IRDA(Qualification of Actuary)~2004

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INSU.KANt:I!: REGULATORY AND DEVELOPMENT AUTHORITY NOTIFICATION Hyderabad. the 1st Janua1y. 2004 Insurance Re~atory and Development Authority (Qualification of Actuary) Regulations, 2004 F. No. lRD,VReg./2/2004.-ln exercise of the powers conferred by Sub-section ( l) of Section 2 read wnb clause ta) of Sub-section (2) of Section 114A of the Insurance Act. l 938 (4 of 1938) the Insurance Regulatory and Development Authont). m consultauon w1Lh the Insurance Advisory Committee, hereby makes thefollow10g regulations, namely·- 1. Short title, application and commencement.-( I) These regulations may be called the Insurance Regulatory and Dc\'elopmcnt Authority (Qualification of Actuary) Regulatieins. 2004. (2) These regulations shall apply to all the insurers who engage the services of an actuary for the purposes of the Insurance Act, 193 8 and shall be deemed to have come into effect .from 1 0lh August, 2002 2. Definitions.-( l) In these regulations, unless the context otherwise requires- (a) .. Acf' means tlte Insurance Act. 1938 ( 4 of 1938}; (b) "Actuarial Sociel) oflndia" means Actuarial Societ) oflndia constituted under Societies Registration Acl l 8f>O (2 1 of 1860}, (c) .. Actuary'' means an individual possessing such qualifications as specified in Regulation 3; (d) '·Authonty·' means insurance Regulatory' and Devclopmcnl Authonty established under the Insurance Regulatory and Dc\'elopmcnt Authority Act, 1999 (41 of 1999). (2) A 11 words and expressions used and not defined herein shall have the meanings respectively assigned to Lhem in the lnsuraJ1ce Act, 1938 (4 of 1938) or in tbeinsuranccReguJatocy and Development Authority Act. 1999 (41 of 1999 ), or in the Regulations made thereunder. 3. Qualifications of an Actuary.-An Actuary shall be a Fellow of the Actuarial Society of India : PrO\ 1ded that where an application 1s made by any individual lo the Authority and 111s shown to the satisfaction of r..he Authority that the employment of such individual having actuarial knowledge for any specified purpose sufficient Ill order to enable an Indian Insurance Company or a person to carry out any of its or his obligatt0ns under the Act, the Authority ma)' grant the application and permit such individual to sign as actuary for the spcctfied purpose, subJect to such conditions and restrictions as the Authority thin.ks fit to impose. PRABODH CHANDER. Designated Officer f ADVf-III/IV/ 161/1003/Exiy.] J>rinted by the Manager, Go,'l. of India Press, Ring Road, Mayapuri, N.:w Delhi-I l 0064 and Published by the Controller of Publicnt1om, Oclhi-110054.