Insurance Regulatory and Development Authority of India (Irdai) has said insurers should appoint mentor, to increase the supply of appointed actuaries.
Irdai is approving the appointment of actuaries who are fellow members of the IAI (but do not qualify with the relevant experience and / or other requirements), subject to appointment of experienced actuary as mentor.
The regulator said that the Mentor should guide these Appointed Actuaries on day-to-day basis.
"Currently it appears that the mentoring may not be happening as envisage," said IRDAI. According to the new norms, the Mentor should be a Fellow of Institute of Actuaries of India (IAI). However, fellow from any other Institutes wherein the IAI have mutual recognition agreement will also be considered provided the Actuary declares his/ her intention to obtain Fellowship of IAI within next one year.
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