Functions and Responsibilities of Actuarial Department
The following are main functions and responsibilies of Actuarial Department:
- Formulation and amendment of regulations/legislations pertaining to Actuarial matters.
- To coordinate with Institute of Actuaries of India in bringing out Guidance Notes to be issued in concurrence with the Authority to enable suitable and necessary practices to evolve.
- Examining with reference to various actuarial related aspects such as Capital Adequacy & Validity of Assumptions for facilitating Registration of all Insurance Companies.
- Approval of Appointment of Appointed Actuary and related information.
- Product Filing & Approval Process involving design acceptability, assumptions and pricing validation, financial viability, reinsurance arrangement.
- Allotment of UIN for all life insurance product and uploading the product list in the web portal.
- Examining of the following reports submitted by the insurance companies:
- Analysis of Actuarial Report and Abstract of life insurance companies.
- Analysis of Appointed Actuary Annual Report of life insurance companies.
- Analysis of Economic Capital Reports of all insurance companies
- Analysis of Asset Liability Management (ALM) policy of all insurance companies.
- Analyse the IBNR report all non-life and standalone health insurance companies.
- Solvency Margin of all Insurers on Quarterly/Annual basis.