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PUBLIC NOTICE
TO ALL INSURERS Your attention is drawn to the provisions of Insurance Regulatory and Development Authority Appointed Actuary Regulations, 2000 under which an appointed actuary has to be put in position by you. In the case of life insurer, the system of appointed actuary is a necessity and he has to be an employee of the insurance company. In the case of general insurers, they can retain a consulting actuary as an appointed actuary. The Authority will follow the system of ‘file and use’ in respect of new products that are offered for sale by insurer to the members of the public. In regard to the general insurers, the system of tariff which has been in existence would continue to be adopted and the procedure for ‘file and use’ will be applicable only to those products which are not covered by the tariff. Under the system, insurers are expected to file with the Authority 30 days before the launch of a new product in the market. The profile of the new product and the policy of pricing adopted by the insurer. This profile will be accompanied by a statement from the appointed actuary that the product has been drawn in the interest of the public and its pricing has been made on scientific lines. While the Authority does not intend to grant any specific approval to any product, it reserves to itself the right to respond within 30 days of the receipt of the intimation from the insurer if the Authority feels that for some or the other, the product would be unsuitable to the market. The Authority reserves to itself the right to suggest changes in the profile of the product as well as its pricing. The insurers are desired to note the above procedure and act accordingly. The Authority assures the insurers its availability for clarification or consultation at any time. In this regard, contact may be made with Mr. K. Subrahmanyam, Senior Actuary, Telephone No. 3354157(Direct), 3718030, 3718040(Board NO.), Fax No. 3357320, e-mail : irauth@vsnl.com. ( N. RANGACHARY ) Chairman |
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