INSURANCE REGULATORY AND DEVELOPMENTAUTHORITY OF INDIA

3rd floor, Parishram Bhavan, Basheerbagh, Hyderabad

www.irdai.gov.in

Appointment of Actuarial Consultant on contractbasis in connection with determination of Motor Third Party Premium rates forFY 2018-19

IRDAI vide its notificationno. IRDA/NL/NTFN/MOTP/066/04/2011 dated 15th April 2011 decided to review thepremium rates for motor third party insurance covers annually and in exercise ofthe powers vested in the Authority under Section 14 (2) (i)of the IRDA Act, 1999, the Authority notified the premium rates applicable tothe Motor Third Party Liability Insurance covers with effect from 1st April 2017vide Circular Ref: IRDA/NL/NTFN/MOTP/089/04/2017 dated 17^th April,2017.

IRDAI invites applicationsfrom Individual Actuary or Actuarial Firm to work as consultant on contract inconnection with determination of Motor Third Party Premium rates for FY 2018-19.

Either individual Actuaries satisfyingthe following criteria or firms employing Actuaries satisfying the followingcriteria may be considered.

1. Scope of work

The Actuary/Firm of Actuarieswill work with relevant officials of the Authority for performing the followingtasks:

1.1.  Review of Motor Vehicle-Classification-wisedata.

1.2.  Recording methods used for determining Motor TPPremium with referenceto quality, accuracy and validity of thedata.

1.3.  Determination of premium rates for Motor ThirdParty Liability Insurance Cover for financial year 2018-19.

1.4.  Submission of reports to the Authority dulycertified by the Individual Actuary or Actuary representing the Firm, asapplicable within the stipulated time limit.

1.5.  The selected Actuary/Actuarial firm shall haveto attend discussions/meetings as decided by the Authority.

1.6. Theselected Actuary/Actuarial firm shall co-operate with the Authority in thelitigations filed (if any) and he/she may have to depose to the court if neededwith respect to the analysis done by him/her for this project and it may gobeyond the contract period.

2.           Qualification

In case of an IndividualActuary, he/she shall be a Fellow of Institute of Actuaries of India (IAI) orany other Institute having mutual recognition arrangement with IAI.

In case of an Actuarial firm,the firm must have at least one Actuary satisfying the above qualification.

3.           Certificate of Practice (COP)

The Actuary should have avalid COP to work as Appointed Actuary of a General Insurer issued by the IAI.

4.           Age

The maximum age as on 27-11-2017 (i.e. the last date forsubmission of applications) should not be more than 70 years

5.           Practical Experience

5.1.      The Actuary should have at least 5 years ofpost-qualification experience in General insurance as on 27-11-2017.

5.2.      The Actuary should have worked as AppointedActuary, Chief Actuary, Certifying Actuary or should have done such similarwork in the relevant field in the past in the area of General insurance.

6.           Others

6.1.       TheActuary should not be an employee of any insurance company in India.

6.2.      However, he / she may work as Consultant and/orConsulting Actuary for any insurance company.

6.3.      The Actuary should have access to sufficientactuarial resources to carry out the above work.

6.4.      The Panel of Actuaries for General Insurance asper IRDA circular ref: IRDA/ACTL/MISC/MISC/074/03/2017 dated 31^stMarch 2017 may also apply in response to this notification.

6.5.      The applicant Actuary/Actuarial firm shall haveaccess to information or documents in the possession of the Authority or thepersons concerned, if such access is necessary or may seek any information fromany authorized person/s for effective completion of the project assignment. Theselected candidate / firm is required to execute a Non-Disclosure Agreementbefore commencement of the project.

6.6.      Notwithstanding the engagement of theindividual Actuary or the Actuarial firm on consultancy basis, IRDAI retainsits right to appoint any other expert to deal with this task, as it may decide.

6.7.      The engagement of the individual Actuary or theActuarial firm on consultancy basis is of a temporary (non-official) nature andthe appointment may be cancelled or terminated through written intimation byeither side by giving one month’s notice without assigning any reason.

6.8.      Preference may be given to Indian Actuary/ Actuarialfirm.

6.9.      The Consultant shall not receive anyremuneration in connection with the assignment except as provided in thecontract.

6.10.   The Consultant shall not accept any assignmentwhich shall have conflict of interest with IRDAI.

7.           Mode of selection: Mode of selection will be as under:

7.1        Shortlisting of applications after scrutinywith reference to eligibility criteria and copies of documents in support ofthe same.

7.2        Final selection will be on the basis ofFinancial bid of the shortlisted applicants. Applicants are required to offertheir quote in the financial bid for the consolidated professional chargesinclusive of all taxes, transport, accommodation, etc. for the scope of workmentioned in the notification.

7.3        Decision of the Competent Authority in allstages of selection will be final and binding and no correspondence in thisregard will be entertained.

8.           Tenure:

The contract will be validtill the Motor TP premium rates are finalized and final rates are published inthe website of the Authority. However, the final report shall be submitted by31.01.2018 by the Actuary/Actuarial firm. Time is the essence of the projectand deadlines for completion of the project assignment have to be adhered to.

9.           How to Apply:

9.1         Candidates/firms who satisfy the eligibilityconditions may apply strictly in the application format, either Annexure ‘A’ orAnnexure ‘B’, as applicable.

9.2 Financial bid in Annexure ‘C’ should be filled in in all aspects andkept in a separate sealed cover superscribed thereon “Applicationfor appointment of Actuarial Consultant on contract basis in connection withdetermination of Motor Third Party Premium Rates for FY 2018-19 – FinancialBid”.

9.3 Application and the financial bidmentioned above should be put in a separate sealed cover superscribedthereon “Application for appointment of Actuarial Consultant on contractbasis in connection with determination of Motor Third Party Premium Rates forFY 2018-19” and should be sent by ordinary/speed post to the belowmentioned address:

TheExecutive Director (Gen),

Insurance Regulatory and Development Authorityof India,

3rd Floor, Parisrama Bhavan, Basheer Bagh,

Hyderabad– 500 004.

The last date for receipt of applications is 27-11-2017 by 4 p.m.

9.4 The financial bids of the shortlisted applicants willbe opened on a date and time to be intimated by email to the shortlistedapplicants who may wish to be present at their cost. In case a representativeis deputed, he/she should carry a letter of authorization signed by theapplicant/authorized signatory.

*Please download the Annexures (A, B and C) attached in ZIP file.