Executive Summary:
This notification, dated June 8, 2017, amends the Life Insurance Corporation of India Special Allowance for In-House Development of Actuarial Capability Rules, 2002. It revises the special allowance and additional fixed allowance payable to employees posted in the Core Group based on the number of papers passed. The rules take effect on the date of publication in the Official Gazette.
Key Points / Main Content:
* **Amendment Title:** The rules are called the Life Insurance Corporation of India Special Allowance for In-House Development of Actuarial Capability Amendment Rules, 2017.
* **Effective Date:** The rules come into force on the date of their publication in the Official Gazette.
* **Special Allowance and Additional Fixed Allowance (Table 2):**
* Table 2 of the 2002 rules is substituted with a new table specifying the Special Allowance and Additional Fixed Allowance payable to employees in the Core Group.
* The allowance amounts are determined by the number of papers passed and the employee's designation (Head of Actuarial Department, Designated Actuary, officials in Central Office Core Group, Divisional Office, Zonal Office).
* Specific allowance amounts are provided for employees with six to fifteen papers passed and for Fellows.
* **Designated Actuary Definition:**
* A Designated Actuary is a full-time officer of the Corporation, a Fellow Member of the Institute of Actuaries of India or Institute of Actuaries, London.
* Must be nominated as a Designated Actuary by the Chairman or an authorized officer/committee.
* There are three posts of Designated Actuaries: Product Actuary, Valuation Actuary, and Pension Actuary.
* **Allowance Entitlement:** An employee is entitled to only one Additional Fixed Allowance as specified in the table, whichever is higher.
* **Non-Inclusion in Basic Pay:** The Special Allowance, Additional Fixed Allowance, and Fixed Allowance are not included in the employee's basic pay for any purpose (dearness allowance, house rent allowance, provident fund, gratuity, or encashment of leave).
Impact Analysis:
* **Life Insurance Corporation of India Employees (Specifically those in Actuarial roles):**
* *Impact:* Revised Special Allowance and Additional Fixed Allowance based on qualifications and position.
* *Action Required:* Understand the revised allowance structure and its impact on their remuneration.
* **Life Insurance Corporation of India Management:**
* *Impact:* Need to implement the revised allowance structure.
* *Action Required:* Update payroll systems and communicate the changes to relevant employees.
* **Chairman or an officer or committee authorized by the Chairman:**
* *Impact:* Responsible for selection of the Designated Actuaries.
* *Action Required:* Nominate the Designated Actuaries.
Key Entities Referenced
Life Insurance Corporation Act, 1956: A legal act that provides the powers for the Central Government to create rules regarding the Life Insurance Corporation of India.
Life Insurance Corporation of India Special Allowance for In-House Development of Actuarial Capability Rules, 2002: The set of rules being amended by this notification, concerning special allowances for actuarial capability development within the Life Insurance Corporation of India.
Central Government: The governing body authorized to make amendments to the Life Insurance Corporation of India Special Allowance rules.
Ministry of Finance: The government ministry under which the Department of Financial Services is responsible for the notification.
Department of Financial Services: The department within the Ministry of Finance that issued the notification.
New Delhi: The location of the Ministry of Finance, where the notification was issued.
Institute of Actuaries of India: Professional body for actuaries in India, whose fellowship is a criterion for being a Designated Actuary.
Institute of Actuaries, London: An alternative professional body for actuaries, whose fellowship is a criterion for being a Designated Actuary.
REGD. NO. D. L.-33004/99
EXTRAORDINARY
II— — (i)
PART II—Section 3—Sub-section (i)
PUBLISHED BY AUTHORITY
463]
No. 463] NEW DELHI, THURSDAY, JUNE 8, 2017/JYAISTHA 18, 1939
वित्त मंत्रालय
(वित्त ीयसिे ाएंविभाग)
अविसचू ना
नई दिल्ली, 8जून,2017
सा.का.वन.562(अ).—केन्द्रीयसरकार,जीिनबीमावनगमअविवनयम,1956(1956का41)कीिारा48द्वारा
प्रित्तशवियोंकाप्रयोगकरते हुए,भारतीयजीिनबीमावनगम(बीमांदककयोग्यताकेविभागीयविकासकेवलएविशेष
भत्ता)वनयम,2002काऔरसंशोिनकरनेकेवलएवनम्नवलवितवनयमबनातीह,ैअर्ाात्:—
1. (1) इनवनयमोंकासंविप्तनामभारतीयजीिनबीमावनगम(बीमांदककयोग्यताकेविभागीयविकासकेवलए
विशेषभत्ता)संशोिनवनयम,2017ह।ै
(2)येराजपत्रमेंउनकेप्रकाशनकीतारीिकोप्रिृत्तहोंगे।
2.भारतीयजीिनबीमावनगम(बीमांदककयोग्यताकेविभागीयविकासकेवलएविशेषभत्ता)वनयम,2002(वजसेइसमें
इसकेपश्चात्उिवनयमकहागयाह)ै केवनयम2म,ें —
(i) सारणी2केस्र्ानपर,वनम्नवलवितसारणीरिीजाएगी,अर्ाात्:—
3638 GI/2017 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
“सारणी2
(यदिकोरसमूहमेंतैनातहैतोविशेषभत्ताऔरअवतररिवनयतभत्तानीचेसारणीकेअनुसारसंिेयहोगा)
क्र. उत्तीणाप्रश्न विशेषभत्ता(िरप्रवतमासरूपयेमें) केन्द्रीयकायाालयकोरसमूहकेवलएअवतररि
सं. पत्रोंकीसं. वनयतभत्ता(िरप्रवतमासरूपयेमें)
केन्द्रीयकायाालय िेत्रीयकायाालय केन्द्रीय पिावभहीत प्रभागयाप्रबंिक
कोरसमूहमें कोरसमूहमें कायाालयमें बीमांदकककेरूपमें औरउससेऊपर
पिाविकाररयोंके पिाविकाररयों बीमांदकक नामवनर्दिष्ट केकाडरमें
वलए केवलए विभागके पिाविकाररयोंके पिाविकाररयोंके
प्रिानकेवलए वलए वलए
(1) (2) (3) (4) (5) (6) (7)
1. छहप्रश्नपत्र 6000 3200 600 - 300
2. सातप्रश्नपत्र 7500 4000 750 - 375
3. आठप्रश्नपत्र 13500 7200 1350 - 675
4. नौप्रश्नपत्र 15000 8000 1500 - 750
5. िसप्रश्नपत्र 18000 9600 1800 - 900
6. ग्यारहप्रश्नपत्र 22500 12000 2250 - 1125
7. बारहप्रश्नपत्र 27000 14400 2700 - 1350
8. तेरहप्रश्नपत्र 31500 16800 3150 - 1575
9. चौिहप्रश्नपत्र 37500 20000 3750 - 1875
10. पंरहप्रश्नपत्र 45000 24000 4500 - 2250
11. फेलो 75000 24000 7500 50000 3750
स्पष्टीकरण,-
(i) “पिावभहीतबीमाकंक”सेवनगमकाऐसापूणाकावलकअविकारीअवभप्रेतहैजोभारतीयबीमांदककसंस्र्ान
याइंस्टीट्यूटऑफऐक्चुयरीज,लंिनकाफेलोसिस्यहै औरजोअध्यिद्वारायापिावभहीतबीमाकंकोंके
चयनकेवलएअध्यिद्वाराप्राविकृतदकसीअविकारीयासवमवतद्वारानामवनर्दिष्टदकयाजाताह।ै
(ii) पिावभहीतबीमाकंकोंकेतीनपिअर्ाात् उत्पािबीमांककमूल्यांकनबीमांककऔरपेंशनबीमांककहोंगे।
(iii) कोईकमाचारीसारणी2केस्तम्भ(5)यास्तम्भ(6)यास्तम्भ(7)केअिीनविवनर्दिष्टएकअवतररि
वनयतभत्ते,जोभीअविकहो, केवलएहीहकिारहोगा।”।
3. उिवनयमकेवनयम4केउप-वनयम(2)केस्र्ानपर,वनम्नवलवितउप-वनयमरिाजाएगा,अर्ाात:् -
“(2)वनयम2मेंवनर्दिष्टविशेषभत्ताऔरअवतररिवनयतभत्तातर्ावनयम4केउप-वनयम(1)मेंवनर्दिष्टवनयत
भत्तादकसीप्रयोजनकेवलएकमाचारीकेमलू िते न,वजसमेंमहगं ाईभत्ता,गृहदकरायाभत्ता,भविष्यवनवि,उपिान
याछुट्टीकानकिभगु तानभीह,ैमेंसवम्मवलतनहींदकयाजाएगा।”।
[फा.सं.एस-11012/09/2007-बीमा.I]
एन.श्रीवनिासराि,आर्थर्कसलाहकार
रटप्पणःमूलवनयमभारतकेराजपत्र, असािारणमें सा.का.वन.55(अ),तारीि22जनिरी,2002द्वाराप्रकावशतदकएगए
र्े औरतत्पश्चात् उसमें सा.का.वन.564(अ),तारीि5वसतम्बर,2005,सा.का.वन.753(अ),तारीि15अिूबर,
2009औरसा.का.वन.334(अ),तारीि12मई,2014द्वारासंशोिनदकएगएर्े।II (i) 3
MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 8th June, 2017
G.S.R. 562(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 further to amend the Life Insurance Corporation
of India (Special Allowance for In-House Development of Actuarial Capability ) Rules, 2002, namely:—
1. (1) These rules may be called the Life Insurance Corporation of India (Special Allowance for In-House
Development of Actuarial Capability) Amendment Rules, 2017.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Life Insurance Corporation of India (Special Allowance for In-House Development of Actuarial
Capability ) Rules, 2002 (hereinafter referred to as the said rules), in rule 2,—
(i) for Table 2, the following Table shall be substituted, namely:—
“TABLE-2
(If posted in the Core-Group, the Special Allowance and Additional Fixed Allowance, shall be payable as per table below)
Special Allowance A d d i t i o n a l F i x e d A l l o w ance for Central Office Core
Sl. Number of (Rate per month in Rs.) Group (Rate per month in Rs.)
No. Papers Passed For Head of the For officials For officials in the
For officials in For officials in
Actuarial nominated as cadre of Divisional
Central Office Zonal Office
Department in Designated Manager and above
Core Group C o r e G r o up
Central Office Actuary
(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
Explanation,—
(i) “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 Chairman or an officer or committee authorized by the Chairman for selection of the
Designated Actuaries.
(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.”.
3. In rule 4 of the said rules, for sub-rule (2) the following sub-rule shall be substituted namely:—
“(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.”.
[F. No. S-11012/09/2007-Ins.I]
N. SRINIVASA RAO, Economic Advisor
Note: The principle rules were published in the Gazette of India, Extraordinary vide G.S.R. 55(E), dated the
22nd January, 2002 and subsequently amended vide G.S.R. 564(E) dated the 5th September, 2005; G.S.R..753(E),
dated the 15th October, 2009 and G.S.R. 334(E), dated the 12th May, 2014.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.