The Insurance Regulatory and Development Authority of India (IRDAI) on January 10, 2023, issued IRDAI (Appointed Actuary) Regulations, 2022.
The following has been stated namely: -
• The Application for appointment of an Appointed Actuary has been stated namely: -
a) the insurer shall submit an application for the appointment of an Appointed Actuary in the format (Form IRDAI-AA-2) provided in Annexure-1 to this circular along with an extract of the Board Resolution and a copy of the Appointment letter
b) Every year, the insurer shall submit the renewed valid Certificate of Practice (CoP) issued by the Institute of Actuaries of India (IAI)
c) the insurer shall make a separate application in writing along with Annexure-1 for relaxation of eligibility conditions if any.
• The Obligations of the insurer have been stated namely: -
a) The Life Insurers shall have at least two actuaries, in addition to Appointed Actuary, for pricing and valuation purposes, on or before December 31, 2023.
b) Similarly, General, Stand-alone Health Insurers and Reinsurers shall have at least one actuary, in addition to Appointed Actuary, for pricing and valuation purposes on or before December 31, 2024.
c) New insurers/reinsurers are exempted from the conditions under Para – 3(a) and 3(b) above for a period of two years from the date of issuance of the certificate of registration.
• It also states regarding Existing Appointed Actuaries namely: -
a) The existing Appointed Actuaries as on the date of notification of the said Regulations, appointed on relaxation of eligibility condition in respect of subject specialization for a limited period, may continue to work as Appointed Actuary beyond the such limited period, provided the Appointed Actuary complies with the captioned Regulations. The insurer shall inform the Authority within 30 days before the expiry of such a limited period in such instances along with fresh Form IRDAI-AA-2.
Disclaimer: refer to the document to view the annexure
[Notification No. IRDAI/ACTL/CIR/MISC/4/1/2023]
