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IAI Actuarial Core Principles · Business Management · Actuaries Act, 2006 and IAI governance

A newly elected member of the IAI Council asks how the Council relates to the wider membership. Which statement is correct?

The Council is the governing body of the Institute and manages its affairs under the Actuaries Act, 2006, including education and examinations. Its members are mainly elected by the membership, with some nominated, so it is not an external regulator, nor made up solely of civil servants or chosen by insurers.

  1. AThe Council is the governing body of the Institute, made up of elected members and others, and it manages the Institute's affairs under the ActCorrect
  2. BThe Council is an external regulator that supervises the Institute but is not part of it
  3. CThe Council is made up solely of government-appointed civil servants
  4. DThe Council has no role in education or examinations
  5. The Council is elected only by insurance company boards

Explanation

Under the Act, the Council is the Institute's governing body and manages its affairs, including education and examinations, and its members are mainly elected by the membership with some nominated. It is not an external regulator, nor wholly government-appointed or elected by insurer boards.

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