Actuaries Act 2006

border
SECTION 1 SHORT TITLE, EXTENT AND COMMENCEMENT
Act title 35 of 2006.
An Act to provide for regulating and developing the profession of Actuaries and for matters connected therewith or incidental thereto.
Be it enacted by Parliament in the Fifty-seventh Year of the Republic of India as follows:-
(1) This Act may be called the Actuaries Act, 2006.
(2) It extends to the whole of India.
(3) It shall come into force on such date1 as the Central Government may, by notification in the Official Gazette, appoint:
Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the commencement of that provision.
Definitions. —
(1) In this Act, unless the context otherwise requires,—
(a) “Actuary” means a person skilled in determining the present effects of future contingent events or in finance modelling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of policies, working out the benefits, recommending rates relating to insurance business, annuities, insurance and pension rates on the basis of empirically based tables and includes a statistician engaged in such technology, taxation, employees’ benefits and such other risk management and investments and who is a fellow member of the Institute, and the expression “actuarial science” shall be construed accordingly;
(b) “Actuarial Society” means the Actuarial Society of India registered under the Societies Registration Act, 1860 (21 of 1860) and the Bombay Public Trusts Act, 1950 (Bombay Act No. XXXIX of 1950);
(c) “appointed day” means the date on which the Institute is constituted under sub-section (1) of section 3;
(d) “Authority” means the Appellate Authority referred to in section 32;
(e) “Board” means the Quality Review Board constituted under sub-section (1) of section 43;
(f) “Council” means the Council of the Institute as referred to in
section 12;
(g) “fellow” means a fellow member of the Institute;
(h) “Institute” means the Institute of Actuaries of India constituted under section 3;
(i) “member” means an individual whose name appears in the register of members maintained by the Institute;
(j) “prescribed” means prescribed by rules made under this Act;
(k) “President” means President of the Council;
(l) “register” means the register of members maintained by the Institute under this Act;
(m) “specified” means specified by regulations made under this Act;
(n) “Tribunal” means a Tribunal established under sub-section (1) of section 16;
(o) “Vice-President” means Vice-President of the Council;
(p) “year” means the period commencing on the 1st day of April of any year and ending on the 31st day of March of the succeeding year.
(2) Save as otherwise provided in this Act, a member of the Institute shall be deemed “to be in practice” when individually or in partnership with Actuaries in practice as a member or an employee of a company, he, whether or not in consideration or remuneration received or to be received,—
(i) engages himself in actuarial profession; or
(ii) offers to perform or performs services involving the application of actuarial techniques in the fields of insurance, pension, investment, finance and management; or
(iii) renders such other services as, in the opinion of the Council, are or may be rendered by an actuary in practice; or
(iv) is in employment of a person engaged in one or more of the activities mentioned in clauses (i), (ii) and (iii) above,
and the words “to be in practice” with their grammatical variations and cognate expressions shall be construed accordingly.
Explanations. —For the purpose of this sub-section, the expression “company” includes a public financial institution as defined insection 4A of the Companies Act, 1956 (1 of 1956).
Incorporation of Institute.—
(1) With effect from such date as the Central Government may, by notification in the Official Gazette, appoint, all persons whose names are entered in the register of the Actuarial Society at the commencement of this Act and all persons who may thereafter have their names entered in the register to be maintained under this Act, so long as they continue to have their names borne on the register, are hereby constituted a body corporate by the name of the Institute of Actuaries of India and all such persons shall be known as members of the Institute
(2) The Institute shall have perpetual succession and a common seal and shall have power to acquire, hold and dispose of property, both movable and immovable, and shall by its name sue or be sued.
(3) The head office of the Institute shall be situated at such place as may be decided by the Central Government.
Comments
A body corporate by the name of the Institute of Actuaries of India is to be constituted by the Central Government. All persons whose names are entered in the register of the Actuarial Society at the commencement of the Act and all persons who may thereafter have their names entered in the register, so long as they continue to have their names borne on the register, shall be members of the Institute. The Institute shall have perpetual succession and a common seal and shall have power to acquire, hold and dispose of movable and immovable property and shall by its name sue or be sued.

Case Consultation