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IRDAI sets up panel to review appointed actuary regulations

The committee will study global practices on appointment of actuaries and its functions.

October 04, 2021 / 09:41 AM IST

The national insurance sector regulator has set up a committee to review the IRDAI (Appointed Actuary) Regulations, 2017, to make the system tuned to the evolving business dynamics.

The Insurance Regulatory and Development Authority of India (IRDAI) said that appointed actuaries play a pivotal role in functioning of an insurance company. Procedure for appointment of an appointed actuary in an insurance company, his/her duties, obligations and powers are prescribed in the Appointed Actuary Regulations.

The regulator said keeping in mind the changes which have taken place in the business environment over the past few years and importance of the role of appointed actuaries in an insurance company, a need was felt to review these regulations.

The IRDAI panel will be led by D Sai Srinivas, while Varun Gupta, Sharad S Ramnarayan, R Padmaja and  Preeti Chandrashekhar will be other members. CS Kumar, DGM (Actuarial), IRDAI, will be the Member Convenor.

The committee will study global practices on the system of appointed actuaries or statutory actuarial positions in terms of duties, functions and eligibility conditions.

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It will also review the existing provisions of the IRDAI (Appointed Actuary) Regulations, 2017 and recommend suitable amendments based on the changing business environment. It can also invite external experts for discussion on need basis.

The committee will submit its report within 45 days.
Moneycontrol News
first published: Oct 4, 2021 09:41 am

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