New IRDAI Circular: Insurers To File Monthly Premium, Claims, Investment Data
IRDAI Circular: IRDAI has directed life, general and health insurers to submit monthly premium, claims and investment income data to support MOSPI’s Index of Service Production, with filings due by the 15th of each following month starting July 2026.
IRDAI Circular: IRDAI's August 7 circular mandates monthly data submission by insurers for MOSPI's Index of Service Production. AI-Generated-Image.
New Delhi — IRDAI Circular: The Insurance Regulatory and Development Authority of India (IRDAI) has directed all life, general and health insurers to submit monthly data on premium income, claims paid and investment income, in a circular dated August 7, 2026, aimed at supporting the Ministry of Statistics and Programme Implementation’s (MOSPI) preparation of the Index of Service Production (ISP).
The circular, was issued by the Member (Finance & Investment) and addressed to all life insurers, general insurers and health insurers.
According to the circular, the data requirement covers three broad categories: Premium Income, Investment Income and Claims.
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IRDAI Circular: What insurers must submit
General and health insurers, excluding reinsurers, are required to submit Gross Direct Premium, Claims Paid (Direct), and Investment Income of Policyholders and Shareholders, with the requirement applicable from July 2026 onwards.
Life insurers are required to submit Premium (Gross), Benefits Paid (Gross), and Investment Income for Policyholders and Shareholders.
The circular does not specify separate submission timelines for life insurers versus general and health insurers beyond the common monthly filing deadline, and does not elaborate further on the definitions of the individual data fields beyond what is stated above.
IRDAI Circular: Submission process and templates
The circular states that details shall be submitted through National Informatics Centre (NIC) online data templates created for the purpose. Two annexures accompany the circular — Annexure A, the data template for life insurers, and Annexure B, the data template for general and health insurers. The link for the online data templates will be shared separately, the circular noted, indicating that the technical filing mechanism is yet to be operationalised at the time of issuance.
IRDAI Circular: Filing deadline
Insurers are required to submit the details through the NIC form on or before the 15th day of the month succeeding the reporting month. The circular advised insurers to ensure that the information furnished is complete and accurate at the time of submission. No penalty clause or consequence for delayed or inaccurate submission has been specified in the circular.
IRDAI Circular: Regulatory basis and scope
The circular has been issued under Section 14(2)(h) of the IRDA Act, 1999, with what the regulator described as the limited purpose of enabling life, general and health insurers to meet the data requirements of the ISP.
The circular clarified that these requirements do not, in any manner, modify the disclosure requirements or the manner of preparation of financial statements as required under the Insurance Act, 1938, the IRDA Act, 1999, and the regulations framed thereunder.
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IRDAI Circular: Background: What is the Index of Service Production
The ISP is a monthly macroeconomic indicator compiled by MOSPI, through the National Statistical Office, designed to track short-term changes in the output of India’s formal services sector, in the same manner that the long-established Index of Industrial Production (IIP) tracks output from industry, mining and electricity. The indicator is released monthly with a lag of about 60 days, and after the initial trial release, regular indices are scheduled for publication on the 29th of every month. r
MOSPI released the first trial ISP for July 2026, with the trial series compiled using 2024-25 as the base year. The trial index covers 19 services sub-sectors and captures around 60% of India’s formal services sector. The overall index is compiled using a fixed-weight Laspeyres volume index, with weights drawn from sectoral shares in gross value added as published in the National Accounts Statistics.
The services sector has contributed over 50% of India’s Gross Value Added since 2013-14, and MOSPI has stated that a short-term indicator was needed to measure the sector’s growth in line with global statistical practice. Before the ISP, policymakers relied on indirect indicators such as GST collections, PMI surveys, bank credit data, air traffic, railway freight and corporate results to gauge services-sector activity, without a direct official production index.
The conceptual framework for the ISP was developed by a Technical Advisory Committee constituted by MOSPI in May 2025, chaired by Debjani Ghosh, a fellow at NITI Aayog. Financial services, which includes insurance, banking and related activities, is among the sub-sectors covered under the services classification used for the index, according to sector lists published by MOSPI in connection with the ISP framework.
It is against this backdrop that IRDAI’s August 7 circular has been issued — as a mechanism to route standardised premium, claims and investment income data from insurers into MOSPI’s data pipeline for the services index, rather than as a change to insurers’ existing regulatory disclosure obligations.
IRDAI Circular: What happens next
Insurers will need to await the separate communication from IRDAI or NIC containing the link to the online data templates before they can begin filing. Given that the requirement for general and health insurers applies from July 2026 onwards, the first submissions — once the template link is issued — are expected to include backdated data for July 2026, with the next filing cycle following the 15th-of-the-month deadline structure set out in the circular.
