Section Text
Subject to the provisions of section 10, any person who,--
(a) not being a member of the Institute,--
(i) represents that he is a member of the Institute in any of the manners mentioned in section 7; or
(ii) uses the designation "Actuary"; or
(iii) uses the letters "AIAI" or "FIAI" after his name; or
(iv) practises the profession of an Actuary; or
(b) being a member of the Institute, but not having a certificate of practice, represents that he is in practice, or practises as an Actuary,
shall be punishable on first conviction with fine which may extend to one lakh rupees, and on any subsequent conviction with imprisonment which may extend to one year, or with fine which may extend to two lakh rupees, or with both.
Section 38 - Penalty for using name of Institution, awarding degrees of actuarial science, etc.(1) Save as otherwise provided in this Act, no person shall--
(a) use a name or a common seal which is identical with the name or the common seal of the Institute or so nearly resembles it so as to deceive or as is likely to deceive the public; or
(b) award any degree, diploma or certificate or bestow any designation which indicates or purports to indicate the position or attainment of any qualification or competence in actuaryship similar to that of a member of the Institute; or
(c) seek to regulate in any manner whatsoever the profession of Actuaries.
(2) Any person contravening the provisions of sub-section (1) shall, without prejudice to any other proceedings, which may be taken against him, be punishable with fine, which may extend on first conviction to fifty thousand rupees and on any subsequent conviction with imprisonment which may extend to one year, or, with fine which may extend to one lakh rupees, or with both.
(3) Nothing contained in this section shall apply to any University or other institution established by law or to any body affiliated to the Institute.
Section 39 - Companies not to engage in actuarial practice(1) No company, whether incorporated in India or elsewhere, shall practice as Actuaries.
(2) Any company contravening the provisions of sub-section (1) shall be punishable on first conviction with fine which may extend to ten thousand rupees, and on any subsequent conviction with fine which may extend to twenty-five thousand rupees.
Section 40 - Unqualified person not to sign documents(1) No person other than a fellow member of the Institute shall sign any document on behalf of an Actuary in practice or a firm of such Actuaries in his or its professional capacity.
(2) Any person contravening the provisions of sub-section (1) shall, without prejudice to any other proceedings which may be taken against him, be punishable on first conviction with fine which may extend to fifty thousand rupees, and on any subsequent conviction with imprisonment which may extend to one year, or with fine which may extend to one lakh rupees, or with both.
Section 41 - Offences by companies(1) If the person committing an offence under this Act is a company, the company as well as every person in charge of, and responsible to, the company for the conduct of its business at the time of the commission of the offence shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly:
Provided that nothing contained in this sub-section shall render any such person liable to any punishment if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence.
(2) Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or that the commission of the offence is attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.
Explanation.--For the purposes of this section--
(a) "company" means any body corporate and includes a firm or other association of individuals; and
(b) "director", in relation to a firm, means a partner in the firm.
Section 42 - Sanction to prosecuteNo person shall be prosecuted under this Act except on a complaint made by or under the order of the Council or of the Central Government.