IRDAI on 20th March, 2024 has issued the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024. These regulations shall come into force from the date of their publication in the Official Gazette or 1st April, 2024 whichever is later.
These regulations are applicable to all insurers including those engaged exclusively in reinsurance business, unless otherwise specified. These regulations shall be reviewed once in every three years from the date of its publication, unless the review or repeal or amendment is warranted earlier.
The key objectives of these regulations are to ensure that:
- Sound and responsive management practices are in place for effective discharge of actuarial, finance and investment functions and analysis, covering the areas including but not limited to the valuation of assets and liabilities, regulatory reporting, bonus distribution, asset-liability management, solvency, investment and risk management;
- Regulatory returns are prepared and reported in accordance with applicable standards, principles and policies to provide a true and fair view of state of affairs of the insurer;
- Policyholders’ interests are protected and
- Ease of doing business is facilitated.
