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The Insurance Regulatory and Development Authority (IRDA) has revised the format for submission of the annual financial condition report (FCR) by the non-life insurance companies.
The new format would have details on the business philosophy of the company, the overall risk-profile, strengths/weaknesses, areas of concern, reasons for significant variation in key ratios, if any, and nature (tail-length) of claims, among others, the regulator said in a circular issued here on Tuesday.
The insurers would have to submit the revised FCR with effect from March 31, 2015, the circular said.
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