Definitions
Section 2 of the Actuaries Act, 2006 deals with definitions. 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 desi The Act came into force on 10 Nov 2006.
(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 the 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 the 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 of 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.
Explanation.--For the purposes of this sub-section, the expression "company" includes a public financial institution as defined in section 4A of the Companies Act, 1956 (1 of 1956).
Section 2, 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.
Related judgements & precedents
These are some judgments that construed this section, and hold precedence value. They hold authority on how to read, interpret and use this section.
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Divvela Ramaiah & Anr. v. Union of India & Anr. (Institute of Actuaries of India — CoP for Associates)
Court's Decision & Legal Precedent
DATE VERIFIED Oral Judgement 2024-08-06 (order-13.pdf). Court construed s.2(i) 'member' and s.2(l) 'register' with ss.6–7–9: membership/register entry does not equal entitlement to practise; practise turns on CoP under s.9 after Council norms. Definitional 'member' cannot be read to force CoP for all Associates contrary to Reg.10.
On this section: s.2(i)/(l) — 'member'/'register' support CoP gating; definitions do not create an automatic right to practise.
The holding above is the ratio decidendi as extracted from the judgment by eCourts India, reproduced unaltered — it is a rendering of the court's reasoning, not a substitute for its words. Read the order itself before relying on it.
Questions about Section 2
What have the courts held on Section 2 of the Actuaries Act?
Divvela Ramaiah & Anr. v. Union of India & Anr. (Institute of Actuaries of India — CoP for Associates) (06 Aug 2024) is the leading judgment on this section among those set out below: s.2(i)/(l) — 'member'/'register' support CoP gating; definitions do not create an automatic right to practise.
How do I find court cases under Section 2 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 2, section 2 Actuaries Act 2006, section 2 of the Actuaries Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome. 1 reported judgment on this section is set out on this page, beginning with Divvela Ramaiah & Anr. v. Union of India & Anr. (Institute of Actuaries of India — CoP for Associates) (06 Aug 2024).
What should I read with Section 2 of the Actuaries Act, and has it changed?
Its own text turns on section 3 (Incorporation of Institute), section 12 (Composition of Council of Institute), section 16 (Establishment of Tribunal), section 32 (Constitution of Appellate Authority), and on 1 further provision, so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When did Section 2 of the Actuaries Act come into force?
Section 2 of the Actuaries Act, cited as Actuaries Act 2006 2, 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
- 12. Composition of Council of Institute453 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 18 Oct 2026. This page is not a substitute for legal advice.