IRDAI notifies the procedure for the appointment of an Appointed Actuary

Notification F. No. IRDAI/Reg/5/184/2022., Dated 05.12.2022

IRDAI has notified IRDAI (Appointed Actuary) Regulations, 2022. Amendment prescribes the procedure for the Appointment of an Appointed Actuary. It also prescribes the eligibility criteria for the appointment as an Appointed Actuary for an insurer. Now, no insurer shall carry on the business of insurance/reinsurance without an Appointed Actuary. IRDAI may grant relaxation for such period as may deem appropriate but not exceeding 1 year.

Also, the Appointed Actuary shall not have any conflict of interest i.e., he shall function in accordance with these Regulations, and he or she shall not function in any other capacity which could result in conflict of interest in performing his or her role as Appointed Actuary. Further, may other compliances and conditions be introduced via these regulations.

These Regulations shall apply to reinsurers carrying on reinsurance business in India except in case of a foreign insurer engaged in re-insurance business through a branch established in India. These Regulations shall come into force from 05.12.2022.

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