{"id":3064,"date":"2021-03-08T06:39:18","date_gmt":"2021-03-08T06:39:18","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=3064"},"modified":"2021-03-08T06:41:13","modified_gmt":"2021-03-08T06:41:13","slug":"different-formats-for-collection-of-insurance-rural-data-notified-by-irdai","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/different-formats-for-collection-of-insurance-rural-data-notified-by-irdai\/","title":{"rendered":"Different Formats for Collection of Insurance Rural Data Notified by IRDAI"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The Insurance Regulatory and Development Authority\nof India has recently notified different formats for collection of Insurance\nRural Data, by way of the notification no IRDA\/ NL\/ CIR\/ MISC\/ 033\/ 2021,\nissued on 02.03.2021. <\/p>\n\n\n\n<p>In this learning blog, we will cover the concept of\nIRDAI, Rural Insurance, together with the different formats for collection of\ninsurance rural data notified.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a4e3611ce8\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a4e3611ce8\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/different-formats-for-collection-of-insurance-rural-data-notified-by-irdai\/#Concept_of_Insurance_Regulatory_and_Development_Authority\" title=\"Concept of Insurance Regulatory and Development Authority \">Concept of Insurance Regulatory and Development Authority <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/different-formats-for-collection-of-insurance-rural-data-notified-by-irdai\/#Concept_of_Rural_Insurance\" title=\"Concept of Rural Insurance\">Concept of Rural Insurance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/different-formats-for-collection-of-insurance-rural-data-notified-by-irdai\/#Reasons_for_Prescribing_Different_Formats_for_Collection_of_Insurance_Rural_Data\" title=\"Reasons for Prescribing Different Formats for Collection of Insurance Rural\nData\">Reasons for Prescribing Different Formats for Collection of Insurance Rural\nData<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/different-formats-for-collection-of-insurance-rural-data-notified-by-irdai\/#Who_are_all_required_to_have_Different_Formats_for_Collection_of_Data\" title=\"Who are all required to have Different Formats for Collection of Data?\">Who are all required to have Different Formats for Collection of Data?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/different-formats-for-collection-of-insurance-rural-data-notified-by-irdai\/#Additional_Prescribed_Annexures\" title=\"Additional Prescribed Annexures\">Additional Prescribed Annexures<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/blog\/different-formats-for-collection-of-insurance-rural-data-notified-by-irdai\/#What_are_the_Different_Formats_for_Collection_of_Insurance_Rural_Data\" title=\"What are the Different Formats for Collection of Insurance Rural Data?\">What are the Different Formats for Collection of Insurance Rural Data?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/blog\/different-formats-for-collection-of-insurance-rural-data-notified-by-irdai\/#Rural_A\" title=\"Rural A\">Rural A<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/blog\/different-formats-for-collection-of-insurance-rural-data-notified-by-irdai\/#Rural_B\" title=\"Rural B\">Rural B<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/blog\/different-formats-for-collection-of-insurance-rural-data-notified-by-irdai\/#Rural_C\" title=\"Rural C\">Rural C<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/blog\/different-formats-for-collection-of-insurance-rural-data-notified-by-irdai\/#Rural_D\" title=\"Rural D\">Rural D<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/blog\/different-formats-for-collection-of-insurance-rural-data-notified-by-irdai\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/blog\/different-formats-for-collection-of-insurance-rural-data-notified-by-irdai\/#Official_Copy_of_the_Notification_passed_by_IRDAI\" title=\"Official Copy of the Notification passed by IRDAI\">Official Copy of the Notification passed by IRDAI<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concept_of_Insurance_Regulatory_and_Development_Authority\"><\/span>Concept of Insurance Regulatory and Development Authority <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The term Insurance Regulatory and Development\nAuthority of India or IRDAI denotes an autonomous statutory body that regulates\nboth the Life Insurance and General Insurance Companies and formulates\nregulations for the development and growth of the Insurance Sector. <\/p>\n\n\n\n<p>The main work of IRDAI is to ensure fair prices and systematic growth for all the customers and to infuse transparency and financial soundness in the insurance market. Also, it shall be noted that only IRDAI has the authority to grant an <strong><a href=\"https:\/\/swaritadvisors.com\/insurance-broker-license\" class=\"text-primary\">Insurance Broker License<\/a><\/strong>, Insurance Company License, and Insurance Web Aggregator License.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concept_of_Rural_Insurance\"><\/span>Concept of Rural Insurance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The term Rural Insurance means the type of insurance\nthat is specifically formulated for the benefit of rural public or the people\nengaged in cattle, farming, poultry, etc. Further, through rural insurance,\nindividuals are capable of claiming benefits on the loss of crop or on the\ndeath of animals.<\/p>\n\n\n\n<p>The criteria to apply for Rural Insurance can be\nsummarised as:<\/p>\n\n\n\n<ul><li>Population of the must not be above 5000;<\/li><li>Density population should not exceed 400 per sq. km;<\/li><li>75% of the male population must be engaged in Farming and related activities;<\/li><\/ul>\n\n\n\n<p><strong>Also, Read:<\/strong> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/irdai-mandates-communication-of-basic-information-to-policyholders\/\">IRDAI Mandates Communication of Basic Information to Policyholders<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reasons_for_Prescribing_Different_Formats_for_Collection_of_Insurance_Rural_Data\"><\/span>Reasons for Prescribing Different Formats for Collection of Insurance Rural\nData<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The main reasons for prescribing different formats\ncan be summarised as:<\/p>\n\n\n\n<ul><li>To monitor and\nregulate the working of the rural insurance business;<\/li><li>To support the\ndevelopment and growth of the policy;<\/li><li>To back the\nregulations concerning the promotion of rural insurance business;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_are_all_required_to_have_Different_Formats_for_Collection_of_Data\"><\/span>Who are all required to have Different Formats for Collection of Data?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>All the Non-Life Insurance Companies, except the\nExport Credit Guarantee Corporation (ECGC), need to have different formats for\nthe collection of insurance data.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Additional_Prescribed_Annexures\"><\/span>Additional Prescribed Annexures<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The annexures to be attached to the formats\nprescribed are as follows:<\/p>\n\n\n\n<ul><li>The Rural\nInsurance Data in the prescribed format for the previous 3 financial years,\nstarting from the financial year 2017 \u2013 2018, on or before 31.03.2021;<\/li><li>&nbsp;&nbsp;The Rural\nInsurance Data in the prescribed format for each financial year, starting from\nthe financial year 2020 \u2013 2021&nbsp; to\nIndustrial Investment Bank of India (IIBI), on or before 3 months from the\nclosing of the financial year;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Different_Formats_for_Collection_of_Insurance_Rural_Data\"><\/span>What are the Different Formats for Collection of Insurance Rural Data?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The different formats for collection of Insurance\nRural Data can be summarised as:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Rural_A\"><\/span>Rural A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The Rural A Format specifically deals with Crop Insurance. The term Crop Insurance means a type of <a href=\"https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Protection_policy\">Protection Policy<\/a> that aims to cover agricultural producers against the risk of unexpected loss of projected crop yields from the sales at the market. There are two types of crop insurance, one is crop revenue, and the other one is crop yield.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Rural_B\"><\/span>Rural B<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The Rural B Format specifically deals with Livestock, Poultry, Aquaculture, Insects, and other Animal Insurance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Rural_C\"><\/span>Rural C<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The Rural C Format specifically deals with the agricultural\/ rural property and farmer\u2019s\/ rural package insurance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Rural_D\"><\/span>Rural D<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The Rural D Format specifically deals with rural health and personal accident insurance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In a nutshell, to regulate the working, support the\ngrowth of policy, and to back the regulations pertaining to the promotion of\nrural insurance business, IRDAI has notified different formats for collection\nof Insurance Rural Data.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Official_Copy_of_the_Notification_passed_by_IRDAI\"><\/span>Official Copy of the Notification passed by IRDAI<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<a href=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/03\/Different-Formats-for-Collection-of-Insurance-Rural-Data.pdf\" class=\"pdfemb-viewer\" style=\"\" data-width=\"max\" data-height=\"max\"  data-toolbar=\"bottom\" data-toolbar-fixed=\"off\">Different-Formats-for-Collection-of-Insurance-Rural-Data<br\/><\/a>\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"><\/p>\n\n\n\n<p><strong>Also, Read:<\/strong> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/irdai-notifies-the-insurance-ombudsman-amendment-rules-2021\/\">IRDAI Notifies the Insurance Ombudsman (Amendment) Rules 2021<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Insurance Regulatory and Development Authority of India has recently notified different formats for collection of Insurance Rural Data, by way of the notification no IRDA\/ NL\/ CIR\/ MISC\/ 033\/ 2021, issued on 02.03.2021. In this learning blog, we will cover the concept of IRDAI, Rural Insurance, together with the different formats for collection of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3078,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[43,50],"tags":[468],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3064"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=3064"}],"version-history":[{"count":8,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3064\/revisions"}],"predecessor-version":[{"id":3098,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3064\/revisions\/3098"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/3078"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=3064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=3064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=3064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}