Functions and Responsibilities of Actuarial Department

     The following are main functions and responsibilies of Actuarial Department:

  1. Formulation and amendment of regulations/legislations pertaining to Actuarial matters.
  2. To coordinate with Institute of Actuaries of India in bringing out Guidance Notes to be issued in concurrence with the Authority to enable suitable and necessary practices to evolve.
  3. Examining with reference to various actuarial related aspects such as Capital Adequacy & Validity of Assumptions for facilitating Registration of all Insurance Companies.
  4. Approval of Appointment of Appointed Actuary and related information.
  5. Product Filing & Approval Process involving design acceptability, assumptions and pricing validation, financial viability, reinsurance arrangement.
  6. Allotment of UIN for all life insurance product and uploading the product list in the web portal.
  7. Examining of the following reports submitted by the insurance companies:
    • Analysis of Actuarial Report and Abstract of life insurance companies.
    • Analysis of Appointed Actuary Annual Report of life insurance companies.
    • Analysis of Economic Capital Reports of all insurance companies
    • Analysis of Asset Liability Management (ALM) policy of all insurance companies.
    • Analyse the IBNR report all non-life and standalone health insurance companies.
    • Solvency Margin of all Insurers on Quarterly/Annual basis.