Draft IFSCA (Appointed Actuary) Regulations_ 2022

IFSCA (Authority)vide its Press Release dated November 23, 2022 has sought comments / suggestions from general public and stakeholders on the proposed IFSCA (Appointed Actuary) Regulations, 2022 (“Proposed Regulations”).

Objective: The Proposed Regulation aim to lay down the regulatory framework for the persons who are authorized to perform the roles and discharge the functions of Appointed Actuary (“AA”) for the IIOs

The key provisions mentioned under the Proposed Regulations are as follows:

• The Proposed Regulation specifies key definitions such as Appointed Actuary, professional standards, Board etc.
• IIO shall inform the Authority about the person appointed as AA, within a period of seven days from the date of appointment and shall also keep the Authority informed about any change in the AA.
• Eligibility criteria for appointment of AA:
• minimum 2 years post-fellowship experience in the insurance industry relevant to the business conducted by the IIO
• not found to have been guilty of any professional or financial misconduct
• not be acting as an Appointed Actuary of any other insurer including an IIO
• not to function in any other capacity which could result in conflict of interest in performing his or her role as AA in accordance with these regulations
• AA shall be authorized to report directly to Authority about non-compliance of any applicable law or regulatory requirement, by the IIO
• AA shall have access to all relevant and necessary information and documents in possession or under control of the IIO, the AA may seek any information and documents from any officer or employee of an IIO.
• The Proposed Regulation lists down the duties and obligations of the of AA such as: rendering actuarial advice to IIO, ensuring solvency margin of IIO, complying with provisions of Insurance Act 1938, informing board about the reserves and matters that requires action to be taken by IIO etc.
• The AA shall submit the Actuarial Reports to the Authority as stipulated under the Regulations
• The Proposed Regulation requires IIO to comply with the requirements as prescribed within one month from the date commencement of the Regulations.

Source category: IFSC Insurance Office

Attachments

• /2022/115_2022-11-23_Draft_IFSCA_(Appointed_Actuary)_Regulations__2022_(1).pdf
• /2022/115_2022-11-23_Draft_IFSCA_(Appointed_Actuary)_Regulations__2022_(2).pdf