Page 52 - Insurance Times March 2017 Sample

Filing of Returns for Foreign to Foreign d. engage the successfully passed candidate as POS
Reinsurance Transactions person by entering into a written Agreement, specifying
suitable terms and conditions.
Ref:IRDA/BRK/CIR/NOT/243/12/2016
e. maintain a proper training and examination record for
Date:03-02-2017 at least five (5) years from the end of the financial year
in which these are conducted and shall be made
It has been brought to the notice of the Authority that available to the inspecting official of the Authority
Reinsurance/Composite brokers undertake reinsurance during on-site inspection .
transaction between entities that are domiciled in foreign
jurisdictions. The Model Syllabus for training of 'POS Person- Life
insurance' is herewith attached in Annexure- I which may
The Authority is of the view that such transactions may have include the features of various POS products designed by
a bearing on the servicing of the India policyholders. the Insurer from time to time and may be modified and
Therefore, the Authority advises the reinsurance/ Composite developed according to the changing need of the insurer
Insurance Broking Companies to file a return with the and intermediaries.
Authority.
Please note that other terms and conditions of the
The return shall be submitted within 45 days of end of the Guidelines would remain unchanged.
half-year in the attached format beginning from the
financial year 2016-17. This circular has the approval of the competent Authority
and comes in to force with immediate effect.
P.J. Joseph
Member (Non-Life) Member (Life)

Modification to Guidelines on Point of Sales Exposure Draft on IRDAI (Relaxations under
Person - Life Insurance Appointed Actuary Regulations 2017 and
appointment of Mentors) Guidelines, 2017
Ref:IRDA/Life/ORD/GLD/223/2017
Date:07-02-2017 Ref: IRDA/ACTL/REGN/2016-17
Date:13-02-2017
This is further to the guidelines issued on the Point of Sales
Person dated 7th November, 2016 . The Authority had issued "Guidelines on Appointment of
Appointed Actuaries and their Mentors" on 22nd March
Based on the feedback of the Insurers and taking into 2016 to address the supply side gap by supporting young
account the practical ease for Insurer / intermediaries, the Actuaries with the Mentors. Based on experience and the
competent Authority has decided to dispense with the issues emerged over a period of time, the Authority has
condition of training from and passing of the NIELIT proposed to revise the above-mentioned guidelines.
examination and has amended the requisite procedure /
qualification for being a POS Person as follows : The key changes proposed in the draft guide lines are as
follows:
The Life Insurer or intermediary proposing to engage POS  Definition of "Mentor" is incorporated
Person shall  Relaxation for the requirement of subject specialisation
a. conduct an in - house training of fifteen (15) hours for for Appointed Actuary
the candidate.
 Relaxation for the requirement of minimum relevant
b. conduct an examination after successful completion post qualification experience of 5 years for Appointed
of the training . Actuary
c. issue certificate to the candidate passed in the  Insurer may continue without AA for a maximum period
examination of 1 year.

52 The Insurance Times, March 2017

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