The Insurance Regulatory and Development Authority of India (IRDAI) on July 30, 2026, issued the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) (Second Amendment) Regulations, 2026 to further amend the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024.
The following amendments have been stated:
• In Chapter III of principal Regulations:
• For Regulation 7, the following Regulation shall be substituted, namely:
7. Power to issue circulars, guidelines and directions The Competent Authority may issue from time to time circulars, guidelines and directions relating to these regulations, including but not limited to, ‘with profits committee’, applicable norms in respect of appointment of Actuary(ies), Foreign Reinsurer’s Branches, detailed information to be obtained in relation to the statements appended to the Actuary Report, submission of any other additional forms or statements with respect to Life insurance, General insurance, Health insurance and Reinsurance business as applicable.
• Throughout the principal Regulations, for the words “Actuarial Report and Abstract”, the words “Actuary Report” shall be substituted.
• In clause 1 of Part I of the Schedule - I of principal Regulations, after sub-clause 1(3), the following sub-clauses shall be inserted, namely:
(4) “Appointed Actuary” means an Actuary appointed by the insurer other than Foreign Reinsurer’s Branch under section 12A of the Act as per the criteria specified under these Regulations;
(5) “Certifying Actuary” means an Actuary appointed by the Foreign Reinsurer’s Branch under section 12A of the Act as per the criteria specified under these Regulations;
(6) “Actuary for Specific Purposes” means an Actuary other than the Appointed Actuary and the Certifying Actuary, appointed by the insurer under section 12A of the Act for the purposes of sections 3B or 22 or 64K of the Act, as per the criteria specified under these Regulations.
These Regulations shall come into force on July 30, 2026.
[Notification No. IRDAI/Reg/ 6/220/2026]
