THE ACTUARIES ACT, 2006

ACT NO. 35 OF 2006 · Enacted [27th August, 2006.] · 59 sections

PRELIMINARY

Section 1.Short title, extent and commencement.

Section 2.Definitions.

INSTITUTE OF ACTUARIES OF INDIA

Section 3.Incorporation of Institute.

Section 4.Transfer of assets, liabilities, etc., of Actuarial Society.

Section 5.Objects of Institute.

Section 6.Entry of names in register.

Section 7.Associates and fellows.

Section 8.Honorary, affiliate and student members.

Section 9.Certificate of practice.

Section 10.Members to be known as Actuaries.

Section 11.Disqualifications.

Section 12.Composition of Council of Institute.

Section 13.Annual general meetings.

Section 14.Re-election to Council.

Section 15.Settlement of dispute regarding election.

Section 16.Establishment of Tribunal.

Section 17.President, Vice-President and Honorary Secretary.

Section 18.Resignation from membership and filling up to casual vacancies.

Section 19.Functions of Council.

Section 20.Staff, remuneration and allowances.

Section 21.Committees of Council.

Section 22.Finances of Council.

REGISTER OF MEMBERS

Section 23.Register.

Section 24.Removal of name from register.

Section 25.Re-entry in register.

MISCONDUCT

Section 26.Disciplinary Committee.

Section 27.Appointment of Prosecution Director.

Section 28.Authority, Council, Disciplinary Committee and Prosecution Director to have powers of civil court.

Section 29.Action by Council on disciplinary Committee’s report.

Section 30.Member to be afforded opportunity of being heard.

Section 31.Professional or other misconduct defined.

APPEALS

Section 32.Constitution of Appellate Authority.

Section 33.Term of Office of Members of Authority.

Section 34.Allowances, conditions of service of Members and procedure, etc., of Authority.

Section 35.Officers and other staff of Authority.

Section 36.Appeal to Authority.

PENALTIES

Section 37.Penalty for falsely claiming to be a member, etc.

Section 38.Penalty for using name of Institution, awarding degrees of actuarial science, etc.

Section 39.Companies not to engage in actuarial practice.

Section 40.Unqualified person not to sign documents.

Section 41.Offences by companies.

Section 42.Sanction to prosecute.

QUALITY REVIEW BOARD

Section 43.Establishment of Quality Review Board.

Section 44.Functions of Board.

Section 45.Procedure of Board.

Section 46.Terms and conditions of Chairperson and Members of Board.

Section 47.Expenditure of Board.

DISSOLUTION OF THE ACTUARIAL SOCIETY OF INDIA REGISTERED UNDER THE SOCIETIES REGISTRATION ACT

Section 48.Dissolution of Actuarial Society of India.

Section 49.Provisions respecting employees of dissolved society.

MISCELLANEOUS

Section 50.Maintenance of more than one offices by Actuary.

Section 51.Reciprocity.

Section 52.Power of Central Government to issue directions.

Section 53.Protection of action taken in good faith.

Section 54.Members, etc., to be public servants.

Section 55.Power of Central Government to make rules.

Section 56.Power to make regulations.

Section 57.Power of Central Government to issue directions for making or amending regulations.

Section 58.Laying of rules and regulations.

Section 59.Power to remove difficulties.