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Canara HSBC OBC Life Insurance launches its new plan 'iSelect Term Plan'
28-Feb-2017 (09:31)
LIC's total premium income grows 12% in nine months of FY17
27-Feb-2017 (19:19)
SBI Life Insurance to actively consider launching IPO in next fiscal 2017-18
27-Feb-2017 (18:30)
HDFC Life Insurance ties-up with ET Money to launch data-led policy
27-Feb-2017 (17:57)
Oriental, National and United India Insurance likely to be merged to fetch better valuations
27-Feb-2017 (09:32)
IndiaFirst Life Insurance eyes to collect Rs 2000 crore premium by March end
25-Feb-2017 (09:34)
Airtel Payments Bank to sell Insurance, MF products
23-Feb-2017 (17:33)
Insurance regulator IRDAI to form actuary panels for life, general insurers
21-Feb-2017 (09:35)

The Insurance Regulatory and Development Authority of India (Irdai) has invited bids from actuaries and firms employing such analysts to form a 'Panel of Actuaries'.

Separate panels will be formed for life and general insurance (including health insurance).

The tenure of each panel will be for a period of three years from 1 April 2017 to 31 March 2020, said the bid document.

The panel would be required to give an opinion on products filed by an insurer. Further, the regulator may ask any actuary panel to investigate financial position of any insurer or to give an opinion on valuation.

"If the insurers are not able to appoint Appointed Actuary...they can use services of any actuary from the panel of actuaries for estimation of reserves, solvency margins and preparation of reports... as well as vetting of products to be filed by the insurer," Irdai said.

Appointed Actuaries (AAs) are entrusted with the responsibility of maintaining solvency position of the company. There are other jobs such as new product approval, which need inputs and certification from Appointed Actuaries.

The panel will be engaged in estimation of reserves and solvency margin at the end of financial year as well as preparation of reports which are normally required under the current regulations and guidelines in respect of one or more insurance companies.
HDFC Life-Max Life merger is a structural change: says Keki Mistry
20-Feb-2017 (16:29)
Banks look for insurance as cyber threats increase
20-Feb-2017 (10:24)
Insurance penetration in India likely to cross 4% this year: ASSOCHAM
16-Feb-2017 (09:36)
HDFC life Insurance unveils its new product 'Pragati'
15-Feb-2017 (16:43)
Life Insurance Corporation stake In Infosys raises to 7.02%
13-Feb-2017 (09:37)
Life insurance companies new business premium up 28% in January
13-Feb-2017 (09:30)
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