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Bar News Acts League

The Actuaries Act, 2006

Act ID: 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."

Table of Contents

59 Sections

Ch.

Sections

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

The Actuaries Act, 2006

Act ID: 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."

Table of Contents

59 Sections

Ch.

Sections

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