Section 8(g) in The Insurance Regulatory And Development Authority (Appointed Actuary) Regulations, 2000
(g)in the case of the insurer carrying on life insurance business,-(i)to certify the actuarial report and abstract and other returns as required under section 13 of the Act;(ii)to comply with the provisions of section 21 of the Act in regard to further information required by the Authority;(iii)to comply with the provisions of section 40-B of the Act in regard to the bases of premium;(iv)to comply with the provisions of section 112 of the Act in regard to recommendation of interim bonus or bonuses payable by life insurer to policy-holders whose policies mature for payment by reason of death or otherwise during the inter-valuation period;(v)to ensure 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;(vi)to ensure that the premium rates of the insurance products are fair;(vii)to certify that the mathematical reserves have been determined taking into account the guidance notes issued by the Actuarial Society of India and any direction given by the Authority;(viii)to ensure that the policy-holder's reasonable expectations have been considered in the matter of valuation of liabilities and distribution of surplus to the participating policy-holders who are entitled for a share of surplus;(ix)to submit the actuarial advice in the interest of the insurance industry and the policy-holders;
