IRDA Circular on Outsourcing

My father is searching Circular on Outsourcing of Activities by Insurance Companies published by IRDA. So do you have any link from where he will download circular of IRDA on Outsourcing of Activities by Insurance Companies?

[Rajkumar Agarwal]

As you want to get Circular on Outsourcing of Activities by Insurance Companies publihsed by IRDA, so here I am providing following Circular:

IRDA Circular on Outsourcing of Activities by Insurance Companies

Reference: 1. INV/CIR/031/2004-05 dated 27th July, 2004
2. INV/CIR/058/2004-05 dated 28th December, 2004
3. RBI/2006/167 DBOD.NO.BO.40/21.04.158/2006-07
4. Regulation 7(c) of IRDA (Registration of Companies) Regulations, 2000

Core Activities
i.Underwriting,
ii. Product design and all Actuarial functions and Enterprise wide Risk Management
iii. Investment and related functions
iv. Fund Accounting including NAV calculations
v. Admitting or Repudiation of all Claims
vi. Bank Reconciliation
vii. Policyholder Grievances Redressal
viii. Approving Advertisements
ix. Market Conduct issues
x. Appointment of Surveyors and Loss Assessors
xi. Compliance with AML, KYC etc.
xii. All integral components of the above activities shall be treated as Core Activities

Non core activities:
i. Facility management i.e. Housekeeping, Security, Catering, etc.
ii. PF Trust
iii. Internal audit, Internal / branch /concurrent audit etc
v. Website Development and Management / Software and other IT Support
v. Pay Roll Management
vi. HR Services
vii. Service Tax Consultancy and Support
viii. TDS filing
ix. Compliance with labour laws
x. Data entry Including Scanning, Indexing Services
xi. Printing and posting of reminders and other documents
xii. Pre employment medical checkups
xiii. Reminders for Premium Payment
xiv. Call Centre and outbound calling for registering complaints or
answering enquiries
xv. Claim Processing for Overseas Medical Insurance Contracts
xvi. Tele-marketing
xvii. Consultancy Services pertaining to Service Tax, Income Tax and any other taxes payable by insurer
xviii. Other Employee Benefits
xix. Deployment of personnel within the premises / offices of the Insurer on a contract basis

IRDA Circular on Outsourcing of Activities by Insurance Companies