On 12-1-2023, the International Financial Services Centres Authority notified International Financial Services Centres Authority (Appointed Actuary) Regulations, 2022. The regulations lay down regulatory framework for the persons who are engaged by the Insurance Officers(‘IOs') to perform the roles and discharge the functions as Appointed Actuary (‘AA').
Applicability: International Financial Services Centres Insurance Offices (‘IFSCIO').
Key Points:
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The Board will appoint a person having the necessary qualifications, competency, experience and professional status to carry out the functions of an AA.
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The AA will have access to all the data and information that IFSCIO has.
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In case, where IO is in unincorporated form, of the Patent Entity, the AA will have the power to access the following:
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Data which is necessary to give actuarial advice to the IO or its directors
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which may affect solvency of IO
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which may affect the ability to meet the reasonable expectations of policyholders
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Repeals & Savings: The Insurance Regulatory & Development Authority of India (Appointed Actuary) Regulations, 2022 and any circular, guidelines issued under it will cease to apply in an International Financial Services Centre from the date of commencement of these Regulations.
Accordingly, the IO will have to comply with the additional requirements specified in these Regulations, within a period of 1 month.
*Kriti Kumar, Editorial Assistant has reported this brief.
