Bare Act Search Results

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 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 (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.....

Actuaries Act, 2006 Schedule I

Title: The First Schedule

State: Central

Year: 2006

.....or a partner in his firm has a substantial interest, unless he has disclosed the interest also in his report; or (13) fails to disclose a material fact known to him in a valuation report or a financial statement, but disclosures of which is necessary to make the valuation report or the financial statement not misleading where he is concerned with such valuation report or the financial statement in a professional capacity; or (14) fails to report a material misstatement known to him to appear in a valuation report or financial statement with which he is concerned in a professional capacity; or (15) is grossly negligent in the conduct of his professional duties; or (16) fails to obtain sufficient information to warrant the formation of an opinion in regard to any matter contained in any valuation report or financial statement prepared by him or on his behalf; or (17) fails to invite attention to any material departure from the generally accepted procedure or professional work applicable to the circumstances, in any valuation report or financial statement prepared by him or on his behalf. PART II Professional misconduct in relation to the members of the Institute in.....

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).

Actuaries Act, 2006 Chapter VI

Title: Penalties

State: Central

Year: 2006

.....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.....

Actuaries Act, 2006 Chapter IX

Title: Miscellaneous

State: Central

Year: 2006

.....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. Section 51 - Reciprocity (1) Where any country, notified by the Central Government in this behalf in the Official Gazette, prevents persons of Indian domicile from becoming members of any institution similar to the Institute or from practicing the profession of Actuaries or subjects them to unfair discrimination in that country, no subject of any such country shall be entitled to become a member of the Institute or practice the profession of Actuaries in India. (2) Subject to the provisions of sub-section (1), the Council may specify the conditions, if any, subject to which foreign qualifications relating to actuarial science shall be recognised for the purposes of entry in the register. Section 52 -.....

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 -.....