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

Meera, a newly qualified actuary, is asked by a client what kind of body the Institute of Actuaries of India (IAI) is. Which description is correct?

The IAI is a statutory body set up under the Actuaries Act, 2006, to regulate the actuarial profession in India. It is not a dividend-paying company, a ministry department, an informal club or an arm of the insurance regulator, because Parliament created it by law.

  1. AA company registered under the Companies Act with shareholders who receive dividends
  2. BA statutory body established under the Actuaries Act, 2006 to regulate the actuarial profession in IndiaCorrect
  3. CA department of the Ministry of Finance staffed by civil servants
  4. DA voluntary club with no legal powers over its members
  5. A subsidiary of the Insurance Regulatory and Development Authority of India

Explanation

The IAI is a body corporate established by the Actuaries Act, 2006 to regulate and develop the actuarial profession in India. It is not a company with shareholders, a government department, a voluntary club or a subsidiary of the insurance regulator. Its statutory status gives it powers over membership, education and discipline.

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