Insurance firms told to share business data with government
The insurance regulator has asked all insurance companies to share their business data. This information will help the government create a new report on service industries.
What the insurance regulator said
The Insurance Regulatory and Development Authority of India, known as IRDAI, has given new orders to all insurance companies. Companies must now send in detailed information about the money they collect from customers, the claims they pay out, and where they invest their funds. This data is very important for the government.
Why this data is needed
The Union Ministry of Statistics and Programme Implementation needs this information. They are preparing a special report called the Index of Service Production, which measures how well different service sectors are doing in the country.
- Insurance companies must submit data on money and investments.
- The Ministry of Statistics needs this for a new economic report.
- The Index of Service Production tracks service industry growth.
What happens next
All insurance firms must follow these instructions and send their data on time. This will help the government build a clear picture of how the service sector is growing across India.