2009-10 - Aditya Birla Nuvo, Ltd

BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Para Guidelines Compliance status
Company should forward proposal (with
Board approval) to IRDA, at least a month
before the completion of the tenure of the
incumbent.
Board should have practices for
succession planning for the key senior
functionaries
8.2 Role of Appointed Actuaries
Board should ensure that requirements of
IRDA (Appointed Actuary) Regulations,
2000, are complied with
Adhered
Ensured
Ensured
Appointed Actuary shall provide
professional advice or certification to the
Board with respect 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
Adhered for year and quarter ended
31 st March, 2010
Note:
• 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.
Appointed Actuary in discharge of his
responsibilities shall at all times be
provided access to the information as
required.
Ensured
8.3 External Audit - Appointment of Statutory
Auditors
8.3.1 Appointment
Audit Committee are required to
recommend Statutory Auditors who is
appointed at general meeting of the
shareholders
Adhered
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