Skip to content

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

Meera, a Fellow of the IAI, is told that a complaint alleging professional misconduct has been filed against her. She asks which feature of the Institute's governance framework applies. Which statement is most appropriate?

A complaint of professional misconduct is dealt with under the disciplinary framework in the Actuaries Act, 2006. It provides a defined inquiry process and gives the member a fair opportunity to be heard. Subscription payment, employers or IRDAI alone do not determine the outcome.

  1. AOnly the Supreme Court may ever hear complaints against actuaries
  2. BComplaints are handled under the disciplinary framework of the Act, with a defined process for inquiry and the opportunity to be heardCorrect
  3. CComplaints are decided by IRDAI alone, with no role for the Institute
  4. DComplaints are dismissed automatically if the member has paid her annual subscription
  5. Complaints may be resolved only by the complainant's employer

Explanation

The Act sets up a disciplinary framework for professional misconduct that includes inquiry and the principle that the member must be given a fair chance to respond. Payment of subscription gives no immunity, and neither the employer nor IRDAI alone decides these matters.

Did you get it right without looking?

One question tells you little. A timed set on Activities of the Institute of Actuaries of India shows your real accuracy, how long you take and where you lose marks.

Practise Activities of the Institute of Actuaries of IndiaFree diagnostic mock

More Activities of the Institute of Actuaries of India questions