Adopt economic capital model, Irda asks insurers

The Insurance Regulatory & Development Authority (Irda) has asked domestic life insurers to initiate the process of calculating economic capital and submit the same along with the appointed actuaries annual report for the year ending March 2010. In this context, the basic reference material is the Report of the Committee to draw the road map for moving towards Economic Capital and market consistent embedded value for life insurance industry in India (June 8, 2009) constituted by the Institute of Actuaries of India for this purpose. Whenever the appointed actuaries deviate from the suggested practice they have to explain the rationale ...

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