The Actuaries Act `2006

An Act to provide for regulating and developing the profession of Actuaries and for matters connected therewith or incidental thereto.
2006
List of Chapters & Sections
  1. All sections

  2. 1
     Short title, extent and commencement
  3. 2
     Definitions
  4. 3
     Incorporation of Institute
  5. 4
     Transfer of assets, liabilities, etc., of Actuarial Society
  6. 5
     Objects of Institute
  7. 6
     Entry of names in register
  8. 7
     Associates and fellows
  9. 8
     Honorary, affiliate and student members
  10. 9
     Certificate of practice
  11. 10
     Members to be known as Actuaries
  12. 11
     Disqualifications
  13. 12
     Composition of Council of Institute
  14. 13
     Annual general meetings
  15. 14
     Re-election to Council
  16. 15
     Settlement of dispute regarding election
  17. 16
     Establishment of Tribunal
  18. 17
     President, Vice-President and Honorary Secretary
  19. 18
     Resignation from membership and filling up to casual vacancies
  20. 19
     Functions of Council
  21. 20
     Staff, remuneration and allowances
  22. 21
     Committees of Council
  23. 22
     Finances of Council
  24. 23
     Register
  25. 24
     Removal of name from register
  26. 25
     Re-entry in register
  27. 26
     Disciplinary Committee
  28. 27
     Appointment of Prosecution Director
  29. 28
     Authority, Council, Disciplinary Committee and Prosecution Director to have powers of civil court
  30. 29
     Action by Council on disciplinary Committee’s report
  31. 30
     Member to be afforded opportunity of being heard
  32. 31
     Professional or other misconduct defined
  33. 32
     Constitution of Appellate Authority
  34. 33
     Term of Office of Members of Authority
  35. 34
     Allowances, conditions of service of Members and procedure, etc., of Authority
  36. 35
     Officers and other staff of Authority
  37. 36
     Appeal to Authority
  38. 37
     Penalty for falsely claiming to be a member, etc
  39. 38
     Penalty for using name of Institution, awarding degrees of actuarial science, etc
  40. 39
     Companies not to engage in actuarial practice
  41. 40
     Unqualified person not to sign documents
  42. 41
     Offences by companies
  43. 42
     Sanction to prosecute
  44. 43
     Establishment of Quality Review Board
  45. 44
     Functions of Board
  46. 45
     Procedure of Board
  47. 46
     Terms and conditions of Chairperson and Members of Board
  48. 47
     Expenditure of Board
  49. 48
     Dissolution of Actuarial Society of India
  50. 49
     Provisions respecting employees of dissolved society
  51. 50
     Maintenance of more than one offices by Actuary
  52. 51
     Reciprocity
  53. 52
     Power of Central Government to issue directions
  54. 53
     Protection of action taken in good faith
  55. 54
     Members, etc., to be public servants
  56. 55
     Power of Central Government to make rules
  57. 56
     Power to make regulations
  58. 57
     Power of Central Government to issue directions for making or amending regulations
  59. 58
     Laying of rules and regulations
  60. 59
     Power to remove difficulties