The Insurance Regulatory and Development Authority of India vide notification dated 5th December, 2022 Insurance Regulatory and Development Authority of India (Appointed Actuary) Regulations, 2022. The regulations provides the process of appointment of an actuary and necessary qualifications. A person shall be eligible to be appointed as an Actuary for an insurer, if he or she is:
i. Ordinarily resident in India;
ii. A Fellow member in accordance with the Actuaries Act, 2006;
iii. A Fellow Member of the Institute of Actuaries of India(IAI), satisfying the following requirements in case of a Life Insurer:
a. At least 12 years of experience in the area of Life Insurance and out of which at least 7 years shall be post fellowship experience.