The International Financial Services Centres Authority on 23rd November 2022, notified the International Financial Services Centres Authority (Appointed Actuary) Draft Regulations, 2022, which aims to lay down the regulatory framework for the persons who are authorised to perform the roles and discharge the functions of ‘Appointed Actuary’ for the IFSC Insurance Offices.
The proposed IFSCA (Appointed Actuary for International Financial Services Centres Insurance Office) Draft Regulations, 2022 inter alia provide for:-
- Appointment of Appointed Actuary,
- Powers of the Appointed Actuary, and
- Duties and Obligations of Appointed Actuary.
The Board of an IIO shall appoint a person having the necessary qualification, competency, experience and professional status to carry out all the actuarial functions, as the ‘Appointed Actuary’ (AA) and the AA shall have access to all relevant and necessary information and documents in possession or under control of the IIO or of the Parent Entity of an unincorporated IIO.
