IRDAI (Actuarial Report and Abstract for Life Insurance Business)

Insurance Regulatory and Development Authority of India (IRDAI) (Actuarial Report and Abstract for Life Insurance Business) (Amendment) Regulations, 2022.

F No. IRDAI/Reg/6/185/2022.—In exercise of the powers conferred by clauses (g), (y), (z) and (za) of subsection (2) of Section 114A read with sections 13, 64V and 64VA of the Insurance Act, 1938 (4 of 1938) and section 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations to amend Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 namely: –

1. Short title and commencement
   a. These regulations may be called the Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) (Amendment) Regulations, 2022.
   b. These regulations shall come into force on the date of their publication in the Official Gazette.
   
2. In the Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016, the Required Solvency Margin (RSM) factors table forming part of Form KT-1 as per Regulation 4(2)(B)(d) of the said Regulations shall be amended as follows:
   a. The following row shall be inserted after “row 1.1.2.1.c Fund Based Non Participating”:

b. In the following rows, the „First Factor‟ shall be substituted by “0.6%” in the place of “0.8%”:
(i) 1.2.1.1. b. without guarantees
(ii) 1.2.1.2. b. without guarantees
(iii) 1.2.1.3.b. without guarantees
(iv) 1.2.1.4.b. without guarantees
(v) 1.2.2.1.b. without guarantees
(vi) 1.2.2.2. b. without guarantees
(vii) 1.2.2.3.b. without guarantees
(viii) 1.2.2.4. b. without guarantees
(ix) 2.2.1.1.b. without guarantees
(x) 2.2.1.2.b. without guarantees
(xi) 2.2.1.3.b. without guarantees
(xii) 2.2.1.4.b. without guarantees
(xiii) 2.2.2.1.b. without guarantees
(xiv) 2.2.2.2.b. without guarantees
(xv) 2.2.2.3.b. without guarantees
(xvi) 2.2.2.4.b. without guarantees

Notification

Read More on IRDAI