Exposure Draft on IRDAI(Relaxations under Appointed Actuary Regulations 2017 and appointment of Mentors) Guidelines, 2017

The Authority had issued “Guidelines on Appointment of Appointed Actuaries and their Mentors” on 22^nd March 2016 to address the supply side gap by supporting young Actuaries with the Mentors. Based on experience and the issues emerged over a period of time, the Authority has proposed to revise the above-mentioned guidelines.

The key changes proposed in the draft guide lines are as follows:

Ø Definition of “Mentor” is incorporated

Ø Relaxation for the requirement of subject specialisation for Appointed Actuary

Ø Relaxation for the requirement of minimum relevant post qualification experience of 5 years for Appointed Actuary

Ø Insurer may continue without AA for a maximum period of 1 year.

Ø Removal of condition for mentor to hold COP only in relevant line of business

Ø Post qualification experience of mentor is reduced from 20 years to 15 years

Ø Vetting of New Products in Absence of AA by mentor for a period of maximum one month

Ø Mentor should not be an employee/AA of any insurer in India

Ø Mentor should not have committed any breach of Professional conduct

Ø No disciplinary action should be pending against the Mentor at the time of application by the Institute of Actuaries of India or any other professional body

Ø Provision for Authority to issue appropriate clarifications or modify the guidelines from time to time

You are requested to offer your comments/ suggestions on the proposed guidelines for consideration of the same by the Authority.  The comments/ suggestions in MS-WORD format(Annexure-1) should be sent by e-mail to  pankajk.tewari@irda.gov.in with a copy to shyama@irda.gov.in latest by 28^th February, 2017.

                                                                                                              S.P. Chakraborty

GM (Actuarial)