Exposure Draft on the Appointed Actuary Regulations

Exposure Draft on the Appointed Actuary (AA) Regulations

Background:

An Appointed Actuary (AA) plays an important statutory role in an insurance company. The IRDAI (Appointed Actuary) Regulations, 2017 prescribe the “Eligibility Criteria” and “Duties and Obligations” of an AA along with other provisions.

The Authority is in receipt of requests to review the Regulations in view of changing business environment. Therefore, the current regulations have accordingly been reviewed.

Proposal:

Some of the key changes are being proposed in the following areas:

1.    Eligibility criteria and experience requirement

2.    Provision on obligations of insurer

3.    Provision of Business continuation

You are requested to offer your comments, suggestions on the proposed draft regulations for further examination at our end. The comments, suggestions may be sent to [[email protected]] with a copy to [[email protected]] and [[email protected]] latest by 24^th June 2022 in the format attached herewith.

Notification

Also Read: In the matter of Aditya Birla Health Insurance Co. Ltd. – Section 40C Exemption Order

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