Institute of Actuaries to be set up under Actuaries Bill

New Delhi, Sep 4 (UNI) Following the enactment of the Actuaries Bill, 2006, an institute will be set up to conduct examinations to regulate the insurance profession of actuaries.

The institute -- Institute of Actuaries of India -- would look into professional misconduct and create necessary facilities for the growth and training of the members of the profession.

As a result, the Actuarial Society of India would be dissolved and its assets and liabilities transferred to the Institute of Actuaries.

The traditional responsibilities of actuaries in life and general insurance business include designing and pricing of policies, monitoring the adequacy of funds to provide the promised benefits, recommending fair rate of bonus where applicable, violation of insurance business, ensuring solvency margin and other insurance risks like legal liability and loss of profit.

Actuaries also define the risk factors, advise on the premium to be charged and re-insurance to be purchased, calculate the reserve for outstanding claims and carry on financial modelling.

An actuary works as a consultant either individually or in partnership with other actuaries in multi-disciplines like insurance, information technology, taxation, employees benefit, risk management and investment.

UNI CS RA PM1759