Lok Sabha passes Actuaries Bill

New Delhi, Aug 2: The Lok Sabha today passed the Actuaries Bill, 2005, which seeks to provide for regulation and development of the profession of actuaries with the government claiming that the new legislation has taken into account the future needs of this fast growing area.

Replying to the debate on the Bill, Minister for State for Finance Pawan Kumar Bansal said the government has incorporated various suggestions made by the Standing Committee of Parliament in this regard, necessitating a large number of Amendments.

The Minister said the Bill proposes to regulate the the profession of Actuaries on the same lines as the profession of Chartered Accountants, Cost and Works Accountants and Companies Secretaries under the Chartered Accountants Act, 1949, Cost and Works Accountants Act, 1959, and the Companies Secretaries Act, 1980, respectively.

Mr Bansal said an Institute of Actuaries of India is to be set up under the Bill, which will have the responsibility for conducting examination for the profession of Actuaries, regulating the profession, including profesional misconduct and creating necesssary facilities for the growth and training of the members of the profession.

The Minister assured that the Bill has ensured strong disciplinary action relating ro the misconduct of the members and the punishment has been enhanced on the recommendations of the Standing Committee.

Mr Bansal said the Bill was comprehensive and holistic, taking all plausable factors and parametres relating the profession into account, but added that the government has an open mind and would be willing to incorporate suggestions made by members and others if feasible.

The Bill makes provision for an Apellate Authority, a Tribunal, and a Quarterly Review Board.

The House passed all the relevant Amendments moved by the Minister along with the Bill.

UNI