The Required Traits to be an Actuary :
I. One must have a natural problem solving ability
II. Be able to see situation from different vantage points,
III. Develop lateral thinking.
IV. Practical Outlook
V. Probing curiosity & business sense with highly developed inter personal Communication skills
VI. An Aptitude for Mathematics
VII. Deep knowledge of Statistics & Commerce
Insurance Regulatory and Development Authority (Appointed Actuary) Regulations, 2000 prescribe that an insurer registered to carry on insurance business in India shall, appoint an actuary, who shall be known as the ‘Appointed Actuary’ for the purposes of the Act.
A person shall be eligible to be appointed as an appointed actuary for an insurer, if he or she shall be——
(a) Ordinarily resident in India;
(b) A Fellow Member of the Actuarial Society of India;
(c) An employee of the life insurer, in case of life insurance business;
(d) An employee of the insurer or a consulting actuary, in case of general insurance business;
(e) A person who has not committed any breach of professional conduct;
(f) A person against whom no disciplinary action by the Actuarial Society of India or any other actuarial professional body is pending;
(g) Not an appointed actuary of another insurer;
(h) A person who possesses a Certificate of Practice issued by the Actuarial Society of India; and
(i) Not over the age of seventy years.
An insurer shall seek the approval of the Authority for the appointment of appointed actuary, submitting the application in Form IRDA-AA-1 and the Authority shall, within thirty days from the date of receipt of application, either accept or reject the application for appointment of Actuary. It is provided that before the rejecting the application, the Authority shall give an opportunity of being heard to the insurer and if an insurer does not receive approval within thirty days of the receipt of such application by the Authority, the insurer shall deem that the approval has been granted by the Authority.
An insurer, who is unable to appoint an appointed actuary, shall make an application to the Authority in writing for relaxation of one or more conditions mentioned and the Authority shall, on receipt of the application communicate its decision to the insurer within thirty days of receipt of such application.
It is also provided that a life insurer shall not carry on business of insurance without an appointed actuary.
An appointed actuary shall cease to be so, if he or she has been given notice of withdrawal of approval by the Authority on the following grounds:-
(a) that he or she ceases to be eligible in accordance of the regulations or he or she has, in the opinion of the Authority, failed to perform adequately and properly the duties and obligations of an appointed actuary under these regulations. The Authority shall give an appointed actuary a reasonable opportunity of being heard, if he or she has been given a notice of withdrawal of approval by it. If a person ceases to be an appointed actuary of an insurer otherwise than on the grounds mentioned in sub-regulation (1), the insurer and the appointed actuary shall intimate the Authority the reasons therefor within fifteen days of such a cessation.