The Institute of Actuaries of India
The Institute of Actuaries of India (IAI) is a statutory body established by an Act of Parliament, viz. The Actuaries Act, 2006 for regulating the profession of Actuaries in India. The nodal ministry for the Institute is Department of Financial Services, Ministry of Finance.
The affairs of the IAI are managed by a Council in accordance with the provisions of the Actuaries Act, 2006. The Council consists of 12 elected fellow members and 3 persons nominated by Central Government. Currently, two government nominees are from Department of Financial Services and one from Insurance Regulatory Development Authority.
The erstwhile Actuarial Society of India (ASI) was established in September 1944. Since 1979, the ASI has been a Full Member of International Actuarial Association (an umbrella organization to all actuarial bodies across the world) and is actively involved in its affairs. In 1982, the ASI was registered under Registration of Literary, Scientific and Charitable Societies Act XXI of 1860 and Bombay Public Charitable Trust Act, 1950. In 1989, the ASI started examinations upto Associate level, and in 1991, started conducting Fellowship level examination leading to professional qualification of an actuary. Till then, the accreditation was based on Institute of Actuaries, London examinations (now Institute and Faculty of Actuaries).
The Head Office of the Institute is at Seawoods, Navi Mumbai.
Objects of the IAI
- To promote, uphold and develop the standards of professional education, training, knowledge, practice and conduct amongst Actuaries
- To promote the status of the Actuarial profession
- To regulate the practice by the Members of the profession of Actuary
- To promote, in the public interest, knowledge and research in all the matters relevant to Actuarial Science and its application; and
- To do all such things as may be incidental or conducive to the above objects or any of them.