Section 3(4) in The Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000
(4)There shall be appended to every such abstract and statement-(a)a certificate signed by the principal officer that full and accurate particulars of every policy under which there is a liability, either actual or contingent, has been furnished to the appointed actuary for the investigation; and(b)a certificate signed by the appointed actuary with his remarks, if any, to the effect that-(i)the data furnished by the principal officer has been included in conducting the valuation of liabilities for the purpose of investigation;(ii)reasonable steps have been taken to ensure the accuracy and completeness of the data;(iii)he has complied with provisions of the Act;(iv)he has complied with guidance notes issued by the Actuarial Society of India with the concurrence of the authority;(v)in his opinion, the mathematical reserves are adequate to meet the insurer's future commitments under the contracts, and the policy-holders' reasonable expectations.
