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The Actuaries Act, 2006

Contents
Sections Particulars
Chapter I Preliminary
1 Short title, extent and commencement
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
1 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
3 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
5 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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