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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 trustee asks what changed when the Actuaries Act, 2006 came into force. Which is the most accurate answer?

The Act made the Institute of Actuaries of India a statutory body corporate with powers to regulate the profession, including prescribing qualifications, conducting examinations and maintaining the register of members. It did not become a company, a regulator department or a certifier of insurers.

  1. AThe Institute became a private limited company owned by its Fellows
  2. BThe Institute became a statutory body corporate with powers to regulate the profession, including prescribing qualifications and maintaining a membership registerCorrect
  3. CThe Institute was merged into the insurance regulator as a department
  4. DThe Institute lost its right to conduct examinations, which moved to universities
  5. The Institute became a body that only certifies insurers rather than individuals

Explanation

The Act converted the Institute into a statutory body corporate with regulatory powers over members, such as education, membership and discipline. It was not merged into a regulator, and examinations remain with the Institute.

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