IAI is a statutory body established under The Actuaries Act 2006 (35 of 2006) for regulation of profession of Actuaries in India. The provisions of the said Act have come into force from 10thday of November 2006, in terms of the notification dated 8th November 2006, issued by the Government of India in the Ministry of Finance, Department of Economic Affairs. As a consequence of this, the erstwhile Actuarial Society of India was dissolved and all the Assets and Liabilities of the Actuarial Society of India were transferred to, and vested in, the Institute of Actuaries of India constituted under Section 3 of the Actuaries Act, 2006.
What is an actuary?
“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’ benefits and such other risk management and investments and who is a fellow member of the Institute.
Who can become an Actuary?
• An HSC passed, graduate, post graduate, Engineer, MBA, CA, ICWA etc with sound knowledge in Mathematics & Statistics
• Loves logic and problem solving
• Good communicator
• Excellent business awareness.
Actuaries in India can work in the following areas:
Life, General, Health Insurance & Reinsurance Companies
Traditionally Actuaries work with Life Insurance Companies, but their importance lies equally in General and Health Insurance Companies also.
The areas of their concern include:
Product design, which includes designing new policies as per the changing
Scholarships Schemes are for students based on there performance
government and public sectors scholarships are provided to students