ANNEXURE - 11 Life Insurance Corporation of India (Special Allowance for In-House Development of Actuarial Capability) Rules, 2002. 163 ANNEXURE - 11 LIFE INSURANCE CORPORATION OF INDIA (SPECIAL ALLOWANCE FOR IN-HOUSE DEVELOPMENT OF ACTUARIAL CAPABILITY) RULES, 2002. G.S.R. 55(E) — In exercise of the powers conferred by section 48 of the Life Insurance Corporation Act, 1956 (31 of 1956), the Central Government hereby makes the following rules, namely:
1. Short title, commencement and application:
(1) These rules may be called the Life Insurance Corporation of India (Special Allowance for In-House Development of Actuarial Capability) Rules, 2002.
(2) They shall come into force on the date of their publication in the Official Gazette.
(3) They shall apply to all confirmed employees of the Corporation.
2. Special Allowance: Subject to the conditions specified in rule 3, a confirmed employee of the Corporation who has successfully completed the period of probation and passed the examinations of the Institute of Actuaries, London, orthe Institute of Actuaries of India shall be paid a Special Allowance depending upon the number of papers passed in such examination set out in column (2) of the Table below at the rate specified in the corresponding entry in column (3) of the said Table: *TABLE 1 SI. Numbers | Numberofpaperscleared | Special Allowance per month
(1) (2) (3)
(1) 1st three papers Rs. 700/- per subject
(2) Next three papers Rs. 1000/- per subject
(3) Next three papers Rs. 1500/- per subject
(4) Next three papers Rs. 2000/- per subject
(5) Next paper Rs. 3,000/- * Notified in Gazette of India, dated 15.04.2021 (G.S.R. NO 272 (E)) 164 **TABLE-2 (If postedin the core-group, the special allowance and Additional Fixed Allowance, shall be payable as per table below) sl Special Allowance Additional Fixed Allowance for Central Office N . Number of (Rate per month in Rs.) Core Group (Rate per month in Rs.) oO. Papers For officials in | For officials in | For Head of For officials | Forofficialsinthe Passed /exemp| Central Office | Zonal Office | the Actuarial | nominated as| cadre of Divisional ted (as Core Group Core Group | Department in | Designated | Manager and above per Central Office Actuary new curriculaum of 2019) 1 2 3 4 5 6 7
(1) | Six papers 19,300 9,600 1,930 - 965
(2) | Seven papers 22,700 10,700 2,270 - 1135
(3) | Eight papers 26,600 12,800 2,660 - 1,330
(4) | Nine papers 33,300 16,000 3,330 - 1,665
(5)|Ten papers 40,000 19,200 4,000 - 2,000
(6) | Eleven papers 46,600 22,400 4,660 - 2,330
(7) | Twelve papers 60,000 26,600 6,000 - 3,000
(8) | All Subjects 1,00,000 32,000 10,000 66,600 5,000 passed/cleared
Explanation: « “ Designated Actuary” means, a full time officer of the Corporation, who is a Fellow Member of the Institute of Actuaries of India or Institute of Actuaries, London and who is nominated as a Designated Actuary by the Chairmanoran officer or committee authorized by the Chairman for selection of the Designated Actuaries. ¢« — Anemployee shall be entitled only for one Additional Fixed Allowance specified under column
(5) or (6) or (7) of Table 2, whichever is higher.”. Conditions: The payment of the special Allowance under rule 2 shall be subject to the following conditions, namely:
(a) anemployeewhofailsto keep alive his membership ofthe Institute of Actuaries, Londonorthe Institute of Actuaries of India**, as the case may be, shall not be paid the special allowance on and from the last date on which the renewal of membership is to be effected under the rules of the Institute of Actuaries, Londonorthe Actuarial Society of India, asthe case may be; an employee who has given a notice of resignation or voluntary retirement under the Life Insurance Corporation of India (Staff) Rules, 1960 or the Life Insurance Corporation of India (Employees) Pension Rules, 1995, shall not be paid the Special Allowance on andfrom the date of such notice:
Provided that nothing contained in this sub-rule shall apply to an employee who has exercised his option to withdraw the notice of resignation or voluntary retirementin accordance with rule 18 orrule 19 of the Life Insurance Corporation of India (Staff) Rules, 1960, made undersection ** As amended vide Government Notification dated 15.04.2021 (G.S.R. NO.272(E)). 165 48 of the LIC Act, 1956 or rule 31 of the Life Insurance Corporation of India (Employees) Pension Rules, 1995, made under section 48 of the LIC Act, 1956; **(c)A confirmed employee who is working in the core actuarially related areas of work as certified by the authority prescribed by the Chairman of the Life Insurance Corporation of India shall be paid special allowances as specified in Table 2 of rule 2 so long as he continues to workin such certified core actuarially related areas of work:
Provided that other conformed employees who have passed examination of Institute of Actuaries of India or Institute of Actuaries of London shall be paid special allowance depending uponthe number of papers passed in such examination set outin column (2) of Table 1 referred toinrule 2, atthe rate specified inthe corresponding entry incolumn (3) ofthesaid Table **(d) The employee selected to the Core Group shall execute a bond to effectthat he/she shallserve inthe Corporation for at least five years with effect from the date of his/her joining in the Core-Group.
4. Special allowance to Appointed Actuary:
(1) An employee appointed as an “Appointed Actuary” by the Corporation under sub-regulation (1) of regulation 3 of the Insurance Regulatory and Development Authority (Appointed Actuary) Regulations, 2000, shall be entitled to a fixed allowance of [Rs.1,25,000/-]* p.m. and in addition shall also be entitled to Special Allowance, on the basis of his/her qualification, as the rate specified under column (3) of Table 2 given in rule 2. **
(2) The Special Allowance referred to in rule 2 and the Fixed Allowance referred in sub-rule (1) of rule 4 shall not be included in the basic pay of the employee for any purpose including the Gratuity, increments, encashment of leave and fixation of pay on promotion.
5. Power to issue instructions: The Chairman of the Corporation may from time to time issue instructions as may be considered necessary or expedient for the implementation of these rules. Foot Note: TheprincipalRuleswerepublishedintheGazetteof India, Extraordinary, videnotificationnumber G.S.R. 55(E) dated the 22nd January, 2002 and subsequently amended vide G.S.R. 564(E) dated 5th September,2005, G.S.R. No.753(E) dated 15.10.2009, G.S.R. 334(E) dated 12.05.2014 and G.S.R. 5621(E) dated 08.06.2017 GSR 272 (E) dated 15.04.2021 *x As amended vide Government Notification Dated 15.10.2009 (G.S.R. 753(E)) [ ]* Notified in Gazette of India dated 15.04.2021 (G.S.R.272(E)) 166