The Actuaries Act

Short title, extent and commencement

Definitions

Incorporation of Institute

Transfer of assets, liabilities, etc., of Actuarial Society

Objects of Institute

Entry of names in register

Associates and fellows

Honorary, affiliate and student members

Certificate of practice

Members to be known as Actuaries

Disqualifications

Composition of Council of Institute

Annual general meetings

Re-election to Council

Settlement of dispute regarding election

Establishment of Tribunal

President, Vice-President and Honorary Secretary

Resignation from membership and filling up to casual vacancies

Functions of Council

Staff, remuneration and allowances

Committees of Council

Finances of Council

Register

Removal of name from register

Re-entry in register

Disciplinary Committee

Appointment of Prosecution Director

Authority, Council, Disciplinary Committee and Prosecution Director to have powers of civil  court

Action by Council on disciplinary Committee’s report

Member to be afforded opportunity of being heard

Professional or other misconduct defined

Constitution of Appellate Authority

Term of Office of Members of Authority

Allowances, conditions of service of Members and procedure, etc., of Authority

Officers and other staff of Authority

Appeal to Authority

Penalty for falsely claiming to be a member, etc

Penalty for using name of Institution, awarding degrees of actuarial science, etc

Companies not to engage in actuarial practice

Unqualified person not to sign documents

Offences by companies

Sanction to prosecute

Establishment of Quality Review Board

Functions of Board

Procedure of Board

Terms and conditions of Chairperson and Members of Board

Expenditure of Board

Dissolution of Actuarial Society of India

Provisions respecting employees of dissolved society

Maintenance of more than one offices by Actuary

Reciprocity

Power of Central Government to issue directions

Protection of action taken in good faith

Members, etc., to be public servants

Power of Central Government to make rules

Power to make regulations

Power of Central Government to issue directions for making or amending regulations

Laying of rules and regulations

Power to remove difficulties

All sections

(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.

LAWGIST

# 39 Companies not to engage in actuarial practice