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

Priya, a newly qualified Fellow of the Institute of Actuaries of India, asks a colleague which body is ultimately responsible for the overall management and governance of the Institute under the Actuaries Act, 2006. Which body is it?

The Council of the Institute is responsible for managing the Institute's affairs under the Actuaries Act, 2006. Committees such as examination or disciplinary committees support it, while regulators and ministries are external bodies and students do not govern the Institute.

  1. AThe Council of the InstituteCorrect
  2. BThe Insurance Regulatory and Development Authority of India acting alone
  3. CThe Examination Committee of the Institute
  4. DThe general body of students enrolled for the exams
  5. The Ministry of Law and Justice

Explanation

The Actuaries Act, 2006 establishes the Institute as a statutory body whose affairs are managed by its Council. Committees help the Council but do not replace it. IRDAI and ministries are external, and students are not governing members.

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