Life Insurance Corporation of India (Special Allowance for In-House Development of Actuarial Capability) Amendment Rules, 2017
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.< xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> | 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.
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