dm{f©H$ [anmoQ©> ANNUAL REPORT

1 ANNUAL REPORT2019-20dm{f H$ [anmoQ > ANNUAL REPORT 2019-20 ANNUAL REPORT2019-20 OfficeSurvey No. 115/1, Financial DistrictNanakramguda, GachibowliHyderabad 500032, IndiaPhone: +91-40-20204000 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIAANNUAL REPORT 2019-20 ANNUAL REPORT 2019-20 This REPORT is in conformity with the format asper the Insurance Regulatory and Development Authority( ANNUAL REPORT -Furnishing of Return, Statementsand Other Particulars) Rules, REPORT 2019-20 ANNUAL REPORT 2019-20 ANNUAL REPORT 2019-20iANNUAL REPORT 2019-20 CONTENTSM ission StatementxvMembers of the AuthorityxviiSenior Officials of IRDAIxixPA R T IPOLICIES AND of General Economic of Insurance and Details of Authorised and Development Activities Undertaken by the of Interests of of Solvency Margins of of Investments of the Percentage of Business to be done in Rural and Social and Actuarial.]}

2 Orders and Regulations given by the and Functions Delegated by the Policies and Programmes having Bearing on theWorking of the Insurance Market70 PART IIREVIEW OF WORKING AND of Insurance and Reinsurance Associated with Insurance Institutes connected with Insurance , Appeals and Court Cooperation in of the Advisory of Associations and Insurance Councils121iiANNUAL REPORT 2019-20 PART IIISTATUTORY AND DEVELOPMENTAL FUNCTIONS OF THE to the applicant a certificate of registration, renew, modify,withdraw, suspend or cancel such 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 requisite qualifications, code of conduct and practical trainingfor intermediaries or Insurance Intermediaries and the code of conduct for surveyors and loss efficiency in the conduct of insurance and regulating professional organisations connected withthe insurance and reinsurance fees and other charges for carrying out the purposes of the information from, undertaking inspection of, conducting enquiries andinvestigations including audit of the insurers, intermediaries.

3 Insurance intermediariesand other organisations connected with the insurance and Regulation of Rates, Advantages, Terms and Conditions that may beoffered by insurers in respect of general insurance business not so controlled andregulated by the Tariff Advisory Committee under section 64U of theInsurance Act, 1938 (4 of 1938) the form and manner in which books of accounts shallbe maintained and statements of accounts shall be rendered by Insurersand other insurance investment of funds by insurance maintenance margin of of disputes between Insurers and Intermediaries orInsurance the percentage of life insurance business and generalinsurance business to be undertaken by the Insurers in the rural and social sector144iiiANNUAL REPORT 2019-20 PART IVORGANISATIONAL of Official of Women in Life Prevention and Loss Minimization in General Insurance Guidelines issued by the Authority during the year Individual Health Insurance Product.

4 Arogya Sanjeevani Standard Health Insurance of Total Loss Accident Vehicle documents over Stolen Initiatives / Measures Undertaken By Authority DuringThe Covid 19 on Public Disclosures by Insurers on the Qualitative andQuantitative parameters of the health services rendered to highlights of IRDAI (Third Party Administrators- Health Services)(Amendment) Regulations, for hospitals in the provider network Disclosure of Quality for Motor Own Damage risks for Cars and of exclusions in Health Insurance of norms on informing policyholders about the costs ofcashless treatment approved to a Illustration and Market Life Insurance Products Estimates of National Income and Estimates of GVA at Basic Price by Economic Savings of the Household sector3ivANNUAL REPORT Volume by Region in the World in Real Premium Growth by Region in the World in Penetration and Density in Underwritten by Life Premium Underwritten by Life Individual Policies issued by Life up Capital of Life Expenses of Life Expenses of Life of Life

5 Claims of Life Income of Life After Tax of Life paid by Life of Life (within India) Underwritten by General and Health Premium (Within India) Underwritten by General and Health Underwritten Outside India by General Policies Issued by General and Health Capital of General and Health Expenses of General and Health Expenses of General and Health Incurred Claims of General and Health Claim Ratio of General and Health Experience of General and Health Income of General and Health After Tax of General and Health Paid by General and Health of General and Health Schedule of Premium Accepted by Capital/ Assigned Capital of Incurred Claims of Reinsurers33vANNUAL REPORT Claim Ratio of Insurers and on Unfair Business Practices Registered against Life Accepted by and

6 Reinsurance Placement by General Retention of General Insurers in of Members in Indian Market Terrorism Risk Insurance of Members in Indian Nuclear Insurance Investments of the Insurance of Life Insurers: of Life Insurers: of General Insurers and Reinsurers: Category Insurance Premium Underwritten by General and Health Insurance Business of General and Health Insurers: Class of Insurance Premium Underwritten by Life Health Insurance Premium Underwritten by Life Incurred Claims under Health Insurance Business of General and Health Claims Ratio under Health Insurance Business of General and Health under Health Insurance Business of General and Health under Health Insurance Business of Life under Personal Accident under Overseas Travel under Domestic Travel Insurance Business Underwritten Outside of Central Public Information Agents Associated with Life wise Distribution of Individual Agents Associated with Life Agents Associated with General wise Distribution of Individual Agents Associated

7 With General Agents Associated with Stand-alone Health wise Distribution of Individual Agents Associatedwith Stand-alone Health Agents Associated with Insurance Registered Offices of Insurance Brokers90viANNUAL REPORT of Micro Insurance Business in Life Insurance Insurance Agents of Life of Micro Insurance Business in General Insurance and District-wise Presence of Insurance Marketing Issued to Surveyors and Loss Hospitals Enrolled by Performance of Intermediaries in Life Performance of Intermediaries in General Performance of Intermediaries in Health of Legal Cases Filed during of Legal Cases Disposed/Dismissed during of Grievances as per Registered in DARPG Portal and Referred to of Claims due to Natural Catastrophes during Inspections Conducted by of the Authority as on March 31, of Meetings of the Authority held during and Actual Staff Strength in Staff Strength in Distribution of Staff in Distribution of Staff in of Sectors in GVA at Current Prices in Penetration in Density in Penetration in Select Countries in Density in Select Countries in Business Premium of Life Premium of Life in Premium Underwritten by Life of Life Breakup of Pending Claims of Life of Life Insurers18viiANNUAL REPORT (within India)

8 Underwritten by General and Health of Different Segments in General of General and Health of Different Segments in Total Reinsurance of Mis-selling complaints per 10,000 policies Status of Mis-selling Mis-selling in Health Insurance of Various Classes of Health Insurance Business in Total of various Classes in Lives Covered under Health Insurance of States in Health Insurance in Incurred Claims Ratio of Health Insurance Individual New Business Performance of Life Group New Business Performance of Life Business Performance of General Performance of Health Insurance of Life Insurance of General Insurance Distribution of Staff149 STATEMENTS1 International Comparison of Insurance Penetration1592 International Comparison of Insurance Density1603 Premium Underwritten by Life Insurers1614 Segment wise Total Premium of Life

9 Insurers1625 Linked and Non-Linked Premium of Life Insurers1636 Equity Share Capital of Life Insurers1647 Status of Individual Death Claims of Life Insurers1658 Status of Group Death Claims of Life Insurers1679 State/ UT wise Distribution of Offices of Insurers16910 Premium Underwritten by General and Health Insurers (Within and Outside India)17011 Segment Wise Premium Underwritten by General and Health Insurers (Within India)17112 Equity Share Capital of General and Health Insurers17313 Incurred Claims Ratio of General and Health Insurers174viiiANNUAL REPORT 2019-2014 Status of Claims of General and Health Insurers17615 Equty Share Capital/Assigned Capital of Reinsurers/Branches of Foreign Reinsurers17816 Solvency Ratios of Life Insurers17917 Solvency Ratio of General and Health Insurers18018 Solvency Ratio of Reinsurers18119 Investment of Life Insurers18220 Investment of General.

10 Health and Reinsurers18521 Health Insurance Business of General and Health Insurers18722 Health Insurance Business of Life Insurers18823 Claims under Health Insurance Business of General and Health Insurers18924 Aging of Claims Paid under Health InsuranceBusiness of General and Health Insurers190 ANNEXURES1 Insurance Companies Operating in India1922 Data for Calculating Motor TP Obligations for the FY 2019-201943 Circulars/Orders/Guidelines/Instructions issuedfrom April 01, 2019 to March 31, 20201954 Regulations framed under the IRDA Act, 1999 up to March 31, 20202025 List of Micro Insurance Products of Life Insurers2076 Number of Products Approved during FY 2019-202087 Fee Structure for Insurers and Various Intermediaries andFee Collected for FY 2019-202108 Penalties Levied by the Authority during FY 2019-202119(i) Indian Assured Lives Mortality (IALM) - 2012-14 Standard Rates213(ii) Published Mortality Tables- Mortality for Annuitants - LIC (a) (1996-98) Ultimate Rates214ixANNUAL REPORT 2019-20 ABBREVIATIONSA2ii:Access to Inclusive InsuranceACR: ANNUAL Confidential ReportADBI:Asian Development Bank InstituteAFIR:Asian Forum of Insurance RegulatorsAGM:Assistant Genera