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The Actuary The magazine of the Institute & Faculty of Actuaries

Institute of Actuaries of India

According to reports, the Lok Sabha (the Indian parliament) in July passed through voice vote a bill to regulate and develop the profession of actuaries in the country.

Replying to a brief debate on the Actuaries Bill 2005, the minister of state for finance, Mr Pawan Kumar Bansal, said that the government has accepted various suggestions made by the Standing Committee of Parliament and this has necessitated a number of amendments to the bill. He also said that the definition of actuaries has been expanded and made more comprehensive.

The Actuaries Bill would enable the setting up of the Institute of Actuaries of India. This bill proposes to dissolve the existing Actuaries Society of India and transfer the assets and liabilities of this society to the institute. Mr Bansal said that the Actuaries Bill proposes to regulate the profession of actuaries on the same lines as the profession of chartered accountants, cost and works accountants, and company secretaries. These professions are currently regulated under the Chartered Accountants Act, Costs and Works Accountants Act, and Company Secretaries Act respectively.