And he is unfazed about the opposition. According to him, though ASI started its examinations in 1989, it structured its education and examination system since November 2000 so as to prepare actuaries who are competent in the global context. Actuaries feel that ASI should request IRDA to scrap the condition that requires a person to obtain a COP from ASI for becoming eligible to be an appointed actuary. They feel it is highly discriminatory in nature. This is the key to success of the system of an appointed actuary.
Examples are UK, Australia, Canada and many other countries.
USA too has a similar system. As per IRDA's regulations, an appointed actuary has to be a fellow member of ASI, besides being a resident in India. ASI issues a COP to those fellow members who satisfy the criterion laid down by it. However, as and when such fellow members take up the responsibility of an appointed actuary, the IRDA would require them to be a resident of India. There is demand to issue a COP as a matter of routine to all fellow members subject to certain conditions.