The Insurance Regulatory and Development Authority of India (IRDAI) has issued a Circular on Application for appointment of an Appointed Actuary. The Circular was issued on 10th January, 2023 and comes into immediate effect.
The Circular states that the insurer must submit an application for appointment Appointed Actuary. The format of the application is Form IRDAI-AA-2 and is attached to the present Circular. The application should be accompanied by the extract of the Board Resolution and a copy of the Appointment Letter.
The insurer must submit a valid renewed Certificate of Practice (CoP) issued by Institute of Actuaries of India (IAI). This CoP must be submitted annually.
The Circular also lists out the obligations of the insurer and an extension in the appointment of existing appointed actuaries subject to compliance with the prescribed regulations.