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CS Professional · Banking and Insurance - Laws and Practice · Professional Opportunities

Ananta Insurance Ltd has a Company Secretary who is also designated compliance officer. The Board of Ananta is considering whether the Company Secretary may also be made responsible for certifying the insurer's solvency computation by actuarial methods. Which view is correct?

The correct view is that actuarial valuation and certification belong to the appointed actuary, while the Company Secretary ensures timely regulatory filings and disclosures. The Company Secretary neither replaces the actuary nor is barred from IRDAI filings, since compliance coordination is a core duty.

  1. AYes, because a Company Secretary is a key managerial personnel and can certify any numerical computation
  2. BYes, because the Company Secretary replaces the appointed actuary in an insurer
  3. CNo, the actuarial valuation and certification of liabilities is the function of the appointed actuary, while the Company Secretary ensures that the required filings and disclosures are made on timeCorrect
  4. DNo, because a Company Secretary cannot be involved in any IRDAI filings

Explanation

Actuarial valuation and related certification are specialist functions of the appointed actuary. The Company Secretary coordinates and ensures timely regulatory filings and disclosures, so the role is compliance and governance, not actuarial. The option saying the CS cannot be involved in IRDAI filings is wrong because compliance filings are a core CS task.

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