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

Ritu, a Mumbai consultant, says that because she completed her actuarial studies abroad she can call herself an actuary and practise as a Fellow in India without any link to the Indian Institute. Which view is most consistent with the objectives of the Actuaries Act, 2006?

The Act regulates the profession through the statutory Institute, so membership designations and practice in the statutory sense are linked to being a member under the Act. Foreign qualification alone does not give that status, though the Act does not ban foreign qualifications outright.

  1. AShe is correct, since the Act only regulates examinations
  2. BShe is correct as long as she pays tax in India
  3. CThe Act aims to regulate the profession through the Institute, so use of membership designations and practice in the statutory sense is tied to being a member under the ActCorrect
  4. DThe Act applies only to employees of insurers, not consultants
  5. The Act bans foreign qualifications completely

Explanation

A key objective is regulation of the profession via the statutory Institute, so designations and statutory practice relate to membership under the Act. The Act does not ban foreign qualifications outright and is not limited to employees of insurers.

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