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The Actuaries Act, 2006

Contents

 

Sections

Particulars

Chapter I

Preliminary

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 disputes regarding election

16

Establishment of tribunal

17

President, vice-president and honorary secretary

18

Resignation from membership and filling up of 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

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

Schedule

 

Schedule Part I

 

Schedule Part II

 

Schedule Part III

 

Schedule Part IV

The Actuaries Act, 2006 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:-



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