The Insurance Regulatory and Development Authority (IRDAI) on 3rd June 2022, has issued notified the Insurance Regulatory and Development Authority of India (Appointed Actuary) Draft Regulations, 2022 and has invited comments and suggestions from the public which shall be sent through email to actuarial-policy@irdai.gov.in with a copy to lekshmipillai@irdai.gov.in and c.srinivasakumar@irdai.gov.in within 24th June 2022.
The following are the key changes being proposed namely: –
- Eligibility criteria and experience requirement
- Provision on obligations of insurer
- Provision of Business continuation
An insurer registered to carry on insurance business in India shall, appoint an actuary, who shall be known as the ‘Appointed Actuary’. An insurer, who is unable to appoint an Appointed, shall make an application to the Authority in writing for relaxation of any of the eligibility conditions. The Authority may grant relaxation of one or more conditions. No insurer shall carry on the business of insurance/reinsurance without an Appointed Actuary. Any noncompliance in this regard shall attract appropriate actions under the relevant provisions of the Insurance Act, 1938.
