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IRDAI Actuary R Kannan benefited Life Insurance Companies Illegally in his tenure!

MUMBAI:The Insurance Regulatory and development Authority actuary R Kannan Joined IRDA in 2006. Before joining IRDA he was working as SBI Life actuary . Due to this many irregularities found in SBI life policies. Allahabad high court also made strict comment against SBI life . 
Our team pointed many more irregularities cleared during R Kannan tenure for ICICI Prudential life insurance.
He did not took objection on surrender charges before 3 years in ULIP policies issued till 2010. In IRDA plan approval copy these charges(forclosure Charges) are also available, but as per IRDA guidelines there is no such parameter of surrender charge for non payment of premium till 3 years  . Companies deduct forclousere or surrender charge if customer not made compulsary payment till 3 years. Later IRDAI introduce payment discontious rule and customer got relief from surrender charges.
Due to IRDA actuary R Kannan many companies made profit of billions . Sample of ICICI Prudential life policy Life Time Super and other are enclosed.


"Dr. R. Kannan joined as Member (Actuary) on 18 th December, 2006. Earlier, he was Principal Advisor in the Reserve Bank of India and also the Head of the Department of Economic Analysis and Policy. During the period April 2001 - March 2006, he worked as the Appointed Actuary of the SBI Life Insurance Company. During 1994-98, he served as Advisor in the office of India’s Executive Director of the International Monetary Fund, Washington; and during 1992-94, he was Advisor to Governor, Bank of Mauritius, Mauritius. 

Dr. Kannan is a double post-graduate - M.Sc. in Econometrics from Madurai University and M.A. in Economics from the same university. He did his Ph.D. from Bombay University; and during 1987-88, he worked as a post-doctoral fellow in the University of Pennsylvania, USA under the Nobel Laureate Prof. Lawrence Klein.

Dr. Kannan has written about 40 Research Papers and served in 10 working groups related to various aspects of money, finance, insurance and pension. More recently, he was the Chairman of the Experts Committee constituted by the Government of India to draw the road map for moving towards Exempt-Exempt-Tax method of taxation of saving instruments in India.

He is a member of the “Solvency Committee” of the International Actuarial Association and also a member of “Financial Risks Committee” of the International Actuarial Association. He is the Chairman of the working group constituted by the Actuarial Society of India to draw the road map for moving towards Risk Based Capital for insurance industry in India.

Dr. Kannan’s personal interests include keenly listening to Classical (Carnatic) music."

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