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The Actuaries Act, 2006

Central

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

Act number
35 of 2006
Ministry
Ministry of Finance
Department
Department of Financial Services
Enacted
27 Aug 2006

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

59 sections

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