Act 35 of 2006

The Actuaries Act, 2006

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

  • Ministry of Finance
  • Department of Financial Services
  • Enacted 2006-08-27
  • 59 sections
SectionTitle
1 Short title, extent and commencement. Read
2 Definitions. Read
3 Incorporation of Institute. Read
4 Transfer of assets, liabilities, etc., of Actuarial Society. Read
5 Objects of Institute. Read
6 Entry of names in register. Read
7 Associates and fellows. Read
8 Honorary, affiliate and student members. Read
9 Certificate of practice. Read
10 Members to be known as Actuaries. Read
11 Disqualifications. Read
12 Composition of Council of Institute. Read
13 Annual general meetings. Read
14 Re-election to Council. Read
15 Settlement of dispute regarding election. Read
16 Establishment of Tribunal. Read
17 President, Vice-President and Honorary Secretary. Read
18 Resignation from membership and filling up to casual vacancies. Read
19 Functions of Council. Read
20 Staff, remuneration and allowances. Read
21 Committees of Council. Read
22 Finances of Council. Read
23 Register. Read
24 Removal of name from register. Read
25 Re-entry in register. Read
26 Disciplinary Committee. Read
27 Appointment of Prosecution Director. Read
28 Authority, Council, Disciplinary Committee and Prosecution Director to have powers of civil court. Read
29 Action by Council on disciplinary Committee’s report. Read
30 Member to be afforded opportunity of being heard. Read
31 Professional or other misconduct defined. Read
32 Constitution of Appellate Authority. Read
33 Term of Office of Members of Authority. Read
34 Allowances, conditions of service of Members and procedure, etc., of Authority. Read
35 Officers and other staff of Authority. Read
36 Appeal to Authority. Read
37 Penalty for falsely claiming to be a member, etc. Read
38 Penalty for using name of Institution, awarding degrees of actuarial science, etc. Read
39 Companies not to engage in actuarial practice. Read
40 Unqualified person not to sign documents. Read
41 Offences by companies. Read
42 Sanction to prosecute. Read
43 Establishment of Quality Review Board. Read
44 Functions of Board. Read
45 Procedure of Board. Read
46 Terms and conditions of Chairperson and Members of Board. Read
47 Expenditure of Board. Read
48 Dissolution of Actuarial Society of India. Read
49 Provisions respecting employees of dissolved society. Read
50 Maintenance of more than one offices by Actuary. Read
51 Reciprocity. Read
52 Power of Central Government to issue directions. Read
53 Protection of action taken in good faith. Read
54 Members, etc., to be public servants. Read
55 Power of Central Government to make rules. Read
56 Power to make regulations. Read
57 Power of Central Government to issue directions for making or amending regulations. Read
58 Laying of rules and regulations. Read
59 Power to remove difficulties. Read
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