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Act35
Enacted 2006

The Actuaries Act, 2006

In force 59 sections Finance

An Act to provide for regulating and developing the profession of Actuaries and for matters connected therewith or incidental thereto.

Act 35 of 2006 Enacted 27 Aug 2006 In force 10 Nov 2006 Department Department of Financial Services

Administered by. Ministry of Finance, Department of Financial Services · Other Acts of 2006

Preamble

THE ACTUARIES ACT, 2006

ACT NO. 35 OF 2006

[27th August, 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:--

What this Act covers

Summary of the Actuaries Act, 2006

Key Provisions

1. Regulation of Actuaries Profession: Regulates and develops the profession.

2. Definitions: Key terms defined (e.g., "Actuary", "Actuarial Science").

3. Institute of Actuaries of India

• Establishment: Referenced (Section 3, context not provided).

• Objects (Section 5, inferred from structure):

• Promote education and standards.

• Regulate practice.

• Foster knowledge and research.

4. Membership & Registration

• Eligibility & Disqualifications: Referenced (Sections 6 & 11, details not provided).

5. Council & Governance

• Composition & Functions: Elected/nominated members, regulate standards (Sections 12 & 19, partially inferred).

6. Practice & Certification

• Certificate of Practice: Mandatory for practicing members (Section 9, referenced).

7. Miscellaneous

• Rule Making: Central Government and Council empowered (Sections 55 & 56, inferred).

Sections

Type to filter. 59 sections.

  1. 1Short title, extent and commencement
  2. 2Definitions
  3. 3Incorporation of Institute
  4. 4Transfer of assets, liabilities, etc., of Actuarial Society
  5. 5Objects of Institute
  6. 6Entry of names in register
  7. 7Associates and fellows
  8. 8Honorary, affiliate and student members
  9. 9Certificate of practice
  10. 10Members to be known as Actuaries
  11. 11Disqualifications
  12. 12Composition of Council of Institute
  13. 13Annual general meetings
  14. 14Re-election to Council
  15. 15Settlement of dispute regarding election
  16. 16Establishment of Tribunal
  17. 17President, Vice-President and Honorary Secretary
  18. 18Resignation from membership and filling up to casual vacancies
  19. 19Functions of Council
  20. 20Staff, remuneration and allowances
  21. 21Committees of Council
  22. 22Finances of Council
  23. 23Register
  24. 24Removal of name from register
  25. 25Re-entry in register
  26. 26Disciplinary Committee
  27. 27Appointment of Prosecution Director
  28. 28Authority, Council, Disciplinary Committee and Prosecution Director to have powers of civil court
  29. 29Action by Council on disciplinary Committee’s report
  30. 30Member to be afforded opportunity of being heard
  31. 31Professional or other misconduct defined
  32. 32Constitution of Appellate Authority
  33. 33Term of Office of Members of Authority
  34. 34Allowances, conditions of service of Members and procedure, etc., of Authority
  35. 35Officers and other staff of Authority
  36. 36Appeal to Authority
  37. 37Penalty for falsely claiming to be a member, etc
  38. 38Penalty for using name of Institution, awarding degrees of actuarial science, etc
  39. 39Companies not to engage in actuarial practice
  40. 40Unqualified person not to sign documents
  41. 41Offences by companies
  42. 42Sanction to prosecute
  43. 43Establishment of Quality Review Board
  44. 44Functions of Board
  45. 45Procedure of Board
  46. 46Terms and conditions of Chairperson and Members of Board
  47. 47Expenditure of Board
  48. 48Dissolution of Actuarial Society of India
  49. 49Provisions respecting employees of dissolved society
  50. 50Maintenance of more than one offices by Actuary
  51. 51Reciprocity
  52. 52Power of Central Government to issue directions
  53. 53Protection of action taken in good faith
  54. 54Members, etc., to be public servants
  55. 55Power of Central Government to make rules
  56. 56Power to make regulations
  57. 57Power of Central Government to issue directions for making or amending regulations
  58. 58Laying of rules and regulations
  59. 59Power to remove difficulties

Schedules

This Act has 1 schedule. A schedule is published as a document of its own; the text is reproduced on its page where it has been read, and the document is mirrored here either way.

Rules made under this Act

4 sets of Rules. India Code publishes Rules as a record and a document rather than as text, so these are indexed here and not reproduced. All Rules.

  • Actuaries Nomination of Member to the council rules 20082008
  • Actuaries(Procedure for Enquiry of Professional and Other Misconduct) Rules, 20082008
  • Actuaries-Election to the council rules, 20082008
  • Acturies Quality Review Board (procedure for Meeting and term and conndition of service and allowance of the chairperson and member) Rules 20082008

Related Acts

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Every one of the 59 sections of this Act has its own page. This page is not a substitute for legal advice.