Section 2. Definitions

2. Definitions . — (1) In this Act, unless the context otherwise requires, — (a) "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; (b) "Actuarial Society" means the Actuarial Society of India registered under the Societies Registration Act, 1860 (21 of 1860) and the Bombay Public Trusts Act, 1950 (Bombay Act No XXXIX of 1950); (c) "appointed day" means the date on which the Institute is constituted under sub-section (1) of section 3; - (d) "Authority" means the Appellate Authority referred to in section 32; - (e) "Board" means the Quality Review Board constituted under sub-section (1) of section 43; - (f) "Council" means the Council of the Institute as referred to in section 12; - (g) "fellow" means a fellow member of the Institute; - (h) "Institute" means the Institute of Actuaries of India constituted under section 3; (i) "member" means an individual whose name appears in the register of members maintained by the Institute; - (j) "prescribed" means prescribed by rules made under this Act; - (k) "President" means the President of the Council; (l) "register" means the register of members maintained by the Institute under this Act; (m) "specified" means specified by regulations made under this Act;