Section 3 in The Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000
3. Procedure for preparation of actuarial report and abstract
.-(1) The abstract and statements must be so arranged that the number and letters of the paragraphs correspond with regulation 4.(2)The abstracts and statements shall be furnished to the authority, within nine months from the end of the period to which they refer to, in accordance with sub-section (1) of section 15 of the Act.(3)Four copies of the abstracts and statements shall be furnished to the authority in accordance with sub-section (1) of section 15 of the Act, and one of the four copies so furnished shall be signed by the persons as mentioned in sub-section (2) of section 15 of the Act.(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.
