Page 53 - Insurance Times March 2017 Sample

 Removal of condition for mentor to hold COP only in The following definitions were added:
relevant line of business Definition of "Actuary"," Resident in India" and Institute of

 Post qualification experience of mentor is reduced from Actuaries of India
20 years to 15 years
3. Procedure of Appointment of an Appointed Actuary
 Vetting of New Products in Absence of AA by mentor  A fellow member or an affiliate member in
for a period of maximum one month accordance with Actuaries Act 2006

 Mentor should not be an employee/AA of any insurer  A person with 5 years of post-qualification
in India experience.

 Mentor should not have committed any breach of  Post qualification experience should be relevant for
Professional conduct nature, scale and complexity of the business.

 No disciplinary action should be pending against the  Must have worked for at least one year for
Mentor at the time of application by the Institute of statutory valuation.
Actuaries of India or any other professional body
 The Chairperson of the Authority will issue
 Provision for Authority to issue appropriate clarifications guidelines from time to time regarding the
or modify the guidelines from time to time transitory arrangement available to the insurer so
You are requested to offer your comments/ suggestions on that the statutory work doesn't get hampered.
the proposed guidelines for consideration of the same by the 5. No insurer will work without an AA.
Authority. The comments/ suggestions in MS-WORD format 8. Duties & Obligations
(Annexure-1) should be sent by e-mail to
General Provisions:
pankajk.tewari@irda.gov.in with a copy to
shyama@irda.gov.in latest by 28th February, 2017.  Availability of all the records with the AA to conduct
actuarial valuation of liabilities and assets of the insurer.
S.P. Chakraborty  Expression of opinion by AA on underwriting policy,
GM (Actuarial) reinsurance arrangements & effective implementation
of risk management systems
Exposure Draft on IRDAI (Appointed Actuary)  If an AA is disqualified to act as an Actuary, he/she

Regulations, 2017 ceases to be an AA forthwith
Ref:IRDA/ACTL/REGN/2016-17  Reference to pay due regard to generally accepted
Actuarial principles while carrying out any task
Date:13-02-2017

Based on the experience gained, since the last amendment Life Insurance Business:
effected in the year 2013, the Authority felt that there is a  Provisions related to Mathematical reserves,
need to amend the IRDA (Appointed Actuary), Regulations, methodologies and underlying models, sufficiency and
2000. The basic framework for appointment of Appointed quality of data, and reliability and accuracy of
Actuaries and their duties, functions etc. is prescribed in the mathematical reserves.
aforementioned Regulations.
General Insurance Business:
The draft of IRDAI (Appointed Actuary), Regulations, 2017  To ensure that premium rates of the insurance products
contains the following key changes to the earlier are fair.
Regulations, amongst the others:  Provisions related to IBNR, methodologies and
1.Short Title & Commencement underlying models, sufficiency and quality of data, and
The draft regulations shall supersede the existing IRDA reliability and accuracy of IBNR.
(Appointed Actuary) Regulations, 2000 and also
S.P. Chakraborty
amendments made thereon in 2013.
GM (Actuarial)
2. Definitions

The Insurance Times, March 2017 53

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