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IAI Actuarial Core Principles · Business Management · Activities of the Institute of Actuaries of India

A member of the IAI is alleged to have breached professional standards by issuing a certificate known to be inaccurate. Which statement best describes how the disciplinary framework under the Actuaries Act, 2006 operates?

The Institute's statutory disciplinary machinery under the Actuaries Act, 2006 examines complaints of professional misconduct and can impose sanctions on members found guilty. It is not left solely to courts or Government, and it covers members generally, not only Fellows.

  1. AOnly the Central Government may investigate any complaint against a member
  2. BComplaints are handled solely by civil courts, with the Institute having no role
  3. CThe Institute's disciplinary machinery examines complaints of professional misconduct and may impose sanctions on members found guiltyCorrect
  4. DDisciplinary action is limited to a written apology from the member
  5. Disciplinary action is possible only for members who hold the Fellowship, not Associates

Explanation

The Act gives the Institute a statutory disciplinary structure to inquire into professional or other misconduct by members and impose penalties. It is not confined to courts, the Government alone, apologies or Fellows only.

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