IFSCA Notifies Norms relating to the Appointment of Actuaries

Notification. No. IFSCA/2022-23/GN/REG028., Dated 12.01.2023

The IFSCA has notified the IFSCA (Appointed Actuary) Regulations, 2022. The regulations prescribe the procedure for the appointment of an Appointed Actuary (AA), the Powers of the AA, the Duties and Obligations of the AA, and Actuarial Reports. The objective of the regulations is to aim to lay down the regulatory framework for the persons who are engaged by the IFSC Insurance Offices (IIOs) to perform the roles and discharge the functions as an ‘Appointed Actuary’.

IFSC Authority has also provided the eligibility criteria for the appointment of an Appointed Actuary. Also, the Board of IIO, while appointing an AA, shall now authorise him to report directly to the Authority about non-compliance by the IIO.

An IIO shall inform the Authority about the person appointed as AA, within a period of 7 days from the date of appointment and shall also keep the Authority informed about any change in the AA.

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