(1) A Statement of composition of surplus and distribution of surplus in respect of policyholders' funds, showing total amount of surplus as at the Balance sheet date and the allocation of such surplus, shall be furnished separately for participating business and for non-participating business, with the particulars as mentioned below:- Composition of Surplus:
8
(a) Surplus emerging during the valuation year:
(b) Interim Bonuses paid during the inter-valuation period:;
(c) Terminal Bonuses paid during the inter-valuation period;
(d) Loyalty Additions or other forms of bonuses, if any, paid during the inter-valuation period;
(e) Sum transferred from shareholders’ funds during the inter-valuation period;
(f) Amount of surplus, from policyholders' funds, brought forward from preceding valuation:
(g) Total Surplus (total of the items (a) to (f)):
Distribution of Surplus:
Policyholders' Fund:
(a) To Interim Bonuses paid;
(b) To Terminal Bonuses;
(c) To Loyalty Additions or any other forms of bonuses, if any;
(d) Among policyholders with immediate participation giving the number of polices which participated and the sums assured thereunder (excluding bonuses);
(e) Among policyholders with deferred participation, giving the number of polices which participated and the sums assured thereunder (excluding bonuses);
(f) To every reserve fund or other fund or account (any such sums passed through the accounts during the inter-valuation period to be separately stated);
(g) As carried forward unappropriated. Share-holders’ fund:
(h) To the shareholders’ funds(any such sums passed through the accounts during the inter valuation period to be separately stated); Totals:
(i) Total Surplus allocated: (total of the items (a) to (h))
(2) Specimen of Bonuses allotted to policies for one thousand rupees of benefit together with the amounts apportioned under the various manners in which the bonus is receivable, for each type of participating product, shall be furnished.
10. Notes applicable to all Forms enclosed as annexures
(1) Each form mentioned under Sub-Regulation (2) of Regulations 4 shall have the following description:-
(a) Classification
(b) Type
(c) Category
(d) Division 9
(e) Sub-Class
(f) Group
(2) There shall be two Classifications, namely, Business Within India and Total Business (consisting of Business within India and Business outside India), with Classification Codes ‘BWI’ and ‘BT’ respectively
(3) There shall be two Types, namely, Participating and Non-Participating with codes ‘PAR’ and ‘NPAR’ respectively under each classification.
(4) There shall be four categories as under each Type namely,
(a) Non-Linked (other than Variable Insurance Products)with Category Code ‘NL’
(b) Unit-Linked (other than Variable Insurance Products)with Category Code ‘UL’
(c) Non-Linked Variable Insurance Products with category code ‘VIP-NL’
(d) Linked Variable Insurance Products with category code ‘VIP-L’
(5) There shall be two Divisions, namely, Individual Business and Group Business, with Division Codes ‘I’ and ‘G’ respectively under each Category.
(6) There shall be four Sub-Classes, namely, Life Business, Pension Business, General Annuity Business and Health Insurance Business with Sub-Class codes ‘L’,’P’, ‘A’, and ‘HL’
(7) There shall be two Groups, namely, Immediate Participation, Deferred Participation with Group Codes of ‘I-PAR’ and ’D-PAR’ respectively under the Sub Class – Life Business of Individual Division under Participating Type.
(8) There shall be two Groups, namely, Immediate Annuity and Deferred Annuity with Group Codes ‘IA’ and ‘DA’ under the Sub Class of General Annuity Business.
(9) There shall be two Groups, namely, Premiums Guaranteed for not more than one year and Premiums Guaranteed for more than one year with Group Codes of ‘NGP’ and ‘GP’ respectively under Sub Class of Life Business under the Division of Group Business under Non-Linked Category.
(10) There shall be two Groups, namely, With Guarantees and Without Guarantee with Group Codes of ‘WG’ and ‘WOG’ respectively under each of the categories Unit-Linked, Non-Linked Variable Insurance Products and Linked Variable Insurance Products.
(11) “Nil” Statements shall be furnished for those forms where the insurer has no transactions.
(12) All figures shall be furnished in thousands and all amounts shall be furnished in Indian Rupees.
(13) In respect of Group Business, ‘the number of policies’ in Forms, wherever applicable, shall be read as ‘number of schemes’.
11. Repeal and Savings
(1) On and from the commencement of these regulations, the Insurance Regulatory and Development Authority (Actuarial Report and Abstract) Regulations, 2000 shall stand superseded.
(2) However, in respect of anything done or omitted to be done prior to the commencement of these regulations, they shall continue to be governed by Insurance Regulatory and Development Authority (Actuarial Report and Abstract) Regulations, 2000.
12. Power of the Authority to issue clarifications etc.
In order to remove any doubts or the difficulties that may arise in the application or interpretation of any of the provisions of these regulations, the Chairperson of the 10 Authority may issue appropriate clarifications or guidelines as deemed necessary.
Name of the Insurer:
Classification:
Type:
Category:
Division:
Sub-Class:
Group:
Form DD (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 Classified Statement of Life Insurance Policies for the Year ended 31st MARCH Date of Registration: Form Code Registration Number: Classification Code:
Type Code:
Category Code:
Division Code:
Sub-Class Code:
Group Code:
New Business transacted during the year Total business in force at the end of the year Item No.
Description Number of Policies Number of Lives Sum Assured Annuity pa Premium Single Premium Number of Policies Number of Lives Sum Assured Annuity pa Vested Bonus
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) 01 Total Before Reinsurance:
a) Regular Premium Contracts b) Single Premium Contracts c) Fully Paid Up 11 d) Reduced Paid Up 02 Reinsurance Ceded:
a) Regular Premium Contracts b) Single Premium Contracts c) Fully Paid Up d) Reduced Paid Up 03 Total After Reinsurance:
a) Regular Premium Contracts b) Single Premium Contracts c) Fully Paid Up d) Reduced Paid Up Notes:
1. All figures must be furnished in thousands
2. In respect of Group Business, number of group schemes shall be furnished under the column: 'number of policies';
3. 'Premium' refers to Annualised Premium
4. 'Single Premium' includes consideration of immediate or deferred annuities and all other premiums paid at the outset of contracts and no subsequent premium is payable. The entire single premium collected in the valuation year shall be furnished.
5. 'Sum assured' refers to the sum assured payable on death/other contingencies during the currency of the policy.
12 Name of the Insurer:
Classification:
Type:
Category:
Division:
Sub-Class:
Group:
Form DDD (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 Additions to and Deletions from Policies for the year ended 31st MARCH Date of Registration:
Registration Number:
Form Code Classification Code:
Type Code:
Category Code:
Division Code:
Sub-Class Code:
Group Code:
Sl no.
Description Number of Policies Death/Health Benefit Sum assured Maturity benefit Sum Assured Annualised Premium Rider Sum assured Rider Premium Annuity p.a.
Vested Bonus
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 01 Opening Balance 02 New Business 03 Reinstatements 04 Revivals 05 Bonus Addition 06 Change & Increase 07 Total On 08 Deaths 13 09 Survivance or the happening of contingencies insured against other than death 10 Expiry of term under temporary assurance.
11 Surrenders of Policy 12 Surrenders of Bonus 13 Forefieture / Lapse 14 Paid up 15 Not taken up 16 Change & Decrease 17 Total Off 18 Closing balance Notes:
1 2 3 4 5 6 7 All figures must be furnished in thousands In respect of Group Business, number of group schemes shall be furnished under the column: 'number of policies';
All amounts stated shall be total gross amounts without taking into account of reinsurances ceded or accepted Rider Premium' reflects the annualised rider premium.
Rider Sum Assured' is the sum assured of the rider as defined in approved File & Use application.
Annualised Premium shall include 10% of the Single Premium Paid-up shall refer both the reduced paid up and fully paid-up policies.
14 Form NLB 1 (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 Particulars of Policies and Valuation details 31st MARCH Name of the Insurer: Date of Registration: Form Code Classification: Registration Number: Classification Code: Type: Type Code: Category: Category Code:
Division: Division Code: Sub-Class: Sub-Class Code: Group: Group Code:
Policy Particulars Sum Sum All Benefits Valuation Details Math Item Description Number assured Assured Vested Annuity Others, Annualised (eg. Death, Vested Future Cost of Terminal Expenses Future Reserve Neg Surrender Adjusted No. Number of policies of Lives on on Bonus pa if any Premium maturity, Annuity Bonus Bonus Bonus Bonus and Premium (before Reserve Value Math Death / Maturity guaranteed Allocated Commission Adj) adjustment Reserve Rider addns. Etc.)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) 01 Insurance Product Regular Premium Single premium Fully paid up Reduced Paid up Insurance Product Regular Premium Single premium Fully paid up Reduced Paid up 02 Riders Term Rider Critical Illness WOP ADDB ADB Others 03 Global Reserves Lapse Reserve IBNR Extra Premium Other 1 (Please Define) Other 2 (Please Define) Other 3 (Please Define) Other 4 (Please Define) Other 5 (Please Define) Other 6 (Please Define) 15 Other 7 (Please Define) Other 8 (Please Define) Other 9 (Please Define) Other 10 (Please Define) 04 Total Before Reinsurance 05 Reinsurance Ceded 06 Total After Reinsurance Notes:
1 All figures should be in thousands 2 Col(19)= Col (11) + Col(12) +Col (13) +Col (14) + Col (15)+ Col(16) +Col (17) - Col (18) 3 Co(22) = Max { Col (19) + Col (20), Col (21)} 4 Co(21) = Max { Special Surrender Value, Guaranteed Surrender Value} Name of the Insurer:
Classification:
Type:
Date of Registration:
Registration Number:
Form NLB 2 (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 Summary and Valuation of polcies as at 31st MARCH Form Code Classification Code: Type Code:
Policy Particulars Valuation Details Item No.
Sub- Clas s Description Numb e r of policie s Numb e r of Lives Sum assured on Death / Rider Sum Assured on Maturity Vested Bonus Annuity pa Others, if any Annualise d Premium All Benefits (eg.
Death, maturity, guarantee d addns. Etc.)
Annuity Vested Bonus Future Bonus Cost of Bonus Allocate d Termi nal Bonu s Expenses and Commissi n Future Premium Math Reserve (before Adj) Neg Reserve adjustm ent Surrend er Value Adjust e d Math Reserve
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) INDIVIDUAL BUSINESS 01 Life Before Reinsurance Business 02 After Reinsurance 03 Pension Before Reinsurance 04 After Reinsurance 16 05 General Annuity 06 07 Health 08 Before Reinsurance After Reinsurance Before Reinsurance After Reinsurance GROUP BUSINESS Premiums Guaranteed for one year :
09 Before Reinsurance 10 Life Business After Reinsurance Premiums Guaranteed for not more than one year :
11 Before Reinsurance 12 13 Pension 14 After Reinsurance Before Reinsurance After Reinsurance 15 General Annuity 16 17 Health 18 Before Reinsurance After Reinsurance Before Reinsurance After Reinsurance 19 Totals 20 TOTAL BUSINESS Before Reinsurance After Reinsurance Notes:
1 All figures should be in thousands 2 ol(19)= Col (11) + Col(12) +Col (13) +Col (14) + Col (15)+ Col(16) +Col (17) - Col (18) 3 Co(22) = Max { Col (19) + Col (20), Col (21)} 4 Co(21) = Max { Special Surrender Value, Guaranteed Surrender Value} 17 Form ULB 1 (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 Particulars of Policies and Valuation details 31st MARCH Name of the Insurer:
Classification:
Date of Registration:
Registration Number:
Form Code Classification Code:
Type: Type Code:
Category:
Division:
Sub-Class:
Group:
Category Code:
Division Code:
Sub-Class Code:
Grou p Code :
Policy Particulars Valuation Details Item No.
Description Number of policies Number of Lives Death Benefit / rider benefit Maturity Benefit Other Benefits Annualised Premium Numbar of Units Value of Units Non Unit value Cost of Bonus MR before negative reserves Negative Reserve Adjustment Surrender Value Total Reserves
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16) 01 Insurance Product Regular Premium Single premium Fully paid up Reduced Paid up 18 Discontinuance policies Insurance Product Regular Premium Single premium Fully paid up Reduced Paid up Discontinuance policies 02 Riders Term Assurance Critical Illness WOP ADDB ADB Others 03 Global Reserves Lapse Reserve IBNR Extra Premium Provisions for Options & Guarantees Other 1 (Please Define) Other 2 (Please Define) Other 3 (Please Define) Other 4 (Please Define) Other 5 (Please Define) 19 Other 6 (Please Define) Other 7 (Please Define) Other 8 (Please Define) Other 9 (Please Define) Other 10 (Please Define) 04 Total Before Reinsurance 05 Reinsurance Ceded 06 Total After Reinsurance Notes: 1 All figures should be in thousands Col (13) = Col (10) + Col (11) + Col 2 (12) Co(16) = Max { Col (13) + Col (14), 3 Col (15)} 4 Co(15) = Max { Special Surrender Value, Guaranteed Surrender Value} 20 Form ULB 2 (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 Statement of Net Asset Values for the Segregated Funds maintained by insurer for its Unit Linked Business 31st MARCH Name of the Insurer: Date of Registration: Form Code:
Classification: Registration Number: Classification Code:
Type: Type Code:
Category: Category Code:
Item No Fund Value Life Pension General Annuity Health Description Fund - Fund - Fund - Fund - ……… Fund - Fund - Fund - Fund - ……… Fund - 1 ……… Fund - 1 ……… TOTAL 1 2 3 4 ….. 1 2 3 4 ….. ….. …..
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) 01 Fund Brought forward from last year 02 Value of creation of units 03 Increase (decrease) In value of investments in the financial year 04 ** Other income 05 Total income (Sum 01 to 04) 06 value of Cancellation of Units 07 Fund Administration charges 08 Management charges 09 Tax paid 10 Other expenditure 11 Increase (decrease) in provisions 12 Total expenditure (sum 06 to 11) 13 fund carried forward 14 Total number of units:
15 Net Asset value per Unit Notes:
1 All figures should be in thousands 2 Items under Col (3), Col (4), Col (5), Col (6) etc. must be brought forward from the annual accounts of the company.
21 Form ULB 3 (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 Summary and Valuation of polices as at 31st MARCH Form Name of the Insurer: Date of Registration: Code Classification Classification: Registration Number: Code:
Type Type: Code:
Category Category: Code:
Policy Particulars Valuation Details N u Item No.
Sub-Class Description m be r of po Number of Lives Death Benefit / rider benefit Maturity Benefit Other Benefits Annual Premium Numbar of Units Value of Units Non Unit value Cost of Bonus MR before negative reserves Negative Reserve Adjustme nt Surrender Value Total Reserves lici es
(1)
(2)
(3) (4 )
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17) INDIVIDUAL BUSINESS With Guarantees:
01 Before Reinsurance 02 Life After Reinsurance Business Without Guarantees:
03 Before Reinsurance 04 After Reinsurance 22 Pension With Guarantees:
05 Before Reinsurance 06 After Reinsurance Without Guarantees:
07 Before Reinsurance 08 After Reinsurance General Annuity With Guarantees:
09 Before Reinsurance 10 After Reinsurance Without Guarantees:
11 Before Reinsurance 12 After Reinsurance Health With Guarantees:
13 Before Reinsurance 14 After Reinsurance Without Guarantees:
15 Before Reinsurance 16 After Reinsurance GROUP BUSINESS Life Business With Guarantees:
17 Before Reinsurance 18 After Reinsurance Without Guarantees:
19 Before Reinsurance 20 After Reinsurance Pension With Guarantees:
21 Before Reinsurance 22 After Reinsurance Without Guarantees:
23 Before Reinsurance 23 24 After Reinsurance General Annuity With Guarantees:
25 Before Reinsurance 26 After Reinsurance Without Guarantees:
27 Before Reinsurance 28 After Reinsurance Health With Guarantees:
29 Before Reinsurance 30 After Reinsurance Without Guarantees:
31 Before Reinsurance 32 After Reinsurance TOTAL BUSINESS TOTALS With Guarantees:
33 Before Reinsurance 34 After Reinsurance Without Guarantees:
35 Before Reinsurance 36 After Reinsurance Notes: 1 All figures should be in thousands 2 Col (14) = Col (11) + Col (12) + Col (13) 3 Co(17) = Max { Col (14) + Col (15), Col (16)} Co(16) = Max { Special Surrender Value, Guaranteed Surrender 4 Value} 24 Name of the Insurer:
Classification:
Type:
Category:
Division:
Sub-Class:
Group:
Form VIPNLB 1 (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 Particulars of Policies and Valuation details 31st MARCH Date of Registration:
Registration Number:
Form Code Classificatio n n Code:
Type Code:
Category Code:
Division Code:
Sub-Class Code:
Group Code:
Item No.
Description Policy Particulars Valuation Details Number of policies Number of Lives Sum assured on Death/ Rider Sum Assured on Maturity Vested Bonus Annuity pa Others, if any Annualised Premium All Benefits (e.g. Death, maturity, guaranteed addns. Etc.)
Annuity Vested Bonus Future Bonus Cost of Bonus Allocated Terminal Bonus Expenses and Commission Future Premium Math Reserve (before Adj) Neg Reserve adjustment SurrenderValue Adjuste d Math Reserve
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) 01 Insurance Product Regular Premium Single premium Fully paid up Reduced Paid up 25 Insurance Product Regular Premium Single premium Fully paid up Reduced Paid up 02 Riders Term Rider Critical Illness WOP ADDB ADB Others 03 Global Reserves Lapse Reserve IBNR Extra Premium Other 1 (Please Define) Other 2 (Please Define) Other 3 (Please Define) Other 4 (Please Define) 26 Other 5 (Please Define) Other 6 (Please Define) Other 7 (Please Define) Other 8 (Please Define) Other 9 (Please Define) Other 10 (Please Define) 04 Total Before Reinsurance 05 Reinsurance Ceded 06 Total After Reinsurance Notes:
1 All figures should be in thousands 2 Col(19)= Col (11) + Col(12) +Col (13) +Col (14) + Col (15)+ Col(16) +Col (17) - Col (18) 3 Co(22) = Max { Col (19) + Col (20), Col (21)} 4 Co(21) = Max { Special Surrender Value, Guaranteed Surrender Value} 27 Item No.
Sub- Class Description Policy Particulars Valuation Details Number of policies Number of Lives Sum assured onDeath / Rider Sum Assured on Maturity Vested Bonus Annuity pa Others, i any Annualized Premium All Benefits (eg. Death, maturity, guaranteed addns. Etc.)
Annuity Vested Bonus Future Bonus Cost of Bonus Allocated Terminal Bonus Expenses and Commission Future Premium Math Reserve (before Adj Neg Reserv adjustment Surrende Value Adjusted Math Reserve
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) INDIVIDUAL BUSINESS 01 Life Busines s Before Reinsurance 02 After Reinsurance 03 Pensio n Before Reinsurance 04 After Reinsurance 05 Genera l Annuity Before Reinsurance 06 After Reinsurance 07 Health Before Reinsurance 08 After Reinsurance GROUP BUSINESS (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 31st MARCH Name of the Insurer: Date of Registration:
Classificatio n Type Code: Category 28 Life Busines s Premiums Guaranteed for one year :
09 Before Reinsurance 10 After Reinsurance Premiums Guaranteed for not more than one year :
11 Before Reinsurance 12 After Reinsurance 13 Pensio n Before Reinsurance 14 After Reinsurance 15 Genera l Annuity Before Reinsurance 16 After Reinsurance 17 Health Before Reinsurance 18 After Reinsurance TOTAL BUSINESS 19 Totals Before Reinsurance 20 After Reinsurance Notes:
All figures should be in 1 thousands Col(19)= Col (11) + Col(12) +Col (13) +Col (14) + Col (15)+ Col(16) 2 +Col (17) - Col (18) Co(22) = Max { Col (19) + 3 Col (20), Col (21)} 4 Co(21) = Max { Special Surrender Value, Guaranteed Surrender Value} 29 (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 Particulars of Policies and Valuation details Name of the Insurer: Date of Registration: Form Code Classification: Registration Number: Classification Code:
Type: Type Code:
Category: Category Code:
Division:
Sub-Class:
Group:
Division Code:
Sub-Class Code:
Group Code:
Item No.
Description Policy Particulars Valuation Details Number of policies Number of Lives Death Benefit / rider benefit Assured Maturity Benefit Other Benefits Annualised Premium Policy Account Value Non-Policy Account Value Cost of Bonus MR before negative reserves Negative Reserve Adjustment SurrenderValue Total Reserves
(1) (2) (3) (4) (5) (6) (7) (8) (10) (11) (12) (13) (14) (15) (16) 01 Insurance Product Regular Premium Single premium Fully paid up Reduced Paid up Discontinuance policies Insurance Product Regular Premium Single premium Fully paid up Reduced Paid up Discontinuance policies 30 02 Riders Term Assurance Critical Illness WOP ADDB ADB Others 03 Global Reserves Lapse Reserve IBNR Extra Premium Provisions for Options & Guarantees Other 1 (Please Define) Other 2 (Please Define) Other 3 (Please Define) Other 4 (Please Define) Other 5 (Please Define) Other 6 (Please Define) Other 7 (Please Define) Other 8 (Please Define) Other 9 (Please Define) Other 10 (Please Define) 04 Total Before Reinsurance 05 Reinsurance Ceded 06 Total After Reinsurance Notes: 1 All figures should be in thousands 2 Col (13) = Col (10) + Col (11) + Col (12) 3 Co(16) = Max { Col (13) + Col (14), Col (15)} 4 Co(15) = Max { Special Surrender Value, Guaranteed Surrender Value} 31 Form VIPLB 2 (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 Statement of the Funds maintained by insurer for its Variable Linked Insurance Business 31st MARCH Name of the Insurer: Date of Registration: Form Code Classification: Registration Number: Classification Code:
Type:
Category:
Type Code:
Category Code:
Item No Fund Value Life Pension General Annuity Health Description Product - 1 Product - 2 Product - 3 Product - 4 ………….. Product - 1 Product - 2 Product - 3 Product - 4 ………….. Product - 1 ………….. Product - 1 ………….. TOTAL
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) 01 Policy Account Value Brought forward from last year 02 Value of allocated premium 03 Increase (decrease) In value of investments in the financial year 04 ** Other income 05 Total income (Sum 01 to 04) 06 Mortality/Morbidity Charge 07 Administration charges 08 Management charges Other charges (if any) 09 Tax paid 10 Other expenditure 11 Increase (decrease) in provisions 12 Total expenditure (sum 06 to 11) 13 Policy Account Value carried forward Notes:
1 All figures should be in thousands and must be consistent with the annual audited accounts of the company 32 Form VIPLB 3 (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurane Business) Regulations, 2016 PARTICULARS OF POLICIES AND VALUATION DETAILS AS AT 31st MARCH Name of the Insurer: Date of Registration: Form Code Classification: Registration Number: Classification Code:
Type: Type Code: Category: Category Code:
Item No.
Sub-Class Description Policy Particulars Valuation Details Number of policies Number of Lives Death Benefit / rider benefit Assured Maturity Benefit Other Benefits Annualised Premium Policy Account Value Non- Policy Account Value Cost of Bonus MR before negative reserves Negative Reserve Adjustment Surrender Value Total Reserves
(1) (2) (3) (4) (5) (6) (7) (8) (9) (11) (12) (13) (14) (15) (16) (17) INDIVIDUAL BUSINESS Life Business With Guarantees:
01 Before Reinsurance 02 After Reinsurance Without Guarantees:
03 Before Reinsurance 04 After Reinsurance Pension With Guarantees:
05 Before Reinsurance 06 After Reinsurance Without Guarantees:
07 Before Reinsurance 08 After Reinsurance General Annuity With Guarantees:
09 Before Reinsurance 10 After Reinsurance Without Guarantees:
11 Before Reinsurance 12 After Reinsurance Health With Guarantees:
13 Before Reinsurance 14 After Reinsurance Without Guarantees:
15 Before Reinsurance 16 After Reinsurance GROUP BUSINESS 33 Life Business With Guarantees:
17 Before Reinsurance 18 After Reinsurance Without Guarantees:
19 Before Reinsurance 20 After Reinsurance Pension With Guarantees:
21 Before Reinsurance 22 After Reinsurance Without Guarantees:
23 Before Reinsurance 24 After Reinsurance General Annuity With Guarantees:
25 Before Reinsurance 26 After Reinsurance Without Guarantees:
27 Before Reinsurance 28 After Reinsurance Health With Guarantees:
29 Before Reinsurance 30 After Reinsurance Without Guarantees:
31 Before Reinsurance 32 After Reinsurance TOTAL BUSINESS TOTALS With Guarantees:
33 Before Reinsurance 34 After Reinsurance Without Guarantees:
35 Before Reinsurance 36 After Reinsurance Notes:
1 All figures should be in thousands 2 Col (14) = Col (11) + Col (12) + Col (13) 3 Co(17) = Max { Col (14) + Col (15), Col (16)} 4 Co(16) = Max { Special Surrender Value, Guaranteed Surrender Value} 34 Form H (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 Summary of Valuation as at 31st MARCH Name of the Insurer Form Code Date of Registration: Registration Number:
Item No. Type Category of Business Mathematical Reserves (inclusive of cost of bonuses allocated)
(1) (2) (3) Business within India:
01 Par Non-Linked Business 02 Unit Linked Business 03 VIP-Non Linked Business 04 VIP-Linked Business 05 TOTAL (total of the items (1) to (4)) 06 Non-Par Non-Linked Business 07 Unit Linked Business 08 VIP-Non Linked Business 09 VIP-Linked Business 10 TOTAL (total of the items (6) to (9) 11 Grand TOTAL (total of the items (5) and (10) Total Business:
12 Par Non-Linked Business 13 Unit Linked Business 14 VIP-Non Linked Business 15 VIP-Linked Business 16 TOTAL (total of the items (12) to (15)) 17 Non-Par Non-Linked Business 18 Unit Linked Business 19 VIP-Non Linked Business 20 VIP-Linked Business 21 TOTAL (total of the items (17) to (20) 22 Grand TOTAL (total of the items (16) and (21) Note :
1 All figures should be in thousands 2 Mathematical reserves in Col (3) shall be furnished inclusive of cost of bonuses allocated 35 Name of the Insurer: Date of Registration: Form Code Classification: Registration Number: Classification Code:
Type: Type Code:
Item No. Description Balance of Fund shown in Balance Sheet Mathematical reserves (excluding cost of bonuses allocated) Surplus
(1) (2) (3) (4) (5) 01 Business within India:
Non-Linked a Non-par Polices - Life b Non-par Polices - Pensions c Non-par Polices - Annuity d Non-par Polices - Health Unit-Linked e Non-par Polices - Life f Non-par Polices - Pensions g Non-par Polices - Annuity h Non-par Polices - Health VIP i Non-par Polices - Life j Non-par Polices - Pensions 02 Totals - Policyholder Funds - within India 03 Total Business Non-Linked a Non-par Polices - Life b Non-par Polices - Pensions c Non-par Polices - Annuity Form IA (Non-Participating) (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurane Business) Regulations, 2016 Valuation Results as at 31st MARCH 36 d Non-par Polices - Health Unit-Linked e Non-par Polices - Life f Non-par Polices - Pensions g Non-par Polices - Annuity h Non-par Polices - Health VIP i Non-par Polices - Life j Non-par Polices - Pensions 04 Totals - Policyholder Funds Notes:
1 All figures should be in thousands 2 Col (5) = Col (3) - Col (4) 37 Form IA (Participating) (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 Valuation Results as at 31st MARCH Name of the Insurer: Date of Registration: Form Code Classification:
Type:
Registration Number: Classification Code:
Type Code:
Item No. Description Balance of Fund shown in Balance Sheet Mathematical reserves (excluding cost of bonuses allocated) Surplus
(1) (2) (3) (4) (5) 01 Business within India:
Non-Linked a Life b Pensions c Annuity d Health Non-Linked VIP a Life b Pensions c Annuity d Health Unit Linked a Life b Pensions c Annuity d Health Linked VIP a Life b Pensions c Annuity d Health 38 02 Totals - Policyholder Funds - within India 03 Total Business Non-Linked a Life b Pensions c Annuity d Health Non-Linked VIP a Life b Pensions c Annuity d Health Unit Linked a Life b Pensions c Annuity d Health Linked VIP a Life b Pensions c Annuity d Health 04 Totals - Policyholder Funds Notes:
1 All figures should be in thousands 2 Col (5) = Col (3) - Col (4) 39 Form I (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurane Business) Regulations, 2016 Valuation Results as at 31st MARCH Name of the Insurer: Date of Registration: Form Code Classification: Registration Number: Classification Code:
Item No. Description Balance of Fund shown in Balance Sheet Mathematical reserves (excluding cost of bonuses allocated) Surplus
(1) (2) (3) (4) (5) 01 Business within India:
a Participating Policies b Non-participating Polices 02 Totals - Policyholder Funds - within India 03 Total Business a Participating Policies b Non-participating Polices 04 Totals - Policyholder Funds Notes:
1 All figures should be in thousands 2 Col (5) = Col (3) - Col (4) 3 The figures shown in column (3) includes surplus in the policyholder fund; it is the Balance Sheet position of assets prior to any transfer having being made out to the shareholder fund.
4 The figures shown in (3) and the Surplus shown in (5) also includes shareholder transfer to the policyholder fund in order to meet the deficits in some segments.
5 The figures shown in column (3) for Par business does not include the amount of interim and terminal bonus paid to the policyholder during the inter valuation period amounting Rs. X.
40 FORM IRDAI-ASSETS-AA (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 STATEMENT OF ASSETS AS AT 31st MARCH Name of the Insurer: Date of Registration: Form Code Classification: Registration Number: Classification Code:
Form AA Particulars (Amount in 000's) Policyholders A/C Shareholders A/C Total Investments Investments Shareholder' SCH 8 ................................ (A) - Policyholders' SCH-8A .............................................. (B) - Assets held to cover linked liabilities SCH-8B..................... (C) - - Total Investments as per BS# ---------------- (D)=(A)+(B)+(C) - Inadmissible Investment assets*** .................................. (E) - - Fixed assets Fixed assets as per BS ------------------------- ( F) - Inadmissible Fixed assets*** --------------------- (G) - 41 Current Assets Cash & Bank Balances as per BS ---------------- (H) - Advances and Other assets as per BS -------------------------- (I) - Total Current Assets as per BS ------------- (J) = (H) + (I) - Inadmissible Current assets*** ------------------ (K) - Current Liabilities & Provisions Current Liabilities as per BS ------------------------ (L) - Provisions as per BS -------------------------------- (M) - Total Current Liabilities & Provisions ------ (N) = (L) + (M) - Policy Loans Policy and Other Admissible Loans as per BS ----------------------------- (O) - Fair Value Change Account subject to minimum of zero ---------------------- (P) Total Assets as per BS ----------------------- (Q) = (D) + (F) + (J) - (N) + (O) - - - Total Inadmissible assets ------------------------ (R) = (E) + (G) + (K) + (P) - - - Total Admissible assets for Solvency ----- (Q) - (R) - - - Note: Policyholders’ asset (SCH 8A) should include assets backing non unit liabilities of linked business. However, SCH 8B will include only assets backing unit liabilities *** Inadmissible assets as per the Clause-I of Schedule-I of the IRDAI (ALSM Regulations), 2016 # 'BS' indicates 'Balance Sheet' 42 Form KT-1 (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 Required Solvency Margin based on Mathematical Reserves and Sum at Risk 31st MARCH Name of the Insurer: Date of Registration: Form Code Classification: Registration Number: Classification Code:
Item No.
Description Mathematical Reserves before Reinsurance Mathematical Reserves after Reinsurance K1 Sum at Risk before Reinsurance Sum at Risk after Reinsurance K2 First Factor Second Factor Required Solvency Margin
(1) (2). (3) (4) (5) (6) (7) (8) (9) (10) (11) 01 Non-Participating Non-Linked Division / sub-class / group by Linked Division / sub-class / group by VIP Non-Linked Division / sub-class / group by VIP Linked Division / sub-class / group by Total - Non-Participating 02 Participating Non-Linked Division / sub-class / group by Linked Division / sub-class / group by 43 VIP Non-Linked Division / sub-class / group by VIP Linked Division / sub-class / group by Total - Participating 03 Total
(1) K1 = 0.85* or (Mathematical Reserves after Reinsurance / Mathematical Reserves before reinsurance), whichever is higher.
(2) K2 = 0.5 or (Sum at Risk after reinsurance /Sum at risk before reinsurance), whichever is higher
(3) Col. (11) = [ Col. (3) x Col. (5) x Col. (9)] + [Col. (6) x Col. (8) x Col. (10)]
(4) In the computation of the total sum at risk, ignore the contracts for which the sum at risk is a negative figure or does not exist
(5) The first and second factor are x% and y % respectively
(6) K1 and K2 shall be calculated separately for each row.
44 Required Solvency Margin (RSM) Factors Existing First Factor Second Factor 1.Type: Non-Participating
1.1. Category:Non-Linked:
1.1.1. Division- Individual
1.1.1.1. Sub-Class- Life Business
1.1.1.1.a. Other than term 3.00% 0.30%
1.1.1.1.b. Pure Term 3.00% 0.10%
1.1.1.1.c. Term with ROP 3.00% 0.10%
1.1.1.2. Sub-Class- General Annuity 3.00% 0.00%
1.1.1.3. Sub-Class-Pension 3.00% 0.30%
1.1.1.4. Sub-Class- Health 3.00% 0.00%
1.1.2. Division: Group Business:
1.1.2.1. Sub-class: Life Business :
1.1.2.1.a. Premiums guaranteed for not more than one year 1.00% 0.10%
1.1.2.1.b. Premiums guaranteed for more than one year 1.00% 0.10%
1.1.2.1.c. Fund Based Non Participating 1.00% 0.10%
1.1.2.1.d Pradhan Mantri Jeevan Jyoti Bima Yojana2
21.00% 20.05%
1.1.2.2. Sub-class: General Annuity 3.00% 0.00%
1.1.2.3. Sub-class: Pension 3.00% 0.10%
1.1.2.4. Sub-Class- Health 3.00% 0.00%
1.2. Category: Linked :
1.2.1. Division- Individual
1.2.1.1. Sub-Class- Life Business
1.2.1.1.a. with guarantees 1.80% 0.20% 45
1.2.1.1.b. without guarantees 3 0.60% 0.20%
1.2.1.2. Sub-Class- General Annuity
1.2.1.2.a. with guarantees 1.80% 0.20%
1.2.1.2.b. without guarantees 3 0.60% 0.20%
1.2.1.3. Sub-Class- Pension
1.2.1.3.a. With guarantees 1.80% 0.20%
1.2.1.3.b. without guarantees 3 0.60% 0.20%
1.2.1.4. Sub-Class- Health
1.2.1.4. a. With guarantees 1.80% 0.00%
1.2.1.4. b. without guarantees 3 0.60% 0.00%
1.2.2. Division: Group Business:
1.2.2.1. Sub-Class- Life Business
1.2.2.1.a. with guarantees 1.80% 0.20%
1.2.2.1.b. without guarantees 3 0.60% 0.20%
1.2.2.2. Sub-Class- General Annuity
1.2.2.2.a. with guarantees 1.80% 0.20%
1.2.2.2.b without guarantees 3 0.60% 0.20%
1.2.2.3. Sub-Class- Pension
1.2.2.3.a. With guarantees 1.80% 0.20%
1.2.2.3.b. without guarantees 3 0.60% 0.20%
1.2.2.4. Sub-Class- Health
1.2.2.4.a. With guarantees 1.80% 0.00%
1.2.2.4.b. without guarantees 3 0.60% 0.00%
2. Type: Participating 46
2.1. Category:Non-Linked:
2.1.1. Division- Individual
2.1.1.1. Sub-Class- Life Business 3.00% 0.30%
2.1.1.2. Sub-Class- General Annuity 3.00% 0.00%
2.1.1.3. Sub-Class- Pension 3.00% 0.10%
2.1.1.4. Sub-Class- Health 3.00% 0.00%
2.1.2. Division: Group Business:
2.1.2.1. Sub-class: Life Business :
2.1.2.1.a. Premiums guaranteed for not more than one year 1.00% 0.10%
2.1.2.1.b. Premiums guaranteed for more than one year 1.00% 0.10%
2.1.2.1.c. Fund Based Participating 1.00% 0.10%
2.1.2.2. Sub-class: General Annuity 3.00% 0.00%
2.1.2.3. Sub-class: Pension 3.00% 0.10%
2.1.2.4. Sub-Class- Health 3.00% 0.00%
2.2. Category: Linked :
2.2.1. Division- Individual
2.2.1.1. Sub-Class- Life Business
2.2.1.1.a. with guarantees 1.80% 0.20%
2.2.1.1.b. without guarantees 3 0.60% 0.20%
2.2.1.2. Sub-Class- General Annuity
2.2.1.2.a. with guarantees 1.80% 0.20%
2.2.1.2.b. without guarantees 3 0.60% 0.20%
2.2.1.3. Sub-Class- Pension
2.2.1.3.a. With guarantees 1.80% 0.20%
2.2.1.3.b. without guarantees 3 0.60% 0.20% 47
2.2.1.4. Sub-Class- Health
2.2.1.4.a. With guarantees 1.80% 0.00%
2.2.1.4.b. without guarantees 3 0.60% 0.00%
2.2.2. Division: Group Business:
2.2.2.1. Sub-Class- Life Business
2.2.2.1.a. with guarantees 1.80% 0.20%
2.2.2.1.b. without guarantees 3 0.60% 0.20%
2.2.2.2. Sub-Class- General Annuity
2.2.2.2.a. with guarantees 1.80% 0.20%
2.2.2.2.b. without guarantees 3 0.60% 0.20%
2.2.2.3. Sub-Class- Pension
2.2.2.3.a. With guarantees 1.80% 0.20%
2.2.2.3.b. without guarantees 3 0.60% 0.20%
2.2.2.4. Sub-Class- Health
2.2.2.4. a. With guarantees 1.80% 0.00%
2.2.2.4. b. without guarantees 3 0.60% 0.00% ------------------------------------------------------ 2Inserted by Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) (Amendment) Regulations, 2022 dated 5th December, 2022 (w.e.f. 6th Dec, 2022).
3Replaced by Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) (Amendment) Regulations, 2022 dated 5th December, 2022 (w.e.f. 6th Dec, 2022). Prior to the replacement, the first factor was: “0.80%” 48 Notes:
(1) The Factors Applicable to the Adjustments shall be as per the nature of the Base products
(2) The Factors Applicable to the Riders shall be as per the following table:
First Factor Second Factor For Health Insurance Rider 3.00% 0.00% For Other than Health Insurance Rider 3.00% 0.10% 49 Form KT-2 (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurane Business) Regulations, 2016 Required Solvency Margin based on Assets of Policyholders' Funds 31st MARCH Name of the Insurer: Date of Registration: Form Code Classification: Registration Number: Classification Code:
Item No. Category of Asset Notes Amount (see Notes below) Rs. Third Factor % Required Solvency Margin
(1) (2). (3) (4) (5) Non-Mandated investments Corporate Bonds 01 AAA or Equivalent * 02 AA or Equivalent ** 03 A or Equivalent 04 BBB or Equivalent 05 BB or Equivalent 06 B or Equivalent 07 Lower than B 08 Unrated *** Mortgages 09 Residential 10 Commercial Real Estate 11 Residential 12 Commercial Preference Shares 13 Listed Preference Shares 14 Unlisted Preference Shares Equity 15 Listed Ordinary Shares 16 Unlisted Ordinary Shares 17 Total 50 Notes : (1) Column (5) = Column (3) X Column (4)
(2) Column (4) = zero until further intimation from the Authority
(3) The table should show the amount (in column (3)) which is Balance Sheet Value in respect of the above mentioned category of asset ( where the Balance Sheet is prepared in accordance with Insurance Regulatory and Development Authority of India (Preparation of Financial Statement and Auditor's Report of Insurance Companies) Regulations, 2016) Form KT-3 (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 Available Solvency Margin and Solvency Ratio 31st MARCH Name of the Insurer: Date of Registration: Form Code Classification: Registration Number: Classification Code:
Item Description Notes No... Adjusted Value
(1) (2) (3) (4) 01 Available Assets in Policyholders' Fund: 1 Deduct:
02 Mathematical Reserves 2 03 Other Liabilities 3 04 Excess in Policyholders' funds (01-02-03) 05 Available Assets in Shareholders Fund: 4 Deduct:
06 Other Liabilities of shareholders’ fund 3 07 Excess in Shareholders' funds (05-06) 08 Total ASM (04)+(07) 09 Total RSM 10 Solvency Ratio (ASM/RSM) Certification:
I, the Appointed Actuary, certify that the above statements have been prepared in accordance with the section 64VA of the Insurance Act, 1938, and the amounts mentioned therein are true and fair to the best of my knowledge.
Place Date:
Name and Signature of Appointed Actuary Name and Signature of CEO Notes
1. Item No. 01 shall be the amount of the Total Admissible assets for Solvency as mentioned in Form IRDAI-Assets- AA under Policyholders A/C;
2. Item No. 02 shall be the amount of Mathematical Reserves as mentioned in Form H;
3. Item Nos. 03 and 06 shall be the amount of other liabilities as mentioned in the Balance Sheet;
4. Items No. 05 shall be the amount of the Total Admissible assets for Solvency as mentioned in Form IRDAI-Assets- AA under Shareholders A/C;
51 Composition of surplus Life Pension General Annuity Health Total 01 Surplus emerged during the year 02 Interim bonus paid during the inter valuation period 03 Terminal Bonus paid during the inter valuation period.
04 Loyalty Additions or other forms of bonuses, if any, paid during the inter-valuation period 05 Sums transferred from shareholders fund during the intervaluation period 06 Amount of surplus, from policyholders' funds, brought forward from preceding valuation 07 Total Surplus[2] (Sum of items 1 to 6)** Distribution of surplus Life Pension General Annuity Health Total 01 To Interim Bonuses paid 02 To Terminal Bonuses 03 To Loyalty Additions or any other forms of bonuses, if any 04 Among policyholders with immediate participation 05 Among policyholders with deferred participation 06 Among policyholders in the discounted bonus class 07 To every reserve fund or other fund or account 08 As carried forward un-appropriated 09 To the shareholders’ funds (any such sums passed through the accounts during the inter valuation period to be separately stated) 10 Total Surplus allocated (Sum of items 1 to 9) ** Form S (See Regulation 4) Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 Composition and Distribution of Surplus 31st MARCH Name of the Insurer: Date of Registration: Form Code Classification:
Type:
Category:
Registration Number: Classification Code:
Type Code:
Category Code: