The IRDAI has amended the IRDAI (Appointed Actuary) Regulations, 2017 wherein new proviso has been inserted in Regulation 6 which clarifies that for business continuance, the insurer may need exemption from Regulation 5 for a further period beyond on year. Upon request of the insurer and based on merits of the case, the chairperson may grant extension for a further period not exceeding 2 years.
from taxmann.com News http://bit.ly/2QdE9oB
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