Clarification on the IRDAI (Assets, Liabilities and Solvency Margin of Life

Last updated: 05 January 2021

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This notification provides clarification on the IRDAI (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016 and the corresponding regulations for General Insurance Business. It specifies that the Appointed Actuary will be informed in advance by an Authority officer of Deputy General Manager rank or above regarding the reasons for a personal visit to the IRDAI. These clarifications are effective immediately.

Insurance Regulatory and Development Authority of India

Ref. No: IRDA/ACT/CIR/MISC/001/01/2020

Date:01-01-2021

Re: Clarification on the IRDAI (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016 and IRDAI (Assets, Liabilities and Solvency Margin of General Insurance Business) Regulations, 2016.

CEOs/Principal Officers of

Life Insurers and General Insurers including Standalone Health Insurers.

1. In exercise of the power vested under Regulation 11 of the IRDAI (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016 and Regulation 11 of the IRDAI (Assets, Liabilities and Solvency Margin of General Insurance Business) Regulations, 2016, the following clarifications are issued:

(a) For the purpose of Regulation 9 of the IRDAI (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016 and Regulation 9 of the IRDAI (Assets, Liabilities and Solvency Margin of General Insurance Business) Regulations, 2016, it is clarified that the Appointed Actuary will be intimated well in advance through a communication to be sent by an officer of the Authority not below the rank of Deputy General Manager about the reasons for seeking his/her personal visit to the Authority.

2. This circular comes into force with immediate effect.

3. This is issued with the approval of the Competent Authority.

S P Chakraborty
General Manager (Actuarial)

FAQ :

The clarification pertains to the IRDAI (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016 and the IRDAI (Assets, Liabilities and Solvency Margin of General Insurance Business) Regulations, 2016.

This notification is addressed to the CEOs/Principal Officers of Life Insurers and General Insurers, including Standalone Health Insurers.

It is clarified that the Appointed Actuary will be given advance notice about the reasons for a personal visit to the Authority by a communication from an officer of the Authority not below the rank of Deputy General Manager.

These clarifications come into force with immediate effect.

The clarifications are issued in exercise of the power vested under Regulation 11 of both the Life and General Insurance Business Solvency Margin Regulations, 2016.

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Notification No : IRDA/ACT/CIR/MISC/001/01/2020
Published in Miscellaneous
Source : https://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4322&flag=1

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