UNDER RTI ACT 2005
To DATE
The
Public Information Officer
IRDA,
3rd floor, Parishram Bhavan, BasheerBagh
Hyderabad
500004
SUB: INFORMATION ABOUT ACTURIES
Dear Sir,
Kindly provide following information.
RTI Question:
1. Please give a list showing the names of insurers who
sought, during years 2015 and 2016, the approval of the Authority for the
appointment of appointed actuaries as per section 3(3) of AA Regulations, 2000,
giving the particulars: name of insurer, name of actuary, date of application
in Form IRDA-AA-1, and name of person who countersigned such application.
2. In the list under (1), give a list showing the names of
insurers whose applications have been rejected, giving the reasons for
rejection, whether opportunity of being heard is afforded before rejecting the
application, and date of rejection as per Regulation 3(3) of AA Regulations,
2000.
3. Please give a list showing the names of insurers who are
unable to appoint appointed actuaries during years 2015 and 2016, making application
in writing for relaxation of one or more conditions mentioned as per
sub-regulation (6) of Regulation 3 of AA regulations, 2000, showing particulars
of conditions for which relaxation is sought in writing by each such insurer
and documentary evidences thereof furnished by such insurer.
4. Please give for each person who is an appointed actuary
in the list under Q1 above, whether such appointed actuary [In this regard
please refer to Regulation 3(2) of AA Regulations] --
(a) is ordinarily resident in
India;
(b) is a Fellow member in
accordance with Actuaries Act as on the date of application in Form IRDA-AA-1;
(c) is an Affiliate member in
accordance with Actuaries Act;
(d) has mentioned Professional
qualifications in Form IRDA-AA-1 (if yes, please give particulars);
(d) has satisfied the criteria
mentioned under clause (ii) of sub-regulation (2) of Regulation 3 of AA
Regulations (First Amendment), 2013 (if yes, please give particulars in which
subject that is mentioned in the said clause the actuary has specialization)
(e) is full-time employee as per
clause (iii) or (iv) of sub-regulation (2) of Regulation 3 of AA Regulations
(First Amendment), 2013;
(f) has not committed any breach of
professional conduct;
(g) is a person against whom no disciplinary
action is pending;
(h) is/was not appointed actuary of
another insurer;
(i) has a certificate of practice
issued by the Actuarial Society of India;
(j) is a person whose age is less
than 65 years;
(k) is a person with the relevant
experience mentioned under clause (ix) of sub-regulation (2) of Regulation 3 of
AA Regulations (First Amendment), 2013.
5. Please give a list showing the names of insurers who
sought, during year 2016, the approval of the Authority for the appointment of
mentor, as per guidelines on the Appointment of Appointed
Actuaries and their Mentors [kept on the website of IRDA], giving the
particulars: name of insurer, name of actuary, date of application in Form
IRDA-AA-1, and name of person who countersigned such application.
6. In the list under (5), give a list showing the names of
insurers whose applications have been rejected, giving the reasons for
rejection, whether opportunity of being heard is afforded before rejecting the
application, and date of rejection.
7. Please give for each appointed actuary in the list under
Q5, whether such mentor --
(a) is ordinarily resident in
India;
(b) is a Fellow member in
accordance with Actuaries Act as on the date of application in Form IRDA-AA-1;
(c) is a fellow member of Faculty and
Institute of Actuaries, UK as on the date of application in Form IRDA-AA-1;
(d) is a fellow member of Institute
of Actuaries of Australia as on the date of application in Form IRDA-AA-1;
(e) is a fellow member of Casualty
Actuarial Society, USA as on the date of application in Form IRDA-AA-1;
(f) is an Affiliate member in accordance with
Actuaries Act;
(g) has mentioned Professional
qualifications in Form IRDA-AA-1 (if yes, please give particulars);
(h) has satisfied the criteria
mentioned under clause (ii) of sub-regulation (2) of Regulation 3 of AA
Regulations (First Amendment), 2013 (if yes, please give particulars in which
subject that is mentioned in the said clause the actuary has specialization)
(i) is full-time employee as per
clause (iii) or (iv) of sub-regulation (2) of Regulation 3 of AA Regulations
(First Amendment), 2013;
(j) has not committed any breach of
professional conduct;
(k) is a person against whom no
disciplinary action is pending;
(l) is/was not appointed actuary of
another insurer;
(m) has a certificate of practice
issued by the Actuarial Society of India;
(n) is a person whose age is less
than 65 years;
(o) is a person with the relevant
experience mentioned under clause (ix) of sub-regulation (2) of Regulation 3 of
AA Regulations (First Amendment), 2013.
8. The following information is
furnished in the guidelines on the Appointment of Appointed
Actuaries and their Mentors [kept on the website of IRDA]
Currently,
IAI have mutual recognition agreement from three Institutes
· Faculty and Institute of Actuaries, UK
· Institute of Actuaries of Australia
· Casualty Actuarial society, USA
(a) Please give certified copies of mutual recognition
agreement that IAI have.
(b) Please also state whether IRDA has information that such
mutual recognition agreements are in accordance with the provisions of section
51 of the Actuaries Act, 2006.
(c) If IRDA has no information
that such mutual recognition agreements are in accordance with the provisions
of section 51 of the Actuaries Act, please give documentary evidence for the
statement made in the above guidelines on the
Appointment of Appointed Actuaries and their Mentors [kept on the
website of IRDA].
9. Section 6 of the AA Regulations, 2000, kept on the
website has the following text:
“6(1) An appointed actuary
shall cease to be so, if he or she has been given notice withdrawal of approval
by the Authority on the following grounds--
(a) that he or she ceases
to be eligible in accordance with sub-regulation (2) of regulations 3; and
(b) that he or she has, in
the opinion of the Authority, failed to perform adequately and properly the
duties and obligations of an appointed actuary under these regulations.
….”
(a) Has IRDA given notice of withdrawal to any appointed
actuary when such actuary ceases to be eligible in accordance with sub-regulation
(2) of regulation 3? If yes, please give the names of appointed actuaries. If
no, whether all the appointed actuaries have met the eligibility criteria under
the said sub-regulation (2) of regulation 3?
(b) The above guidelines on the Appointment of Appointed Actuaries and their Mentors [kept
on the website of IRDA] state the text: “To support
younger Appointed Actuary who is a Fellow of the Institute of Actuaries of
India but does not comply with relevant experience/ other requirements of the
Appointed Actuary Regulations”. Obviously younger Appointed Actuary who is a
Fellow of the Institute of Actuaries of India ceases to be eligible in
accordance with sub-regulation (2) of regulations 3. Has IRDA given notice of withdrawal to such
‘younger appointed actuary who is a fellow of Institute of Actuaries of India’
who ceases to be eligible in accordance with the said sub-regulation (2) of
regulation 3? If no, please give the reasons.
(c) The
above guidelines on the Appointment of Appointed Actuaries and
their Mentors [kept on the website of IRDA] state the text: “1.3.
If the Company proposes to appoint AA on
Consultancy basis, the Appointed Actuary himself / herself should be able to
qualify all the criteria under Appointed Actuary Regulations”. Obviously such Appointed Actuary ceases to be
eligible in accordance with the said sub-regulation (2) of regulation 3, since
such Appointed Actuary is not employee or full time employee as per AA
Regulations. Has IRDA given notice of withdrawal to such ‘AA on consultancy
basis’ who ceases to be eligible in accordance with the said sub-regulation (2)
of regulation 3? If no, please give the reasons.
10. The
above guidelines on the Appointment of Appointed Actuaries and
their Mentors [kept on the website of IRDA] state the text: “1.2.
Mentor will be applicable only when AA is full
time employee of the Company”.
(a) Please give
the names of insurers who have AAs who are full time employees without mentors.
(b) If an
insurer does not have mentor as per the text above, what action has been taken
against the insurer?
11. IRDA
has issued a public notice dated 14th March 2016 on Panel of
Actuaries – Expression of Interest.
(a) Please give
a list showing the names of actuaries in the Panel maintained by the IRDA.
(b)
Please give a list showing the names of firms in the Panel, with name of each
actuary in the Panel.
(c)
In the lists under (a) and (b) above, please give the information in respect of
each person in the Panel, whether such person –
(i) an individual actuary;
(ii)
a fellow of Institute of Actuaries of India;
(iii)
a fellow of Faculty and Institute of UK
(iv)
a fellow of Institute of Actuaries of Australia
(v)
a fellow of Casualty Actuarial Society, USA
(vi)
has COP in the relevant subject issued by the IAI
(vii)
has practical experience of at least 5 years of post-qualification experience
in the relevant field with documentary evidences;
(viii)
has worked as Appointed Actuary
(ix)
has worked as Chief Actuary
(x)
has worked as Certifying Actuary, with documentary evidence
(xi)
has done such similar work in the relevant field in the past
(x)
is an employee of an insurance company in India
(xi)
is consultant or consulting actuary for any insurance company
(xii)
has access to sufficient actuarial resources to carry out the work currently
being carried out by the Appointed Actuaries for certification of reserves and
solvency margin and other Actuarial Returns to the Authority, with documentary
evidences.
(d)
Has IRDA permitted any person who is an appointed actuary of an insurer in
India as Panel Actuary? If yes, how such person has not violated section 11 of the
AA Regulations, according to IRDA, when such person is a panel actuary who has been paid professional fees by the
Insurance Company which engaged his as panel actuary?
