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14 February 2012
The Unified Insurance Circular was amended in early January 2012 to require insurance companies to submit statistical information about their activities electronically. The aim of the change is to facilitate delivery and improve the Insurance Commission's access to the information that insurance companies submit for compliance and surveillance purposes.
Insurance companies must use an online or email submission process when providing clarifications or additional information in respect of reports that they are required to submit through the commission's website. These reports relate mainly to statistical information on company operations.
The same requirement applies to the submission of statistical insurance forms and statistical information broken down by type of insurance operation; until now, insurance companies have submitted such data in hard copy. The amendment includes instructions on creating and naming files to be submitted electronically.
Compliance with regulatory filing requirements requires considerable time and close attention for companies in the insurance sector. As such, allowing for electronic filing will facilitate compliance. There remain many information requirements that must be met by filing information in hard copy, but the amendment is a positive step towards simplification.
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