DEAR VIEWERS,
Insurance Regulatory and Development Authority (IRDA) has sent the proposed norms to insurance companies, with the intent to tighten norms for appointment of actuaries.
Actuaries are experts who assess the financial impact enabling companies to take financial decisions. They provide their expert services for pricing the products based on a complete analysis and balance their role in business management with responsibility for safeguarding the financial interests of the public.
According to the draft of the proposed norms which has been sent to the insurers, an actuary should be an employee of the insurance company and must be below the age of 65 years.
Most insurers obtain services from actuaries who work as part time consultants. Only about 5 or 6 general insurance companies have employed full-time actuaries. Moreover, most of them who work as consultants are over 65 years of age.
The regulator said that until October 2012, qualified actuary should not be more than 70 years; and from 2013, in order to be eligible for appointment by an insurance company, an actuary will have to be below 65 years
.... EDITOR
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