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Institute of Actuaries of India

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The Institute of Actuaries of India, is the sole professional body of actuaries in India, and was formed in September 1944. It was formed by the conversion of the Actuarial Society of India into a body corporate by virtue of the Actuaries Act, 2006.

Contents

Registration of the ASI

In 1979, it was admitted to the International Actuarial Association as a member. On 14 December 1982, it was formally registered under Registration of Literary, Scientific and Charitable Societies Act XXI of 1960. A certificate of registration of the ASI under section XII AA of Income Tax Act was received on the 14 March 1984. ASI is also registered under Public Charitable Trust Act 1950

Educational and ethical goals of the ASI

  • To prepare "actuaries of tomorrow" who are adequately qualified and competent in the global context.
  • To keep the level of competence on a continuing basis for fully qualified Actuaries at a high in the global context through CPD (Continuing Professional Development) and other programs.
  • To serve the cause of public interest through Professional Code of Conduct and Disciplinary Procedures.

    • Objectives

  • Advancement of the Actuarial profession in India.
  • Providing opportunities for interaction among members of the profession.
  • Facilitating research, arranging lectures on relevant subjects.
  • Providing facilities and guidance to those studying for the Actuarial exams.

    • Placement

    Till 2002, multinational reinsurers setting up service offices in India imported actuaries due to severe shortage of skills domestically. By 2005, an Indian actuary with at least 7 years of post-qualification experience was paid about $40,000 in annual salary. The package rises to $60,000 for an appointed actuary.

    History

    The ASI was initially started as a non-examining body when Actuaries used to get qualified from Institute of Actuaries or Faculty of Actuaries of the United Kingdom. The actuarial profession in India saw a downward trend in the early years of nationalization of the Indian insurance industry. This led to a reduction of actuarial input in both life insurance and general insurance management, and insignificant input in other areas such as pensions, insurance regulations, and academics. The downward trend resulted in a reduction of number of students taking actuarial exams. In the last few years, the actuarial profession in India has experienced tremendous growth. The ASI has grown as well with around 3,000 student members joining the society. The current president of ASI is Mr. Liyaquat Khan.

    International relationships

    ASI is founding member of the International Actuarial Association, the umbrella organization for all actuarial bodies across the world. The ASI is actively involved in the formulation of future education strategy of International Actuarial Association.

    Actuarial organizations

    Actuaries usually belong to one or more professional bodies, often national in scope. A list may be found here: Category:Actuarial associations

    References

    Institute of Actuaries of India Wikipedia
    (Text) CC BY-SA