Section 2 in The Actuaries Act, 2006
(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;
(n) "Tribunal" means a Tribunal established under sub-section (1) of section 16;
(o) ''Vice-President'' means the Vice-President of the Council;
(p) "year" means the period commencing on the 1st day of April of any year and ending on the 31st day of March of the succeeding year.
(2) Save as otherwise provided in this Act, a member of the Institute shall be deemed "to be in practice" when individually or in partnership with Actuaries in practice as a member or an employee of a company, he, whether or not in consideration of remuneration received or to be received,--
(i) engages himself in actuarial profession; or
(ii) offers to perform or performs services involving the application of actuarial techniques in the fields of insurance, pension, investment, finance and management; or
(iii) renders such other services as, in the opinion of the Council, are or may be rendered by an actuary in practice; or
(iv) is in employment of a person engaged in one or more of the activities mentioned in clauses (i), (ii) and (iii) above,
and the words "to be in practice" with their grammatical variations and cognate expressions shall be construed accordingly.
Explanation.--For the purposes of this sub-section, the expression "company" includes a public financial institution as defined in section 4A of the Companies Act, 1956 (1 of 1956).
Title: Incorporation 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 register of the Actuarial Society at the commencement of this Act and all persons who may thereafter have their names entered in the register to be maintained under this Act, so long as they continue to have their names borne on the register, are hereby constituted a body corporate by the name of the Institute of Actuaries of India and all such persons shall be known as members of the Institute.
2) The Institute shall have perpetual succession and a common seal and shall have power to acquire, hold and dispose of property, both movable and immovable, and shall by its name sue or be sued.
(3) The head office of the Institute shall be situated at such place as may be decided by the Central Government.
Title: Transfer 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.--The assets of the Actuarial Society shall be deemed to include all rights and powers and all properties, whether movable or immovable, including, in particular, cash balances, deposits and all other interests and rights in, or arising out of, such properties as may be in the possession of the said Society and all books of account and other documents relating to the same; and liabilities shall be deemed to include all debts, liabilities and obligations of whatever kind;
(b) without prejudice to the provisions of clause (a), all debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done by, with or for the Actuarial Society immediately before that day, for or in connection with the purpose of the said Society, shall be deemed to have been incurred, entered into or engaged to be done by, with or for, the Institute;
(c) all sums of money due to the Actuarial Society immediately before that day shall be deemed to be due to the Institute; and
(d) all suits and other legal proceedings instituted or which could have been instituted by or against the Actuarial Society immediately before that day may be continued or may be instituted by or against the Institute.
Title: Objects of Institute.
The objects of the Institute shall be—
(a) to promote, uphold and develop the standards of professional education, training, knowledge, practice and conduct amongst Actuaries;
(b) to promote the status of the Actuarial profession;
(c) to regulate the practice by the members of the profession of Actuary;
(d) to promote, in the public interest, knowledge and research in all matters relevant to Actuarial science and its application; and
(e) to do all such other things as may be incidental or conducive to the above objects or any of them.
Title: Entry 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 appointed day was an associate or a fellow (including an honorary fellow) of the Actuarial Society;
(b) any person who has passed the examination conducted by the Actuarial Society and has completed training either as specified by the said Society or as specified by the Council, except any such person who is not a permanent resident of India;
(c) any person who has passed such examination and completed such training, as may be specified for membership of the Institute;
(d) any person who has passed such other examination and completed such other training outside India as is specified as being equivalent to the examination and training specified under this Act for membership of the Institute:
Provided that in the case of any person belonging to any of the classes mentioned in this sub-section who is not permanently residing in India, the Central Government or the Council may impose such further conditions as it may deem necessary or expedient in the public interest.
(2) Every person mentioned in clause (a) of sub-section (1) may have his name entered in the register without the payment of any entrance fee.
(3) Every person belonging to any of the classes mentioned in clauses (b), (c) and (d) of sub-section (1) shall have his name entered in the register on an application being made and granted in the specified manner and on payment of such fees, as may be specified.
(4) The Council shall take such steps as may be necessary for the purpose of having the names of all persons belonging to the class mentioned in clause (a) of sub-section (1) entered in the register before the appointed day.
(5) Notwithstanding anything contained in this section, the Council may confer on any person honorary fellow membership, if the Council is of the opinion that such person has made a significant contribution to the profession of Actuary and thereupon the Council shall enter the name of such person in the register but such person shall not have any voting rights in any election or meetings of the Institute and shall not also be required to pay any fee to the Institute.