Statutory definitions

Actuary

“Actuary” means a person skilled in determining the present effects of future contingent events or in finance modelling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of policies, working out the benefits, recommending rates relating to insurance business, annuities, insurance and pension rates on the basis of empirically based tables and includes a statistician engaged in such technology, taxation, employees’ benefits and such other risk management and investments and who is a fellow Member of the Institute; and the expression “Actuarial science” shall be construed accordingly;

Members to be known as Actuaries .—Every Member of the Institute[Institute of Actuaries of India] in practice shall, and any other Member may, use the designation of an Actuary and no Member using such designation shall use any other description whether in addition thereto or in substitution therefor:
Provided that nothing contained in this section shall be deemed to prohibit any such Member from adding any other description or letters to his name, if entitled thereto, to indicate Membership of such other Institute, whether in India or elsewhere, as may be recognised in this behalf by the Council, or any other qualification that he may possess, or to prohibit a firm, all the partners of which are Members of the Institute and in practice, from being known by its firm name as Actuaries.

Institute of Actuaries of India


Actuaries Act, 2006

  1. Actuaries (Election To The Council) Rules, 2008
  2. Actuaries (Nomination of Member To The Council) Rules, 2008
  3. Actuaries (Procedure For Enquiry of Professional and Other Misconduct) Rules, 2008
  4. Actuaries Quality Review Board (Procedure For Meetings, and The Terms and Conditions of Service and Allowances of The Chairperson and Members) Rules, 2008
  5. Actuaries Tribunal (Salaries, Allowances and Other Terms and Conditions of Presiding officer and Members) Rules, 2008

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