IAI Actuarial Core Principles · Business Management · Actuaries Act, 2006 and IAI governance
A newly qualified actuary, Meera, asks a colleague which body is responsible for regulating the profession of actuaries in India and maintaining the register of members. Which statement is correct under the Actuaries Act, 2006?
The Institute of Actuaries of India, constituted as a statutory body under the Actuaries Act, 2006, regulates the actuarial profession and maintains the register of members. Insurance and securities regulators supervise firms and markets, not the profession, and the Finance Ministry or ICAI do not keep the actuarial register.
- AThe Institute of Actuaries of India, a statutory body created by the Act, regulates the profession and maintains the membership registerCorrect
- BThe Securities and Exchange Board of India regulates the profession and keeps the register of actuaries
- CThe Insurance Regulatory and Development Authority of India keeps the register of all actuaries in India
- DThe Institute of Chartered Accountants of India administers the actuarial profession through a joint board
- The Ministry of Finance directly keeps the register and conducts all actuarial examinations
Explanation
The Actuaries Act, 2006 established the Institute of Actuaries of India as a statutory body to regulate the profession and maintain the register of members. Regulators such as IRDAI or SEBI supervise financial entities, not the actuarial profession itself. The other options attribute the function to bodies that do not hold it.
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