IRDAI vide circular ref.no. RDAI/ACTL/CIR/MISC/4/1/2023, dated January 10, 2023 has issued a circular on “IRDAI (Appointed Actuary) Regulations, 2022” (“Regulations”).
Major highlights of the Circular are as follows:
- The Circular prescribes the format (Form IRDAI-AA-2) for making an application for appointment of Appointed Actuary as required under provisions of Regulation 3(D).
- The insurers shall submit renewed Certificate of Practice (CoP) issued by the Institute of Actuaries of India to the Authority on an annual basis.
- The insurers shall make a separate application in writing along with Form IRDAI-AA-2 for seeking relaxation of eligibility conditions as specified under regulation 3(F) of the Regulations.
- The General, Stand-alone Health insurers and Reinsurers shall have at least one actuary (in addition to Appointed Actuary) for pricing and valuation purposes by December 31, 2024. New insurers/reinsurers are exempted from the aforesaid requirement for a period of two years from date of issuance of certificate of registration.
- Existing Appointed Actuaries, appointed on relaxation of eligibility condition (subject specialization) for a limited period Or appointed with the support of a mentor actuary for a limited period may continue to work as Appointed Actuary beyond such limited period subject to the compliance of the Regulations.
Insurer to inform the Authority within 30 days before expiry of such period along with fresh Form IRDAI-AA-2.
Source category: IRDAI
Attachments
- /2023/140_IRDAI_Circular_on_Appointed_Actuary_regulation.pdf
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