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

Before 2006 the Institute of Actuaries of India operated as a society registered under general law. A new member, Rahul, asks what changed once the Actuaries Act, 2006 came into force. Which is the most accurate answer?

After the Act, the Institute became a statutory body corporate with legal powers to regulate the actuarial profession and its members. It is not a government department, not merged with the insurance regulator, not a company owned by Fellows, and it retains its examination role.

  1. AThe Institute became a statutory body corporate with legal powers to regulate the profession and its membersCorrect
  2. BThe Institute became a government department under the Ministry of Finance
  3. CThe Institute was merged with the Insurance Regulatory and Development Authority
  4. DThe Institute lost the power to conduct examinations, which passed to universities
  5. The Institute became a private limited company owned by its Fellows

Explanation

The Act constituted the Institute as a body corporate by statute, with perpetual succession and the ability to hold property and sue or be sued, together with regulatory and disciplinary functions. It remained a professional body, not a government department or company, and it kept its role in education and examinations.

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