.71 98.01 .dtL .oC ecnarusnI lareneG ssiewledE 5 89.731,4 32.538,3 74.013,1 96.744,1 85.966 05.825 00.716,1 83.153,1 44.48 17.36 94.654 69.344 .dtL .C ecnarusnI aidnI ilareneG erutuF 6 49.376,4 26.714,2 19.417 21.38 49.576 40.412 77.800,3 13.759,1 79.31 89.0 63.062 71.261 .dtL ecnarusnI lareneG tigiD oG 7 55.794,31 01.592,21 01.405,3 30.382,3 56.049,4 06.182,4 00.945,3 64.604,3 44.371 98.841 53.033,1 21.571,1 .dtL .oC ecnarusnI lareneG OGRE CFDH 8 78.679,71 90.300,41 13.513,2 03.523,1 19.600,4 53.120,3 90.082,8 29.910,7 40.526 37.874 25.947,2 97.751,2 .dtL .oC ecnarusnI lareneG drabmoL ICICI 9 19.254,8 88.014,8 97.317,1 45.450,2 65.958,1 42.466,1 56.207,3 31.127,3 91.252 10.651 27.429 69.418 .dtL .oC ecnarusnI lareneG oikoT OCFFI 01 74.247 99.345 60.32 14.41 35.572 17.702 30.883 13.682 09.4 90.0 59.05 74.53 .dtL .oC ecnarusnI lareneG ardnihaM katoK 11 64.605,1 17.544,1 06.501 75.611 36.472 92.842 79.499 27.259 21.93 42.03 31.29 09.79 .dtL ecnarusnI lareneG ytrebiL 21 71.757,1 95.382,1 75.47 05.86 88.211 26.08 20.613,1 45.869 19.32 34.12 87.922 05.441 .dtL .oC ecnarusnI lareneG IDH amgaM 31 75.601 04.401 25.2 80.6 64.24 28.52 00.34 28.14 - 95.81 86.03 .dtL ecnarusnI lareneG ivaN 41 38.573 22.272 13.87 45.36 60.5 67.22 63.772 88.371 10.0 52.0 80.51 97.11 .dtL .oC ecnarusnI lareneG EBQ ajehaR 51 69.804,9 82.013,8 91.793,3 07.228,2 39.021,1 50.559 05.448,3 06.375,3 02.801 06.48 31.839 33.478 .dtL .oC ecnarusnI lareneG ecnaileR 61 95.668,2 82.228,2 84.87 72.041 27.524 35.593 69.520,2 16.879,1 79.54 72.53 64.092 95.272 .dtL .oC ecnarusnI lareneG maradnuS layoR 71 22.661,9 68.462,8 88.005,2 45.355,2 90.537,2 83.221,2 70.715,2 19.341,2 42.26 95.33 49.053,1 44.114,1 .dtL .oC ecnarusnI lareneG IBS 81 59.257,1 88.831,2 09.23 45.13 17.13 62.71 51.136,1 42.940,2 46.1 12.1 55.55 36.93 .dtL .oC ecnarusnI lareneG marirhS 91 79.420,01 60.240,8 49.687 29.126 40.039,1 66.003,1 16.131,5 82.933,4 03.345 03.643 80.336,1 09.334,1 .dtL .oC ecnarusnI lareneG GIA ataT 02 21.654,3 61.250,3 07.392,1 49.334,1 51.845 03.673 64.753,1 37.010,1 26.54 23.63 91.112 88.491 .dtL .oC ecnarusnI lareneG opmoS lasrevinU 12 73.357,901 69.000,89 87.854,12 60.138,02 38.062,42 70.590,91 05.466,84 70.475,44 81.333,2 72.367,1 80.630,31 94.737,11 latoT srerusnI rotceS etavirP Annual Report 2021 - 22 113 | Statements11 TNEMETATS ...dtnoC )AIDNI NIHTIW( SRERUSNI HTLAEH DNA LARENEG FO MUIMERP TCERID SSORG ESIW-TNEMGES )erorc₹( latoT srehtO htlaeH rotoM eniraM eriF .S 22-1202 12-0202 22-1202 12-0202 22-1202 12-0202 22-1202 12-0202 22-1202 12-0202 22-1202 12-0202 rerusnI .oN srerusnI rotceS cilbuP 47.520,31 38.041,41 81.679 74.731,2 41.570,6 25.967,5 59.546,4 67.568,4 73.422 97.291 01.401,1 92.571,1 .dtL .oC ecnarusnI lanoitaN 22 88.375,23 84.845,82 58.496,3 72.027,3 82.038,51 34.404,11 25.042,8 35.108,8 69.848 49.058 72.959,3 13.177,3 .dtL .oC ecnarussA aidnI weN ehT 32 79.017,31 17.944,21 16.866,1 92.827,1 02.246,6 45.389,4 47.504,3 89.647,3 13.683 93.043 11.806,1 15.056,1 .dtL .oC ecnarusnI latneirO ehT 42 52.227,51 07.407,61 75.002,1 56.630,2 56.628,6 22.547,6 67.674,5 48.308,5 97.473 07.043 84.348,1 92.877,1 .dtL .oC ecnarusnI aidnI detinU 52 48.230,57 27.348,17 22.045,7 86.226,9 72.473,53 17.209,82 89.867,12 11.812,32 34.438,1 28.427,1 59.415,8 04.573,8 latoT srerusnI rotceS cilbuP srerusnI dezilaicepS 12.049,31 75.250,21 12.049,31 75.250,21 AN AN AN AN AN AN AN AN .dtL aidnI fo .oC ecnarusnI erutlucirgA 62 26.601,1 82.260,1 26.601,1 82.260,1 AN AN AN AN AN AN AN AN .dtL CGCE 72 38.640,51 58.411,31 38.640,51 58.411,31 AN AN AN AN AN AN AN AN latoT srerusnI dezilaicepS srerusnI htlaeH enola-dnatS 76.627,1 46.003,1 AN AN 76.627,1 46.003,1 AN AN AN AN AN AN .dtL .oC ecnarusni htlaeH alriB aytidA 82 19.088,3 57.955,2 AN AN 19.088,3 57.955,2 AN AN AN AN AN AN .dtL ecnarusnI htlaeH eraC 92 - - AN AN AN AN AN AN AN AN AN AN **.dtL .oC ecnarusnI htlaeH OGRE CFDH 03 81.689 94.557 AN AN 81.689 94.557 AN AN AN AN AN AN .dtL .oC ecnarusnI htlaeH angiClapinaM 13 79.908,2 87.057,1 AN AN 79.908,2 87.057,1 AN AN AN AN AN AN .dtL .oC ecnarusnI htlaeH apuB aviN 23 20.0- 10.0- AN AN 20.0- 10.0- AN AN AN AN AN AN ***.dtL ecnarusnI htlaeH ecnaileR 33 74.364,11 45.883,9 AN AN 74.364,11 45.883,9 AN AN AN AN AN AN .dtL .oC ecnarusnI deillA dna htlaeH ratS 43 81.768,02 91.557,51 AN AN 81.768,02 91.557,51 AN AN AN AN AN AN latoT srerusnI htlaeH enola-dnatS 12.007,022 27.417,891 28,540,44 85.865,34 72.205,08 79.257,36 84.334,07 91.297,76 16.761,4 90.884,3 30.155,12 98.211,02 latoT dnarG .1202 ,10 lirpA .f.e.w .dtL .oC ecnarusnI lareneG drabmoL ICICI ot .dtL .oC ecnarusnI lareneG AXA itrahB fo ssenisub ecnarusnI lareneg fo regremeD* .0202 ,10 hcraM f.e.w .dtL .oC ecnarusnI lareneG ogrE CFDH htiw degrem .dtL .oC ecnarusnI htlaeH ogrE CFDH elihwtsrE** .dtL .oC ecnarusnI lareneG ecnaileR yb oiloftrop ecnarusnI htlaeH ecnaileR fo revoekaT*** :etoN .tnemges gnidnopserroc eht ni ro raey laicnanfi gnidnopserroc eht gnirud noitarepo ni ton saw ssenisub s'rerusni taht setacidni AN .1 .deredisnoc neeb ton sah rerusni eht yb ,yna fi ,serugfi s'raey suoiverp eht ni gnipuorgeR/noitacfiissalceR .2 114 | Statements Annual Report 2021 - 22STATEMENT 12 EQUITY SHARE CAPITAL OF GENERAL, HEALTH AND REINSURANCE COMPANIES (₹crore) Non- As on Infusion As on Promoter promoter FDI S. Insurers March 31, during March 31, (including (%)# No. 2021 the year 2022 Indian Foreign Total foreign) Private Sector Insurers 1 Acko General Insurance Ltd. 596.00 550.00 1,146.00 1,146.00 - 1,146.00 - - 2 Bajaj Allianz General Insurance Co. Ltd. 110.23 - 110.23 81.57 28.66 110.23 - 26.00 3 Bharti AXA General Insurance Co. Ltd.* 2,055.98 -2,055.98 - - - - - - 4 Cholamandalam MS General Insurance Co. Ltd. 298.81 - 298.81 179.28 119.52 298.81 - 40.00 5 Edelweiss General Insurance Co. Ltd. 393.00 120.00 513.00 513.00 - 513.00 - - 6 Future Generali India Insurance C. Ltd. 904.80 - 904.80 674.02 230.78 904.80 - 25.51 7 Go Digit General Insurance Ltd. 824.69 34.32 859.01 856.48 2.53 859.01 - 0.29 8 HDFC ERGO General Insurance Co. Ltd. 711.56 1.22 712.78 356.25 349.20 705.46 7.32 48.99 9 ICICI Lombard General Insurance Co. Ltd. 454.59 36.30 490.89 235.84 - 235.84 255.05 - 10 IFFCO Tokio General Insurance Co. Ltd. 274.22 6.04 280.25 142.93 137.32 280.25 - 49.00 11 Kotak Mahindra General Insurance Co. Ltd. 330.00 125.00 455.00 455.00 - 455.00 - - 12 Liberty General Insurance Ltd. 1,086.23 - 1,086.23 557.41 528.81 1,086.23 - 48.68 13 Magma HDI General Insurance Co. Ltd. 154.71 - 154.71 103.83 32.00 135.83 18.88 20.68 14 Navi General Insurance Ltd. 495.79 - 495.79 495.79 - 495.79 - - 15 Raheja QBE General Insurance Co. Ltd. 264.73 31.31 296.04 150.98 145.06 296.04 - 49.00 16 Reliance General Insurance Co. Ltd. 251.55 0.26 251.81 251.81 - 251.81 - - 17 Royal Sundaram General Insurance Co. Ltd. 449.00 - 449.00 269.40 179.60 449.00 - 40.00 18 SBI General Insurance Co. Ltd. 215.50 0.12 215.62 190.53 25.09 215.62 - 11.64 19 Shriram General Insurance Co. Ltd. 259.16 - 259.16 198.60 59.40 258.00 1.16 22.92 20 Tata AIG General Insurance Co. Ltd. 994.46 - 994.46 735.90 258.56 994.46 - 26.00 21 Universal Sompo General Insurance Co. Ltd. 368.18 - 368.18 240.74 127.44 368.18 - 34.61 Private Sector Total 11,493.19 -1,151.43 10,341.76 7,835.35 2,223.99 10,059.35 282.41 21.50 Public Sector Insurers 22 National Insurance Co. Ltd. 5,675.00 3,700.00 9,375.00 9,375.00 - 9,375.00 - - 23 The New India Assurance Co. Ltd. 824.00 - 824.00 584.00 - 584.00 240.00 - 24 The Oriental Insurance Co. Ltd. 3,420.00 1,200.00 4,620.00 4,620.00 - 4,620.00 - - 25 United India Insurance Co. Ltd. 3,805.00 100.00 3,905.00 3,905.00 - 3,905.00 - - Public Sector Total 13,724.00 5,000.00 18,724.00 18,484.00 - 18,484.00 240.00 - Private and Public Sector Total 25,217.19 3,848.57 29,065.76 26,319.35 2,223.99 28,543.35 522.41 7.65 Specialised Insurers 26 Agriculture Insurance Co. of India Ltd. 200.00 - 200.00 200.00 - 200.00 - - 27 ECGC Ltd. 3,190.00 760.00 3,950.00 3,950.00 - 3,950.00 - - Specialised Insurers Total 3,390.00 760.00 4,150.00 4,150.00 - 4,150.00 - - Standalone Health Insurers - 28 Aditya Birla Health insurance Co. Ltd. 360.39 74.72 435.12 221.91 213.21 435.12 - 49.00 29 Care Health Insurance Ltd. 841.04 67.53 908.57 795.84 - 795.84 112.73 - 30 HDFC ERGO Health Insurance Co. Ltd.** 31 ManipalCigna Health Insurance Co. Ltd. 941.90 175.72 1,117.62 569.99 547.63 1,117.62 - 49.00 32 Niva Bupa Health Insurance Co. Ltd. 1,349.73 58.87 1,408.60 772.27 629.31 1,401.57 7.03 44.68 33 Reliance Health Insurance Ltd.*** 193.90 - 193.90 193.90 - 193.90 - 34 Star Health and Allied Insurance Co. Ltd. 548.09 27.43 575.52 338.99 - 338.99 236.53 - Standalone Health Insurers Total 4,235.06 404.27 4,639.33 2,892.89 1,390.15 4,283.03 356.30 29.96 General and Health Insurers Total 32,842.24 5,012.84 37,855.09 33,362.24 3,614.14 36,976.38 878.71 9.55 Reinsurer 35 GIC Re 877.20 - 877.20 877.20 - 877.20 - - Grand Total 33,719.44 5,012.84 38,732.29 34,239.44 3,614.14 37,853.58 878.71 9.33 # Indirect FDI is not considered *Demerger of general Insurance business of Bharti AXA General Insurance Co. Ltd. to ICICI Lombard General Insurance Co. Ltd. w.e.f. April 01, 2021. **Erstwhile HDFC Ergo Health Insurance Co. Ltd. merged with HDFC Ergo General Insurance Co. Ltd. w.e.f. March 01, 2020. ***Takeover of Reliance Health Insurance portfolio by Reliance General Insurance Co. Ltd. Note: 1. Reclassification/Regrouping in the previous year's figures, if any, by the insurer has not been considered. 2. Infusion during the year includes cancellation, reduction and fresh issue of shares Annual Report 2021 - 22 115 | Statements31 TNEMETATS SRERUSNI HTLAEH DNA LARENEG FO OITAR SMIALC DERRUCNI )AIDNI NIHTIW( )tnec rep ni( latoT srehtO htlaeH rotoM eniraM eriF rerusnI .oN.S 22-1202 12-0202 22-1202 12-0202 22-1202 12-0202 22-1202 12-0202 22-1202 12-0202 22-1202 12-0202 srerusnI rotceS etavirP 38.79 38.18 12.38 10.26 57.301 46.48 78.68 53.28 - - 61.79 29.59 .dtL ecnarusnI lareneG okcA 1 69.27 54.86 30.65 95.65 46.09 13.77 35.86 60.86 98.36 68.56 40.75 64.45 .dtL .oC ecnarusnI lareneG znaillA jajaB 2 - 32.36 - 58.04 - 73.56 - 72.46 - 11.38 - 53.78 .dtL .oC ecnarusnI lareneG AXA itrahB 3 92.07 44.27 95.82 98.92 80.711 53.77 50.56 03.47 78.16 25.37 84.33 28.33 .dtL .oC ecnarusnI lareneG SM maladnamalohC 4 17.69 10.201 73.431 98.431 23.211 75.111 16.48 83.39 29.071 33.3391 28.77 32.531 .dtL .oC ecnarusnI lareneG ssiewledE 5 26.86 93.66 37.17 73.44 44.88 40.09 34.26 31.66 78.16 71.58 67.56 26.95 .dtL .C ecnarusnI aidnI ilareneG erutuF 6 20.47 30.47 84.85 69.57 49.84 08.36 45.97 19.47 65.13 86.031 16.15 52.85 .dtL ecnarusnI lareneG tigiD oG 7 40.48 57.57 44.96 40.97 74.79 03.97 66.47 20.07 50.49 11.09 06.26 87.47 .dtL .oC ecnarusnI lareneG OGRE CFDH 8 60.57 16.86 83.36 77.35 76.19 00.87 88.07 77.56 06.77 43.38 50.35 47.36 .dtL .oC ecnarusnI lareneG drabmoL ICICI 9 01.49 01.58 53.06 08.95 56.031 94.99 21.48 40.48 26.401 21.86 16.36 73.26 .dtL .oC ecnarusnI lareneG oikoT OCFFI 01 10.77 99.66 32.63 21.13 11.27 71.55 76.28 46.47 00.003 76.664- 69.92 48.45 .dtL .oC ecnarusnI lareneG ardnihaM katoK 11 47.66 74.36 93.82 05.75 03.98 89.67 48.26 19.95 98.501 81.76 36.8 46.66 .dtL ecnarusnI lareneG ytrebiL 21 56.86 46.97 50.681 33.272 24.66 07.26 73.96 19.87 42.11 72.974 79.43 55.19 .dtL .oC ecnarusnI lareneG IDH amgaM 31 92.66 17.36 15.201 24.561 65.82 87.62 79.711 19.28 - - 23.8- 95.51 .dtL ecnarusnI lareneG ivaN 41 12.18 89.68 42.13 58.05 45.901 22.79 55.29 15.001 69.542- 18.32 28.29 08.13 .dtL .oC ecnarusnI lareneG EBQ ajehaR 51 35.77 85.97 04.87 71.08 67.89 69.39 75.57 98.67 13.39 63.331 91.83 49.55 .dtL .oC ecnarusnI lareneG ecnaileR 61 12.48 04.08 88.91 39.3 22.09 88.76 67.58 98.78 79.08 17.74 94.03 74.06 .dtL .oC ecnarusnI lareneG maradnuS layoR 71 13.68 11.47 38.99 23.601 29.18 27.06 85.39 01.68 36.331 94.331 19.35 24.35 .dtL .oC ecnarusnI lareneG IBS 81 53.27 45.87 01.27 92.24 70.73 48.4 79.27 34.97 00.42 87.72- 02.93 68.64 .dtL .oC ecnarusnI lareneG marirhS 91 10.57 76.86 50.01 34.25- 35.68 72.76 15.47 14.57 05.19 13.87 93.65 04.93 .dtL .oC ecnarusnI lareneG GIA ataT 02 77.77 44.09 34.11 60.97 93.311 32.111 23.19 69.78 16.08 63.501 26.71 14.75 .dtL .oC ecnarusnI lareneG opmoS lasrevinU 12 59.77 93.37 69.46 06.36 66.49 44.87 35.47 95.37 87.58 23.08 72.15 06.75 latoT srerusnI rotceS etavirP 116 | Statements Annual Report 2021 - 2231 TNEMETATS ...dtnoC SRERUSNI HTLAEH DNA LARENEG FO OITAR SMIALC DERRUCNI )AIDNI NIHTIW( )tnec rep ni( latoT srehtO htlaeH rotoM eniraM eriF rerusnI .oN.S 22-1202 12-0202 22-1202 12-0202 22-1202 12-0202 22-1202 12-0202 22-1202 12-0202 22-1202 12-0202 srerusnI rotceS cilbuP 50.401 32.68 12.86 62.67 35.521 90.101 86.09 55.87 50.39 52.47 45.78 13.17 .dtL .oC ecnarusnI lanoitaN 22 32.101 91.48 87.86 29.58 45.421 97.29 00.19 02.87 14.08 35.37 72.26 70.47 .dtL .oC ecnarussA aidnI weN ehT 32 72.211 33.59 12.85 69.79 68.931 15.211 59.79 38.18 05.19 00.77 37.16 46.35 .dtL .oC ecnarusnI latneirO ehT 42 75.89 54.88 84.41 86.88 12.021 40.601 09.89 71.77 05.88 49.94 74.85 04.85 .dtL .oC ecnarusnI aidnI detinU 52 71.301 84.78 45.85 85.68 08.621 20.101 30.49 06.87 20.68 94.96 69.66 33.86 latoT srerusnI rotceS cilbuP srerusnI desilaicepS 14.69 83.29 14.69 83.29 AN AN AN AN AN AN AN AN .dtL aidnI fo .oC ecnarusnI erutlucirgA 62 29.16 29.601 29.16 29.601 AN AN AN AN AN AN AN AN .dtL CGCE 72 74.29 59.39 74.29 59.39 AN AN AN AN AN AN AN AN latoT srerusnI dezilaicepS srerusnI htlaeH enola-dnatS 65.96 99.94 AN AN 65.96 99.94 AN AN AN AN AN AN .dtL .oC ecnarusni htlaeH alriB aytidA 82 70.56 51.55 AN AN 70.56 51.55 AN AN AN AN AN AN .dtL ecnarusnI htlaeH eraC 92 - - AN AN - - AN AN AN AN AN AN *.dtL .oC ecnarusnI htlaeH OGRE CFDH 03 71.67 31.16 AN AN 71.67 31.16 AN AN AN AN AN AN .dtL .oC ecnarusnI htlaeH angiClapinaM 13 21.26 90.65 AN AN 21.26 90.65 AN AN AN AN AN AN .dtL .oC ecnarusnI htlaeH apuB aviN 23 55.691 86.54 AN AN 55.691 86.54 AN AN AN AN AN AN .dtL ecnarusnI htlaeH ecnaileR 33 60.78 44.49 AN AN 60.78 44.49 AN AN AN AN AN AN .dtL .oC ecnarusnI deillA dna htlaeH ratS 43 60.97 34.57 AN AN 60.97 34.57 AN AN AN AN AN AN latoT srerusnI htlaeH enola-dnatS 80.98 60.18 27.27 74.38 86.501 15.98 03.18 16.57 88.58 11.57 33.06 70.56 latoT dnarG .1202 ,10 lirpA .f.e.w .dtL .oC ecnarusnI lareneG drabmoL ICICI ot .dtL .oC ecnarusnI lareneG AXA itrahB fo ssenisub ecnarusnI lareneg fo regremeD* .0202 ,10 hcraM .f.e.w .dtL .oC ecnarusnI lareneG ogrE CFDH htiw degrem .dtL .oC ecnarusnI htlaeH ogrE CFDH elihwtsrE** .dtL .oC ecnarusnI lareneG ecnaileR yb oiloftrop ecnarusnI htlaeH ecnaileR fo revoekaT*** :etoN .tnemges ralucitrap eht ni ro raey laicnanfi gnidnopserroc eht gnirud noitarepo ni ton saw ssenisub s'rerusni taht setacidni AN .1 .deredisnoc neeb ton sah rerusni eht yb ,yna fi ,serugfi s'raey suoiverp eht ni gnipuorgeR/noitacfiissalceR .2 Annual Report 2021 - 22 117 | Statements41 TNEMETATS )22-1202( SRERUSNI HTLAEH DNA LARENEG FO SMIALC FO SUTATS )%( diaP smialC fo rebmuN fo sisylanA egA smialC fo rebmuN smialC S/O smialC sr5 a > ey *s 5 *ra s< re ay o e t3 y *r 3a s< re a y o e 1 t y sh 1 t r<n ao eom yt 6 s sh ht 6 tn n o o om t m 3 sh3 tn < om S d d/ nO oe i r s e em h pti a ft ol aC eh s dd tm oe gs ii n ra o eil l r pC c ud ed hr e d tts o am g ii rndi ea iu prl p uC e d d ei h a dtp og s in rm eir pi ual dC / ed h d de te ot gka io n rm eo ir pi bt un di df oo i t rera pt s e hta t rerusnI .o. NS srerusnI rotceS etavirP - - 33.0 08.0 76.1 02.79 038,8 817,27 044,7 754,242 991,623 642,5 .dtL ecnarusnI lareneG okcA 1 90.0 70.0 93.0 52.0 26.2 95.69 062,483 961,371 267,38 100,152,4 150,265,4 141,033 .dtL .oC ecnarusnI lareneG znaillA jajaB 2 31.0 72.0 29.0 93.1 60.4 32.39 758,67 349,01 475,93 914,914 809,874 588,76 .dtL .oC ecnarusnI lareneG SM maladnamalohC 3 - - 60.0 26.0 70.2 62.79 547,2 331,2 331,2 523,35 305,85 338,1 .dtL .oC ecnarusnI lareneG ssiewledE 4 42.0 22.0 95.0 98.0 50.2 10.69 281,33 636,76 601,91 919,083 480,374 957,72 .dtL .C ecnarusnI aidnI ilareneG erutuF 5 - 20.0 14.0 78.0 26.2 90.69 072,12 596,32 082,41 224,762 597,513 278,01 .dtL ecnarusnI lareneG tigiD oG 6 20.0 40.0 02.0 22.0 30.1 94.89 816,841 939,751 677,01 197,796,3 593,198,3 927,321 $.dtL .oC ecnarusnI lareneG OGRE CFDH 7 71.0 21.0 73.0 95.0 96.1 70.79 468,912 326,631 991,541 552,160,2 135,623,2 014,632 .dtL .oC ecnarusnI lareneG drabmoL ICICI 8 43.0 24.0 71.1 62.2 34.6 83.98 985,48 084,53 725,12 860,470,1 401,741,1 065,86 .dtL .oC ecnarusnI lareneG oikoT OCFFI 9 - 30.0 72.0 75.0 42.2 09.69 644,5 298,7 196,3 301,67 490,98 830,4 .dtL .oC ecnarusnI lareneG ardnihaM katoK 01 30.0 41.0 56.0 16.0 72.1 03.79 225,41 515,9 007,01 897,891 856,912 778,31 .dtL ecnarusnI lareneG ytrebiL 11 01.0 02.0 47.0 45.1 90.5 43.29 188,71 448,51 716,4 372,311 937,931 678,11 .dtL .oC ecnarusnI lareneG IDH amgaM 21 - - - - 10.0 99.99 311,1 641,1 019 807,9 459,11 329 .dtL ecnarusnI lareneG ivaN 31 00.0 50.0 04.0 73.1 88.4 03.39 446,2 978,1 608 558,74 059,94 432,3 .dtL .oC ecnarusnI lareneG EBQ ajehaR 41 21.0 11.0 62.0 32.0 56.0 56.89 338,792 292,75 946,14 984,443,2 075,754,2 396,382 .dtL .oC ecnarusnI lareneG ecnaileR 51 81.0 22.0 95.1 08.0 62.1 59.59 832,83 708,81 500,9 381,663 218,493 124,73 .dtL .oC ecnarusnI lareneG maradnuS layoR 61 30.0 40.0 76.0 76.1 55.2 40.59 498,74 032,311 182,51 471,599 217,421,1 768,64 .dtL .oC ecnarusnI lareneG IBS 71 76.2 08.1 58.4 36.2 18.2 32.58 467,05 859,31 669,7 947,711 407,631 337,35 .dtL .oC ecnarusnI lareneG marirhS 81 60.0 70.0 54.0 09.1 79.3 55.39 628,37 279,851 321,72 265,482,1 895,384,1 588,06 .dtL .oC ecnarusnI lareneG GIA ataT 91 20.0 80.0 83.0 79.0 87.2 77.59 685,43 116,51 510,31 769,082 507,913 474,42 .dtL .oC ecnarusnI lareneG opmoS lasrevinU 02 srerusnI rotceS cilbuP 14.0 65.0 25.1 64.2 67.8 82.68 767,974 34 758,052 265,837,2 968,588,2 063,385 .dtL .oC ecnarusnI lanoitaN 22 52.0 12.0 57.0 65.1 03.4 39.29 506,425 5 510,81 553,752,7 683,624,7 495,373 .dtL .oC ecnarussA aidnI weN ehT 32 42.0 92.0 44.1 71.2 86.5 81.09 966,143 527,302 032,3 044,717,1 814,809,1 646,753 .dtL .oC ecnarusnI latneirO ehT 42 20.0 30.0 71.0 15.0 10.2 52.79 606,659 353,6 650,191 582,256,8 284,941,9 818,656 .dtL .oC ecnarusnI aidnI detinU 52 srerusnI dezilaicepS 72.2 - 87.8 85.51 66.6 17.66 492,592,4 046,6 261 772,303,71 422,511,81 941,094,3 .dtL aidnI fo .oC ecnarusnI erutlucirgA 62 - 30.1 31.01 57.11 95.12 15.55 093 2 966 186 150,1 196 .dtL CGCE 72 08.0 11.0 11.3 25.5 72.4 02.68 392,361,8 052,113,1 945,249 811,259,55 694,394,95 417,578,6 latoT srerusnI lareneG 118 | Statements Annual Report 2021 - 2241 TNEMETATS ...dtnoC )22-1202( SRERUSNI HTLAEH DNA LARENEG FO SMIALC FO SUTATS )%( diaP smialC fo rebmuN fo sisylanA egA smialC fo rebmuN smialC S/O smialC sr5 a > ey *s 5 *ra s< re ay o e t3 y *r 3a s< re a y o e 1 t y sh 1 t r<n ao eom yt 6 s sh ht 6 tn n o o om t m 3 sh3 tn < om S d d/ nO oe i r s e em h pti a ft ol aC eh s dd tm oe gs ii n ra o eil l r pC c ud ed hr e d tts o am g ii rndi ea iu prl p uC e d d ei h a dtp og s in rm eir pi ual dC / ed h d de te ot gka io n rm eo ir pi bt un di df oo i t rera pt s e hta t rerusnI .o. NS srerusnI htlaeH enola-dnatS - - 82.0 50.0 62.0 14.99 285,6 079,52 672,783 761,314 166,6 .dtL .oC ecnarusni htlaeH alriB aytidA 82 - - - 00.0 00.0 00.001 188,001 309,67 358,515 637,195 109,101 .dtL ecnarusnI htlaeH eraC 92 - - 20.0 20.0 60.0 09.99 416,4 540,53 347,013 408,543 895,4 .dtL .oC ecnarusnI htlaeH angiClapinaM 03 - - - 00.0 10.0 99.99 789,5 691,72 873,072 099,992 175,3 .dtL .oC ecnarusnI htlaeH apuB aviN 13 - 46.3 54.5 72.7 72.7 63.67 92 22 55 86 83 .dtL ecnarusnI htlaeH ecnaileR 23 - 10.0 50.0 02.0 07.0 60.99 946,901 159,113 614,074,1 454,997,1 265,29 .dtL .oC ecnarusnI deillA dna htlaeH ratS 33 - 00.0 60.0 11.0 93.0 44.99 247,722 780,774 127,459,2 912,054,3 133,902 latoT srerusnI htlaeH enola-dnatS sraey 2 < ot raey 1 si ega ,srerusnI htlaeH enola-dnatS fo esac nI * sraey 2 dnoyeb si ega ,srerusnI htlaeH enola-dnatS fo esac nI ** Annual Report 2021 - 22 119 | StatementsSTATEMENT 15 SOLVENCY RATIO OF LIFE INSURERS (2021-22) S.No. Insurer June September December March 2021 2021 2021 2022 Private Sector Insurers 1 Aditya Birla Sun Life Insurance Co. Ltd. 1.82 1.89 1.94 1.88 2 Aegon Life Insurance Co. Ltd. 2.74 2.93 2.89 3.33 3 Ageas Federal Life Insurance Co. Ltd. 3.08 3.03 3.14 3.12 4 Aviva Life Insurance Co. Ltd. 2.22 2.23 2.32 1.82 5 Bajaj Allianz Life Insurance Co. Ltd. 6.48 6.26 6.04 5.81 6 Bharti AXA Life Insurance Co. Ltd. 1.73 1.88 1.67 1.62 7 Canara HSBC Life Insurance Co. Ltd. 2.88 2.72 2.74 2.82 8 Edelweiss Tokio Life Insurance Co Ltd 1.84 2.06 1.90 2.11 9 Exide Life Insurance Co. Ltd. 2.19 2.07 2.02 2.17 10 Future Generali India Life Insurance Co. Ltd. 1.84 1.53 1.50 1.83 11 HDFC Life Insurance Co. Ltd. 2.03 1.90 1.90 1.76 12 ICICI Prudential Life Insurance Co. Ltd. 1.94 2.00 2.02 2.04 13 IndiaFirst Life Insurance Co. Ltd. 1.76 1.60 1.61 1.65 14 Kotak Mahindra Life Insurance Co. Ltd. 2.57 2.61 2.66 2.73 15 Max Life Insurance Co. Ltd. 1.97 2.11 2.07 2.01 16 PNB MetLife India Insurance Co. Ltd. 1.80 1.80 1.80 2.09 17 Pramerica Life Insurance Co Ltd 4.17 3.90 3.86 4.04 18 Reliance Nippon Life Insurance Co. Ltd. 2.35 2.34 2.30 2.35 19 Sahara India Life Insurance Co. Ltd. 9.58 9.53 9.23 6.75 20 SBI Life Insurance Co. Ltd. 2.15 2.12 2.09 2.05 21 Shriram Life Insurance Co. Ltd. 2.38 2.11 2.06 2.05 22 Star Union Dai-ichi Life Insurance Co. Ltd. 2.06 1.82 1.86 2.00 23 TATA AIA Life Insurance Co. Ltd. 1.95 1.86 1.79 1.96 Public Sector Insurer 24 LIC of India 1.73 1.83 1.77 1.85 120 | Statements Annual Report 2021 - 22STATEMENT 16 SOLVENCY RATIO OF GENERAL, HEALTH AND REINSURANCE COMPANIES (2021-22) S. No. Insurers June September December March 2021 2021 2021 2022 Private Sector Insurers 1 Acko General Insurance Ltd. 2.31 1.61 1.77 1.68 2 Bajaj Allianz General Insurance Co. Ltd. 3.40 3.50 3.33 3.44 3 Bharti AXA General Insurance Co. Ltd.* NA NA NA NA 4 Cholamandalam MS General Insurance Co. Ltd. 2.00 1.77 1.86 1.95 5 Edelweiss General Insurance Co. Ltd. 1.83 1.79 1.77 1.67 6 Future Generali India Insurance C. Ltd. 1.56 1.58 1.64 1.66 7 Go Digit General Insurance Ltd. 1.81 1.64 1.64 2.01 8 HDFC ERGO General Insurance Co. Ltd. 1.69 1.71 1.70 1.64 9 ICICI Lombard General Insurance Co. Ltd. 2.76 2.51 2.45 2.46 10 IFFCO Tokio General Insurance Co. Ltd. 1.63 1.51 1.74 1.68 11 Kotak Mahindra General Insurance Co. Ltd. 1.75 2.66 2.35 1.79 12 Liberty General Insurance Ltd. 2.81 2.85 2.87 2.87 13 Magma HDI General Insurance Co. Ltd. 1.82 1.82 1.61 1.76 14 Navi General Insurance Ltd. 2.28 1.67 2.15 1.91 15 Raheja QBE General Insurance Co. Ltd. 2.59 2.76 2.19 2.22 16 Reliance General Insurance Co. Ltd. 1.65 1.69 1.69 1.66 17 Royal Sundaram General Insurance Co. Ltd. 1.97 2.07 2.14 2.10 18 SBI General Insurance Co. Ltd. 2.10 2.04 1.93 1.85 19 Shriram General Insurance Co. Ltd. 3.63 4.05 4.70 4.62 20 Tata AIG General Insurance Co. Ltd. 2.32 2.17 2.11 1.97 21 Universal Sompo General Insurance Co. Ltd. 2.07 2.06 2.09 1.92 Public Sector Insurers 22 National Insurance Co. Ltd.# 0.05 0.01 0.09 1.09 23 The New India Assurance Co. Ltd 2.00 1.90 1.83 1.66 24 The Oriental Insurance Co. Ltd.# 0.50 0.12 0.15 1.03 25 United India Insurance Co. Ltd.# 0.83 0.74 0.72 1.02 Specialized Insurers 26 Agriculture Insurance Co. of India Ltd. 1.88 1.88 2.40 2.45 27 ECGC Ltd. 21.66 20.79 23.92 30.05 Stand-alone Health Insurers 28 Aditya Birla Health insurance Co. Ltd. 1.61 1.73 1.84 1.77 29 Care Health Insurance Ltd. 1.81 1.90 1.68 1.85 30 HDFC ERGO Health Insurance Co. Ltd.** NA NA NA NA 31 ManipalCigna Health Insurance Co. Ltd. 1.65 1.77 1.59 1.68 32 Niva Bupa Health Insurance Co. Ltd. 1.65 1.66 1.78 1.72 33 Reliance Health Insurance Ltd.*** - - - - 34 Star Health and Allied Insurance Co. Ltd. 1.65 1.71 1.80 1.67 Reinsurer 35 General Insurance Corporation of India 1.74 1.88 1.80 1.96 #Solvency for the quarter ending on March 31, 2022 is with forbearance. *Demerger of general Insurance business of Bharti AXA General Insurance Co. Ltd. to ICICI Lombard General Insurance Co. Ltd. w.e.f. April 01, 2021. **Erstwhile HDFC Ergo Health Insurance Co. Ltd. merged with HDFC Ergo General Insurance Co. Ltd. w.e.f. March 01, 2020. ***Takeover of Reliance Health Insurance portfolio by Reliance General Insurance Co. Ltd. NA -- Not applicable Note: Re-classification/re-grouping by the insurers in the previous year's figures, if any, has not been considered.. Annual Report 2021 - 22 121 | StatementsSTATEMENT 17 SOLVENCY RATIO OF BRANCHES OF FOREIGN RE-INSURERS Branches of Foreign As on March As on March S.No. Re-insurers 31, 2021 31, 2022 1 Allianz Global 2.60 2.43 2 Hannover Re 1.88 2.15 3 Lloyd's of India 2.07 2.13 4 Munich Re 1.55 1.74 5 RGA 2.18 2.34 6 SCOR SE 3.24 3.25 7 Swiss Re 2.01 2.90 8 XL SE 1.83 2.15 9 AXA France Vie 2.42 2.69 10 Gen Re 2.37 2.05 11 Factory Mutual Nil 2.20 122 | Statements Annual Report 2021 - 22STATEMENT 18 ASSIGNED CAPITAL OF BRANCHES OF FOREIGN RE-INSURERS (₹crore) Branches of Foreign As on March Infusion During As on March S.No. Re-insurers 31, 2021 the Year 31, 2022 1 Allianz Global 200.24 0.00 200.24 2 Hannover Re 568.78 0.00 568.78 3 Lloyd's of India 110.00 -5.00 105.00 4 Munich Re 2,269.60 1,720.30 3,989.90 5 RGA 2,332.84 1,057.25 3,390.09 6 SCOR SE 975.17 -0.01 975.16 7 Swiss Re 2,221.67 905.20 3,126.87 8 XL SE 233.35 0.00 233.35 9 AXA France Vie 909.47 -0.01 909.46 10 Gen Re 556.56 304.88 861.44 11 Factory Mutual 0.00 117.00 117.00 TOTAL 10,377.66 4,099.63 14,477.29 Annual Report 2021 - 22 123 | StatementsSTATEMENT 19 GROSS REINSURANCE PREMIUM OF REINSURERS INCLUDING FRBs (₹crore) S.No. Reinsurer Indian Business Foreign Business Total 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 1 GIC Re 30,009.93 28,018.80 17,004.46 15,189.70 47,014.38 43,208.50 FRBs 2 Allianz Global 135.06 159.88 35.64 42.12 170.70 202.00 3 AXA France Vie 570.52 1,005.87 - - 570.52 1,005.87 4 Gen Re 415.72 521.10 - - 415.72 521.10 5 Hannover Re 1,291.98 1,420.81 0.00 17.42 1,291.98 1,438.23 6 Munich Re 4,791.43 7,581.73 81.59 104.12 4,873.02 7,685.85 7 RGA Life 430.37 439.03 3.49 1.15 433.85 440.18 8 SCOR SE 1,805.49 1,997.41 - - 1,805.49 1,997.41 9 Swiss Re 4,447.77 4,324.01 8.69 -1.95 4,456.46 4,322.05 10 XL SE 399.71 446.83 4.12 3.00 403.84 449.83 11 Markel (Lloyd's) 35.26 65.44 0.05 0.60 35.31 66.04 FRBs Total 14,323.30 17,962.11 133.58 166.46 14,456.88 18,128.56 Grand Total 44,333.23 45,980.89 17,138.04 15,356.12 61,471.27 61,337.01 124 | Statements Annual Report 2021 - 2202 TNEMETATS SRERUSNI EFIL FO )TNEMEGANAM REDNU STESSA( STNEMTSEVNI )13 HCRAM NO SA( )erorc`( dnuF efiL devorppA erutcurtsarfnI & gnisuoH & tnemnrevoG etatS tnemnrevoG lartneC .S )dnuF efiL( latoT stnemtsevnI rehtO rerusnI stnemtsevnI stnemtsevnI seitiruceS devorppA rehtO seitiruceS .oN 2202 1202 2202 1202 2202 1202 2202 1202 2202 1202 2202 1202 35.619,22 76.432,81 90.843 43.404 83.457,3 12.820,3 00.900,6 64.163,5 88.632,1 40.021,1 81.865,11 26.023,8 efiL nuS alriB aytidA 1 43.426,2 60.970,2 26.01 - 06.214 42.543 05.626 39.785 45.483 69.912 80.091,1 39.529 efiL nogeA 2 96.286,8 06.095,7 17.28 69.14 84.404,1 24.883,1 06.286,1 30.466,1 49.585,2 51.333,2 69.629,2 40.361,2 efiL laredeF saegA 3 47.945,7 63.098,6 02.91 13.02 65.071 27.822 05.481,1 91.831,1 16.543,1 56.442,1 78.928,4 94.852,4 efiL avivA 4 61.251,73 88.183,33 09.936 28.506 48.272,8 02.687,8 02.240,6 75.490,5 71.459,1 69.350,2 50.342,02 33.148,61 efiL znaillA jajaB 5 44.108,8 59.914,7 49.382 09.423 19.976,1 59.519,1 02.094,1 55.413,1 80.172,1 34.449 13.670,4 21.029,2 efiL AXA itrahB 6 42.951,9 24.051,7 28.101 74.301 98.864,1 58.162,1 01.519,1 02.240,2 53.121,2 58.542,1 80.255,3 50.794,2 efiL CBSH aranaC 7 00.714,3 96.685,2 49.622 34.001 77.085 71.284 04.795 83.124 03.7 59.54 95.400,2 67.635,1 efiL oikoT ssiewledE 8 84.177,51 83.197,31 81.96 42.38 57.394,2 29.268,1 05.435,2 73.434,2 40.001,1 39.409 10.475,9 29.505,8 efiL edixE 9 82.892,4 19.716,3 42.7 30.12 31.624 66.203 07.886 03.785 06.791 65.891 16.879,2 63.805,2 efiL ilareneG erutuF 01 72.705,77 03.605,85 28.587,1 25.679,1 53.011,12 25.800,21 02.755,11 03.056,01 26.670,01 36.470,01 82.779,23 33.697,32 efiL CFDH 11 64.164,27 83.927,16 06.094,2 53.568,1 10.856,21 82.848,01 05.495,11 98.738,9 03.065,4 99.960,3 50.851,14 78.701,63 efiL laitnedurP ICICI 21 54.763,5 23.439,3 32.25 17.83 28.888 83.937 00.998 26.956 23.418,1 28.503,1 80.317,1 97.091,1 efiL tsriFaidnI 31 95.664,03 57.299,42 78.456 28.494 97.088,2 18.845,2 01.629,4 38.588,3 04.534 70.972 34.965,12 22.487,71 efiL ardnihaM katoK 41 58.953,07 46.291,95 56.105,2 55.110,2 85.200,21 44.416,8 04.114,11 10.189,9 92.210,7 42.742,6 39.134,73 04.833,23 efiL xaM 51 78.374,42 18.098,91 69.112 54.661 45.872,4 94.297,3 06.368,5 12.203,5 93.115,3 65.950,2 83.806,01 01.075,8 efilteM BNP 61 66.536,4 53.820,4 39.74 56.45 21.196 80.345 09.650,1 11.160,1 70.442 86.841 46.595,2 38.022,2 efiL aciremarP 71 82.851,02 95.329,71 64.232 27.552 87.618,1 79.414,1 00.634,3 17.415,3 76.354,3 31.473,3 73.912,11 60.463,9 efiL noppiN ecnaileR 81 56.514,1 53.673,1 31.12 50.12 96.711 87.401 08.564 10.705 12.252 35.752 28.855 89.584 efiL aidnI arahaS 91 87.580,27 98.732,06 17.688,1 46.959,1 58.132,71 82.261,51 09.756,21 83.390,01 45.082,5 22.842,5 87.820,53 73.477,72 efiL IBS 02 72.805,6 54.741,5 71.69 43.301 45.848 94.596 08.054,1 93.267,1 47.857,1 34.948 20.453,2 08.637,1 efiL marirhS 12 48.683,8 41.718,6 05.67 97.4 74.397 18.306 05.924,1 87.598,1 33.442,1 24.790,1 40.348,4 43.512,3 efiL ihci-iaD noinU ratS 22 01.338,43 85.639,62 90.515 72.162 49.073,4 20.502,4 08.875,5 99.566,4 19.79 29.211 63.072,42 83.196,71 efiL AIA ataT 32 39.230,945 74.654,354 27.263,21 63.919,01 97.353,001 96.388,08 02.890,59 12.364,48 03.649,15 21.634,44 29.172,982 90.457,232 latoT etavirP 45.819,546,2 22.728,064,2 05.879,241 71.999,321 42.306,755 69.243,294 61.364,412 23.575,312 74.633,685 39.012,485 71.735,441,1 48.896,640,1 CIL 42 74.159,491,3 96.382,419,2 22.143,551 35.819,431 30.759,756 56.622,375 63.165,903 35.830,892 77.282,836 50.746,826 90.908,334,1 39.254,972,1 latoT dnarG Annual Report 2021 - 22 125 | Statements02 TNEMETATS ...dtnoC SRERUSNI EFIL FO )TNEMEGANAM REDNU STESSA( STNEMTSEVNI )13 HCRAM NO SA( )erorc`( dnuF puorG & ytiunnA lareneG & noisneP' lareneG & noisneP( latoT & tnemnrevoG etatS tnemnrevoG lartneC .S )dnuF puorG & ytiunnA stnemtsevnI devorppA seitiruceS devorppA rehtO seitiruceS rerusnI .oN 2202 1202 2202 1202 2202 1202 2202 1202 19.974,7 33.971,6 22.099,3 60.183,3 73.876 24.646 23.118,2 5 8 . 151,2 efiL nuS alriB aytidA 1 63.7 43.7 47.0 86.0 - - 26.6 66.6 efiL nogeA 2 81.886 78.016 73.372 97.192 01.961 91.461 17.542 98.451 efiL laredeF saegA 3 11.972 74.072 29.44 50.54 65.91 48.02 36.412 85 . 402 efiL avivA 4 05.760,31 05.908,9 30.747,3 13.474,2 15.533,2 65.328,1 69.489,6 36 . 115,5 efiL znaillA jajaB 5 94.515 26.025 00.072 77.203 41.97 01.58 53.661 57.231 efiL AXA itrahB 6 46.011,4 46.800,3 18.538,1 50.706,1 95.959 17.936 42.513,1 88.167 efiL CBSH aranaC 7 10.492 85.162 19.58 48.18 62.7 09.7 48.002 48. 171 efiL oikoT ssiewledE 8 00.911,2 67.341,2 54.744 39.145 18.012 06.902 47.064,1 32.293,1 efiL edixE 9 90.879 15.788 11.584 21.084 27.172 50.412 62.122 43.391 efiL ilareneG erutuF 01 71.329,34 09.845,83 58.310,51 79.611,71 38.838,01 23.953,7 94.070,81 16. 270,41 efiL CFDH 11 98.316,21 44.988,8 43.713,3 38.330,3 62.137 25.222 92.565,8 90.336,5 efiL laitnedurP ICICI 21 21.312,6 59.980,7 88.933,2 44.077,2 86.582,2 08.483,2 65.785,1 17. 439,1 efiL tsriFaidnI 31 18.541,2 22.000,2 55.107 22.146 33.31 46.0 39.034,1 63. 853,1 efiL ardnihaM katoK 41 03.889,2 34.169,1 48.552,1 89.076 65.656 93.955 09.570,1 60. 137 efiL xaM 51 82.945,1 69.142,1 60.692 89.803 28.732 41.941 04.510,1 48 . 387 efilteM BNP 61 13.911,1 99.861,1 86.135 74.765 73.25 59.25 62.535 75. 845 efiL aciremarP 71 64.603 87.272 45.72 65.23 02.501 01.701 27.371 21. 331 efiL noppiN ecnaileR 81 35.3 31.2 - 01.0 - - 35.3 30 . 2 efiL aidnI arahaS 91 43.833,94 76.083,14 92.683,51 81.891,51 77.043,41 99.629,01 82.116,91 05. 552,51 efiL IBS 02 51.246 80.045 36.662 30.572 19.291 24.211 16.281 36.251 efiL marirhS 12 73.824,3 22.333,2 24.781,1 39.920,1 49.539 40.654 10.503,1 52.748 efiL ihci-iaD noinU ratS 22 87.711,2 87.105,1 13.843 91.963 15.26 96.26 69.607,1 09.960,1 efiL AIA ataT 32 08.829,551 71.136,031 59.258,15 84.122,15 42.481,53 73.502,62 16.198,86 23 .402,35 latoT etavirP 95.657,900,1 88.822,219 90.057,112 83.007,481 29.236,504 69.719,883 85.373,293 31. 423,452 CIL 42 93.586,561,1 50.068,240,1 40.306,362 68.129,532 61.718,044 33.321,514 91.562,164 54.825,703 latoT dnarG 126 | Statements Annual Report 2021 - 2202 TNEMETATS ...dtnoC SRERUSNI EFIL FO )TNEMEGANAM REDNU STESSA( STNEMTSEVNI )13 HCRAM NO SA( )erorc`( dnuF dekniL tinU )sdnuF llA( latoT dnarG )sdnuF PILU( latoT stnemtsevnI rehtO stnemtsevnI devorppA rerusnI .S .oN 2202 1202 2202 1202 2202 1202 2202 1202 36.655,06 33.183,25 91.061,03 33.769,72 68.936,1 24.304,1 33.025,82 1 9.365,62 efiL nuS alriB aytidA 1 04.876,3 01.201,3 07.640,1 07.510,1 71.801 62.48 35.839 44.139 efiL nogeA 2 85.415,31 12.327,11 17.341,4 47.125,3 95.973 04.072 21.467,3 43.152,3 efiL laredeF saegA 3 77.955,11 35.477,01 29.037,3 07.316,3 85.744 18.993 43.382,3 9 8.312,3 efiL avivA 4 72.244,38 53.257,17 16.222,33 79.065,82 72.318,2 77.467,1 43.904,03 0 2.697,62 efiL znaillA jajaB 5 64.820,11 19.043,9 35.117,1 43.004,1 36.542 71.261 09.564,1 71.832,1 efiL AXA itrahB 6 70.862,62 97.868,12 91.899,21 37.907,11 15.226,1 05.811,1 86.573,11 32.195,01 efiL CBSH aranaC 7 65.714,5 70.791,4 55.607,1 08.843,1 80.391 93.551 74.315,1 1 4.391,1 efiL oikoT ssiewledE 8 25.202,02 49.280,81 40.213,2 08.741,2 72.512 74.891 77.690,2 33.949,1 efiL edixE 9 67.800,6 73.681,5 93.237 59.086 85.67 12.55 18.556 47.526 efiL ilareneG erutuF 01 99.150,202 07.418,171 55.126,08 05.957,47 32.059,8 99.247,6 23.176,17 1 5.610,86 efiL CFDH 11 56.149,532 79.761,902 03.668,051 51.945,831 68.072,42 73.860,71 44.595,621 87.084,121 efiL laitnedurP ICICI 21 52.857,81 79.929,61 86.771,7 07.509,5 66.720,1 66.556 20.051,6 4 0.052,5 efiL tsriFaidnI 31 87.461,55 65.242,64 83.255,22 95.942,91 21.758,2 98.410,2 62.596,91 0 7.432,71 efiL ardnihaM katoK 41 33.197,601 96.725,98 81.344,33 26.373,82 80.975,3 30.437,2 01.468,92 9 5.936,52 efiL xaM 51 52.401,43 42.590,82 01.180,8 74.269,6 13.420,1 73.528 97.650,7 0 1.731,6 efilteM BNP 61 11.661,6 10.406,5 41.114 76.604 64.74 08.33 86.363 7 8.273 efiL aciremarP 71 36.363,72 67.862,42 98.898,6 93.270,6 12.419 85.953 86.489,5 1 8.217,5 efiL noppiN ecnaileR 81 25.505,1 56.874,1 43.68 71.001 06.22 76.9 47.36 0 5.09 efiL aidnI arahaS 91 34.940,462 85.338,712 13.526,241 20.512,611 79.998,11 42.037,8 43.527,031 8 7.484,701 efiL IBS 02 00.026,7 77.781,6 85.964 42.005 28.62 52.92 67.244 99.074 efiL marirhS 12 36.415,41 16.807,11 24.996,2 52.855,2 95.442 01.261 38.454,2 51.693,2 efiL ihci-iaD noinU ratS 22 66.300,75 47.278,44 87.250,02 83.434,61 56.040,3 12.559,1 31.210,71 71.974,41 efiL AIA ataT 32 12.217,272,1 58.141,280,1 84.057,765 12.450,894 01.746,56 65.339,64 83.301,205 5 6.021,154 latoT etavirP 69.474,976,3 16.138,793,3 48.997,32 15.577,42 65.896 43.296 82.101,32 7 1.380,42 CIL 42 71.781,259,4 64.379,974,4 23.055,195 27.928,225 66.543,66 09.526,74 66.402,525 28.302,574 latoT dnarG Annual Report 2021 - 22 127 | Statements12 TNEMETATS SEINAPMOC ECNARUSNIER DNA HTLAEH ,LARENEG FO )TNEMEGANAM REDNU STESSA( STNEMTSEVNI )13 hcraM no sA( )erorc`( ot snaoL & gnisuoH & tnemnrevoG etatS erutcurtsarfnI tnemnrevoG lartneC .S stnemtsevnI latoT stnemtsevnI rehtO stnemtsevnI devorppA tnemnrevoG etatS devorppA rehtO rerusnI stnemtsevnI seitiruceS .oN EFF dna gnisuoH rof seitiruceS 2202 1202 2202 1202 2202 1202 2202 1202 2202 1202 2202 1202 2202 1202 rotceS etavirP 08.709 63.854 - 02.21 03.691 05.36 05.541 08.901 06.801 02.15 02.131 - 02.623 07.122 lareneG okcA 1 04.457,32 09.580,22 03.183 03.911 00.621,6 02.913,5 06.391,3 09.615,4 02.747,1 02.736,1 06.462,3 05.817,3 07.140,9 08.477,6 znaillA jajaB 2 - 52.655,5 - 00.021 - 87.640,1 - 84.185,1 - 68.716 - 96.895 - 44.195,1 *AXA itrahB 3 22.405,21 65.330,11 56.16 87.78 70.645,1 94.194,1 29.965,1 86.997 82.630,1 19.199 09.421,3 97.705,3 04.561,5 19.451,4 SM maladnamalohC 4 35.344 70.853 98.74 57.01 93.67 03.601 28.95 38.45 98.04 45.25 45.901 50.84 00.901 06.58 lareneG ssiewledE 5 91.557,5 44.255,5 16.15 30.37 85.689 79.989 81.180,1 86.762,1 13.376 25.707 16.395,1 49.112,1 09.863,1 03.203,1 ilareneG erutuF 6 80.261,9 31.773,5 68.31 63.31 65.215,1 11.768 78.816,1 13.839 38.980,1 29.756 63.313 01.391 06.316,4 33.707,2 tigiD oG 7 77.133,81 55.716,61 24.802 36.251 28.425,4 18.257,4 12.459,3 46.814,3 28.794,1 46.405,1 07.792,4 12.441,2 08.848,3 26.446,4 ogrE CFDH 8 34.234,83 13.612,03 63.666,2 03.147,1 63.491,01 72.158,9 06.073,6 35.578,4 12.658,2 02.470,2 09.391,5 74.535,3 00.151,11 45.831,8 drabmoL ICICI 9 42.644,31 14.890,21 71.3 43.2 28.983,2 98.643,2 76.207,3 84.054,3 32.038,1 25.065,1 56.503,2 83.600,2 07.412,3 08.137,2 oikoT OCFFI 01 84.922,1 98.139 17.62 45.1 94.06 96.611 41.29 38.301 47.611 65.68 06.631 79.52 08.697 03.795 ardnihaM katoK 11 85.623,3 22.821,3 - - 78.508 43.658 86.446 08.676 23.634 54.123 17.476 07.045 00.567 39.237 ytrebiL 21 83.448,3 66.399,2 59.98 91.131 54.618 54.637 56.844 38.194 46.492 22.142 97.545 32.492 09.846,1 47.890,1 IDH amgaM 31 66.355 39.895 36.74 20.01 99.831 72.912 87.98 30.59 48.43 40.52 28.76 64.341 06.471 11.601 lareneG ivaN 41 45.428 17.417 00.01 00.02 71.291 03.371 47.712 30.421 36.011 28.69 - - 00.492 65.003 EBQ ajehaR 51 10.774,41 12.490,31 95.543 90.134 39.598,4 59.236,4 59.332,1 17.809 05.553,1 36.061,1 41.076,2 38.567,2 09.579,3 00.591,3 ecnaileR 61 56.589,6 98.844,6 61.272 49.562 72.665,1 93.682,1 91.536,1 55.603,1 78.467 48.238 60.180,1 54.134 01.666,1 27.523,2 maradnuS layoR 71 71.628,01 95.894,9 26.084 05.112 01.919,2 97.524,2 29.013,2 24.809,1 87.133,1 34.612,1 57.332,1 58.221,1 00.055,2 06.316,2 lareneG IBS 81 62.168,01 47.865,01 41.31 94.8 17.980,1 43.249 67.097,3 82.357,3 94.133,2 61.342,2 62.5 22.91 09.036,3 52.206,3 lareneG marirhS 91 46.438,81 37.486,51 17.792,1 12.086 50.079,5 12.597,5 59.066,2 81.403,2 25.089 36.189 17.114,3 75.462,2 07.315,4 39.856,3 GIA ataT 02 07.847,3 79.955,3 49.12 72.61 07.338 05.878 48.327 27.238 53.405 79.804 77.674 50.705 01.881,1 64.619 opmoS lasrevinU 12 37.942,891 25.675,671 17.930,6 49.801,4 36.148,64 55.898,44 79.445,53 17.815,33 50.241,91 62.074,71 70.836,03 64.970,52 03.340,06 46.005,15 latoT rotceS etavirP rotceS cilbuP 73.917,03 41.415,72 60.588 15.660,1 05.703,21 52.661,01 56.809,2 97.765,3 28.829,1 68.409,1 28.591,6 74.088,4 25.394,6 62.829,5 lanoitaN 22 68.988,25 87.029,94 22.204,2 50.967,1 02.017,9 49.878,01 12.243,6 38.794,6 13.494,2 49.676,2 01.599,81 19.566,51 28.549,21 11.234,21 aidnI weN 32 12.096,22 92.457,91 70.611,1 71.869 09.341,5 04.168,3 98.063,2 30.934,2 82.781,1 76.419 85.272,8 72.602,7 94.906,4 57.463,4 latneirO 42 81.547,43 40.984,43 49.352,2 22.688,1 00.268,9 65.982,11 04.172,3 96.281,3 36.023,2 54.204,2 10.839,8 93.691,8 02.990,8 37.135,7 aidnI detinU 52 26.440,141 52.876,131 92.756,6 59.986,5 06.320,73 51.691,63 51.388,41 43.786,51 40.139,7 29.898,7 15.104,24 40.949,53 30.841,23 58.652,03 latoT rotceS cilbuP srerusnI desilaicepS 74.341,21 18.296,31 80.35 42.4 25.091,2 98.249,3 00.778 82.370,1 72.427,1 40.030,1 78.805,4 66.097,4 37.987,2 07.158,2 CIA 62 95.408,41 30.233,31 61.361 36.69 93.842,4 57.449,3 00.392,3 29.104,3 00.138 59.320,1 58.080,3 59.189,1 91.881,3 38.288,2 CGCE 72 60.849,62 48.420,72 42.612 78.001 19.834,6 46.788,7 00.071,4 02.574,4 72.555,2 99.350,2 27.985,7 16.277,6 29.779,5 35.437,5 latoT desilaicepS 128 | Statements Annual Report 2021 - 2212 TNEMETATS ...dtnoC SEINAPMOC ECNARUSNIER DNA HTLAEH ,LARENEG FO )TNEMEGANAM REDNU STESSA( STNEMTSEVNI )13 hcraM no sA( )erorc`( ot snaoL & gnisuoH & tnemnrevoG etatS erutcurtsarfnI tnemnrevoG lartneC .S stnemtsevnI latoT stnemtsevnI rehtO stnemtsevnI devorppA tnemnrevoG etatS devorppA rehtO rerusnI stnemtsevnI seitiruceS .oN EFF dna gnisuoH rof seitiruceS 2202 1202 2202 1202 2202 1202 2202 1202 2202 1202 2202 1202 2202 1202 htlaeH enola-dnatS 05.525,1 02.642,1 - - 05.422 06.091 09.39 03.18 00.56 06.57 03.175 02.804 08.075 06.094 htlaeH alriB aytidA 82 05.665,3 07.636,2 03.41 02.5 02.230,1 06.876 09.191,1 01.019 09.302 02.491 02.221 06.221 00.200,1 01.627 htlaeH eraC 92 05.500,1 04.948 03.1 06.1 03.222 05.622 03.622 03.622 04.201 08.16 01.022 02.541 01.332 00.881 angiC lapinaM 03 03.304,2 04.146,1 05.01 00.01 09.447 08.294 04.885 08.154 06.972 03.171 06.672 07.761 03.305 08.743 apuB aviN 13 01.364,11 06.611,7 06.794 07.601 05.690,4 07.625,1 02.307,1 09.022,2 00.348 04.874 07.176,1 08.939 01.156,2 00.448,1 htlaeH ratS 23 09.369,91 02.094,31 07.325 05.321 04.023,6 02.511,3 07.308,3 04.098,3 09.394,1 03.189 09.168,2 05.387,1 03.069,4 05.695,3 latoT IHAS rerusnieR 77.843,77 25.897,86 42.829,3 76.401,4 29.093,91 02.635,71 48.670,7 55.792,6 49.458,5 31.590,5 22.130,12 09.892,81 16.660,02 70.664,71 CIG 33 77.843,77 25.897,86 42.829,3 76.401,4 29.093,91 02.635,71 48.670,7 55.792,6 49.458,5 31.590,5 22.130,12 09.892,81 16.660,02 70.664,71 latoT rerusnieR ngieroF fo sehcnarB - srerusnieR 55.633 01.952 - - 41.53 31.52 09.06 83.84 59.44 23.03 65.95 83.53 00.631 98.911 labolG znaillA 43 51.233,1 20.733,1 - - 11.811 67.59 94.49 14.021 16.141 46.221 42.24 19.25 07.539 03.549 eiV ecnarF AXA 53 lareneG 63 07.230,1 76.397 - - - - 72.761 33.341 - - - - 34.568 43.056 GA ecnarusnieR 33.879,1 54.746,1 - - 61.813 71.113 96.382 67.082 90.812 57.922 01.12 01.5 92.731,1 76.028 eR revonnaH 73 83.620,6 94.946,3 - - - - 90.856 13.703 57.693 64.662 - - 45.179,4 27.570,3 eR hcinuM 83 05.489,2 93.794,2 - - 57.522 - 20.764 12.924 - - - - 37.192,2 81.860,2 efiL AGR 93 69.411,2 83.527,1 - - - - 81.122 57.622 69.551 27.151 - - 28.737,1 19.643,1 eS ROCS 04 84.466,4 93.524,3 - - - - 80.876 62.893 88.874 73.153 - - 25.705,3 67.576,2 eR ssiwS 14 80.515 41.893 - - - - 27.17 80.701 80.65 21.51 - - 82.783 49.572 ES.oC ecnarusnI lX 24 31.589,02 30.337,51 - - 61.796 60.234 44.207,2 94.160,2 23.294,1 83.761,1 09.221 93.39 13.079,51 17.879,11 latoT BRF 12.045,484 63.103,334 28.721,41 67.560,011 75.039,56 69.666,43 19.679,78 43.335,021 latoT dnarG .1202 ,10 lirpA .f.e.w .dtL .oC ecnarusnI lareneG drabmoL ICICI ot .dtL .oC ecnarusnI lareneG AXA itrahB fo ssenisub ecnarusnI lareneg fo regremeD* Annual Report 2021 - 22 129 | StatementsANNEXURESANNEXURE 1 LIST OF REGISTERED INSURERS/REINSURERS OPERATING IN INDIA Life Insurers General Insurers Public Sector Public Sector 1. Life Insurance Corporation of India 1. National Insurance Co. Ltd. 2. The New India Assurance Co. Ltd. 3. The Oriental Insurance Co. Ltd. 4. United India Insurance Co. Ltd. Private Sector Private Sector 1. Aditya Birla Sun Life Insurance Co. Ltd. 1. Acko General Insurance Ltd. 2. Aegon Life Insurance Co. Ltd. 2. Bajaj Allianz General Insurance Co. Ltd. 3. Ageas Federal Life Insurance Co. Ltd. 3. Cholamandalam MS General Insurance Co. Ltd. 4. Aviva Life Insurance Co. Ltd. 4. Edelweiss General Insurance Co. Ltd. 5. Bajaj Allianz Life Insurance Co. Ltd. 5. Future Generali India Insurance Co. Ltd. 6. Bharti AXA Life Insurance Co. Ltd. 6. Go Digit General Insurance Ltd. 7. Canara HSBC Life Insurance Co. Ltd.* 7. HDFC ERGO General insurance Co. Ltd. 8. Edelweiss Tokio Life Insurance Co. Ltd. 8. ICICI Lombard General Insurance Co. Ltd.# 9. Exide Life Insurance Co. Ltd. 9. IFFCO-Tokio General Insurance Co. Ltd. 10. Future Generali India Life Insurance Co. Ltd. 10. Kotak Mahindra General Insurance Co. Ltd. 11. HDFC Life Insurance Co. Ltd. 11. Liberty General Insurance Ltd. 12. ICICI Prudential Life Insurance Co. Ltd. 12. Magma HDI General Insurance Co. Ltd. 13. India First Life Insurance Co. Ltd. 13. NAVI General Insurance Ltd. 14. Kotak Mahindra Life Insurance Co. Ltd. 14. Raheja QBE General Insurance Co. Ltd. 15. Max Life Insurance Co. Ltd. 15. Reliance General Insurance Co. Ltd. 16. PNB MetLife India Insurance Co. Ltd. 16. Royal Sundaram General Insurance Co. Ltd. 17. Pramerica Life Insurance Co. Ltd. 17. SBI General Insurance Co. Ltd. 18. Reliance Nippon Life Insurance Co. Ltd. 18. Shriram General Insurance Co. Ltd. 19. Sahara India Life Insurance Co. Ltd. 19. Tata AIG General Insurance Co. Ltd. 20. SBI Life Insurance Co. Ltd. 20. Universal Sompo General Insurance Co. Ltd. 21. Shriram Life Insurance Co. Ltd. 22. Star Union Dai-ichi Life Insurance Co. Ltd. Specialised Insurers (Public Sector) 23. TATA AIA Life Insurance Co. Ltd. 1. Agriculture Insurance Company of India Ltd. 2. ECGC Ltd. Standalone Health Insurers (Private Sector) 1. Aditya Birla Health Insurance Co. Ltd. 2. Care Health Insurance Ltd. 3. ManipalCigna Health Insurance Co. Ltd. 4. Niva Bupa Health Insurance Co. Ltd. 5. Reliance Health Insurance Ltd.$ 6. Star Health & Allied Insurance Co. Ltd. *Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd. is renamed as Canara HSBC Life Insurance Co. Ltd #Demerger of general Insurance business of Bharti AXA General Insurance Co. Ltd. to ICICI Lombard General Insurance Co. Ltd. w.e.f. April 01, 2021. $ The Authority vide order ref. No. IRDA/F&A/ORD/SOLP/200/11/2019 dated November 06, 2019 issued directions to the Reliance Health Insurance Ltd. to stop selling new policies. Note: List as on March 31, 2022 Annual Report 2021 - 22 133 | AnnexuresContd... ANNEXURE 1 LIST OF REGISTERED INSURERS/REINSURERS OPERATING IN INDIA Reinsurers Public Sector Private Sector 1 General Insurance Foreign Reinsurer's Branches Corporation of India (GIC Re) 1. Allianz Global Corporate & Specialty SE, India Branch 2. AXA France Vie - India Reinsurance Branch 3. General Reinsurance AG - India Branch 4. Hannover Ruck SE – India Branch 5. Münchener Ruckversicherungs-Gesellschaft Aktiengesellschaft - India Branch 6. RGA Life Reinsurance Company of Canada, India Branch 7. SCOR SE - India Branch 8. Swiss Reinsurance Company Ltd, India Branch 9. XL Insurance Company SE, India Reinsurance Branch 10. Factory Mutual Insurance Company, India Branch# Lloyd's 11. Lloyd’s India Reinsurance Branch i. Markel Services India Private Limited # CoR granted on April 28, 2021 Note: List as on March 31, 2022 134 | Annexures Annual Report 2021 - 22ANNEXURE 2(i) SHARE OF MEMBERS IN INDIAN MARKET TERRORISM RISK INSURANCE POOL (2021-22) S.No. Member Company Per risk Capacity Share (₹crore) 1 General Insurance Corporation of India 333.69 16.68 2 The New India Assurance Co. Ltd. 333.69 16.68 3 United India Insurance Co. Ltd. 250.05 12.50 4 The Oriental Insurance Co. Ltd. 238.31 11.92 5 ICICI Lombard General Insurance Co. Ltd. 180.84 9.04 6 National Insurance Co. Ltd. 167.62 8.38 7 Bajaj Allianz General Insurance Co. Ltd. 106.28 5.31 8 IFFCO-Tokio General Insurance Co. Ltd. 78.64 3.93 9 Reliance General Insurance Co. Ltd. 39.72 1.99 10 Cholamandalam General Insurance Co. Ltd. 39.06 1.95 11 Tata-AIG General Insurance Co. Ltd. 31.46 1.57 12 Future Generali India Insurance Co. Ltd. 28.16 1.41 13 Royal Sundaram Insurance Co. Ltd. 27.72 1.39 14 Liberty General Insurance Co. Ltd. 20.81 1.04 15 Govt. Insurance Fund, Gujarat 20.00 1.00 16 Shriram General Insurance Co. Ltd. 20.00 1.00 17 SBI General Insurance Co. Ltd. 15.62 0.78 18 HDFC Ergo General Insurance Co. Ltd. 15.00 0.75 19 Magma HDI General Insurance Co. LTd. 10.32 0.52 20 Kotak Mahindra General Insurance Co. Ltd. 10.00 0.50 21 Universal Sompo General Insurance Co. Ltd. 10.00 0.50 22 Go Digit General Insurance Co. 10.00 0.50 23 Edelwiess General Insurance Co. Ltd 10.00 0.50 24 Navi General Insurance Co. Ltd. 2.00 0.10 25 Raheja QBE General Insurance Co. Ltd. 1.00 0.05 Total 2000.00 100.00 Annual Report 2021 - 22 135 | AnnexuresANNEXURE 2(ii) SHARE OF MEMBERS IN INDIAN NUCLEAR INSURANCE POOL (2021-22) S.No. Member Company Per risk Capacity Share (₹crore) (%) 1 General Insurance Corporation of India 600 40.00 2 The New India Assurance Co. Ltd. 300 20.00 3 United India Insurance Co. Ltd. 200 13.33 4 The Oriental Insurance Co. Ltd. 100 6.67 5 National Insurance Co. Ltd. 100 6.67 6 ICICI Lombard General Insurance Co. Ltd. 100 6.67 7 Reliance General Insurance Co. Ltd. 20 1.33 8 Tata AIG General Insurance Co. Ltd. 20 1.33 9 IFFCO Tokio General Insurance Co. Ltd. 20 1.33 10 Cholamandalam General Insurance Co. Ltd. 15 1.00 11 SBI General Insurance Co. Ltd. 15 1.00 12 Universal Sompo General Insurance Co. Ltd. 10 0.67 Total 1500 100 136 | Annexures Annual Report 2021 - 22ANNEXURE 3 DATA FOR CALCULATION OF MOTOR TP OBLIGATION FOR FY 2022-23 (`crore) Financial Year 2021-22 S.No. Insurer Motor Motor Third Total Motor Total OD GDP Party GDP GDP GDP 1 Acko General Insurance Ltd. 146.94 363.80 510.74 988.21 2 Bajaj Allianz General Insurance Co. Ltd. 2,018.79 2,825.72 4,844.51 13,688.59 3 Cholamandalam MS General Insurance Co. Ltd. 1,231.31 2,195.81 3,427.12 4,824.12 4 Edelweiss General Insurance Co. Ltd. 113.27 84.21 197.48 348.83 5 Future Generali India Insurance Co. Ltd. 705.45 911.56 1,617.01 4,137.98 6 Go Digit General Insurance Ltd. 806.55 2,202.21 3,008.76 4,673.94 7 HDFC ERGO General insurance Co. Ltd. 1,537.09 2,011.90 3,548.99 13,497.55 8 ICICI Lombard General Insurance Co. Ltd. 4,068.16 4,211.92 8,280.08 17,976.86 9 IFFCO-Tokio General Insurance Co. Ltd. 1,649.92 2,052.72 3,702.64 8,452.91 10 Kotak Mahindra General Insurance Co. Ltd. 235.21 152.81 388.02 742.46 11 Liberty General Insurance Ltd. 513.90 481.07 994.97 1,506.45 12 Magma HDI General Insurance Co. Ltd. 431.60 884.41 1,316.01 1,757.16 13 National Insurance Co. Ltd. 1,447.73 3,198.21 4,645.94 13,025.73 14 NAVI General Insurance Ltd. 8.81 34.19 43.00 106.57 15 The New India Assurance Co. Ltd. 2,610.95 5,629.57 8,240.52 32,572.90 16 The Oriental Insurance Co. Ltd. 875.04 2,530.69 3,405.73 13,710.97 17 Raheja QBE General Insurance Co. Ltd. 193.60 83.75 277.35 375.82 18 Reliance General Insurance Co. Ltd. 1,625.52 2,218.99 3,844.51 9,408.96 19 Royal Sundaram General Insurance Co. Ltd. 992.58 1,033.38 2,025.96 2,866.59 20 SBI General Insurance Co. Ltd. 1,173.39 1,343.68 2,517.07 9,166.22 21 Shriram General Insurance Co. Ltd. 349.79 1,279.59 1,629.38 1,752.95 22 Tata AIG General Insurance Co. Ltd. 2,318.22 2,813.40 5,131.62 10,024.97 23 United India Insurance Co. Ltd. 1,412.65 4,064.10 5,476.75 15,722.24 24 Universal Sompo General Insurance Co. Ltd. 706.23 651.23 1,357.46 3,456.12 Grand Total 27,172.70 43,258.92 70,431.62 184,785.10 Note : Exempted insurers are not included. Annual Report 2021 - 22 137 | AnnexuresANNEXURE 4 Circulars/Orders/Guidelines/Instructions issued from April 01, 2021 to March 31, 2022 S. Notification Reference No. Date Department Subject No. Type 1 IRDA/SUR/GDL/MISC/068/03/2021 4/1/2021 Surveyor Circular Guidelines for Practical Training for Surveyors and Loss Assessors 2 IRDAI/ACT/CIR/MISC/069/04/2021 4/1/2021 Actuarial Circular Standard Technical Note (Template)-Health Insurance 3 IRDAI/ACT/CIR/MISC/070/04/2021 4/1/2021 Actuarial Circular Standard Technical Note (Template)-Motor Insurance 4 IRDAI/F&I/CIR/INV/074/04/2021 4/8/2021 Investment Circular Investment in Alternative Investment Fund (AIFs) 5 IRDAI/F&I/CIR/INV/098/04/2021 4/22/2021 Investment Circular Investments in Debt Securities of InvITs and REITs 6 IRDAI/HLT/MISC/CIR/ 99 /04/2021 4/22/2021 Health Circular Facilitation by the Insurers for Cashless services at network hospitals 7 IRDAI/HLT/MISC/CIR/102/04/2021 4/23/2021 Health Circular Communication on settlement of Health Insurance Claims 8 IRDAI/HLT/MISC/CIR/113/04/2021 4/29/2021 Health Circular Norms on settlement of COVID-19 health insurance claims 9 IRDAI/INT/Cir/Misc/116/04/2021 4/30/2021 Intermdeiary Circular Additional time allowed for filing all returns due on March 31, 2021 10 IRDAI/HLT/REG/CIR/ 119/05/2021 5/5/2021 Health Guidelines Guidelines on Standard Domestic Travel Insurance Product 11 IRDA/F&A/CIR/MISC/ 126 /05/2021 5/6/2021 Finance & Circular Extension of time limit for Accounts filing of returns to the Authority and uploading the Public Disclosures on websites of insurers 12 IRDA/F&I/MISC/CIR/134/05/2021 5/11/2021 Investment Circular Exercise of Employee Stock Options (ESOPs)-Applicability of provision of Section 6A (4) (b) of the Insurance Act, 1938 13 IRDA/SUR/MISC/ORD/145/05/2021 5/25/2021 Surveyor Order Appointment of Election Officer to conduct 13th Council Elections of Indian Institute of Insurance Surveyors and Loss Assessors (IIISLA) 138 | Annexures Annual Report 2021 - 22Contd... ANNEXURE 4 Circulars/Orders/Guidelines/Instructions issued from April 01, 2021 to March 31, 2022 S. Notification Reference No. Date Department Subject No. Type 14 IRDA/LIFE/GDL/MISC/151/05/2021 5/28/2021 Life Circular Guidelines on settlement of Life Insurance Claims to the victims of Cyclone 15 IRDAI/NL/CIR/MISC/153/05/2021 5/29/2021 Non-Life Circular Guidelines on Insurance claims of victims of Cyclone Tauktae and C yclone Yaas 16 IRDAI/ INT/ GDL/ 146/ 05/ 2021 6/11/2021 Intermediary Guidelines Guidelines on Standard Professional Indemnity Policy for I nsurance Brokers 17 IRDAI/HR/ORD/MISC/195/07/2021 7/20/2021 Human Order Designating Appellate Resources Authority under Right to information Act, 2005 18 IRDAI/HR/ORD/PER/196/07/2021 7/20/2021 Human Order Designating Central P ublic Resources Information Officers under the Right to information Act, 2005 19 IRDAI/HLT/REG/MISC/199/07/2021 7/23/2021 Health Circular Standards and Benchmarks for the Hospitals in the provider Network 20 IRDAI/F&A/CIR/MISC//211/07/2021 7/30/2021 Finance & Circular Withdrawal of Guidelines on Accounts Indian owned and controlled 21 IRDAI/F&A/CIR/MISC/211/7/2021 7/19/2021 Finance & Circular Withdrawal of Guidelines Accounts on "Indian Owned and Controlled” 22 IRDAI/ACTL/CIR/SLM/217/8/2021 8/3/2021 Actuarial Circular Solvency Margin for Crop I nsurance Business 23 IRDAI/LIFE/GDL/MISC/222/8/2021 8/5/2021 Life Guidelines Guidelines on settlement of Life I nsurance Claims to the victims of Flood in Maharastra 24 IRDAI/NL/CIR/MISC/226/8/2021 8/6/2021 Non-Life Circular Guidelines on Insurance Claims of victims of floods (July 2021) in the calamity affected d istricts of M aharastra 25 IRDAI/NL/CIR/MISC/242/9/2021 9/8/2021 Non-Life Circular Product Structure for Cyber Insurance 26 IRDAI/NL/CIR/MISC/243/9/2021 9/8/2021 Non-Life Circular Title insurance Product 27 IRDAI/NL/GDL/MISC/244/9/2021 9/8/2021 Non-Life Guidelines Trade Credit Insurance Guidelines 2021 28 IRDAI/NL/CIR/MISC/247/9/2021 9/13/2021 Non-Life Circular (a) Issuance of Electronic Policies and (b) Dispensing with physical documents and wet s ignature on the proposal form Annual Report 2021 - 22 139 | AnnexuresContd... ANNEXURE 4 Circulars/Orders/Guidelines/Instructions issued from April 01, 2021 to March 31, 2022 S. Notification Reference No. Date Department Subject No. Type 29 IRDAI/LIFE/CIR/MISC/253/9/2021 9/17/2021 Life Circular Extension of timelines for (a) Issuance of Electronic Policies and (b) Dispensing with Physical Signatures on Proposal forms 30 IRDAI/F&I/CIR/INV/255/9/2021 9/27/2021 Investment Circular Dividend Criteria for Equity Investment under "Approved Investment” 31 IRDAI/F&A/CIR/MISC/256/9/2021 9/30/2021 Finance & Circular Public Disclosure by Accounts Insurers 32 IRDAI/ACTL/ORD/MISC/258/10/2021 10/1/2021 Actuarial Order Committee for review of IRDAI (Appointed Actuary) Regulations, 2017 33 IRDAI/F&A/CIR/MISC/262/10/2021 10/5/2021 Finance & Circular Maintenance of Current Accounts Accounts in multiple banks by I nsurers 34 IRDAI/ADJD/MISC/263/10/2021 10/8/2021 Adjudication Miscellaneous Standard Operating Procedure for Referring Cases to Adjudication O fficer 35 IRDAI/INT/ORD/MISC/265/10/2021 10/20/2021 Intermediary Order Constitution of Committee to evaluate applications under IRDAI (Regulation Sandbox) 36 IRDAI/INT/CIR/MISC/318/12/2021 12/28/2021 Intermediary Circular Maintenance of Current Accounts i n multiple banks by Insurance Intermediaries including entities sponsored by them 37 IRDAI/NL/GDL/SIC/1/1/2022 1/3/2022 Non-Life Guidelines IRDAI (Surety Insurance Contracts) G uidelines, 2022 38 IRDAI/NL/ORD/MISC/5/1/2022 1/6/2022 Non-Life Order Constitution of Advisory Committee on Loss Prevention and Loss minimisation in General Insurance Industry 39 IRDAI/INT/CIR/MISC/8/1/2022 1/10/2022 Intermediary Circular Clarification on guidelines for Standard Professional Indemnity Policy 40 IRDAI/SUR/ ORD/ MISC/ 25/2/2022 2/14/2022 Surveyor Order Review of articles of A ssociation of IIISLA 41 IRDAI/F&A/CIR/MISC/26/2/2022 2/16/2022 Finance & Circular Holding more than one Accounts Certificate of Registration to one group – IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015 140 | Annexures Annual Report 2021 - 22Contd... ANNEXURE 4 Circulars/Orders/Guidelines/Instructions issued from April 01, 2021 to March 31, 2022 S. Notification Reference No. Date Department Subject No. Type 42 IRDAI/NL/CIR/MISC/46/3/2022 3/7/2022 Non-Life Circular Disclosure of underwriting philosophy of offering health insurance coverage to transgender p ersons 43 IRDAI/F&I/CIR/INV/51/3/2022 3/24/2022 Investment Circular Divident criteria for equity investments under approved investments 44 IRDAI/LIFE/CIR/MISC/59/3/2022 3/31/2022 Life Circular Extension of facilitation of dispensing with Physical signature on the proposal form 45 IRDAI/NL/CIR/MISC/60/3/2022 3/31/2022 Non-Life Circular (a) Issuance of Electronic Policies and (b) Dispensing with physical documents and wet s ignature on the proposal form Annual Report 2021 - 22 141 | AnnexuresANNEXURE 5 Regulations framed under the IRDA Act, 1999 up to March 31, 2022 S.No. Name of the Regulation 1 IRDA (The Insurance Advisory Committee) (Meeting) Regulations, 2000 2 IRDA (Appointed Actuary) Regulations, 2000 3 IRDA (Actuarial Report and Abstract) Regulations,2000 4 IRDA (Licensing of Insurance Agents) Regulations, 2000 5 IRDA (Assets, Liabilities and Solvency Margin of Insurers) Regulations,2000 6 IRDA (General Insurance-Reinsurance) Regulations,2000 7 IRDA (Registration of Indian Insurance Companies) Regulations,2000 8 IRDA (Insurance Advertisements and Disclosure) Regulations,2000 9 IRDA (Obligations of Insurers to Rural Social Sectors) Regulations,2000 10 IRDA (Meetings) Regulations,2000 11 IRDA (Preparation of Financial Statements and Auditors' Report of Insurance Companies) Regulations, 2000 12 IRDA (Investment) Regulations,2000 13 IRDA (Conditions of service of Officers and other Employees) Regulations,2000 14 IRDA (Insurance Surveyors and Loss Assessors-Licensing, Professional Requirements and Code of Conduct) Regulations,2000 15 IRDA (Life Insurance - Reinsurance) Regulations,2000 16 IRDA ( Investment) (Amendment) Regulations, 2001 17 IRDA (Third Party Administrators-Health Services) Regulations, 2001 18 IRDA ( Re-Insurance Advisory Committee) Regulations,2001 19 IRDA (Investments) (Amendment) Regulations, 2002 20 IRDA (Preparation of Financial Statements and Auditors' Report of Insurance Companies) Regulations, 2002 21 IRDA (Protection of Policyholders' Interests) Regulations,2002 22 IRDA (Insurance Brokers) Regulations,2002 23 IRDA (Obligations of Insurers to Rural Social Sectors) Regulations,2002 24 IRDA (Licensing of Corporate Agents) Regulations,2002 25 IRDA (Licensing of Insurance Agents) (Amendment) Regulations,2002 26 IRDA (Protection of Policyholders' Interests) (Amendment) Regulations,2002 27 IRDA (Manner of Receipt of Premium) Regulations,2002 28 IRDA (Distributions of Surplus) Regulations,2002 29 IRDA (Registration of Indian Insurance Companies) (Amendment) Regulations,2003 30 IRDA (Investment)(Amendment)Regulations,2004 31 IRDA (Qualification actuary) Regulations,2004 32 IRDA (Obligations of Insurers to Rural / Social Sectors) (Amendment) Regulations, 2004 33 IRDA (Micro Insurance) Regulations,2005 34 IRDA (Conditions of Service of Officers and other Employees) (Amendment) Regulations,2005 35 IRDA (Obligation of Insurers to Rural or Social Sectors) (Amendment) Regulations,2005 36 IRDA (Licensing of Insurance Agents)(Amendment) Regulations, 2007 37 IRDA (Licensing of Corporate Agents) (Amendment) Regulations, 2007 38 IRDA (Insurance Brokers) (Amendment) Regulations, 2007 39 IRDA (Obligation of Insurers to Rural or Social Sectors) (Third Amendment) Regulations,2008 40 IRDA (Obligation of Insurers to Rural or Social Sectors) (Fourth Amendment) Regulations,2008 41 IRDA (Registration of Indian Insurance Companies) (Second Amendment) Regulations,2008 42 IRDA (Conditions of service of Officers and other Employees) (Amendments) Regulations,2008 43 IRDA (Investment) (Fourth Amendment) Regulations,2008 142 | Annexures Annual Report 2021 - 22Contd... ANNEXURE 5 Regulations framed under the IRDA Act, 1999 up to March 31, 2022 S.No. Name of the Regulation 44 IRDA (Sharing of Database for Distribution of Insurance Products) Regulations,2010 45 IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations,2010 46 IRDA (Insurance Advertisements and Disclosure) (Amendment) Regulations, 2010 47 IRDA (Licensing of Corporate Agents) (Amendment) Regulations, 2010 48 IRDA (Scheme of Amalgamation and Transfer of General Insurance Business) 2011 49 IRDA (Issuance of Capital by Life Insurance Companies) Regulations, 2011 50 IRDA (Registration of Indian Insurance Companies) (Third Amendment) Regulations,2012 51 IRDA (Insurance Advisory Committee ( Meetings) ( First Amendment) Regulations. 2012 52 IRDA (Sharing of confidential information concerning domestic or foreign entity) Regulations, 2012 53 IRDA (Registration of Indian Insurance Companies) (Fourth Amendment) Regulations, 2013 54 IRDA (Appointed Actuary) (First Amendment) Regulations, 2013 55 IRDA (General Insurance - Reinsurance ) Regulations, 2013 56 IRDA (Insurance Brokers) (Second Amendment) Regulations, 2013 57 IRDA (Scheme of Amalgamation and Transfer of Life Insurance Business) Regulations, 2013 58 IRDA (Third Party Administrator-Health Services) (First Amendment) Regulations, 2013 59 IRDA (Standard Proposal Form for Life Insurance) Regulations, 2013 60 IRDA (Places of Business) Regulations, 2013 61 IRDA (Issuance of Capital by General Insurance Companies) Regulations, 2013 62 IRDA (Non-linked Insurance Products) Regulations, 2013 63 IRDA (Health Insurance) Regulations, 2013 64 IRDA (Linked Insurance Products) Regulations, 2013 65 IRDA (Investment) (Fifth Amendment) Regulations, 2013 66 IRDA (Life Insurance - Reinsurance) Regulations, 2013 67 IRDA (Insurance Surveyors and Loss Assessors - Licensing, Professional requirements and code of conduct) (Amendment) Regulations,2013 68 IRDA (Licensing of Banks as Insurance Brokers) Regulations, 2013 69 IRDA (Web aggregators) Regulations,2013 70 IRDA (Meetings) (First Amendment) Regulations, 2013 71 IRDA IAC (Meetings) (Second Amendment) Regulations, 2013 72 IRDA (Insurance Brokers) Regulations, 2013 73 IRDA (TPA-Health Services) (Second Amendment) Regulations, 2013 74 IRDA (Registration of Indian Insurance Companies)(Fifth Amendment) Regulations, 2013 75 IRDA (Licencing of Insurance Agents) (Amendment) Regulations 2013 76 IRDA(Insurance Surveyors and Loss Assessors- Licensing, Professional requirements and code of conduct) (Second Amendment) Regulations,2013 77 IRDA (Conditions of Service of Officers and Other Employees) (Third Amendment) Regulations, 2014 78 IRDA (Registration of Indian Insurance Companies) (Sixth Amendment) Regulations, 2014 79 IRDA (Health Insurance) (First Amendment) Regulations, 2014 80 IRDAI (Registration of Insurance Marketing Firm) Regulations, 2015 81 IRDAI (Micro Insurance) Regulations, 2015 82 IRDAI (Transfer of Equity Shares of Insurance Companies) Regulations, 2015 83 IRDAI (Fee for registering, cancellation or change of Nomination) Regulations, 2015 84 IRDAI (Fee for granting written acknowledgement of the receipt of Notice of Assignment or Transfer) Regulations, 2015 85 IRDAI (Obligation of Insurer in respect of Motor Third Party Insurance Business) Regulations,2015 86 IRDAI (Places of Business) Regulations, 2015 Annual Report 2021 - 22 143 | AnnexuresContd... ANNEXURE 5 Regulations framed under the IRDA Act, 1999 up to March 31, 2022 S.No. Name of the Regulation 87 IRDAI (Maintenance of Insurance Records) Regulations, 2015 88 IRDAI (Registration of Corporate Agents) Regulations, 2015 89 IRDAI (Obligations of Insurers to Rural and Social sectors) Regulations, 2015 90 IRDAI ( Minimum Limits for Annuities and other Benefits) Regulations, 2015 91 IRDAI (Acquisition of Surrender and Paid up values) Regulations, 2015 92 IRDAI ( Insurance Services by Common Service Centres) Regulations, 2015 93 IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015. 94 IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015 95 IRDAI( Insurance Advertisements and Disclosure) (Amendment) Regulations, 2015 96 IRDAI (Other Forms of Capital) Regulations, 2015 97 IRDAI (Issuance of Capital by Indian Insurance Companies transacting other than Life Insurance business) Regulations, 2015 98 IRDAI (Issuance of Capital by Indian Insurance Companies transacting Life Insurance business) Regulations, 2015 99 IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) (First Amendment) Regulations, 2016 100 IRDAI (Inspection and Fee for Supply of Copies of Returns) Regulations, 2015 101 IRDAI (Registration of Indian Insurance Companies) (Seventh Amendment) Regulations, 2016 102 IRDAI (Lloyd’s India) Regulations, 2016 103 IRDAI (TPA- Health Services) Regulations, 2016 104 IRDAI (Assets, Liabilities, and Solvency Margin of General Insurance Business) Regulations, 2016 105 "IRDAI (Qualification of Actuary) (Repeal) Regulations, 2016” 106 IRDAI (Assets, Liabilities, and Solvency Margin of Life Insurance Business) Regulations, 2016 107 IRDAI ( Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 108 IRDAI (Appointment of Insurance Agents) Regulations, 2016 109 IRDAI ( Expenses of Management of Insurers transacting General or Health Insurance Business) Regulations, 2016 110 IRDAI (Loans or Temporary advances to the Full-time Employees of the Insurers) Regulations, 2016 111 IRDAI (Expenses of Management of Insurers transacting life insurance business) Regulations, 2016 112 IRDAI (General Insurance - Reinsurance) Regulations, 2016 113 IRDAI (Issuance of e-Insurance Policies) Regulations, 2016 114 IRDAI (Health Insurance) Regulations, 2016 115 IRDAI (Registration of Indian Insurance Companies) (Eighth Amendment) Regulations, 2016 116 IRDAI Staff (Officers and Other Employees) Regulations, 2016 117 IRDAI (Investment) Regulations, 2016 118 IRDAI (Issuance of e-insurance policies) (First Amendment) Regulations, 2016 119 IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) (Second Amendment) Regulations, 2016 120 IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations, 2016 121 IRDAI (Registration of Insurance Marketing Firm) (First Amendment) Regulations, 2016 122 IRDAI (Payment of commission or remuneration or reward to insurance agents and insurance intermediaries) (First Amendment) Regulations, 2017 123 IRDAI(Insurance Web Aggregators) Regulations, 2017 124 IRDAI(Outsourcing of Activities by Indian Insurers) Regulations, 2017 144 | Annexures Annual Report 2021 - 22Contd... ANNEXURE 5 Regulations framed under the IRDA Act, 1999 up to March 31, 2022 S.No. Name of the Regulation 125 IRDAI(Appointed Actuary) Regulations, 2017 126 IRDAI (Insurance Surveyors and Loss Assessors) (First Amendment) Regulations, 2017 127 IRDAI(Protection of Policyholders’ Interests) Regulations, 2017 128 IRDAI (Payment of commission or remuneration or reward to insurance agents and insurance intermediaries) (Second Amendment) Regulations, 2017 129 IRDAI (Insurance Brokers) Regulations, 2018 130 IRDAI(Standard proposal form for Life Insurers) (Repeal) Regulations, 2018 131 IRDAI (Re-Insurance ) Regulations, 2018 132 IRDAI ( Insurance Brokers) (First Amendment) Regulations, 2018 133 IRDAI (Appointed Actuary) (Amendment) Regulations, 2019 134 IRDAI (Unit Linked Insurance Products) Regulations, 2019 135 IRDAI (Non-Linked Insurance Products) Regulations, 2019 136 IRDAI (Registration of Insurance Marketing Firm) (Amendment) Regulations, 2019 137 IRDAI (Re-insurance Advisory Committee) Regulations, 2019 138 IRDAI (Regulatory Sandbox) Regulations, 2019 139 IRDAI (Common Public Services Centers) Regulations, 2019 140 IRDAI (Insurance Intermediaries) (Amendment) Regulations, 2019 141 IRDAI (Health Insurance) (Amendment) Regulations, 2019 142 IRDAI (Third Party Administrators - Health Services) (Amendment) Regulations, 2019 143 IRDAI (Minimum Information Required for Investigation and Inspection) Regulations, 2020 144 IRDAI (Insurance Surveyors and Loss Assessors) (Amendment) Regulations, 2020 145 IRDAI (Regulatory Sandbox) (Amendment) Regulations, 2021 146 IRDAI (Insurance Advertisements and Disclosure) Regulations, 2021 147 IRDAI (Manner of Assessment of Compensation to Shareholders or Members on Amalgamation) Regulations, 2021 148 IRDAI (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) (First Amendment) Regulations, 2021 149 IRDAI (Indian Insurance Companies) (Amendment) Regulations, 2021 Note: Notified in the Gazette of India Annual Report 2021 - 22 145 | AnnexuresANNEXURE 6 LIST OF MICRO INSURANCE PRODUCTS OF LIFE INSURERS (AS AT MARCH 31, 2022) S.No. Insurer Individual Category Group Category 1 Aditya Birla Sun Life Insurance Co. Ltd. - ABSLI Group Bima Yojana 2 Bajaj Allianz Life Insurance Co. Ltd. - Bajaj Allianz Life Group Sampoorna Jeevan Suraksha Bajaj Allianz Life Group Sampoorn Suraksha Kavach 3 Bharti AXA Life Insurance Co. Ltd. Bharti Axa Life Grameen Bharti AXA Life Group Term Jeevan Bima Micro Insurance Plan 4 Canara HSBC Life Insurance Co. Ltd. - Canara HSBC Oriental Bank Of Commerce Life Insurance Sampoorna Kavach Plan 5 Edelweiss Tokio Life Insurance Co. Ltd. Edelweiss Tokio Edelweiss Tokio Life - Raksha Kavach Life - Jan Suraksha 6 Exide Life Insurance Co. Ltd. - Group Micro Term Insurance 7 HDFC Life Insurance Co. Ltd. - HDFC Life Group Suraksha HDFC Life Group Jeevan Suraksha 8 ICICI Prudential Life Insurance Co. Ltd. ICICI Pru Sarv Jana Suraksh ICICI Pru Shubh Raksha Credit ICICI Pru Anmol Bachat ICICI Pru Shubh Raksha One ICICI Pru Shubh Raksha Life 9 Aegon Life Insurance Co. Ltd. - Group Microsurance Insurance Plan 10 India First Life Insurance Co. Ltd. IndiaFirst Life IndiaFirst Life Group HospiCare "Insurance Khata" Plan-MI (MI) Plan IndiaFirst Life IndiaFirst Life Group Micro Micro Bachat Plan Insurance Plan 11 Kotak Mahindra Life Insurance Co. Ltd. Kotak Sampoorn Bima Kotak Raksha Group Micro-Insurance Plan Micro-Insurance Plan 12 Max Life Insurance Co. Ltd. - Max Life Group Saral Suraksha Plan 13 PNB MetLife India Insurance Co. Ltd. - PNB MetLife Bima Yojana 14 Pramerica Life Insurance Co. Ltd. - Pramerica Life Sarv Suraksha Pramerica Life Sampoorna Suraksha 15 SBI Life Insurance Co. Ltd. SBI Life - Grameen Bima SBI Life- Grameen Super Suraksha 16 Shriram Life Insurance Co. Ltd. Shriram Grameena Suraksha Shriram Jana Sahay Shriram Life Sujana 17 TATA AIA Life Insurance Co. Ltd. Tata AIA Life Saat Saath MI Product Tata AIA Life - POS Saat Saath MI Product 18 Life Insurance Corporation of India LIC'S BHAGYA LAKSHMI LIC's One Year Renewable LIC'S New Jeevan Mangal Group Micro Term Assurance LIC'S MICRO BACHAT Plan 146 | Annexure Annual Report 2021 - 22ANNEXURE 7 NUMBER OF PRODUCTS AND RIDERS APPROVED BY IRDAI IN 2021-22 S. Number S. Number of Products and Add-on No Life Insurers of No. General and Health Insurers products General Health and Riders Insurance* Insurance Public Sector Public Sector 1 Life Insurance Corporation of India 13 1 National Insurance Co. Ltd. 63 2 2 The New India Assurance Co. Ltd. 1239 4 Private Sector Insurers 3 The Oriental Insurance Co. Ltd. 32 3 2 Aditya Birla Sun Life Insurance Co. Ltd. 22 4 United India Insurance Co. Ltd. 35 7 3 Aegon Life Insurance Co. Ltd. 3 4 Aegas Federal Life Insurance Co. Ltd. 3 Private Sector 5 Aviva Life Insurance Co. Ltd. 4 5 Acko General Insurance Ltd. 23 1 6 Bajaj Allianz Life Insurance Co. Ltd. 16 6 Bajaj Allianz General Insurance Co. Ltd. 63 21 7 Bharti AXA Life Insurance Co. Ltd. 7 7 Bharti AXA General Insurance Co. Ltd. 4 1 8 Canara HSBC Life Insurance Co. Ltd. 9 8 Cholamandalam MS General Insurance Co. Ltd. 250 9 9 Edelweiss Tokio Life Insurance Co Ltd 5 9 Edelweiss General Insurance Co. Ltd. 16 3 10 Exide Life Insurance Co. Ltd. 3 10 Future Generali India Insurance C. Ltd. 239 13 11 Future Generali India Life Insurance Co. Ltd. 2 11 Go Digit General Insurance Ltd. 46 3 12 HDFC Life Insurance Co. Ltd. 28 12 HDFC ERGO General Insurance Co. Ltd. 80 22 13 ICICI Prudential Life Insurance Co. Ltd. 18 13 ICICI Lombard General Insurance Co. Ltd. 37 31 14 IndiaFirst Life Insurance Co. Ltd. 11 14 IFFCO Tokio General Insurance Co. Ltd. 58 7 15 Kotak Mahindra Life Insurance Co. Ltd. 15 15 Kotak Mahindra General Insurance Co. Ltd. 67 7 16 Max Life Insurance Co. Ltd. 13 16 Liberty General Insurance Ltd. 39 5 17 PNB MetLife India Insurance Co. Ltd. 10 17 Magma HDI General Insurance Co. Ltd. 45 1 18 Pramerica Life Insurance Co Ltd 2 18 Navi General Insurance Ltd. 23 14 19 Reliance Nippon Life Insurance Co. Ltd. 3 19 Raheja QBE General Insurance Co. Ltd. 54 1 20 Sahara Life Insurance Co. Ltd. 0 20 Reliance General Insurance Co. Ltd. 36 2 21 SBI Life Insurance Co. Ltd. 13 21 Royal Sundaram General Insurance Co. Ltd. 25 4 22 Shriram Life Insurance Co. Ltd. 8 22 SBI General Insurance Co. Ltd. 455 11 23 Star Union Dai-ichi Life Insurance Co. Ltd. 10 23 Shriram General Insurance Co. Ltd. 48 1 24 TATA AIA Life Insurance Co. Ltd. 17 24 Tata AIG General Insurance Co. Ltd. 50 6 Total 235 25 Universal Sompo General Insurance Co. Ltd. 1190 3 Specialized Insurers 26 Agricultural Insurance Company of India Ltd. 5 - 27 ECGC Ltd. - - Standalone Health Insurers 28 Aditya Birla Health insurance Co. Ltd. - 5 29 ManipalCigna Health Insurance Co. Ltd. - 2 30 Niva Bupa Health Insurance Co. Ltd. - 13 31 Care Health Insurance Ltd. - 6 32 Star Health and Allied Insurance Co. Ltd. - 25 Total 4222 233 *Products/add-on noted under ‘File & Use’ and automatic UINs generated under ‘Use & File’ during FY 2021-22 Note: For detailed information about the products, please refer to IRDAI website Annual Report 2021 - 22 147 | AnnexuresANNEXURE 8 FEE STRUCTURE FOR INSURERS AND INTERMEDIARIES AND FEE COLLECTED IN 2021-22 Fee structure S. Registration Periodicity of Total Fee Insurer/ Intermediary Processing Fee Renewal Fee No. Fee Renewal collected (`) 1/20th of 1% of Gross Direct 1 Insurer (Life/General/Health) - 500,000 Premium written in India subject to a Every year (by 1,859,138,802 minimum of `5,00,000 and January 31) maximum of `10 crore 1/20th of 1 % of the total premium Every year in respect of facultative reinsurance (by January accepted in India subject to a 31 for GIC Re) 2 Reinsurer/FRBs - 500,000 20,550,531 minimum of `5,00,000 and Every Year maximum of `10 crore (by December 31 for FRBs) Every Year 3 Service Company of Lloyds - 50,000 50,000 (by December - 31) 1/10th of 1% of Gross Direct Premium written in India by the transacting entities during the Amalgamation and transfer of financial year preceding 4 General / Life insurance business the financial year in which - - - 50,000,000 the application is filed with the Authority subject to a minimum of `50 lakh and maximum of `5 crore 5 Third Party Administrator 100,000 200,000 150,000 3 years 477,100 Brokers-Direct 25,000 50,000* 100,000 3 years 6 Brokers-Reinsurance 50,000 1,50,000* 300,000 3 years 29,633,515 Brokers-Composite 75,000 2,50,000* 500,000 3 years i. Renewal Fee if application filed before 30 days from the date of expiry: Individual- `1000 Corporate – `5000 ii. Renewal fee if renewal application Individual: NOT filed 30 days before the date of `1000, expiry: Surveyors and Loss Assessors 7 - Individual – `1100 3 years 4,114,780 (Individual and Corporate) Corporate: Corporate – `5100 iii. Renewal fee if renewal application `5000 filed after the date of expiry of license but within six months from the date of expiry of license: Individual - `1750 Corporate - `5750 I CoR for the entity: `25000 CoR Renewal: `25000 8 Corporate Agents 10,000# ii. Certificate to Renewal of Certificate to 3 Years 96,656,418 the PO/SP/AV : PO/SP/AV: `500 `500 9 Web Aggregators 10,000 2 5 , 0 0 0 25,000 3 Years 410,800 10 Common Public Service Centre (CPSC) - 1 0 , 0 0 0 2,000 3 Years - 11 Referrals - 1 0 , 0 0 0 10,000 3 Years 143,000 12 Insurance Marketing Firm - 5 , 0 0 0 2,000 3 Years 776,224 13 Insurance Repository 10,000 1 0 0 , 0 0 0 50,000 3 Years 209,000 ISNP (Insurance Self-Network 14 - 10,000 - - 800,000 Platform) Total 2,062,910,169 * After grant of in-principle approval # Non Refundable Fee CoR- Certificate of Registration PO- Principal Officer, SP- Specified Person & AV- Authorised Verifier 148 | Annexures Annual Report 2021 - 22ANNEXURE 9 PENALTIES LEVIED BY THE AUTHORITY DURING 2021-22 S.No. Name of the entity Amount of Date of issuance Brief particulars of the violation committed Penalty (`) of penalty order Broker engaged unlicensed entitities to convass insurance business thereby violating Para 3 (b) of Schedule VIA (Code of Conduct) under Regulation 28 of IRDAI (Insurance Brokers) Regulations, 1 Muthoot Risk Inspection 10,000,000 April 7, 2021 2013 & Clause 33 (b) of Schedule 1 - Form H (Code of Conduct) & Broking Pvt Ltd. under Regulation 30 & 8 (2) of IRDAI (Insurance Brokers) Regulations 2018 to be read with Regulation 2 (1) (d) of IRDAI (Insurance Brokers) Regulations 2018 Insurer offered 'add on cover' before filing it with the Authority and related approval of the Authority thereby penaly of `1 lakh and 2 Future Generali India 1,700,000 April 9, 2021 insurer offered 'add on cover' to policyholder without taking Insurance Co. Ltd. consent of policyholder thereby penalty of `16 lakh for violating Reg.3 (2) of IRDA (Protection of Policyholders' Interests') Regulations, 2002. 3 Royal Sundaram General 300,000 April 9, 2021 Violation of MISP Guidelines Insurance Co Ltd 4 SBI General Insurance Co Ltd 2,500,000 April 9, 2021 Violation of Motor TP Obligation for FY 2017-18 5 Bajaj Allianz General Insurance Co Ltd 1,000,000 April 15, 2021 Violation of MISP Guidelines 6 Liberty General Insurance Ltd 1,300,000 April 15, 2021 Violation of MISP Guidelines 7 Iffco Tokio General Insurance Co Ltd 500,000 April 22, 2021 Violation of MISP Guidelines 8 Max Life Insurance Co. Ltd. 300,000 April 28, 2021 Violation of Outsourcing Guidelines Insurer neither followed its Board approved Underwriting 9 Shriram General 600,000 May 4, 2021 Guidlines nor the rates allowed in the Product Filing for Group Insurance Co. Ltd. policies issued thereby violating Para 3A.1 of Corporate Guidelines bearing Ref. No.IRDAI/F&A/GDL/CG/100/05/2016 dated May 18, 2016 issued by the Authority 10 SBI General 3,000,000 May 6, 2021 Violation of Motor TP Obligation for FY 2018-19 Insurance Co Ltd 11 Universal Sompo 2,500,000 May 6, 2021 Violation of Motor TP Obligation for FY 2018-19 and FY 2019-20 General Insurance Co Ltd Non-compliance of the Regulation 9 of the IRDA (Advertisement 12 Policy bazaar Insurance 2,400,000 May 18, 2021 and Disclousres) Regulations, 2000 Web Aggregators (P) Ltd. Broker did not intimate the Authority about the opening of new office thereby violating Regulation 38 (4) (i) of IRDA (Insurance 13 Visista Insurance Broking 100,000 May 28, 2021 Brokers) Regulations, 2013. Services Pvt. Ltd. Insurance Surveyors and Loss Assessors accepted and performed survey works in the areas for which they did not hold a license 14 Interocean Insurance Surveyors 800,000 June 9, 2021 thereby violating Regualtion 16 (5) of IRDA (Insurance Surveyors and Loss Assessors Pvt Ltd. and Loss Assessors) Regulations, 2015 The entitiy violated certain clauses under Code of Conduct of the IRDAI (Insurance Brokers) Regulations, 2018 with regard to 15 Salasar Services 800,000 June 16, 2021 issuance of misleading advertisement. Insurance Brokers Pvt. Ltd Broker employed agents and canvassers to bring in insurance business in collusion with the Promotor Company thereby violating 16 D2C Insurance 10,000,000 June 29, 2021 Para 3 (b) of Schedule VIA under Regulation 28 of IRDA (Insurance Broking Pvt Ltd Brokers) Regulations, 2013. Annual Report 2021 - 22 149 | AnnexuresContd... ANNEXURE 9 PENALTIES LEVIED BY THE AUTHORITY DURING 2021-22 S.No. Name of the entity Amount of Date of issuance Brief particulars of the violation committed Penalty (`) of penalty order Corporate Agent permitted Specified Persons to solicit insurance 17 Corporation Bank - 4,600,000 August 6, 2021 business even before they acquired valid certificate thereby Corporate Agent violating Clause 3 (ii) (a) & 3 (2) (m) of Schedule III of Regulation 27 (Now merged with & Regulation 7 (3) (c ) of IRDAI (Registration of Corporate Agents) Union Bank of India) Regulations, 2015 Brokers solicited and procured insurance business by other than Broker Qualified Persons thereby violating Clause 3 (b) & 12 (a & b) of Schedule VIA under Regulation 28 of IRDA (Insurance Brokers) Regulations, 2013 (for the period before January 12, 2018) and 18 Saferisk Insurance 300,000 August 31, 2021 Clause 3 (b) & 12 (a & b) of Schedule I Form H under Regulation 8 Brokers Pvt Ltd. (2) and 30 of IRDAI (Insurance Brokers) Regulations, 2018 (for the period after January 12, 2018) Insurance Surveyors and Loss Assessors (ISLAs) have not been doing surveys commensurate with their resources and number of 19 Team Insurance Surveyors 200,000 September 9, 2021 individual surveyor and loss assessor they employ. The SLAs and Loss Assessors LLP violated the Regulation 4 (15) (4) of IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015 Insurance Surveyors and Loss Assessors accepted and performed 20 Alex Stewart Insurance 100,000 September 14, 2021 survey works in the areas for which they did not hold a license Surveyors and Loss thereby violating Regulation 16 (5) of IRDA (Insurance Surveyors Assessors Pvt Ltd. and Loss Assessors) Regulations, 2015 Insurance Surveyors and Loss Assessors accepted and performed 21 JB Boda Insurance 400,000 September 14, 2021 survey works in the areas for which they did not hold a license Surveyors and Loss thereby violating Regulation 16 (5) Code of Conduct, Chapter VI of Assessors Pvt. Ltd. IRDA (Insurance Surveyors and Loss Assessors) Regulations, 2015 Insurance Surveyors and Loss Assessors (SLAs) have not undertaken surveys in commensure with their resources, which is a 22 Mack Insurance Surveyors 1,300,000 September 15, 2021 violation of Regulation 4 (15) (4) and Regulation 12 (1) of IRDAI and Loss Assessors Pvt Ltd (Insurance Surveyors and Loss Assessors) Regulations, 2015 Insurance surveyors and Loss Assessors engaged unlicensed 23 KD Kohli Insurance 1,100,000 September 16, 2021 surveyor or surveyors who are not holding license in the relevant Surveyors and Loss areas, which is a violation of Regulation 12 (1) and Regulation 16 (5) Assessors Pvt. Ltd. of IRDA (Insurance Surveyors and Loss Assessors) Regulations, 2015 "1. The Broker, by utilizing the services of employees for solicitation of insurance business who have not completed their renewal training, is in violation of Clause 2 (iii) & 2 (xiv) of Regulation 8 read with provision of Schedule II under Regulation 8 of IRDA (Insurance 24 M/s Safeway Insurance 1,100,000 October 4, 2021 Brokers) Regulations, 2013 thereby penalty of `2 lakhs was Brokers Pvt Ltd imposed.2. Since Broker utilized the services of Service Providers (agent and canvassers) to bring in business, Broker violated the Clause 3 (b) of Schedule VI Regulation 28 of IRDAI (Insurance Brokers) Regulations, 2018 thereby penalty of `9 lakhs was imposed.” Insurance Surveyors and Loss Assessors assigned the survey job to 25 Innovative Insurance 200,000 November 8, 2021 such surveyors in the department for which they were not Surveyors and Loss authorised thereby violating Regulation 12 (1) and Clause 15 (1), 15 Assessors Pvt. Ltd. (3) & 15 (4) of Regulation 4 and Clause 5 & 7 of Regulation 16 of IRDA (Insurance Surveyors and Loss Assessors) Regulations, 2015. 150 | Annexures Annual Report 2021 - 22Contd... ANNEXURE 9 PENALTIES LEVIED BY THE AUTHORITY DURING 2021-22 S.No. Name of the entity Amount of Date of issuance Brief particulars of the violation committed Penalty (`) of penalty order 26 Apex Insurance Surveyors 200,000 November 8, 2021 Insurance Surveyors and Loss Assessors engaged unlicensed and Loss Assessors Pvt. Ltd. individuals for survey thereby violating Regulation 4 (15) (3) of IRDA (Insurance Surveyors and Loss Assessors) Regulations, 2015. 27 Policyx.com Insurance Web 1,400,000 December 6, 2021 Insurance Web Aggregator solicited insurance through Aggregators Pvt. Ltd. telemarketing and distance marketing by persons other than Authorised Verifiers thereby violating Clause 4 (a) and 4 (c ) Form T of Schedule VI under Regulation 29 of IRDAI (Insurance Web Aggregators) Regulations, 2017. 28 M/s Angel Financial 2,700,000 December 20, 2021 Corporate Agent engaged its group company i.e. M/s Angel Advisors Pvt. Ltd. Broking Pvt Ltd., which were not licensed for solicitation of (Corporate Agent) insurance business thereby violated Para 3 (ii) (a) of Code of Conduct under Regulations 26 of IRDAI (Registration of Corporate Agents), Regulations, 2015. Annual Report 2021 - 22 151 | AnnexuresANNEXURE 10(i) INDIAN ASSURED LIVES MORTALITY (IALM) – 2012-14 STANDARD RATES- MALE INSURED LIVES THAT ARE MEDICALLY UNDERWRITTEN AT INCEPTION Age q Age q Age q x (Graduated) x (Graduated) x (Graduated) 2 0.000915 40 0.00168 78 0.051024 3 0.00047 41 0.001815 79 0.056231 4 0.000271 42 0.001969 80 0.061985 5 0.000185 43 0.002144 81 0.068338 6 0.000152 44 0.002345 82 0.07535 7 0.000149 45 0.002579 83 0.083082 8 0.000167 46 0.002851 84 0.091601 9 0.000206 47 0.003168 85 0.100979 10 0.000265 48 0.003536 86 0.111291 11 0.000341 49 0.003958 87 0.122616 12 0.000429 50 0.004436 88 0.135037 13 0.000522 51 0.004969 89 0.148639 14 0.000614 52 0.00555 90 0.163507 15 0.000698 53 0.006174 91 0.179726 16 0.00077 54 0.006831 92 0.19738 17 0.000829 55 0.007513 93 0.216547 18 0.000874 56 0.008212 94 0.237302 19 0.000905 57 0.008925 95 0.259706 20 0.000924 58 0.009651 96 0.283813 21 0.000934 59 0.010393 97 0.309659 22 0.000937 60 0.011162 98 0.337265 23 0.000936 61 0.011969 99 0.36663 24 0.000933 62 0.012831 100 0.397733 25 0.000931 63 0.013765 101 0.430529 26 0.000931 64 0.014792 102 0.46495 27 0.000934 65 0.015932 103 0.500904 28 0.000942 66 0.017206 104 0.538278 29 0.000956 67 0.018635 105 0.576942 30 0.000977 68 0.02024 106 0.616752 31 0.001005 69 0.02204 107 0.657553 32 0.001042 70 0.024058 108 0.699191 33 0.001086 71 0.026314 109 0.741515 34 0.00114 72 0.028832 110 0.784383 35 0.001202 73 0.031638 111 0.827673 36 0.001275 74 0.034757 112 0.871285 37 0.001358 75 0.038221 113 0.915145 38 0.001453 76 0.042061 114 0.959214 39 0.00156 77 0.046316 115 1 Note: 1. Age as on Last Birthday 2. qx(Graduated) Rates are Graduated Mortality Rates 152 | Annexures Annual Report 2021 - 22ANNEXURE 10(ii) INDIAN INDIVIDUAL ANNUITANT’S MORTALITY TABLE (2012-15) OVERALL / COMBINED MORTALITY RATES [Within the meaning of Regulation 4 of IRDAI (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016] Age Graduated Mortality Rates Age Graduated Mortality Rates 20 0.000284 68 0.013447 21 0.000305 69 0.01484 22 0.000328 70 0.016393 23 0.000353 71 0.018128 24 0.000379 72 0.020067 25 0.000407 73 0.022236 26 0.000438 74 0.024662 27 0.000471 75 0.027379 28 0.000507 76 0.030422 29 0.000545 77 0.03383 30 0.000586 78 0.037651 31 0.000631 79 0.041932 32 0.000679 80 0.04673 33 0.000731 81 0.052106 34 0.000787 82 0.058127 35 0.000847 83 0.064868 36 0.000913 84 0.07241 37 0.000984 85 0.08084 38 0.001061 86 0.090252 39 0.001144 87 0.100746 40 0.001234 88 0.112428 41 0.001332 89 0.125408 42 0.001438 90 0.139798 43 0.001553 91 0.155712 44 0.001679 92 0.17326 45 0.001815 93 0.192548 46 0.001964 94 0.213673 47 0.002125 95 0.236719 48 0.002302 96 0.261749 49 0.002495 97 0.288807 50 0.002705 98 0.317906 51 0.002936 99 0.349031 52 0.003188 100 0.382129 53 0.003464 101 0.417111 54 0.003768 102 0.453851 55 0.004101 103 0.49219 56 0.004468 104 0.531933 57 0.004871 105 0.572866 58 0.005316 106 0.614755 59 0.005807 107 0.657357 60 0.006349 108 0.700435 61 0.006948 109 0.743762 62 0.007612 110 0.787136 63 0.008347 111 0.830382 64 0.009163 112 0.873364 65 0.01007 113 0.915987 66 0.011077 114 0.958198 67 0.012198 115 0.99999 Annual Report 2021 - 22 153 | Annexures154 | Annexures Annual Report 2021 - 22