Life Insurance Corporation of India (Amendment) Rules 2021

Life Insurance Corporation of India (Special Allowance for In-House Development of Actuarial Capability) Second Amendment Rules, 2021.

G.S.R. 474(E).— In exercise of the powers conferred by section 48 of the Life Insurance Corporation Act, 1956 (31 of 1956), the Central Government hereby makes the following rules further to amend the Life Insurance Corporation of India (Special Allowance for In-House Development of Actuarial Capability) Rules, 2002, namely:—

1. Short title and commencement:—
   (1) These rules may be called the Life Insurance Corporation of India (Special Allowance for In-House Development of Actuarial Capability) Second Amendment Rules, 2021.
   (2) They shall come into force from the date of their publication in the Official Gazette.
   
2. In the Life Insurance Corporation of India (Special Allowance for In-House Development of Actuarial Capability) Rules, 2002,—
   
   (i) in rule 2, in clause (i), in TABLE-2, for the Explanations, the following Explanations shall be substituted, namely:—
   “Explanation 1.— “Designated Actuary” means a full-time officer of the Corporation, who is a fellow Member of the Institute of Actuaries of India or Institute of Actuaries, London and who is nominated as a Designated Actuary by the Chief Executive or an officer or committee authorised by the Chief Executive for selection as Designated Actuary.
   Explanation 2.—An employee shall be entitled only for one Additional Fixed Allowance specified under column (5) or (6) or (7) of Table 2, whichever is higher.”;
   
   (ii) in rule 3, in clause (c), for the word “Chairman”, the word “Chief Executive” shall be substituted;
   
   (iii) in rule 4, in sub-rule (1), for the word “Corporation”, the word “Board” shall be substituted;
   
   (iv) in rule 5, for the word “Chairman”, the word “Chief Executive” shall be substituted.

Note: The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (I), vide number G.S.R. 55(E), dated the 22nd January, 2002 and subsequently amended vide numbers G.S.R. 564(E), dated the 5th September, 2005, G.S.R. 753(E), dated the 15th October, 2009, G.S.R. 334(E), dated the 12th April, 2014, G.S.R. 5321(E), dated the 8th June, 2017 and G.S.R. 272 (E), dated the 15th April, 2021.

Notification Page No. 2

Read More on IRDAI