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IRDAI HIDING INFORMATION ON ACTUARIES AND MENTOR-RTI

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?

                                                                                                                                                                                  










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