Rajya Sabha passes Actuaries Bill

New Delhi, Aug 10 (UNI) Parliamentary approval was today accorded to 'The Actuaries Bill, 2006' with the Rajya Sabha passing the measure which seeks to provide 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.

Replying to the debate, Minister of State for Finance Pawan Kumar Bansal said that at present, there were only 203 actuaries in the country and 4000 students were studying the Actuary Science. The number was expected to be around 10,000 by 2010 and 15,000 by 2015.

He said that appointing an Appellate Authority at present would be a wasteful expenditure.

He stressed the need for strengthening the institution of actuaries in the country following the phenomenal growth of the insurance sector.

He said the Bill provided 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.

Mr Bansal said provision for penalties for the errant was also taken care of in the Bill including punishment and fine.

Initiating a discussion, X X X Eds: Here pick up from line one, para five of PAR 38 Actuaries-RS.

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