IRDAI (Appointed Actuary) (Amendment) Regulations, 2019

May 23, 2019 | by Avantis RegTech Legal Research Team


The Insurance Regulatory and Development Authority of India (IRDAI) on May 15, 2019, in consultation with the Insurance Advisory Committee, has published the IRDAI (Appointed Actuary) (Amendment) Regulations, 2019 to further amend the IRDAI (Appointed Actuary) Regulations, 2017. It will come into force on the date of its publication in the Official Gazette that is May 20, 2019.

The amendments are made in the IRDAI (Appointed Actuary) Regulations, 2017, where in Regulation 6, a new Sub-Regulation 6(c) has been inserted, namely, 

“For business continuance, the insurer may need exemption from Regulation 5 for a further period beyond one year. Upon request of the insurer and based on merits of the case, the Chairperson may grant extension for a further period not exceeding two years.”

[Notification F. No. IRDA/Reg/5/156/2019]

Click here to download the Notification.

 


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