After a longtime Insurance regulatory development authority of India (IRDA) got a whole time member actuary. The above mentioned post remained vaccant for a period of 3 years after the retirement of R.Kannan. The insurance sector was struggling to launch new schemes and in growing business due to the non-appointment of an actuary. Ms. Pournima Gupte on tuesday took charge as wholetime member actuary at IRDA. Prior to this she was the chief actuary at IDBI federal life insurance for 5 years. This is the first time a woman has been appointed on the board of the insurance.
What does member actuary do?
Talking about the post, member actuary is the statistician who computes premium and insurance risks. The person also looks into product approvals, feature including surrender charges, returns apart from interacting with appointed actuaries. The position is equivalent to the rank of additional secretary in government.