The Actuaries Act, 2006
Administered Ministry: Ministry of Finance / Department of Financial Services
Act details
| Short title | The Actuaries Act, 2006 |
|---|---|
| Long title | An Act to provide for regulating and developing the profession of Actuaries and for matters connected therewith or incidental thereto. |
| Act number | 35 of 2006 |
| Act year | 2006 |
| Enactment date | 27 Aug 2006 |
| Ministry | Ministry of Finance / Department of Financial Services |
| Department | Department of Financial Services |
| Jurisdiction | Central (Parliament of India) |
| Sections | 59 |
| Schedules | 1 |
| Status | Not repealed |
| Last checked on India Code | 29 Oct 2026 |
| Source | India Code, Government of India |
Summary
Summary of the Actuaries Act, 2006
Key Provisions
1. Regulation of Actuaries Profession: Regulates and develops the profession.
2. Definitions: Key terms defined (e.g., "Actuary", "Actuarial Science").
3. Institute of Actuaries of India
• Establishment: Referenced (Section 3, context not provided).
• Objects (Section 5, inferred from structure):
• Promote education and standards.
• Regulate practice.
• Foster knowledge and research.
4. Membership & Registration
• Eligibility & Disqualifications: Referenced (Sections 6 & 11, details not provided).
5. Council & Governance
• Composition & Functions: Elected/nominated members, regulate standards (Sections 12 & 19, partially inferred).
6. Practice & Certification
• Certificate of Practice: Mandatory for practicing members (Section 9, referenced).
7. Miscellaneous
• Rule Making: Central Government and Council empowered (Sections 55 & 56, inferred).
Legislative history
Legislative History:
The Actuaries Act, 2006
Short Title The Actuaries Act, 2006
Act Number / Year Act No. 35 of 2006
Act ID (India Code) 200635
Presidential Assent Date August 27, 2006
Enforcement Date November 10, 2006
Nodal Ministry Ministry of Finance
Precedent & Statutory Rationale
1. Growth of the Liberalized Insurance Sector:
o Prior to 2006, the actuarial profession in India was managed informally under the aegis of the Actuarial Society of India (ASI), registered under the Societies Registration Act, 1860.
o Following the enactment of the Insurance Regulatory and Development Authority (IRDA) Act, 1999, and the entry of numerous private sector insurance and financial institutions, the scale, complexity, and importance of risk evaluation, asset-liability modeling, and solvency valuation increased exponentially.
2. Need for Statutory Recognition and Regulation:
o To elevate professional standards, protect consumer and policyholder interests, establish transparent certification standards, and align Indian actuarial science with robust international regulatory benchmarks, dedicated parliamentary legislation became necessary.
Parliamentary Trajectory & Enactment
• Formulation: Prepared and piloted by the Ministry of Finance to provide statutory backing to the actuarial profession.
• Parliamentary Passage: Tabled, debated, and passed by both Houses of Parliament during the monsoon session of 2006.
• Presidential Assent: Received formal Presidential Assent on August 27, 2006, entering the statute book as Act No. 35 of 2006.
• Enforcement: Enforced on November 10, 2006.
• Source: Official Records of Parliament, India Code, and Ministry of Finance