IRDAI vide circular dated 01.01.2020 has issued clarification on the IRDAI (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016 and IRDAI (Assets, Liabilities and Solvency Margin of General Insurance Business) Regulations, 2016.
The Regulation 9 of IRDAI (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016 provides that IRDAI may, if considered necessary and expedient, ask the Appointed Actuary to make a personal visit to the office of the Authority to elicit from such person any further information. The clarification provides that for the purpose of Regulation 9 of the IRDAI (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016 the appointed Actuary shall be intimated well in advance through a communication to be sent by an officer of the Authority not below the rank of Deputy General Manager about the reasons for seeking his/her personal visit to the Authority.
