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The IRDAI issued a notification dated 5th December 2022 regarding the appointment of an appointed actuary with special emphasis on the eligibility, and procedure for such appointment, along with the powers, rights and duties of the appointed actuary as well as the insurer. All the aspects are discussed in detail in the present article.
The detailed procedure for the appointment of an appointed actuary is provided below-
It shall be appointed by an insurer registered to carry on insurance business in India subject to Regulation 3(B), and Regulation would be called an appointed actuary.
The person should fulfil the below-mentioned criteria for qualifying for the post.
In case of the inability of the insurer to appoint the same as per Regulation 3 (B), an application is required to be made by the insurer seeking the relaxation of any of the eligibility criteria. The Authority may provide the relaxation of the eligibility criteria except the conditions provided in Regulation 3(B)(ii), 3(B)(vii) & 3(B)(ix).
The appointment of an AA would effectuate on or subsequent to the date of approval by the Authority.
In case the application of the insurer is rejected by the Authority, another application can be filed by the insurer for appointing any other actuary other than the one rejected by the authority.
The insurer is not allowed to carry out the insurance or reinsurance business without an Appointed Actuary. Any non-compliance in respect of the same would attract appropriate actions as per the relevant provisions of the Insurance Act of 1938
.
Upon the request of the insurer, the authority may grant the relaxation for a time period as deemed fit by the authority, but the same shall not exceed a period of more than 1 yr.
Circular(s) in respect of the transitory provisions for consideration of relaxation provided under Regulation 5(b) above shall be issued by the Chairperson from time to time.
An appointed actuary has the following powers –
It shall have the following entitlement.
An Appointed Actuary of an insurer has the following duties and obligations.
The duties are enlisted below –
The insurer has the following obligations.
These Regulations shall be applicable to reinsurers carrying on reinsurance business in India except in the case of a foreign insurer engaged in the business of re-insurance through a branch established in India.
The Chairperson shall issue appropriate clarifications or guidelines as deemed necessary for removing any difficulties or doubts arising in the application or interpretation of any of the provisions under these Regulations.
The IRDAI’s notification covers all the aspects related to the appointment procedure of an Appointed Actuary in a well-defined manner, which can help to avoid any confusion that may arise in respect of the same, together with facilitating such appointment without any complexities.
Read Our Article: Procedure for Registration of Indian Insurance Companies under IRDAI Regulations
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