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Actuaries are experts who perform actuarial analysis of insurance rates, rating procedures, rating plans, and schedules of insurance companies. These are professionals who are experienced in reviewing and analysing insurance operations, reserves and underwriting procedures and provide technical assistance regarding actuarial matters to policy examiners and other technical staff.
IRDA (The Insurance Regulatory and Development Authority of India) has stated
“ We have reached a situation where the role of appointed actuaries has to be enhanced significantly so that general insurers are in a position to cope with public demand for non-life products and at the same time ensure the availability of solvency on a continuous basis.”
In India, the profession of actuary is managed and regulated by the Actuarial Society of India in located in Mumbai which conducts these professional examinations and currently, more than 1200 members are pursuing this education.