India - Termination of actuary membership for wrongdoings
Wednesday, 06 07 2017, Category: Insurance and Reinsurance, Country: India
In a first, Irdai has terminated the membership of an actuary of state-owned non-life insurer National Insurance Company (NIC) for alleged wrongdoings.
The penal action came after the regulator found wrongdoings by actuary Manalur Sandilya in preparing the balance sheet of NIC for the 2015-16 fiscal.
While preparing the balance sheet, the actuary had not calculated the amount of provisioning against the claims correctly, according to Irdai charges.
Source: The Economic Times