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

Rohan, a member of the Institute of Actuaries of India, is told that a complaint alleging professional misconduct has been made against him. Under the disciplinary framework of the Actuaries Act, 2006, which body is the first point of examination of such a complaint before any formal inquiry is ordered?

The Director (Discipline) examines the complaint first and forms a prima facie opinion on whether misconduct is made out. Only if that opinion warrants it does the matter go to the Board of Discipline or the Disciplinary Committee for further inquiry.

  1. AThe Disciplinary Committee, which hears all complaints directly
  2. BThe Director (Discipline), who conducts a prima facie examinationCorrect
  3. CThe Council of the Institute, which decides punishment immediately
  4. DThe Central Government, which passes a final order
  5. The Board of Examinations of the Institute

Explanation

Under the Act's scheme, a complaint or information is first looked at by the Director (Discipline), who forms a prima facie opinion on whether the member is guilty of misconduct. Only after that is the matter placed before the Board of Discipline or Disciplinary Committee. The Council and Central Government do not take the first step.

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