Clarification on Solvency Margin Regulations for Insurers

[Image omitted. See the official document.]

CIRCULAR

Ref: IRDA/ACT/CIR/MISC/001/01/2020

Date: 01.01.2021

To CEOs/Principal Officers of Life Insurers and General Insurers including Standalone Health Insurers.

Re: Clarification on the IRDAI (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016 and IRDAI (Assets, Liabilities and Solvency Margin of General Insurance Business) Regulations, 2016.

1. In exercise of the power vested under Regulation 11 of the IRDAI (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016 and Regulation 11 of the IRDAI (Assets, Liabilities and Solvency Margin of General Insurance Business) Regulations, 2016, the following clarifications are issued:

• (a) For the purpose of Regulation 9 of the IRDAI (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016 and Regulation 9 of the IRDAI (Assets, Liabilities and Solvency Margin of General Insurance Business) Regulations, 2016, it is clarified that the Appointed Actuary will be intimated well in advance through a communication to be sent by an officer of the Authority not below the rank of Deputy General Manager about the reasons for seeking his/her personal visit to the Authority.

2. This circular comes into force with immediate effect.

3. This is issued with the approval of the Competent Authority.

-Signed- S P Chakraborty General Manager (Actuarial)

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