Section 3 in Insurance Regulatory and Development Authority of India (Appointed Actuary) Regulations, 2022
3. Procedure for Appointment of an Appointed Actuary.
A. An insurer registered to carry on insurance business in India shall, subject to Regulation 3(B) and Regulation 3(F) of these Regulations, appoint an actuary, who shall be known as the ‘Appointed Actuary’ for thepurposes of the Act.B. A person shall be eligible to be appointed as an Appointed Actuary for an insurer, if he or she is:i. Ordinarily resident in India;ii.A Fellow member in accordance with the Actuaries Act, 2006;iii. A Fellow Member of the Institute of Actuaries of India(IAD, satisfying the following requirements in case of a Life Insurer:At least |2 years of experience in the area of Life Insurance and out of which at least 7 years shall be post fellowship experience.Provided, if the applicant has passed the Specialist Application or Specialist Advanced level subject in Life Insurance from Institute of Actuaries of India or from any other institute or body with which TAI has Mutual Recognition Agreement, the experience criteria including post fellowship experiencecriterion as mentioned in Regulation 3(B)(iii)(a) above shall be reduced by 2 years.At least 3 years post fellowship experience out of 7 years or 5 years as applicable, as specified under Regulation 3B(iii)(a) shall be in the preparation or review of annual statutory valuation or product pricing of an Indian Life Insurer.Notwithstanding above, experience in the area of Life Insurance as a Peer Reviewer or Independent Actuary or Panel Actuary or Actuary certifying the reinsurance returns for Life reinsurance business or experience in actuarial consultancy in Life Insurance business or relevant experience with the Authority shall also be considered.At least 3 years of experience shall be in the role of middle or senior level management.A Fellow Member of the Institute of Actuaries of India(IA]), satisfying the following requirements in case of a General Insurer:At least 9 years of experience in the area of General Insurance and out of which at least 4 years shall be post fellowship experience.Provided, if the applicant has passed the Specialist Application or Specialist Advanced level subject in General Insurance from Institute of Actuaries of India or from any other institute or body with which IAT has Mutual Recognition Agreement, the experience criteria including post fellowship experience criterion as mentioned in Regulation 3(B) (iv)(a) above shall be reduced by 2 years.At least 2 years post fellowship experience out of 4 years or 2 years as applicable, as specified under Regulation 3B(iv)(a) shall be in the preparation or review of annual statutory valuation or product pricing of an Indian General Insurer.Notwithstanding above, experience in the area of General Insurance as a Peer Reviewer or Panel Actuary or Actuary certifying reinsurance returns for General reinsurance business or experience in actuarial consultancy in General Insurance business or relevant experience with the Authority shall also be considered.At least 3 years of experience shall be in the role of middle or senior level management.A Fellow Member of the Institute of Actuaries of India(IAD), satisfying the following requirements in case of a Health Insurer:At least 9 years of experience in the area of General or Health Insurance and out of which at least 4 years shall be post fellowship experience.Provided, if the applicant has passed the Specialist Application or Specialist Advanced level subject in General or Health Insurance from Institute of Actuaries of India or from any other institute or body with which IAI has Mutual Recognition Agreement, the experience criteria including postfellowship experience criterion as mentioned in Regulation 3(B)(v)(a) above shall be reduced by 2years.b. At least 2 years post fellowship experience out of 4 years or 2 years as applicable, as specified under Regulation 3B(v)(a) shall be in the preparation or review of annual statutory valuation or product pricing of an Indian General or Health Insurer.Notwithstanding above, experience in the area of General or Health Insurance as a Peer Reviewer or Panel Actuary or Actuary certifying reinsurance returns for General or Health reinsurance business or experience in actuarial consultancy in General or Health insurance business or relevant experience with the Authority shall also be considered.c. Atleast 3 years of experience shall be in the role of middle or senior level management.Vi. An employee of the insurer on full time basis;vii. A person who has not committed any professional or other misconduct;viii. | Not an Appointed Actuary of any other insurer in India;ix. | A person who possesses a Certificate of Practice issued by the Institute of Actuaries of India;x. Not over the age of 70 years.Provision for existing Appointed Actuaries as on date of notification of these Regulations:The existing Appointed Actuaries as on the date of notification of these Regulations are eligible to continue as Appointed Actuary of the respective insurer.An insurer shall seek the approval of the Authority for the appointment of Appointed Actuary, submitting the application in the format as may be specified from time to time.The Authority shall, within thirty days from the date of receipt of application, either accept or reject the same.Provided that before rejecting the application, the Authority shall give an opportunity of being heard to the insurer An insurer, who is unable to appoint an Appointed Actuary in accordance with Regulation 3(B) shall make an application to the Authority in writing for relaxation of any of the eligibility conditions. The Authority may grant relaxation of one or more conditions. However, there shall be no relaxation in respect of conditions under Regulations 3(B)(ii), 3(B)(vii) & 3(B)(ix).The appointment of an Appointed Actuary shall take effect on or after the date of approval by the Authority.Effect of rejection of the application. - The insurer shall, within four weeks of rejection of the application referred to under Regulation 3(E), apply to the Authority under Regulation 3(D) for the appointment of a person as an Appointed Actuary other than the one rejected by it under Regulation 3 (E).Carrying on business without Appointed Actuary.(a)No insurer shall carry on the business of insurance/reinsurance without an Appointed Actuary. Any non-compliance in this regard shall attract appropriate actions under the relevant provisions of the Insurance Act, 1938(b)The Authority, on request of the insurer for relaxation of the provisions under Regulation 5(a), may grant relaxation for such period as may deem appropriate but not exceeding one year.(c)The Chairperson of the Authority may issue circular(s) from time to time regarding the transitory provisions for consideration of relaxation referred under Regulation 5(b) above Cessation of Appointment of Appointed Actuary.A. An Appointed Actuary shall be given a notice of withdrawal of approval by the Authority on the following grounds:i. that he or she ceases to be eligible in accordance with sub-regulation (B) of Regulation (3), or;ii. that he or she has, in the opinion of the Authority, failed to perform adequately and properly the duties and obligations of an Appointed Actuary under these Regulations.The Authority after serving a notice to such Appointed Actuary shall grant an opportunity of being heard and thereafter issue appropriate order either withdrawing approval or revocation of the notice issued.If a person ceases to be an Appointed Actuary of an insurer otherwise than on the grounds mentioned in Regulation 6(A), the insurer and the Appointed Actuary shall intimate the Authority the reasons there for within one week of such cessation.The insurer in consultation with Appointed Actuary shall endeavour to avoid delay in submission of annual statutory returns arising from cessation of services of Appointed Actuary.
