Insurance Regulatory and Development Authority of India (Relaxations under AA Regulations, 2017 and appointment of Mentors) Guidelines, 2017 (Exposure Draft)
In exercise of the powers conferred by Sub-regulations 3(5), 5 and 12 of the draft IRDAI (AA)Regulations, 2017 and by sections 14 (2) (e) of the IRDA Act 1999 as amended from time to time, the Chairperson of the Authority in consultation with the Insurance Advisory Committee hereby makes the following guidelines namely
1. Short title and commencement
1) These guidelines may be called the Insurance Regulatory and Development Authority of India (Relaxations under AA Regulations, 2017 and appointment of Mentors) Guidelines, 2017.
2) These guidelines will replace the guidelines dated 22 March 2016 on Appointment of Appointed Actuary and their mentors.
3) They shall come into force from the date of publication of IRDAI (Appointed Actuary) Regulations, 2017 in the Official Gazette.
4) The existing arrangements not complying with these guidelines shall cease to exist within a period of one month from the date of publication of IRDAI (Appointed Actuary) Regulations, 2017 in the Official Gazette.
2. Definitions:
1) Mentor is an actuary who satisfies the conditions mentioned in Annexure I of these guidelines.
2) All words and expressions used herein and not defined herein but defined in the Insurance Act, 1938 (4 of 1938), or in the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), shall have the meanings respectively assigned to them in those Acts.
3. Relaxation of the requirement under 3 (2)(iii) of specialisation (as evidenced by qualification and /or working experience)
The Authority may allow appointment of Appointed Actuary who does not meet the requirements under 3 (2) (iii) a, 3(2)(iii) b or 3(2)(iii) c. However, such appointment may be subject to the following
1) All the provisions of the draft IRDAI (AA) Regulations 2017 are satisfied except the provision under 3(2)(iii)a, 3(2)(iii)b or 3(2)(iii)c
2) The candidate proposed by the insurer undertakes to pass the specialization subject within one year from the date of appointment as AA.
3) The AA will be supported by the Mentor during the one year period till he/she passes the specialization subject.
4. Relaxation of the requirement under 3(2)(iv) and 3 (2) (v) for minimum relevant post qualification experience of 5 years
The Authority may allow appointment of Appointed Actuary who does not meet the requirement under 3(2)(iv). However, such appointment may be subject to following
1) All the provisions of the draft...
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