Bare Act Search Results

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 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

Title: Actuaries Act, 2006

State: Central

Year: 2006

.....- Entry of names in register Section7 - Associates and fellows Section8 - Honorary, affiliate and student members Section9 - Certificate of practice Section10 - Members to be known as Actuaries Section11 - Disqualifications Section12 - Composition of Council of Institute Section13 - Annual general meetings Section14 - Re-election to Council Section15 - Settlement of disputes regarding election Section16 - Establishment of Tribunal Section17 - President Vice-President and Honorary Secretary Section18 - Resignation from membership and filling up of casual vacancies Section19 - Functions of Council Section20 - Staff, remuneration and allowances Section21 - Committees of Council Section22 - Finances of Council Chapter III Section23 - Register Section24. - Removal of name from Register Section25 - Re-entry in register Chapter IV Section26 - Disciplinary Committee Section27 - Appointment of Prosecution Director Section28 - Authority, Council, Disciplinary Committee and Prosecution Director to have powers of civil court Section29 - Action by Council on Disciplinary Committee's report Section30 - Member to be afforded opportunity of being heard Section31 -.....

Actuaries Act 2006 Complete Act

State: Central

Year: 2006

ACTUARIES ACT 2006 ACTUARIES ACT. 2006 35 of 2006 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: CHAPTER 1 : PRELIMINARY: SECTION 1: Short title, extent and commencement: (1) This Act may be called the Actuaries Act, 2006. (2) It extends to the whole of India. (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the commencement of that provision. SECTION 2: Definitions: (1) In this Act, unless the context otherwise requires, (a)"Actuary" means a person skilled in determining the present effects of future contingent events or in finance modelling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of .....

Actuaries Act, 2006 Chapter I

Title: Preliminary

State: Central

Year: 2006

(1) This Act may be called the Actuaries Act, 2006. (2) It extends to the whole of India. (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the commencement of that provision.1 _______________________ 1. Enforcement date for the Actuaries Act, 2006 as per notification no: SO1912(E) dated 08.11.2006, is 10.11.2006. Section 2 - Definitions (1) In this Act, unless the context otherwise requires,-- (a) "Actuary" means a person skilled in determining the present effects of future contingent events or in finance modelling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of policies, working out the benefits, recommending rates relating to insurance business, annuities, insurance and pension rates on the basis of empirically based tables and includes a statistician engaged in such technology, taxation, employees'.....

Insurance Regulatory and Development Authority (Appointed Actuary)regulations, 2000 Complete Act

State: Central

Year: 2000

.....of general insurance business; (iv) a person who has not committed any breach of professional conduct: (v) a person against whom no disciplinary action by the Actuarial Society of India or any other actuarial professional body is pending; (vi) not an appointed actuary of another insurer; (vii) a person who possesses a Certificate of Practice Issued by the Actuarial Society of India; and (viii) not over the age of seventy years. (3) An insurer shall seek the approval of the Authority for the appointment of appointed actuary, submitting the application in Form IRDA-AA-1. (4) The Authority shall within thirty days from the date of receipt of application, either accept or reject the same: Provided that before rejecting the application, the Authority shall give an opportunity of being heard to the insurer. (5) If an insurer does not receive approval within thirty days of the receipt of such application by the Authority, the insurer shall deem that the approval has been granted by the Authority. (6) An insurer, who is unable to appoint an appointed actuary in accordance with sub-regulation (2), shall make an application to the Authority in writing for relaxation of one or more.....

Insurance Regulatory and Development Authority (Qualification of Actuary) Regulations, 2004 Complete Act

State: Central

Year: 2004

.....herein shall have the meanings respectively assigned to them in the Insurance Act, 1938 (4 of 1938), or in the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or in the Regulations made thereunder. Regulation 3 Qualifications of an actuary An actuary shall be a fellow of the Actuarial Society of India: Provided that where an application is made by any' individual to the Authority and it shown to the satisfaction of the Authority that the employment of such individual having actuarial knowledge for any specified purpose sufficient in order to enable an Indian insurance company or a person to carry out any of its or his obligations under the Act, the Authority may grant the application and permit such individual to sign as actuary for the specified purpose, subject to such conditions and restrictions as the Authority thinks fit to impose. Central Bare Acts

Actuaries Act, 2006 Section 2

Title: Definitions

State: Central

Year: 2006

.....member or an employee of a company, he, whether or not in consideration of remuneration received or to be received,-- (i) engages himself in actuarial profession; or (ii) offers to perform or performs services involving the application of actuarial techniques in the fields of insurance, pension, investment, finance and management; or (iii) renders such other services as, in the opinion of the Council, are or may be rendered by an actuary in practice; or (iv) is in employment of a person engaged in one or more of the activities mentioned in clauses (i), (ii) and (iii) above, and the words "to be in practice" with their grammatical variations and cognate expressions shall be construed accordingly. Explanation.--For the purposes of this sub-section, the expression "company" includes a public financial institution as defined in section 4A of the Companies Act, 1956(1 of 1956).

Insurance Regulatory and Development Authority (Actuarial Report and Abstract) Regulations, 2000 Complete Act

State: Central

Year: 2000

.....the valuation date of that valuation from the valuation date of the preceding valuation in connection with which an abstract was prepared under the Act under the enactments repealed by the Act, or, in a case where no such valuation has been made in respect of the class of business in question, from the date on which the insurer began to carry on that class of business; (h) "maturity date" means a fixed date on which benefit may become payable either absolutely or contingently; (i) "non-par policies" or "policies without participation in profits" means policies which are not entitled for any share in surplus (profits) during the term of the policy; (j) "office yearly premium" means regular premium (excluding extra premiums which are required to be shown separately) payable by the policy-holder to secure the basic benefits under the policy in a policy year; (k) "options" means the rights available to a policy-holder under a policy; (l) "par policies" or "policies with participation in profits" means polices which are not non-par policies as defined under Cl. (i); (m) "policies with deferred participation in profits" means policies entitled for participation in profits after.....