X is an individual, non-Indian, non-citizen and non-resident of India and controls a group of organizations engaged in the financial sector located outside India. He intends to set up a life insurance company in India an
CS Professional · Insurance - Law and Practice · PYQS · June 2018
X is an individual, non-Indian, non-citizen and non-resident of India and controls a group of organizations engaged in the financial sector located outside India. He intends to set up a life insurance company in India and after due diligence has decided to align himself with an Indian Company. The negotiated terms and conditions of the joint venture agreement are as under: The Indian insurance company, when setup, proposed to appoint a British Citizen as the actuary.
Answer & Explanation:
(ix) As per the Appointed Actuary Regulations, 2000 the person to be appointed as an Appointed Actuary of Life Insurance Company in India shall be : Ordinarily resident in India, A fellow member of an affiliate member in accordance with the Actuaries Act, 2006. An employee of life insurer in case of life insurance business etc. Now if the Britisher who is proposed to be appointed as the Appointed Actuary of the proposed life insurance business company in India fulfills the requirements as stipulated under the Act, the authority will permit such appointment otherwise not.
Topics: Insurance Law and Regulation
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