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Actuarial course

CA NITU SINGH (CA) (133 Points)

06 February 2015

Did anybody tell me about how to register and procedures for becoming an actuary in india thanks in advance

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https://www.actuariesindia.org/index.aspx

Institute of Actuaries of India(IAI)

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 erstwhileActuarial 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.

The erstwhile Actuarial Society of India (ASI) was established in September 1944. Since 1979 the ASI has been a Full Member of International Actuarial Association (an umbrella organizations to all actuarial bodies across the world) and is actively involved in its affairs. In 1982, the ASI was registered under Registration of Literary, Scientific and Charitable Societies Act XXI of 1860 and also under Bombay Public started conducting Fellowship level examination leading to professional qualification of an actuary, till then the accreditation was based on Institute of Actuaries, London examinations (now Institute and Faculty of Actuaries.).

Objects of the IAI: The main objects of the Institute are (section 5 of the Actuaries Act, 2006);

To promote, uphold and develop the standards of professional education, training, knowledge, practice and conduct amongst Actuaries;
To promote the status of the Actuarial profession;
To regulate the practice by the Members of the profession of Actuary;
To promote, in the public interest, knowledge and research in all the matters relevant to Actuarial Science and its application; and
To do all such things as may be incidental or conducive to the above objects or any of them.

Student

Any person who enrolls himself for examination of the Institute, and possesses such qualifications as is specified, is admitted as a student member of the Institute on such terms and conditions as is specified. A student member shall not have any rights to vote on any matter or resolution in any meeting of the Institute. The detail criteria for student membership is available in following link:

Certificate in Actuarial Technique (CAT)

Student members who have passed and/or have got exemption in all the subjects of CT Series will be eligible to apply for Certificate in Actuarial Techniques.

CAT Application form

Diploma in Actuarial Technique (DAT)

Diploma in Actuarial Techniques (DAT) in various practice/work areas of actuarial personnel will be provided to student members. This is expected to provide focus actuarial practice/functions at an early stage & should lead to employer focus in actuarial recruitment. The Diplomas are;

Qualification	Required
Diploma in Actuarial Techniques – Health Insurance (DAT – Health)	All CT + CA 3 + ST 1
Diploma in Actuarial Techniques – Life Insurance (DAT – Life)	All CT + CA 3 + ST 2
Diploma in Actuarial Techniques – Pensions (DAT – Pensions)	All CT + CA 3 + ST 4
Diploma in Actuarial Techniques – Finance & Investment (DAT – Finance)	All CT + CA 3 + ST 5 Or ST 6
Diploma in Actuarial Techniques – General Insurance (DAT – Non Life)	All CT + CA 3 + ST 7 Or ST8
Diploma in Actuarial Techniques – Enterprise Risk Management (DAT – ERM)	All CT + CA 3 + ST 9

DAT Application form

Associate

Student member who have passed/been exempted all Core Technical series (CT1 to CT9) and all Core Application series (CA1 to CA3) subjects is eligible (on application) to become Associate Member of the Institute. An Associate member is entitled to use the letters "AIAI" after his name to indicate that he is an associate. An Associate member is eligible to vote in the election to the Council.

Associate Membership Application Form

Fellow

Any person who satisfies any of the following criteria can be admitted as fellow member of the Institute;

Fellowship (IAI Examination Route)

Criteria

Should be current student member of IAI
A Student member should have passed all the prescribed examination of IAI or should have been exempted from one or more subjects as per rules [Core Technical (CT1 to CT9–Nine Papers), Core Application (CA1 to CA3 – three papers), Specialist Technical (ST1, ST2, ST4 to ST9 -Any two out of eight) and Specialist Application (SA1 to SA6-any one out of six)]
Minimum 3 years of work based actuarial experience
Attended India Fellowship Seminar (Validity - to be admitted as FIAI within 24 Months of successful attending IFS Seminar)

Fellowship (Affiliate to Fellow Route)

Criteria

Confirmation from parent body that
- He has attained fellowship by examination route. (Where IAI has Mutual Recognition Agreement)
- His subscripttion is up to date
- There is no Public Disciplinary sanction imposed against him
One year India-Resident Actuarial Work experience
Attended India Fellowship Seminar (Validity - to be admitted as FIAI within 24 Months of successful attending IFS Seminar

Fellowship (MRA Route)

Criteria

Should be Fellow member of Other Actuarial Body (where IAI has Mutual Recognition Agreement)
Confirmation from parent body that
- He has attained fellowship by examination route
- His subscripttion is up to date
- There is no Public Disciplinary sanction imposed against him
One year India-Resident Actuarial Work experience
Attended India Fellowship Seminar (Validity - to be admitted as FIAI within 24 Months of successful attending IFS Seminar)

Format for Experience Certificate

Must be printed on Company Letterhead
Name and Designation
Period of Actuarial Work
Brief descripttion of Job profile (Actuarial related work) and nature of work handled during the period e.g. Department, Responsibilities etc.
Must be signed by H R Manager or your Immediate Authority

Fellowship Application Form

Affiliate Member

Any person, who is a Fellow Member, or is a holder of membership considered equivalent to the Fellow Membership of IAI, of any other institution similar to the Institute, whether within India or outside India, is admitted as an affiliate member of the Institute. Currently, a person can be admitted as Affiliate member of the Institute only if Institute has Mutual Recognition Agreement with that Actuarial Body/Institute where the person is a fellow member (through examination route). An Affiliate member is not entitled to use the letters "FIAI" after his name. An Affiliate member shall NOT have any rights to vote on any matter or resolution in any meeting of the Institute.

Criteria for applying for Affiliate Member

Current Fellow of an Actuarial Professional Body where IAI has Mutual Recognition Arrangement (Currently IAI has MRA with IFA,UK & Institute of Actuaries, Australia)
Confirmation from parent body that he has attained fellowship by examination route
There is no Public disciplinary sanction imposed against him

Affiliate Application form

Honorary Fellow Member

The Council may, by a vote of not less than four-fifths of all its members, admit as an honorary member, a person who, on account of his eminence and his experience in matters related to the profession of actuary is considered to be able to render assistance in promoting the objects of the Institute provided that he is not practicing as an Actuary. The person to be considered for such admission shall satisfy all the requirements prescribed by the Council and duly approved by a General meeting of the Institute from time to time. An honorary member shall not have any rights to vote on any matter or resolution in any meeting of the Institute.