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1. IRDA (Appointed Actuary) Regulations, 2000
2. IRDA (Asset, Liabilities and solvency margins of insurer)
Regulations, 2000

IRDA have called for actuaries to play greater role in

general insurance companies and have said financial
viability of all products must be certified by the appointed
actuary.
From October 1, 2009, the IRDA has mandated that
appointed actuaries should be called for all board meetings
and must help the insurer to ensure the availability of
required solvency of the company at all points of time. The
actuary should also inform the board wherever deficiency is
noticed in solvency margins and if actions are not taken the
regulators must be informed.
 v
   


If math and applied statistics interest you, a career

as an actuary is worth considering. To become an
actuary, you need a minimum of bachelor's degree.
Some universities offer a degree in actuarial
science, but other good majors include:
· Îath
· Statistics
· Economics
· Finance
Regardless of your major, you should study math
through the calculus level and take both
probability and statistics. You will also need to be
comfortable using computers, especially math and
spreadsheet programs.

    
Life insurance is a numbers game, and the actuarial role in life
insurance is to crunch the numbers. There are many variables that
factor into your life expectancy. So, the first job of the life
insurance company is to collect information such as
· Age
· Weight
· Habits (smoking, drinking, etc.)
· Current health status
· Ethnic group
· Parental information
With all of this information, the actuary can then begin the process
of grouping people by life expectancy. This is done by feeding all
the data into statistical models that help the actuary determine
who to offer life insurance policies to and what life insurance
rates to charge.
m   

There are a variety of specific duties which an actuary must carry out on a
daily basis. The first duty which an actuary must undertake in their job
role is to review a variety of documents. These documents relate to
statistical information, insurance plans, annuity plans, pension plans,
contracts and company policies. The overall goal in reviewing these
various document is to construct guidelines for which the companies can
follow with their customers and employees.
Once the actuary has reviewed all of the pertinent documents, the
individual must then construct concise tables evidencing the results of the
intense document review. The tables will diagram the statistical evidence
as well as highlight the recommended route to pursue with regard to
disbursements, premiums and retirement funds.
An additional specific duty of an actuary is to determine company policy
and explain such policy and its aspects to those who will benefit from it.
The actuary may also work on the policy so that it adequately works to
benefit those affected by the policy.
An actuary may also do consulting work and help various
companies with their statistical needs and company policy
construction. One who is an actuary may work for a specific
corporation or many different companies and corporations.

Actuaries may also be asked to testify as expert witnesses in

various forms of litigation. Their testimony most often relates to
the lifetime earnings an individual would have seen based on a
variety of factors.

One who fulfills the role of an actuary may also have to testify
before public agencies with regard to new or revised legislation
affecting the companies and corporations which it works for. This
frequently occurs when a new law is about to be passed or the
company wishes a particular piece of legislation to become law.

The actuary is also the go to individual for any questions relating

to their job responsibilities asked by the customers of the
company.
Y 

An actuary is an individual who has many duties and

responsibilities concomitant to their position. Currently, most
actuaries in Indian general insurance companies are involved in
activities prescribed by
regulations relating to the development and pricing of new
products, and the provisions for claims on the balance sheet and
the investments of assets. If one in this job role has excellent
analytical, comprehension, mathematical and public speaking
skills, they will most likely be individuals who excel at their job
and produce the highest quality work product possible. Looking
towards the future, actuaries will be able to assist in other areas of
the company like setting reinsurance strategies, determining risk
based economic capital required and assist in the management of
the company·s capital base.
? m

?nderwriting refers to the process that an insurer, uses to assess

the eligibility of a customer to receive their products.
Insurance underwriters evaluate the risk and exposures of
potential clients. They decide how much coverage the client
should receive, how much they should pay for it, or whether even
to accept the risk and insure them.
Insurance underwriters analyze insurance applications,
determining whether they should be accepted or rejected. They
may be employed either by insurance carriers (insurance
companies), or by independent insurance brokerage firms. While
they normally fill a back-office role in support of insurance sales
agents, they sometimes accompany the latter on sales calls to
clients or prospective clients.
 
A Bachelor·s Degree is expected. Coursework in business, finance
or accounting can be helpful, but not required. A high degree of
computer literacy is increasingly important, since the data analysis
involved in the job is commonly computerized. ?sing
sophisticated computer software, underwriters analyze
information in insurance applications to determine whether a risk
is acceptable and will not result in a loss.. An ÎBA can be a useful
credential, depending on the firm.
Y
Entry-level jobs in this field usually require no special training or
certification. However, obtaining some formal certification often is
important to advance in the field. The IIBF, IIRÎ, IRDA. The most
respected credential that they offer is Chartered Property and
Casualty ?nderwriter (CPC?). It requires passing 8 out of 11
courses and having at least 3 years of relevant insurance industry
experience. The CPC? is awarded either in commercial or in
personal insurance.
  

Depending on the type of insurance being requested, insurance

underwriters conduct independent investigations of applicants,
such as credit or background checks. Also, if property insurance is
sought, insurance underwriters may need to enlist help from
professional appraisers. Actuaries assess risk at a macro level,
determining the proper premiums and policy terms for broad
categories of individuals and properties. Insurance underwriters
work at a micro level, analyzing specific applications for
insurance, and setting the specific policy terms and conditions for
each that they accept, within guidelines set by the insurance
carriers. Among these terms and conditions is the premium to be
paid by the insured.
  

Once the underwriting agreement is struck, the underwriter bears
the risk of being able to sell the underlying securities, and the cost
of holding them on its books until such time in the future that they
may be favourably sold.
If the instrument is desirable, the underwriter and the securities
issuer may choose to enter into an exclusivity agreement. In
exchange for a higher price paid upfront to the issuer, or other
favourable terms, the issuer may agree to make the underwriter
the exclusive agent for the initial sale of the securities instrument.
That is, even though third-party buyers might approach the issuer
directly to buy, the issuer agrees to sell exclusively through the
underwriter.
In summary, the securities issuer gets cash up front, access to the
contacts and sales channels of the underwriter, and is insulated
from the market risk of being unable to sell the securities at a good
price. The underwriter gets a nice profit from the mark-up, plus
possibly an exclusive sales agreement.
Also, if the securities are priced significantly below market price
(as is often the custom), the underwriter also curries favour with
powerful end customers by granting them an immediate profit,
perhaps in a . This practice, which is typically justified as the
reward for the underwriter for taking on the market risk, is
occasionally criticized as unethical.
 m 

?nderwriters mainly have sedentary desk jobs that do not require

strenuous physical activity. Îost underwriters are based in a
company headquarters or regional branch office, but they
occasionally attend meetings away from home. Construction and
marine underwriters frequently travel to inspect worksites and
assess risks. Although some overtime may be required,
underwriters typically work a standard 40-hour week. Those in
managerial positions often work more than 40 hours per week.
However, some insurance underwriting jobs do require varying
degrees of travel, such as those related to the insuring of
workplaces, construction sites, ships, etc. In these cases, the
insurance underwriters usually inspect the venue to assess the
risk.
] ! 

Although employment is expected to decline slowly, job prospects

will remain good because of high turnover.
Employment of underwriters is expected to decline 4 percent
during the 2008-18 decade. Demand for underwriters will
continue to be offset by automation and technological
advancement³factors that have resulted, in large part, to stagnant
employment levels over the past two decades. For example,
upgrades to underwriting software have helped increase
underwriter productivity. even as automated underwriting
continues to be adopted and upgrades to underwriting software
makes workers more productive, the need for humans to verify
information will continue.
Some demand for underwriters may arise as insurance carriers try
to restore profitability as the carriers' returns on their investments
have declined,. products.
]    
]ob opportunities should be best for those with experience in
related insurance jobs, a background in finance, and strong
computer and communication skills. The need to replace workers
who retire or transfer to another occupation will create many job
openings. In fact, high turnover will account for most job
openings. High turnover among underwriters results, in part,
from the limited upward mobility of workers in the occupation³a
scenario that is likely to continue through the projections decade
(2008-18).
New and emerging fields of insurance may also be a source of job
opportunities for underwriters. Insurance carriers are always
assessing new risks and offering new types of policies to meet
changing circumstances. ?nderwriters are needed particularly in
product development, where they assess risks and set the
premiums for new lines of insurance. Growing demand for long-
term care insurance³a relatively new product offered by
insurance carriers³may also provide some job opportunities for
underwriters.
 " 
Insurance underwriting will appeal to analytic people. It also can
lead to opportunities in general management within the insurance
industry.

 "  

In some specialties, such as the writing of various lines of personal
insurance, where you are processing data in a fixed office location,
the job can become somewhat mechanical and repetitive.
Thank You so much!!!