All Life Insurers
submission of Life operational returns in BAP
Insurers have been mandated to submit various returns- monthly, quarterly and
annually. While monthly returns are being submitted through BAP module and also
manually, the quarterly and annual returns are being submitted only through BAP
module since 2018-2019.
observed that some Insurers are not submitting the returns within the timelines
prescribed and some are frequently requesting for unlocking of the already
submitted returns to revise the same. This is hampering the regulatory review
and analysis by the Authority.
the following instructions are being issued to streamline the process of
submission of life operational returns through BAP.
returns: 8thof followingmonth.
timelines for all other returns remain unchanged, as follows:
quarterly returns: 30th day from the end of the quarter.
Annual Returns: 30th June.
Outsourcing Return: 15th May.
Yearly Returns: 30th June.
Life Insurers are hereby directed to adhere to the above timelines and ensure
submission of life operational returns accordingly.
provision is made in the BAP Module to enable Insurers to unlock returns up to
3 times without reference to the Authority, from the date of submission till
the due date. Insurers can utilize this opportunity to rectify any
errors detected in the returns and re-upload the revised returns. This
option of unlocking is provided only for the Chief Compliance Officer.
all the 3 unlocking attempts or due date of submission of the returns,
whichever is earlier, elapses, the unlocking facility will be disabled to the
submission of returns or submission of inaccurate returns is liable for regulatory
action under the relevant provisions of the Insurance Act, Regulations and
Guidelines or Circulars.
instructions shall come into force for the returns to be filed for the period
pertaining to June 2020 onwards.