10th January, 2023
- This circular is issued in exercise of the powers conferred under Regulation 12 of IRDAI (Appointed Actuary) Regulations, 2022 and under Section 14(2)(e) of IRDAI Act, 1999.
- Application for appointment of an Appointed Actuary:
a) As required under the provisions of regulation 3(D) of IRDAI (Appointed Actuary) Regulations, 2022, the insurer shall submit an application for appointment of Appointed Actuary in the format (Form IRDAI-AA-2) provided in Annexure-1 to this circular along with extract of Board Resolution and a copy of Appointment letter.
b) Every year, the insurer shall submit the renewed valid Certificate of Practice (CoP) issued by Institute of Actuaries of India (IAI).
c) As required under Reg. 3(F) of the above Regulations, the insurer shall make a separate application in writing along with Annexure -1 for relaxation of eligibility conditions, if any.
3. Obligations of the insurer:
a) For the purpose of the Regulation 10(b) of IRDAI (Appointed Actuary) Regulations, 2022, Life Insurers shall have at least two actuaries, in addition to Appointed Actuary, for pricing and valuation purposes, on or before 31st December, 2023.
b) Similarly, General, Stand-alone Health Insurers and Reinsurers shall have at least one actuary, in addition to Appointed Actuary, for pricing and valuation purposes on or before 31st December, 2024.
c) New insurers/reinsurers are exempted from the conditions under Para – 3(a) and 3(b) above for a period of two years from the date of issuance of certificate of registration.
4. Existing Appointed Actuaries:
a) The existing Appointed Actuaries as on date of notification of the said Regulations, appointed on relaxation of eligibility condition in respect of subject specialization for a limited period, may continue to work as Appointed Actuary beyond such limited period, provided the Appointed Actuary complies with the captioned Regulations. The insurer shall inform the Authority within 30 days before expiry of such limited period in such instances along with fresh Form IRDAI-AA-2.
b) The existing Appointed Actuaries, appointed with the support of a mentor actuary for a limited period, may continue to work as Appointed Actuary beyond this period without mentor provided the Appointed Actuary complies with all the provisions of the captioned Regulations to work as Appointed Actuary on standalone basis. The insurer shall inform the Authority within 30 days before expiry of such limited period along with fresh Form IRDAI-AA-2.
c) The existing Appointed Actuaries not falling under (a) and (b) above may continue as per the provisions of Regulation 3(C) of the captioned Regulations.
This circular comes into force with immediate effect.
This is issued with approval of the Competent Authority.
