Regulation 6 (c)

“For business continuance, the insurer may need exemption from Regulation 5 for a further period beyond one year. Upon request of the insurer and based on merits of the case, the Chairperson may grant extension for a further period not exceeding two years.”

• No business can continue if an Actuary has not been appointed for a period exceeding one year as per Regulation 5 of the 2017 Regulation. The Amendment of 2019 allows insurers to make an application/request to the Chairperson of the IRDAI to grant a further extension beyond one year to continue business without an Appointed Actuary.

• The extension obtained can be for a maximum period of two years.