Govt introduces Bill in RS to develop profession of Actuaries

New Delhi, Aug 10 (UNI) The Government today introduced 'The Actuaries Bill, 2006' in the Rajya Sabha providing for developing and regulating the profession of Actuaries in consonance with the phenomenal growth of the insurance sector in the country.

The Bill has already been passed by the Lok Sabha.

Minister of State for Finance Pawan Kumar Bansal, while introducing the Bill, stressed the need for strengthening the institution of Actuaries in the country following the phenomenal growth of the insurance sector.

He said the Bill provides for setting up an institution for training of Actuaries, establishing a tribunal to deal with various technical matters and the need to have a quality review board, among other things.

Initiating a discussion, Mr S S Ahluwalia (BJP) said there was a need to have academically brilliant students who should be trained as actuaries as there were many loopholes and deficiencies in insurance policies.

He also cautioned against blatant copying of the insurance policies of developed countries, saying such policies should be formulated based on ground realities.

''Actuaries constitute a very important aspect for national development like doctors, engineers, legislators and others,'' Mr Ahluwalia said while supporting the Bill.

Congress member Santosh Bagrodia pointed out several anomalies in the insurance sector and said the need for actuaries for streamlining the insurance sector was ''mind boggling.'' With rapid growth in the insurance sector, actuaries were required ''in thousands'', he added.

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