The Life Insurance Corporation of India (Special Allowance for In-House Development of Actuarial Capability) Rules, 2002
Published vide Notification No. G.S.R. 55(E), dated 22nd January, 2002
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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, or the 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 he corresponding entry in column (3) of the said Table:
|
Serial Numbers (1) |
Number of papers cleared (2) |
Rate of Special Allowance per month (3) |
| (1) | 1st three papers | Rs. 300/- each paper |
| (2) | Next three papers | Rs. 500/- each paper |
| (3) | Next three papers | Rs. 800/- each paper |
| (4) | Next three papers | Rs. 900/- each paper |
| (5) | Next three papers | Rs. 1,000/- each paper |
(If posted in the Core-Group, the Special Allowance and Additional Fixed Allowance, shall be payable as per table below)
|
Sl. No. |
Number of Papers Passed |
Special Allowance (Rate per month in Rs.) |
Additional Fixed Allowance for Central Office Core Group (Rate per month in Rs.) |
|||
|
For officials in Central Office Core Group |
For officials in Zonal Office Core Group |
For Head of the Actuarial Department in Central Office |
For officials nominated as Designated Actuary |
For officials in the cadre of Divisional Manager and above |
||
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
|
1. |
Six papers |
6000 |
3200 |
600 |
- |
300 |
|
2. |
Seven papers |
7500 |
4000 |
750 |
- |
375 |
|
3. |
Eight papers |
13500 |
7200 |
1350 |
- |
675 |
|
4. |
Nine papers |
15000 |
8000 |
1500 |
- |
750 |
|
5. |
Ten papers |
18000 |
9600 |
1800 |
- |
900 |
|
6. |
Eleven papers |
22500 |
12000 |
2250 |
- |
1125 |
|
7. |
Twelve papers |
27000 |
14400 |
2700 |
- |
1350 |
|
8. |
Thirteen papers |
31500 |
16800 |
3150 |
- |
1575 |
|
9. |
Fourteen papers |
37500 |
20000 |
3750 |
- |
1875 |
|
10. |
Fifteen papers |
45000 |
24000 |
4500 |
- |
2250 |
|
11. |
Fellow |
75000 |
24000 |
7500 |
50000 |
3750 |
(ii) There shall be three posts of Designated Actuaries namely, the Product Actuary, Valuation Actuary and Pension Actuary.
(iii) An employee shall be entitled only for one Additional Fixed Allowance specified under column (5) or (6) or (7) of Table 2, whichever is higher.]
OLD LAW 6
3. Conditions. - The payment of the special Allowance under rule 2 shall be subject to the following conditions, namely: (a) an employee who fails to keep alive his membership of the [Institute of Actuaries, London or the 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, London or the Actuarial Society of India, as the case may be ;
(b) 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 and from 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 retirement in accordance with rule 18 or rule 19 of the Life Insurance Corporation of India (Staff) Rules, 1960, made under section 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 work in 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 upon the number of papers passed in such examination set out in column (2) of Table 1 referred to in rule 2, at the rate specified in the corresponding entry in column (3) of the said Table. [(d) The employee selected to the Core Group shall execute a bond to effect that he/she shall serve in the 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.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 and the Additional Fixed Allowance referred to in rule 2 and the Fixed Allowance referred to in sub-rule (1) of rule (4), shall not be included in the basic pay of the employee for any purpose including dearness allowance house rent allowance, provident fund, gratuity or encashment of leave.] OLD LAW 6
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.