The IRDAI has spelt out requirements regarding actuaries to be hired by insurance companies.
In a circular dated 10 January 2023, the regulator says that life Insurers shall have at least two actuaries, in addition to Appointed Actuary, for pricing and valuation purposes, on or before 31 December 2023.
General, standalone health insurers and reinsurers shall have at least one actuary, in addition to Appointed Actuary, for pricing and valuation purposes on or before 31 December 2024.
New insurers/reinsurers are exempted from these requirements for a period of two years from the date of issuance of the certificate of registration.
The circular entered into force with immediate effect on 10 January 2023.
