The Actuarial Society of India (ASI) finds itself
in a dilemma whether to exit as ASI or morph
into the Institute of Actuaries of India or something
2006 Parliament passed the Actuaries Bill 2006 and obtained
the president''s assent. The Act enables setting up the
Institute of Actuaries of India on the lines of professional
bodies like Institute of Chartered Accountants of India.
As per the Act, the proposed institute will take over
the assets and liabilities of the ASI.
the president''s assent, the Act was notified in the
official gazette on 8 November, 2006, stating that it
comes into force from 10 November, 2006. Till 20 days
ago ASI was unaware of the gazette notification. It
was under the impression that the gazette notification
would take place some time in April 2007.
the circumstances changing some of the ASI''s decisions
post notification hang in suspense. Notable amongst
them is the holding of elections for the governing council.
to sources the election process would be cancelled.
a member of ASI''s executive committee, "ASI is
not yet dissolved. As per the new Act, the government
has to declare a date
the appointed day on which
the assets and liabilities of ASI are taken over by
the new body. Only then would the ASI be dissolved."
also asserts that the students and the qualified members
will not be affected post notification.
has changed is the status of ASI''s governing body and
some of the internal governing rules. After the gazette
notification the existing ASI governing body has morphed
into an interim governing council as envisaged in the
Act and will continue till an elected council is installed."
For that to happen the interim governing council has
to draft and approve the new rules and regulations in
line with the Act.
to the passage of the bill by the Parliament, the actuarial
body had set up a committee under the chairmanship of
an actuary R Ramakrishan to chart out the roadmap for
formation of the statutory institute. The committee
had submitted its report in January 2007 and action
is progressing on that.
is learnt that ASI has now asked some senior actuaries
to assist in complying with the legal formalities in
setting up the institute. An ASI team will be meeting
the officials of finance ministry to take the matter
forward in a smooth fashion.