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Actuaries Act, 2006 Complete Act

Title: Actuaries Act, 2006

State: Central

Year: 2006

.....- Terms and conditions of Chairperson and Members of Board Section47 - Expenditure of Board Chapter VIII Section48 - Dissolution of Actuarial Society of India Section49 - Provisions respecting employees of dissolved society Chapter IX Section50 - Maintenance of more than one offices by Actuary Section51 - Reciprocity Section52 - Power of Central Government to issue directions Section53 - Protection of action taken in good faith Section54 - Members, etc., to be public servants Section55 - Power of Central Government to make rules Section56 - Power to make regulations Section57 - Power of Central Government to issue directions for making or amending regulations Section58 - Laying of rules and regulations Section59 - Power to remove difficulties ScheduleI - THE FIRST SCHEDULE

Actuaries Act, 2006 Section 50

Title: Maintenance of More Than One Offices by Actuary

State: Central

Year: 2006

(1) Where an Actuary in practice or a firm of such Actuaries has more than one offices within or outside India, each one of such offices shall be in the separate charge of a fellow member of the Institute: Provided that the Council may in suitable cases exempt any Actuary in practice or from of such Actuaries from the operation of this sub-section. (2) Every Actuary in practice or a firm of such Actuaries maintaining more than one office shall send to the Council a list of offices and the person in charge thereof and shaft keep the Council informed of any changes in relation thereto.

Actuaries Act, 2006 Section 4

Title: Transfer of Assets, Liabilities, Etc., of Actuarial Society

State: Central

Year: 2006

.....such properties as may be in the possession of the said Society and all books of account and other documents relating to the same; and liabilities shall be deemed to include all debts, liabilities and obligations of whatever kind; (b) without prejudice to the provisions of clause (a), all debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done by, with or for the Actuarial Society immediately before that day, for or in connection with the purpose of the said Society, shall be deemed to have been incurred, entered into or engaged to be done by, with or for, the Institute; (c) all sums of money due to the Actuarial Society immediately before that day shall be deemed to be due to the Institute; and (d) all suits and other legal proceedings instituted or which could have been instituted by or against the Actuarial Society immediately before that day may be continued or may be instituted by or against the Institute.

Actuaries Act, 2006 Preamble 1

Title: Actuaries Act, 2006

State: Central

Year: 2006

THE ACTUARIES ACT, 2006 [Act No. 35 OF 2006] [27th August, 2006.] PREAMBLE An Act to provide for regulating and developing the profession of Actuaries and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Fifty-seventh Year of the Republic of India as follows:--

Actuaries Act, 2006 Section 10

Title: Members to Be Known as Actuaries

State: Central

Year: 2006

Every member of the Institute in practice shall, and any other member may, use the designation of an Actuary and no member using such designation shall use any other description whether in addition thereto or in substitution therefor: Provided that nothing contained in this section shall be deemed to prohibit any such member from adding any other description or letters to his name, if entitled thereto, to indicate membership of such other Institute, whether in India or elsewhere, as may be recognised in this behalf by the Council, or any other qualification that he may possess, or to prohibit a firm, all the partners of which are members of the Institute and in practice, from being known by its firm name as Actuaries.

Actuaries Act, 2006 Section 38

Title: Penalty for Using Name of Institution, Awarding Degrees of Actuarial Science, Etc.

State: Central

Year: 2006

(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.

Actuaries Act, 2006 Section 39

Title: Companies Not to Engage in Actuarial Practice

State: Central

Year: 2006

(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.

Actuaries Act, 2006 Chapter VIII

Title: Dissolution of the Actuarial Society of India Registered Under the Societies Registration Act

State: Central

Year: 2006

.....no member of the society shall make, assert or take any claims or demands or proceedings in respect of that society except as provided in this Act. Section 49 - Provisions respecting employees of dissolved society (1) Every person employed in the dissolved society and continuing in its employment immediately before the commencement of this Act shall, as from such commencement, become an employee of the Institute, shall hold his office or service therein by the same tenure and upon the same terms and conditions and with the same rights and privileges as to retirement benefits as he would have held the same under the dissolved society if this Act had not been passed, and shall, continue to do so unless and until his employment in the Institute is terminated or until his remuneration, terms and conditions of employment are duly altered by the Institute. (2) Notwithstanding anything contained in the Industrial Disputes Act, 1947(14 of 1947) or in any other law for the time being in force, the transfer of the services of any employee of the dissolved society to the Institute shall not entitle any such employee to any compensation under that Act or other law, and no such.....

Actuaries Act, 2006 Section 48

Title: Dissolution of Actuarial Society of India

State: Central

Year: 2006

On the appointed day.-- (a) the Society known as the Actuarial Society of India registered under the Societies Registration Act, 1860(21 of 1860. Bombay Act XXXIX of 1950) and the Bombay Public Trusts Act, 1950 shall stand dissolved and thereafter no person shall make, assert or take any claims or demands or proceedings against the dissolved society or against any officer thereof in his capacity as such officer except in so far as may be necessary, for enforcing the provisions of this Act; (b) the right of every member to, or in respect of, the dissolved society shall be extinguished, and thereafter no member of the society shall make, assert or take any claims or demands or proceedings in respect of that society except as provided in this Act.

Actuaries Act 2006 Complete Act

State: Central

Year: 2006

.....(i) to issue guidelines for the observance of the members, including the student members; (j) to receive gifts, grants, donations or benefactions from the Central or State Governments and to receive bequests, donations and transfer of movable or immovable properties from testators, donors or transferors, as the case may be; (k) co-operating with educational or other institutions in any part of the world having objects wholly or partly similar to those of the Institute by exchange of members and generally in such manner as may be conducive to achievement of their common objects; (l) instituting and awarding fellowships, scholarships, prizes and medals; (m) giving gifts, grants, donations or benefactions to other institutions or bodies having objects similar to those of the Institute; (n) the carrying out, by granting financial assistance to persons other than members of the Council, or in any other manner, of research in the actuarial science; (o) the maintenance of a library and publication of books, journals and periodicals relating to actuarial science; (p) the exercise of disciplinary powers conferred by this Act; (q) establishing such regional council or.....