MF News Irdai terminates actuary's membership for NIC wrongdoings

Irdai terminates actuary's membership for NIC wrongdoings

Source: The Economic Times Jun 5, 2017

In a first, Irdai has terminated the membership of an actuary of state-owned non-life insurer National Insurance Company (NIC) for alleged wrongdoings.

The penal action came after the regulator found wrongdoings by actuary Manalur Sandilya in preparing the balance sheet of NIC for the 2015-16 fiscal.

While preparing the balance sheet, the actuary had not calculated the amount of provisioning against the claims correctly, according to Irdai charges.

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