Filing of Half-Yearly PoSP Returns in IIB Portal

Last updated: 31 December 2020

Save Share

Quick Summary

The Insurance Regulatory and Development Authority of India (IRDAI) has introduced a new online portal for filing half-yearly returns related to Points of Sales Persons (PoSP). This initiative aims to streamline the submission process and improve management information system (MIS) reporting. Insurers and intermediaries must now upload their PoSP data through the designated IIB portal.

Insurance Regulatory and Development Authority of India

Circular

Ref. No: IRDA/INT/CIR/PSP/307/2020

Date: 30-12-2020

Filing of Half-Yearly PoSP Returns in IIB Portal

All CEOs of Life, General, Health Insurers

POs of Insurance Intermediaries

Re: Filing of Half-Yearly PoSP Returns in IIB Portal.

1. This has reference to guidelines issued by the Authority on Point of Sales Person (POS) vide its Circular Nos. IRDA/Int/GDL/ORD/183/10/2015 dt. 26.10.2016, IRDA/LIFE/GDL/GLD/222/11/2016 dt. 07.11.2016 No. IRDAI/INT/CIR/PSP/130/06/2017 dt. 05.06.2017 and No. IRDAI/LIFE/CIR/MISC/215/12/2019 DT. 02.12.2019 wherein the sponsoring entities have been advised to submit data pertaining to Point of Sales to the Authority.

2. In order to streamline the process of the submission and generate MIS reports a provision has been made at https://pos.iib.gov.in portal to upload the half yearly data.

3. Insurers and insurance intermediaries are therefore advised to upload the Half yearly data on POS portal commencing from the financial year 2020-21. The half yearly data upto September shall be uploaded by 31.01.2021 and the data upto 31.03.2021 by 30.04.2021. In future the half yearly data upto 30/09 shall be uploaded on or before 30/10 and data upto 31/3 by 30/4.

(Randip Singh Jagpal)

Chief General Manager

FAQ :

This notification informs insurers and insurance intermediaries about the new requirement to file half-yearly Point of Sales Person (PoSP) returns through the IIB portal.

The half-yearly PoSP returns should be filed on the IIB portal, accessible at https://pos.iib.gov.in.

For FY 2020-21, data up to September must be uploaded by 31st January 2021, and data up to 31st March 2021 must be uploaded by 30th April 2021.

In the future, data up to 30th September should be uploaded on or before 30th October, and data up to 31st March should be uploaded by 30th April.

All CEOs of Life, General, and Health Insurers, as well as Principal Officers of Insurance Intermediaries, are advised to upload the half-yearly data.

Notification No : Ref. No: IRDA/INT/CIR/PSP/307/2020
Source : https://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4316&flag=1

559 Views Comment Share Miscellaneous Report

Notification posted by

CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

Comments