IFSCA (Appointed Actuary) Regulations_ 2022

IFSCA (Authority) vide its notification reference number IFSCA/2022-23/GN/REG028 has published IFSCA (Appointed Actuary) Regulations, 2022 (“Regulation”) on January 14, 2023.

Objective: To l ay down the regulatory framework for the appointment, roles and functions of Appointed Actuary (“AA”) for the IIOs.

The key provisions mentioned under the Regulations are as follows:

• 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:
• AA shall be a Fellow Member of any Full Member Association of IAA and shall hold valid certificate of practice issued by such Association
• 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 in case of an unincorporated IIO, AA of the Parent Entity may be eligible to be appointed as an AA of 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 in case of an unincorporated IIO, an AA shall be appointed by the Parent Entity as per extant regulatory framework issued by its home country regulatory or supervisory authority.
• 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 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 and such other duties and obligations as prescribed under the Regulation.
• The AA shall submit the Actuarial Reports to the Authority on a quarterly basis or any other frequency as may be specified

The 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

• /2023/144_IFSCA_Appointed_Actuary_Reg_2022_-_comparison_file.pdf