F. No. IRDA/Reg/5/156/2019.—In exercise of the powers conferred by clause (zd) of subsection (2) of Section 114 A of Insurance Act, 1938 (4 of 1938) and Sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999, the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following amendment to the IRDAI (Appointed Actuary) Regulations, 2017, namely: –
1. Short title and commencement
a. These Regulations may be called the Insurance Regulatory and Development Authority of India (Appointed Actuary) (Amendment) Regulations, 2019.
b. They shall come into force on the date of their publication in the Official Gazette.
2. In the IRDAI (Appointed Actuary) Regulations, 2017-
a. In Regulation 6-
i) the following shall be inserted after sub-regulation 6(b), namely: –
“(c): 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.
Insurance and Regulatory Development Authority of India
[Notification dt. 15-05-2019]