Draft on Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of insurers) Regulations, 2024

IRDAI vide circular dated 12.02.2024 has issued the INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (Actuarial, Finance and Investment Functions of insurers) Regulations, 2024. The RRC recommended Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of insurers) Regulations, 2024 after repealing the following regulations:

1. Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 and subsequent amendments;
2. Insurance Regulatory and Development Authority (Distributions of Surplus) Regulations, 2002;
3. Insurance Regulatory and Development Authority of India (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016;
4. Insurance Regulatory and Development Authority of India (Assets, Liabilities and Solvency Margin of General Insurance Business) Regulations, 2016 and subsequent amendments;
5. Insurance Regulatory and Development Authority of India (Appointed Actuary) Regulations, 2022;
6. Insurance Regulatory and Development Authority of India (Investment) Regulations, 2016;
7. Insurance Regulatory and Development Authority of India (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations, 2002 and subsequent amendments;
8. Insurance Regulatory and Development Authority of India (Inspection and Fee for Supply of Copies of Returns) Regulations, 2015;
9. Insurance Regulatory and Development Authority of India (Loans or Temporary Advances to Full Time Employees of the Insurers) Regulations, 2016.

The main objective of the proposed draft regulations is to ensure that sound and responsive management practices are in place for effective discharge of actuarial, finance and investment functions and analysis, covering the areas including but not limited to the valuation of assets and liabilities, regulatory reporting, bonus distribution, asset-liability management, solvency, investment and risk management. It will also enable insurers to promote ease of doing business, to improve insurance penetration and to enhance the protection of policyholders’ interest.

All the stakeholders are requested to forward their comments / suggestions, if any, on the proposed regulations (Annexure-A) in the attached format (Annexure- B) on or before 5:00 PM on 4th March, 2024 to actuarial-policy@irdai.gov.in with a copy to lekshmipillai@irdai.gov.in and anson@irdai.gov.in.