Delhi: The proposed Institute of Actuaries of India
may need direct budgetary support to be financially viable,
the Actuarial Society of India (ASI) has informed the
Parliamentary Standing Committee on Finance.
the same time, though, ASI has conceded that such assistance
"will appear to be difficult keeping in view the
fiscal challenges before the government."
its response to a questionnaire prior to "informal"
discussions with the standing committee on the Actuaries
Bill, 2002, the society has claimed a sharp growth in
membership. It has reported a nearly five-fold spurt in
students entering the profession over the last four years.
144 fellows, 87 associates and 442 students as on 31 March
1999 the corresponding numbers have swelled to 200, 118
and 2,096, respectively, by 31 March this year. The institute
has also acquired six honorary fellows and 24 affiliates
in the last two years.
society had been asked to spell out its basic objectives,
why it was deemed necessary to have an Actuaries Act and
convert ASI into an institute, as also to give its reactions
to the provisions of the Bill.