In a circular to all general insurers and reinsurers, IRDA chairman C S Rao said the insurers have to furnish details of reserves kept for 'incurred but not enough reported' claims for all category of business including fire, marine, cargo hull, motor, engineering, aviation and health.

IBNR claim reserves are those, which insurers create to meet the claims that have taken place during the financial year but not reported to the company.

"The insurer shall ensure compliance of the circular in respect of financial statement for this fiscal and thereafter," he said. According to Schedule II-B of IRDA (Assets, Liability and Solvency Margin) regulations, insurers are required to furnish IBNR reserves certified by his appointed actuary.

The IRDA circular said that insurers must describe what data have been furnished to the appointed actuary with brief particulars including whether data is in electronic form or in manual form, registers kept and maintained and reconciliation procedures adopted to check the accuracy of the data, which has multiple sources for compilation.

The regulator also directed insurers to state the method adopted by it or appointed actuary and the reasons for choosing the method. Appointed actuary has to make a comment on the nature, incidence and credibility of information provided to him by the insurer in determining the IBNR reserves.