Submission of Insurance Data of IRDA to Insurance Information Bureau of India (IIB)
All Chief Executive Officers of Life / General / Health Insurance Companies
The Insurance Information Bureau of India (IIB) has been formed to cater to the needs of the various stake holders in the Insurance sector such as Insurance Companies, TPAs, policy holders etc. Under a mandate of the Authority to the Insurers and TPAs, vide circular no. IRDA/DC/CIR/19/July09 dated 13/07/2009; Insurance companies and TPAs are required to submit data to IIB for processing and dissemination of the data. Based on this circular, IIB has been collecting transactional data from the market (Insurance Companies, TPAs etc.) for different lines of business, analyzing the same and producing periodical and ad-hoc reports for the benefit of stake holders in the Insurance Industry.
IIB which was formed as an Advisory body of the IRDA in the year 2009 vide Order no: IRDA/TAC/ORDER/Admn/042/10/2009 dated 15 th October, 2009 is now transformed into a society as an independent body vide certificate of registration no.1156 of 2012 issued by the office of the Registrar of Societies, Hyderabad on 21st November, 2012.
Accordingly, it is reiterated that the Insurance Companies and TPAs continue to submit data to IIB, in the existing data formats as is being currently done.
Executive Director (Administration)
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