Composition of Council of Institute
Section 12 of the Actuaries Act, 2006 deals with composition of Council of Institute. There shall be a Council of the Institute for the management of the affairs of the Institute and for discharging the functions assigned to it by or under this Act. The Act came into force on 10 Nov 2006.
(1) There shall be a Council of the Institute for the management of the affairs of the Institute and for discharging the functions assigned to it by or under this Act.
(2) The Council shall be composed of the following persons, namely:--
(a) a minimum of nine and not more than twelve persons from amongst fellow members to be elected by the fellow and the associate members of the Institute in such manner as may be prescribed:
Provided that a fellow of the Institute, who has been found guilty of any professional or other misconduct and whose name is removed from the Register or has been awarded penalty of fine, shall not be eligible to contest election,--
(i) in case of misconduct falling under the Schedule of this Act [except Part IV(B),] for a period of three years; or
(ii) in case of misconduct falling under Part IV(B) of the Schedule of this Act, for a period of six years,
after the completion of the period of removal of name of the fellow from the Register or the payment of fine is made, as the case may be; and
(b) (i) an officer not below the rank of Joint Secretary to the Government of India, to be nominated by the Central Government to represent the Ministry of Finance;
(ii) one person from the Insurance Regulatory and Development Authority constituted under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) nominated by the Central Government; and
(iii) not more than two persons having knowledge in the field of life insurance, general insurance, finance, economics, law, accountancy or any other discipline which in the opinion of the Central Government, would be useful to the Council, to be nominated in such manner as may be prescribed:
Provided that till such time as the Council is constituted under this Act, the Executive Committee of the Actuarial Society shall discharge all the functions and shall have all the powers of the Council.
(3) No person holding a post under the Central Government or a State Government, as the case may be, shall be eligible for election to the Council under clause (a) of sub-section (2).
(4) One-third of the members of the Council referred to in clause (a) of sub-section (2) shall retire as soon as may be on the expiration of every second year by rotation but shall be eligible for re-election.
(5) Any person nominated under clause (b) of sub-section (2) shall hold office for a period of six years from the date of his nomination unless he is removed earlier by the Central Government and shall be eligible for re-nomination:
Provided that he shall be given an opportunity of being heard before such removal.
Section 12, The Actuaries Act, 2006 (Act 35 of 2006).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Referred to by 7
Judgments citing this section
These may be obiter dicta or a precedent, for you to study. These are the judgments where this section is quoted.
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… India (Admission as Member and Issuance of Certificate of Practice) Regulations > Page 1 of 29 AUGUST 06, 2024 Mohite TRUSHA TUSHAR MOHITE Digitally signed by TRUSHA TUSHAR MOHITE Date: 2024.08.06 14:28:27 +0530 2017 ("the 2017 Regulations"). The Petition also challenges the constitutional validity of Section 12 of The Actuaries Act, 2006 ("the Act") which permits only Fellow Members of Respondent No.2, and not Associate Members, to be members of the Council of the Institute of Actuaries of India. However, during the course of arguments, the Petitioners have not pressed the challenge to the constitutional validity of …
Made under this section, and citing it
2 instruments state that it was made under this provision — the power to make it comes from here, so a change to any of them changes what this section requires in practice. Newest first.
Another 1 instrument names this provision in its title or its text without being made under it.
Questions about Section 12
What does Section 12 of the Actuaries Act deal with?
Section 12 of the Actuaries Act is headed "Composition of Council of Institute". There shall be a Council of the Institute for the management of the affairs of the Institute and for discharging the functions assigned to it by or under this Act.
How do I find court cases under Section 12 of the Actuaries Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Actuaries Act 2006 12, section 12 Actuaries Act 2006, section 12 of the Actuaries Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 12 of the Actuaries Act, and has it changed?
7 other provisions in this corpus refer back to it. The rules and notifications made under it are where it actually bites, and there are 2: most recently Actuaries Nomination of Member to the council rules 2008 (2008), then Acturies Quality Review Board (procedure for Meeting and term and conndition of service and allowance of the chairperson and member) Rules 2008 (2008).
When did Section 12 of the Actuaries Act come into force?
Section 12 of the Actuaries Act, cited as Actuaries Act 2006 12, came into force on 10 Nov 2006, having been enacted on 27 Aug 2006. It is in force as at the date shown on this page.
Other sections of this Act
- 2. Definitions500 words
- 22. Finances of Council384 words
- 6. Entry of names in register381 words
- 19. Functions of Council380 words
- 56. Power to make regulations372 words
- 18. Resignation from membership and filling up to casual vacancies272 words
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. Text as in force on 19 Oct 2026. This page is not a substitute for legal advice.