Life Insurance Corporation of India (Special Allowance for In-House Development of Actuarial Capability) Amendment Rules, 2017

 
FREE EXCERPT

G.S.R. 562(E).-- In exercise of the powers conferred by section 48 of the Life Insurance Corporation Act, 1956 (31 of 1956), the Central Government hereby makes the following rules further to amend the Life Insurance Corporation of India (Special Allowance for In-House Development of Actuarial Capability) Rules, 2002, namely:--

1. (1) These rules may be called the Life Insurance Corporation of India (Special Allowance for In-House Development of Actuarial Capability) Amendment Rules, 2017.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Life Insurance Corporation of India (Special Allowance for In-House Development of Actuarial Capability) Rules, 2002 (hereinafter referred to as the said rules), in rule 2,--

(i) for Table 2, the following Table shall be substituted, namely:--

"Table-2

(If posted in the Core-Group, the Special Allowance and Additional Fixed Allowance, shall be payable as per table below)

Sl. No.

Number of Papers Passed

Special Allowance (Rate per month in Rs.)

Additional Fixed Allowance for Central Office Core Group (Rate per month in Rs.)

 

 

For officials in Central Office Core Group

For officials in Zonal Office Core Group

For Head of the Actuarial Department in Central Office

For officials nominated as Designated Actuary

For officials in the cadre of Divisional Manager and above

1

2

3

4

5

6

7

1.

Six papers

6000

3200

600

-

300

2.

Seven papers

7500

4000

750

-

375

3.

Eight papers

13500

7200

1350

-

675

4.

Nine papers

15000

8000

1500

-

750

5.

Ten papers

18000

9600

1800

-

900

6.

Eleven papers

22500

12000

2250

-

1125

7.

Twelve papers

27000

14400

2700

-

1350

8.

Thirteen papers

31500

16800

3150

-

1575

9.

Fourteen papers

37500

20000

3750

-

1875

10.

Fifteen papers

45000

24000

4500

-

2250

11.

Fellow

75000

24000

7500

50000

3750

Explanation,--

(i) "Designated Actuary" means, a full time officer of the Corporation, who is a Fellow Member of the Institute of Actuaries of India or Institute of Actuaries, London and who is nominated as a Designated Actuary by the Chairman or an officer or committee authorized by the Chairman for selection of the Designated Actuaries.

(ii) There shall be three posts of Designated Actuaries namely, the Product Actuary, Valuation Actuary and Pension Actuary.

(iii) An employee shall be entitled only for one Additional Fixed Allowance specified under column (5) or (6) or (7) of Table 2, whichever is higher.".

3. In rule 4 of the said rules, for sub-rule (2) the following sub-rule shall be substituted namely:--

"(2) The Special Allowance and the Additional Fixed Allowance referred to in rule 2 and the Fixed Allowance referred to in sub-rule (1) of rule (4), shall not be included in the basic pay of the employee for any purpose including dearness allowance house rent allowance, provident fund, gratuity or encashment of leave.".

[F. No. S-11012/09/2007-Ins.I]

N. Srinivasa Rao,

Economic Advisor

Note: The principle rules were published in the Gazette of India, Extraordinary vide G.S.R. 55(E), dated the 22nd January, 2002 and subsequently amended vide G.S.R. 564(E) dated the 5th September, 2005; G.S.R..753(E), dated the 15th October, 2009 and G.S.R. 334(E), dated the 12th May, 2014.

To continue reading

REQUEST YOUR TRIAL