IRDAI amends the IRDAI (Appointed Actuary) Regulation 2017, effective 15th May, 2019

The Insurance Regulatory and Development Authority of India (“IRDAI”) has introduced an amendment to the IRDAI (Appointed Actuary) Regulations, 2017 (2017 Regulation). It gains immediate effect.

Takeaway from the Amendment:

Regulation inserted Implication
 

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.


Source
 Insurance Regulatory and Development Authority of India

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