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Title: Notification
Reference No.: --
Date: 30/11/2016
Appointment of Actuarial Consultant on contract basis in connection with de
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INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
3rd floor, Parishram Bhavan, Basheerbagh, Hyderabad
Tel: 91 40 23381100 Fax: 91 40 66823334
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Appointment of Actuarial Consultant on contract basis in connection with determination of Motor Third Party Premium rates for FY 2017-18
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IRDAI vide its notification no. IRDA/NL/NTFN/MOTP/066/04/2011 dated 15th April 2011
decided to review the premium rates for motor third party insurance covers annually and in exercise of the powers vested in the Authority under Section 14 (2) (i) of the IRDA Act, 1999, the Authority notified the premium rates applicable to the Motor Third Party Liability Insurance covers with effect from 1st April 2016 vide Circular Ref: IRDA/NL/NTFN/MOTP/060/03/2015 dated 28-03-2016.
IRDAI invites applications from Individual Actuary or Actuarial Firm to work as consultant on contract in connection with determination of Motor Third Party Premium rates for FY 2017-18.
Either individual Actuaries satisfying the following criteria or firms employing Actuaries satisfying the following criteria may be considered.
1. Scope of work
The Actuary/Firm of Actuaries will work with relevant officials of the Authority for performing the following tasks:
1.1. Review of Motor Vehicle-Classification-wise data.
1.2. Recording methods used for determining Motor TP Premium with reference to quality, accuracy and validity of the data.
1.3. Determination of premium rates for Motor Third party Liability Insurance Cover for financial year 2017-18.
2. Qualification
In case of an Individual Actuary he/she should be a Fellow of Institute of Actuaries of India (IAI) or any other Institute having mutual recognition arrangement with IAI.
In case of an Actuarial firm, the firm must have atleast one actuary satisfying the above qualification.
3. Certificate of Practice (COP)
3.1. The Actuary should have a valid COP to work as Appointed Actuary of a General Insurer issued by the IAI.
3.2. If the Actuary does not possess COP of the IAI, he /she should declare his/ her intention to possess COP of IAI within one year.
4. Age
The maximum age as on 16th December 2016 should not be more than 70 years
5. Practical Experience
5.1. The Actuary should have at least 5 years of post-qualification experience in General insurance.
5.2. The Actuary should have worked as Appointed Actuary, Chief Actuary, Certifying Actuary or should have done such similar work in the relevant field in the past in the area of General insurance.
6. Others
6.1. The Actuary should not be an employee of any insurance company in India.
6.2. However, he / she may work as Consultant and/or Consulting Actuary for any insurance company.
6.3. The Actuary should have access to sufficient actuarial resources to carry out the above work.
6.4. The applicant Actuary/Actuarial firm shall have access to information or documents in the possession of the Authority or the persons concerned, if such access is necessary or may seek any information from any authorised person/s for effective completion of the project assignment. The selected candidate / firm is required to execute a Non-Disclosure Agreement before commencement of the project assignment.
6.5. Notwithstanding the engagement of the individual Actuary or the Actuarial firm on consultancy basis, IRDAI retains its right to appoint any other expert to deal with this task, as it may decide.
6.6. The engagement of the individual Actuary or the Actuarial firm on consultancy basis is of a temporary (non-official) nature and the appointment may be cancelled or terminated through written intimation by either side by giving one month’s notice without assigning any reason.
6.7. Preference may be given to Indian Actuary/ Actuarial firm.
6.8. The Consultant shall not receive any remuneration in connection with the assignment except as provided in the contract.
6.9. The Consultant shall not accept any assignment which shall have conflict of interest with IRDAI.
7. Mode of selection: Mode of selection will be as under:
7.1 Shortlisting of applications after scrutiny with reference to eligibility criteria and copies of documents in support of the same.
7.2 Final selection will be on the basis of Financial bid of the shortlisted applicants. Applicants are required to offer their quote in the financial bid for the consolidated professional charges inclusive of all taxes, transport, accomoodation, etc. for the scope of work mentioned in the notification.
7.3 Decision of the Competent Authority in all stages of selection will be final and binding and no correspondence in this regard will be entertained.
8. Tenure:
The contract will be for a period not exceeding three months commencing immediately on award of project assignment. Time is the essence of the project and deadlines for completion of the project assignment have to be adhered to.
9. How to Apply:
9.1 Candidates/firms who satisfy the eligibility conditions may apply strictly in the application format, either Annexure ‘A’ or Annexure ‘B’ as applicable.
9.2 Financial bid in Annexure ‘C’ should be filled in in all respects and kept in a separate sealed cover superscribed thereon “Application for appointment of Actuarial Consultant on contract basis in connection with determination of Motor Third Party Premium Rates for FY 2017-18 – Financial Bid”
9.3 Application and the financial bid mentioned above should be put in a separate sealed cover superscribing thereon “Application for appointment of Actuarial Consultant on contract basis in connection with determination of Motor Third Party Premium Rates for FY 2017-18” andshould be sent by ordinary/speed post to the below mentioned address:
The Executive Director (Gen),
Insurance Regulatory and Development Authority of India,
3rd Floor, Parisrama Bhavan, Basheer Bagh,
Hyderabad – 500004.
9.4 The last date for receipt of applications is 16 December, 2016 by 4 pm.
