IRDA to tighten criteria for appointment of actuaries.

Friday 09, September, 2011 In a bid to enhance scrutiny of financial impact of risk and uncertainty in insurance business, the Insurance Regulatory and Development Authority, or Irda, is working on tightening the criterion for appointment of actuaries or experts who assess and price risks. In a draft of the proposed norms sent to insurance companies, a copy of which is available with ET, the regulator has said that an actuary should be an employee of the company and below 65 years of age. Currently, actuaries, particularly in general insurance firms, work as consultants and are above 65 years. Around 5-6 general insurance companies have fulltime actuaries who are employees, while the remaining 17 companies work with parttime consultants. The draft norms come at a time when the regulator has failed to fill up the post of Member Actuary, a key person to take a call on product approvals at Irda.

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