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IAI Actuarial Core Principles · Business Management · Characteristics of a profession and the Actuaries' Code

Which statement best describes the status of the Actuaries' Code for members of the Institute of Actuaries of India?

The Actuaries' Code sets out principles and rules of professional conduct that members must follow, and breaches can lead to disciplinary action. It is not optional, not limited to one practice area or grade, and it does not replace the Actuaries Act, 2006.

  1. AIt is optional guidance that members may follow if their employer agrees
  2. BIt sets out principles of professional conduct and rules that members must comply with, and breaches may lead to disciplinary actionCorrect
  3. CIt applies only to members working in life insurance
  4. DIt applies only to Fellows and not to Associates
  5. It replaces the Actuaries Act, 2006 entirely

Explanation

The Code is binding on members and failure to comply can lead to disciplinary proceedings. It is not limited to a practice area or grade. It operates alongside, not in place of, the Actuaries Act.

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