SectionsParticulars
Chapter IPreliminary
1Short title, extent and commencement
1.     This Act may be called the Actuaries Act, 2006.2.     It extends to the whole of India.3.     It shall come into force on such date as the Central ...
2Definitions
1.     In this Act, unless the context otherwise requires,-a.     "Actuary" means a person skilled in determining the present effects of future contingent e...
Chapter IIInstitute of Actuaries of India
3Incorporation of institute
1.     With effect from such date as the Central Government may, by notification in the Official Gazette, appoint, all persons whose names are entered in the...
4Transfer of assets, liabilities, etc., of actuarial society
On the appointed day,- a.     all the assets and liabilities of the Actuarial Society shall stand transferred to, and vested in, the Institute. Explanation....
5Objects of institute
The objects of the Institute shall be- a.     to promote, uphold and develop the standards of professional education, training, knowledge, practice and cond...
6Entry of names in register
1.     Any of the following persons shall be entitled to have his name entered in the register, namely:-a.     any person who immediately before the appoint...
7Associates and fellows
1.     The members of the Institute shall be divided into two classes designated respectively as associates and fellows.2.     Any person other than a pers...
8Honorary, affiliate and student members
1.     The Council may choose, in such manner as may be specified, any person of eminence in matters relating to and of interest to the profession of Actuary...
9Certificate of practice
1.     No member of the Institute shall be entitled to practice unless he fulfils the qualifications as may be specified and obtains from the Council a certi...
10Members to be known as actuaries
Every member of the Institute in practice shall, and any other member may, use the designation of an Actuary and no member using such designation shall use an...
11Disqualifications
Notwithstanding anything contained in section 6, a person shall not be entitled to have his name entered in, or borne on, the register if he-a.     has not ...
12Composition of council of institute
1.     There shall be a Council of the Institute for the management of the affairs of the Institute and for discharging the functions assigned to it by or un...
13Annual general meetings
The Council shall every year hold an annual general meeting of the Institute to elect its members under clause (a) of sub-section (2) of section 12, or to dis...
14Re-election to council
1.     Subject to the provisions of sub-section (2), a member of the Council elected under clause (a) of sub- section (2) of section 12 shall be eligible for...
15Settlement of disputes regarding election
In case of any dispute regarding any election under clause (a) of sub-section (2) of section 12, the aggrieved person may make an application within thirty da...
16Establishment of tribunal
1.     On receipt of any application under section 15, the Central Government shall, by notification, establish a Tribunal consisting of a Presiding Officer ...
17President, vice-president and honorary secretary
1.     The Council shall, at its first meeting, elect three of its members from amongst persons referred to in clause (a) of sub-section (2) of section 12, t...
18Resignation from membership and filling up of casual vacancies
1.     Any member of the Council may at any time resign his membership by writing under his hand addressed to the President, and the seat of such member shal...
19Functions of council
1.     The duty of carrying out the functions under the provisions of this Act shall be vested in the Council.2.     In particular and without prejudice to...
20Staff, remuneration and allowances
1.     For the efficient performance of its functions, the Council may-a.     appoint an Executive Director, a Treasurer and such other officers and employee...
21Committees of council
1.     The Council may constitute such committees from amongst its members, and co-opt therein persons who are not members of the Institute, as it deems nece...
22Finances of council
1.     There shall be established a fund under the management and control of the Council into which shall be paid all moneys (including donations and grants)...
Chapter IIIRegister of Members
23Register
1.     The Council shall maintain in the specified manner a register of the members of the Institute.2.     The register shall include the following partic...
24Removal of name from register
The Council may, by order, remove from the register the name of any member of the Institute-a.     who is dead; orb.    from whom a request has been receiv...
25Re-entry in register
The Council may re-enter the name of a member whose name has been removed from the register for reasons mentioned in clauses (b), (c), (d) and (e) of section ...
Chapter IVMisconduct
26Disciplinary committee
1.     The Council shall constitute a Disciplinary Committee consisting of the President or the Vice-President of the Council as the Presiding Officer and tw...
27Appointment of prosecution director
1.     The Council may, by notification, appoint a Prosecution Director and such other employees to assist the Disciplinary Committee in making inquiries in ...
28Authority, council, disciplinary committee and prosecution director to have powers of civil court
For the purposes of an inquiry under the provisions of this Act, the Authority, the Disciplinary Committee and the Prosecution Director shall have the same po...
29Action by council on disciplinary committee's report
1.     On receipt of a report from the Disciplinary Committee, if the Council is satisfied that the member of the Institute is guilty of any professional or ...
30Member to be afforded opportunity of being heard
Where the Council is of the opinion that a member is guilty of a professional or other misconduct mentioned in the Schedule, it shall afford to the member a r...
31Professional or other misconduct defined
For the purposes of this Act, the expression "professional or other misconduct" shall be deemed to include any act or omission provided in the Schedule, but n...
Chapter VAppeals
32Constitution of appellate authority
a.     The Appellate Authority constituted under sub-section (1) of section 22A of the Chartered Accountants Act, 1949, shall be deemed to be the Appellate A...
33Term of office of members of authority
A person appointed as a Member shall hold office for a term of three years from the date on which he enters upon his office or until he attains the age of six...
34Allowances, conditions of service of members and procedure, etc., of authority
The provisions of section 22C, section 22D and section 22F of the Chartered Accountants Act, 1949 shall apply to the Authority in relation to allowances and t...
35Officers and other staff of authority
1.     The Council shall make available to the Authority such officers and other staff members as may be necessary for the efficient performance of the funct...
36Appeal to authority
1.     Any member of the Institute aggrieved by any order of the Council imposing on him any of the penalties referred to in section 30, may, within ninety d...
Chapter VIPenalties
37Penalty for falsely claiming to be a member, etc.
Subject to the provisions of section 10, any person who,-a.     not being a member of the Institute,-              i.        represents that he is a membe...
38Penalty for using name of institution, awarding degrees of actuarial science, etc.
1.     Save as otherwise provided in this Act, no person shall-a.     use a name or a common seal which is identical with the name or the common seal of the ...
39Companies not to engage in actuarial practice
1.     No company, whether incorporated in India or elsewhere, shall practice as Actuaries.2.     Any company contravening the provisions of sub-section (1...
40Unqualified person not to sign documents
1.     No person other than a fellow member of the Institute shall sign any document on behalf of an Actuary in practice or a firm of such Actuaries in his o...
41Offences by companies
1.     If the person committing an offence under this Act is a company, the company as well as every person in charge of, and responsible to, the company for...
42Sanction to prosecute
No person shall be prosecuted under this Act except on a complaint made by or under the order of the Council or of the Central Government....
Chapter VIIQuality Review Board
43Establishment of quality review board
1.     The Central Government shall, by notification, constitute a Quality Review Board consisting of a Chairperson and not more than four Members: Provided ...
44Functions of board
The Board shall perform the following functions, namely:-a.     to fix standards for the services provided by the members of the Institute;b.    to review ...
45Procedure of board
The Board shall follow in its meeting and in discharging its functions such procedure as may be prescribed....
46Terms and conditions of chairperson and members of board
The terms and conditions of service of the Chairperson and the Members of the Board, their place of meetings, remuneration and allowances shall be such as may...
47Expenditure of board
The expenditure of the Board shall be borne by the Council....
Chapter VIIIDissolution of the Actuarial Society of India registered under the Societies Registration Act
48Dissolution of actuarial society of india
On the appointed day,-a.     the Society known as the Actuarial Society of India registered under the Societies Registration Act, 1860 and the Bombay Public...
49Provisions respecting employees of dissolved society
1.     Every person employed in the dissolved society and continuing in its employment immediately before the commencement of this Act shall, as from such c...
Chapter IXMiscellaneous
50Maintenance of more than one offices by actuary
1.     Where an Actuary in practice or a firm of such Actuaries has more than one offices within or outside India, each one of such offices shall be in the s...
51Reciprocity
1.     Where any country, notified by the Central Government in this behalf in the Official Gazette, prevents persons of Indian domicile from becoming member...
52Power of central government to issue directions
1.     For the purposes of this Act, the Central Government may, from time to time, give to the Council such general or special directions as it thinks fit, ...
53Protection of action taken in good faith
No suit, prosecution or other legal proceeding shall lie against the Central Government or the Council or the Disciplinary Committee or the Tribunal or the Au...
54Members, etc., to be public servants
The Chairperson, Presiding Officer, Members and other officers and employees of the Authority, Tribunal and Board, and the Prosecution Director shall be deeme...
55Power of central government to make rules
1.     The Central Government may, by notification, make rules to carry out the provisions of this Act.2.     In particular and without prejudice to the ge...
56Power to make regulations
1.     The Council may, with the previous approval of the Central Government and subject to the previous publication, by notification in the Official Gazette...
57Power of central government to issue directions for making or amending regulations
1.     Where the Central Government considers it expedient so to do, it may, by order in writing, direct the Council to make any regulations or to amend or r...
58Laying of rules and regulations
Every rule and every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session...
59Power to remove difficulties
1.     If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order, published in the Official Gazette, make...
THE SCHEDULESchedule
Schedule Part I
Professional misconduct in relation to members of the Institute in practice An Actuary in practice shall be deemed to be guilty of professional misconduct, if...
Schedule Part II
Professional misconduct in relation to the members of the Institute in service A member of the Institute (other than a member in practice) shall be deemed to ...
Schedule Part III
Professional misconduct in relation to members of the Institute generally A member of the Institute, whether in practice or not, shall be deemed to be guilty ...
Schedule Part IV
Other misconduct in relation to member of the Institute generally A member of the Institute, whether in practice or not, shall be deemed to be guilty of other...
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