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Exposure Draft onAmendment to IRDAI (Appointed Actuary) Regulations, 2017
The Authority had notifiedw.e.f. 27th April, 2017 IRDAI (Appointed Actuary) Regulations, 2017from the date of publication in the official gazette.
The Authority is in receipt ofrepresentation from insurers regarding exemption from a period of 1 year asstipulated in the Regulation 5 of the aforementioned regulations.
In view of the above, followingamendment is proposed in Regulation 6 of aforementioned regulations:
|
Regulation No |
Existing provision |
Proposed Amendment |
|
6 |
Transitory Provisions: The Chairperson of the Authority may issue guidelines from time to time regarding the transitory provisions available for the insurers to take care of the situations where: a. Insurers are not able to appoint Appointed Actuaries b. The young Actuaries need mentoring so that the statutory works are not hampered. |
Transitory Provisions: The Chairperson of the Authority may issue guidelines from time to time regarding the transitory provisions available for the insurers to take care of the situations where: a. Insurers are not able to appoint Appointed Actuaries. b. The young Actuaries need mentoring. c. For business continuance, the insurer may need exemption from regulation 5 for a further period beyond one year.
so that the statutory works are not hampered. |
You are requested to offer yourcomments/ suggestions on the proposed amendment in the format provided forconsideration of the same by the Authority. The comments/ suggestions inMS-WORD should be sent by e-mail to pankajk.tewari@irda.gov.in with a copy toshyama@irda.gov.in latest by 30 November, 2018.
