Section 8 in Insurance Regulatory and Development Authority of India (Appointed Actuary) Regulations, 2022
8. Duties and obligations.
In particular and without prejudice to the generality of the foregoing matters, and in the interests of the insurance industry and the policyholders, the duties and obligations of an Appointed Actuary of an insurer shall include:Ensuring that all the requisite records have been made available to him or her for the purpose of conducting actuarial valuation of liabilities and assets of the insurer;iL. Rendering actuarial advice to the management of the insurer, in particular in the areas of product design and pricing, insurance contract wording, investments and reinsurance;Identifying and monitoring the risks associated with the insurer’s ability to maintain the solvency at all times;Reporting those risks to the Board of the insurer where the Appointed Actuary believes that there are material concerns which may adversely affect the solvency of the insurer with recommendations on actions to be taken for rectification of solvency position and informing the Authority, if the insurer fails to take necessary steps to rectify the situation;iv. Complying with the provisions of the section 64V of the Act in regard to certification of the assets and liabilities that have been valued in the manner required under the said section;v. Complying with the provisions of the section 64 VA of the Act in regard to maintenance of required control level of solvency margin in the manner required under the said section;Vi. Drawing the attention of management of the insurer, to any matter on which he or she thinks that action is required to be taken by the insurer to avoid any contravention of the Act of such a nature that it may affect the interests of the policyholders;vil. Complying with the Authority's directions from time to time;Viil. Ensuring that overall pricing policy of the insurer is in line with the overall underwriting and claimsmanagement policy of the insurer;
