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  #1  
June 4th, 2016, 02:24 PM
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Schedule II Of IRDA

Hello sir, will you please provide me detail of IRDA its schedule IInd? How to get points of schedule IInd of IRDA?
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  #2  
June 4th, 2016, 02:56 PM
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Join Date: Mar 2012
Re: Schedule II Of IRDA

The IRDA was introduced its regulations. These regulations may be called the Insurance Regulatory and Development Authority Regulations, 2002.

They shall come into force from the date of their publication in the Official Gazette.

In these regulations, unless the context otherwise requires “Act” means the Insurance Act, 1938 (4 of 1938) and “Authority” means the Insurance Regulatory and Development Authority established under the provisions of section 3 of the Insurance Regulatory and Development Authority Act, 1999

Schedule II-A

Valuation of Liabilities - Life Insurance

1. Interpretation.--In this Schedule, --

(a) “Valuation date”, in relation to an actuarial investigation, means the date to which the investigation relates.

(b) “Universal life contracts” means those contracts that are presented in an unbundled form. The contracts where policyholders have an option to invest in units of insurer’s segregated fund(s) shall be treated as “linked business”; and others shall be treated as “non-linked business”.

(c) “Segregated funds” means funds earmarked in respect of linked business.


2. Method of Determination of Mathematical Reserves.—(1) Mathematical Reserves shall be determined separately for each contract by a prospective method of valuation in accordance with sub-paras (2) to (4)..

(2) The valuation method shall take into account all prospective contingencies under which any premiums (by the policyholder) or benefits (to the policyholder/beneficiary) may be payable under the policy, as determined by the policy conditions. The level of benefits shall take into account the reasonable expectations of policyholders (with regard to bonuses, including terminal bonuses, if any) and any established practices of an insurer for payment of benefits.

(3) The valuation method shall take into account the cost of any options that may be available to the policyholder under the terms of the contract.

(4) The determination of the amount of liability under each policy shall be based on prudent assumptions of all relevant parameters. The value of each such parameter shall be based on the insurer’s expected experience and shall include an appropriate margin for adverse deviations (hereinafter referred to as MAD) that may result in an increase in the amount of mathematical reserves.

(5) (i) The amount of mathematical reserve in respect of a policy, determined in accordance with sub-para (4), may be negative (called “negative reserves”) or less than the guaranteed surrender value available (called “guaranteed surrender value deficiency reserves”) at the valuation date.

(ii) The appointed actuary shall, for the purpose of section 35 of the Act, use the amount of such mathematical reserves without any modification;

(iii) The appointed actuary shall, for the purpose of sections 13, 49, 64V and 64VA of the Act, set the amount of such mathematical reserve to zero, in case of such negative reserve, or to the guaranteed surrender value, in case of such guaranteed surrender value deficiency reserves, as the case may be.

IRDA Schedule II:








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