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Functions and Responsibilities of Actuarial Deparment
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.
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Resources
FAQs
What are the information to be submitted to IRDAI from any Life Insurance Company for the annual statutory actuarial valuation.
Please refer Circular No. IRDAI/ACT/ CIR/GEN/070/03/2017 dated 31.03.2017.The circular can be accessed at https://www.irdai.gov.in/.
Please provide the information of solvency ratios of all Life Insurance Companies operating in India.
The information of solvency ratios of each life insurer can be accessed at www.irda.gov.in>> Public Disclosures >> life insurers >> Public Disclosures in Life Insurers’ website under form no. FORM L-32-SOLVENCY MARGIN - KT 3.
What are the charges an Insurance company can charge on a Unit Linked Life Insurance Policy, Any rules / guidance available?
Please refer Chapter IX-Charges & Reduction in Yield for all Unit Linked insurance products of Insurance Regulatory and Development Authority (Unit Linked Insurance Products) Regulations, 2019.The regulations can be accessed at https://www.irdai.gov.in/.
Is there any Lock in period applicable for Unit Linked Life Insurance Policy?
Please refer regulation 3.m of 11 of Insurance Regulatory and Development Authority (Unit Linked Insurance Products) Regulations, 2019.The regulations can be accessed at https://www.irdai.gov.in/.
Whether Life Insurance companies are required to take prior approval of life insurance products from IRDAI before launching of products.
The life insurance products are cleared by IRDA of India through extant F&U application procedure. Life Product filing & approval process is laid down under circular Ref: IRDAI/ACT/CIR/MISC/124/07/2019 and circular Ref: IRDAI/ACT/CIR/MISC/125/07/2019 dated 26.07.2019 The circulars can be accessed at https://www.irdai.gov.in/.