Category Archives: India

Are You an International Actuary?

Actuarial Skills Travel Well but immigration regulations are being updated frequently.

If you are considering moving abroad it is important to ensure that you are aware of the various procedures that need to be followed when applying for international visas and work permits.

To help you we have created a list of  links to the relevant pages of international immigration websites.

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An International Profession

The Actuarial Profession is an international profession and the Faculty and Institute of Actuaries has agreements for the mutual recognition of qualifications with the following organisations:

* Actuarial Society of India

* Actuarial Society of South Africa

* Canadian Institute of Actuaries

* Casualty Actuarial Society

* Groupe Consultatif (Europe)

* Institute of Actuaries of Australia

* Institute of Actuaries of Japan

* Society of Actuaries

Additionally, the CERA (Charted Enterprise Risk Actuary) qualification is a truly international qualification which can be awarded by the individual institutes.

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Indian Actuarial Exam Results

Results for the October 2009 examinations have been published on the official website of the Actuarial Society of India.

Congratulations to everyone who passed.

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Indian Actuaries to be Given a Greater Role in Risk Firms

In a recent circular IRDA (The Insurance Regulatory and Development Authority of India) has stated

“We have reached a situation where the role of appointed actuaries has to be enhanced significantly so that general insurers are in a position to cope with public demand for non-life products and at the same time ensure the availability of solvency on a continuous basis.”

They have called for actuaries to play a greater role in general insurance companies and have mandated that appointed actuaries should be called for all board meetings. The actuary will have to help the insurer to ensure the availability of required solvency, must inform the board wherever deficiency is noticed in solvency margins and are responsible for informing the regulators if relevant action is not taken. The appointed actuary will also be responsible for preparing the financial condition report – guidelines will be issued by IRDA in the near future.

These new regulations will be effective from 1st October 2009 and necessary arrangements must be in place by 15th September.

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