The Actuaries Act, 2006

The Actuaries Act, 2006

ACT NO. 35 OF 2006

PREAMBLE

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

ARRANGEMENT OF SECTIONS

CHAPTER I
PRELIMINARY
SECTIONS

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

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The Actuaries Act, 2006

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