State the Regulations on Appointed Actuaries as contained in Insurance Regulatory and Development Authority (IDRA) Regulations, 2000.

IRDAI has brought out detailed Regulations on Appointed Actuary vide IRDA (Appointed Actuary) Regulations, 2000, detailing the procedure for his appointment, qualifications, powers along with his duties and obligations. The Regulations also stipulate that prior approval of the Authority shall be taken for the appointment of the Appointed Actuary. The Board should ensure that the requirements are scrupulously complied with. An insurer registered to carry on insurance business in India shall, subject to meeting the eligibility criteria by the appointee, appoint an actuary, who shall be known as the 'Appointed Actuary' for the purposes of the Act. A life insurer cannot carry on business of insurance without an appointed actuary. It is provided that: A procedure for appointment of Appointed Actuary should be put in place. The Appointed Actuary should qualify and satisfy the 'Fit & Proper' criteria and other eligibility conditions as mentioned in IRDA (Appointed Actuary) Regulations, 2000, as amended from time to time. The insurance companies shall clearly set forth the Appointed Actuary's responsibilities and any advisory role vis-à-vis the Board or the management as well as his/her rights and obligations. These shall be in addition to the duties of the Appointed Actuaries as specified in the IRDA Regulations and any other directions of IRDA in the matter. As soon as the Appointed Actuary realizes that the entity does not comply or is likely to fail in complying with the requirements of solvency and other parameters of sound operations, he/she shall inform the Board of the insurer. If no viable/acceptable action is taken by the Board, then he/she has to inform the same to IRDAI. The Board shall interact directly with the Appointed Actuary wherever it considers it expedient to secure his advice, it may do so in such manner as it may deem fit. The Appointed Actuary shall provide professional advice or certification to the board with regard to:- Estimation of technical provisions in accordance with the valuation framework set up by the insurer Identification and estimation of material risks and appropriate management of the risks Financial condition testing Solvency margin requirements Appropriateness of premiums (and surrender value) Allocation of bonuses to with-profit insurance contracts Management of participating funds (including analysis of material effects caused by strategies and policies) Product design, risk mitigation (including reinsurance) and other related risk management roles.