Law To Regulate Actuaries

By Staff
|
Google Oneindia News

New Delhi, Sep 4 (UNI) A law has been enacted on training and regulating actuaries, usually hired by insurance and such firms to set individual premiums from available data, Law and Justice Ministry announced today.

The Actuaries Bill 2006, passed by Parliament and signed by President A P J Abdul Kalam, has been notified in the Gazette and come into force, the announcement said.

The enactment entails dissolution of the Actuarial Society of India to make way for an Institute of Actuaries of India to which its assets and liabilities will be transferred, a Ministry statement said.

The proposed Institute will conduct examinations and regulate the profession-- by checking misconduct-- and create facilities for its growth and members' training, it said.

Life and general insurance actuaries have trationally designed and priced policies, monitored adequacy of funds to pay benefits, recommended fair rate of bonus, ensured solvency margin and other such risks as legal liability and loss of profit.

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

They work as consultants either individually or in partnership covering such sectors as insurance, information technology, taxes, employees benefit, risk management and investment.

UNI MJ NK KN1816

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