Exposure Draft on IRDAI(Relaxations under Appointed Actuary Regulations 2017 and appointment of Mentors) Guidelines, 2017
The Authority had issued “Guidelines on Appointment of Appointed Actuaries and their Mentors” on 22nd March 2016 to address the supply side gap by supporting young Actuaries with the Mentors. Based on experience and the issues emerged over a period of time, the Authority has proposed to revise the above-mentioned guidelines.
The key changes proposed in the draft guide lines are as follows:
Ø Definition of “Mentor” is incorporated
Ø Relaxation for the requirement of subject specialisation for Appointed Actuary
Ø Relaxation for the requirement of minimum relevant post qualification experience of 5 years for Appointed Actuary
Ø Insurer may continue without AA for a maximum period of 1 year.
Ø Removal of condition for mentor to hold COP only in relevant line of business
Ø Post qualification experience of mentor is reduced from 20 years to 15 years
Ø Vetting of New Products in Absence of AA by mentor for a period of maximum one month
Ø Mentor should not be an employee/AA of any insurer in India
Ø Mentor should not have committed any breach of Professional conduct
Ø No disciplinary action should be pending against the Mentor at the time of application by the Institute of Actuaries of India or any other professional body
Ø Provision for Authority to issue appropriate clarifications or modify the guidelines from time to time
You are requested to offer your comments/ suggestions on the proposed guidelines for consideration of the same by the Authority. The comments/ suggestions in MS-WORD format(Annexure-1) should be sent by e-mail to email@example.com with a copy to firstname.lastname@example.org latest by 28th February, 2017.