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In force

The Actuaries Act, 2006

58 sections · As amended up to 2026-08

Sections

  1. I — PRELIMINARY
  2. 1Short title, extent and commencement
  3. 2Definitions
  4. II — INSTITUTE OF ACTUARIES OF INDIA
  5. 3Incorporation of Institute
  6. 5Objects of Institute
  7. 6Entry of names in register
  8. 7Associates and fellows
  9. 8Honorary, affiliate and student members
  10. 9Certificate of practice
  11. 10Members to be known as Actuaries
  12. 11Disqualifications
  13. 12Composition of Council of Institute
  14. 13Annual general meetings
  15. 14Re-election to Council
  16. 15Settlement of disputes regarding election
  17. 16Establishment of Tribunal
  18. 17President, Vice-President and Honorary Secretary
  19. 18Resignation from membership and filling up of casual vacancies
  20. 19Functions of Council
  21. 20Staff, remuneration and allowances
  22. 21Committees of Council
  23. 22Finances of Council
  24. III — REGISTER OF MEMBERS
  25. 23Register
  26. 24Removal of name from Register
  27. 25Re-entry in register
  28. IV — MISCONDUCT
  29. 26Disciplinary Committee
  30. 27Appointment of Prosecution Director
  31. 28Authority, Council, Disciplinary Committee and Prosecution Director to have powers of civil court
  32. 29Action by Council on Disciplinary Committee's report
  33. 30Member to be afforded opportunity of being heard
  34. 31Professional or other misconduct defined
  35. V — APPEALS
  36. 32Constitution of Appellate Authority
  37. 33Term of office of Members of Authority
  38. 34Allowances, conditions of service of Members and procedure, etc., of Authority
  39. 35Officers and other staff of Authority
  40. 36Appeal to Authority
  41. VI — PENALTIES
  42. 37Penalty for falsely claiming to be a member, etc
  43. 38Penalty for using name of Institution, awarding degrees of actuarial science, etc
  44. 39Companies not to engage in actuarial practice
  45. 40Unqualified person not to sign documents
  46. 41Offences by companies
  47. 42Sanction to prosecute
  48. VII — QUALITY REVIEW BOARD
  49. 43Establishment of Quality Review Board
  50. 44Functions of Board
  51. 45Procedure of Board
  52. 46Terms and conditions of Chairperson and Members of Board
  53. 47Expenditure of Board
  54. VIII — DISSOLUTION OF THE ACTUARIAL SOCIETY OF INDIA REGISTERED UNDER THE SOCIETIES
  55. 48Dissolution of Actuarial Society of India
  56. 49Provisions respecting employees of dissolved society
  57. IX — MISCELLANEOUS
  58. 50Maintenance of more than one offices by Actuary
  59. 51Reciprocity
  60. 52Power of Central Government to issue directions
  61. 53Protection of action taken in good faith
  62. 54Members, etc., to be public servants
  63. 55Power of Central Government to make rules
  64. 56Power to make regulations
  65. 57Power of Central Government to issue directions for making or amending regulations
  66. 58Laying of rules and regulations
  67. 59Power to remove difficulties