Section 3 in The Insurance Regulatory And Development Authority (Appointed Actuary) Regulations, 2000
3. Procedure for appointment of an appointed actuary
.-(1) An insurer registered to carry on insurance business in India shall, subject to sub-regulation (2) appoint an actuary, who shall be known as the "appointed actuary" for the purposes of the Act.(2)A person shall be eligible to be appointed as an appointed actuary for an insurer, if he or she shall be-(i)ordinarily resident in India;(ii)a Fellow Member of the Actuarial Society of India;(iii)an employee of the life insurer, in case of life insurance business;(iv)an employee of the insurer or a consulting actuary, in case of general insurance business;(v)a person who has not committed any breach of professional conduct;(vi)a person against whom no disciplinary action by the Actuarial Society of India or any other actuarial professional body is pending;(vii)not an appointed actuary of another insurer;(viii)a person who possesses a Certificate of Practice issued by the Actuarial Society of India; and(ix)not over the age of seventy years.(3)An insurer shall seek the approval of the Authority for the appointment of appointed actuary, submitting the applications in Form IRDA-AA-1.(4)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.(5)If an insurer does not receive approval within thirty days of the receipt of such application by the Authority, the insurer shall deem that the approval has been granted by the Authority.(6)An insurer, who is unable to appoint an appointed actuary in accordance with sub-regulation (2), shall make an application to the Authority in writing for relaxation of one or more conditions mentioned in sub-regulation (2).(7)The Authority shall, on receipt of the application referred to in sub-regulation (6), communicate its decision to the insurer within thirty days of receipt of such application.(8)The appointment of an appointed actuary shall take effect from the date of approval by the Authority.
