Full Text
REGD. No. D. L.-33004/99
The Gazette of India
CG-DL-E-05102024-257619
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 751] NEW DELHI, TUESDAY, SEPTEMBER 24, 2024/ASHVINA 2, 1946
INSTITUTE OF ACTUARIES OF INDIA
(Statutory Body Established Under An Act Of Parliament)
NOTIFICATION
New Delhi, the 5th September, 2024
ANNUAL REPORT AND ACCOUNTS 2023-24
INDIAN ACTUARIAL PROFESSION
Serving the Cause of Public Interest
F. No. IAI/2023-24 report no 001—
Council of Institute of Actuaries of India, in its meeting held on 24th August 2012 adopted Vision, Mission and Value
Statement
VISION OF THE INSTITUTE
IAI to be globally well recognized professional organization, developing enduring thought leadership to manage
uncertainty of future financial outcome.
MISSION OF THE INSTITUTE
* To educate, train risk professional.
* To encourage and maintain high professional standard.
* To shape public policy and awareness.
* To encourage with other professional/regulatory/government bodies.
* To promote/build IAI as respected brand of risk management globally.
* To promote research, to advance actuarial science/application.
VALUES OF THE INSTITUTE
* Integrity
* Respect for other’s views
* Accountability
* Continuing learning/Research oriented learning
* Transparency
* Be responsive/sensitive
NOTICE FOR THE 18TH ANNUAL GENERAL MEETING
TO BE HELD ON UNDER SECTION 13 OF THE ACTUARIES ACT, 2006
To
All Members of the Institute
Annual General Meeting of the Institute in terms of section 13 of the Actuaries Act, 2006 will be held as under:
+------+--------------------------+-----------------------+
| Date | 30th September 2024 | |
+------+--------------------------+-----------------------+
| Time | 11.00 am 12.00 pm | |
+------+--------------------------+-----------------------+
| Venue| Institute of Actuaries of India, Board Room, Unit no, F-206, 2nd Floor, “F” Wing in Tower 2, Seawoods Grand Central, Plot no. R-1, Seawoods, Near Seawoods Railway Station, Navi Mumbai – 400 706. |
+------+--------------------------+-----------------------+
AGENDA
Agenda 1 : Agenda 1: Two minutes silence to condole death of the following members, information in respect of
who came to notice of the Institute after last AGM on 23rd September 2023.
Two minutes silence observed in condolence of death of following members;
+---------+----------+--------------------------+------------+-----------------------+
| Sr. No | M. No | Name | Category | Date |
+=========+==========+==========================+============+=======================+
| 1 | 4209 | Shri. Nandan Suresh Nadkarni | Fellow | 30th September 2023 |
+---------+----------+--------------------------+------------+-----------------------+
| 2 | 156 | Shri. Y. P Sabharwal | Fellow | 5th January 2024 |
+---------+----------+--------------------------+------------+-----------------------+
Agenda 2 :
To take on record the Minutes of the 17th Annual General Body Meeting held on 23rd September 2023.
Agenda 3 :
To adopt the result of the Election to the Council - 2024.
Sd/-
ASHISH RANJAN, Honorary Secy.
MINUTES OF 17TH ANNUAL GENERAL MEETING
Annual General Meeting of the Institute in terms of section 13 of the Actuaries Act, 2006 was held as under:
+------+--------------------------+-----------------------+
| Date | 23rd September 2023 | |
+------+--------------------------+-----------------------+
| Time | 11.00 am to 12.00 pm | |
+------+--------------------------+-----------------------+
| Venue| Institute of Actuaries of India, Board Room, Unit no, F-206, 2nd Floor, “F”Wing in Tower 2, Seawoods Grand Central, Plot no. R-1, Seawoods, Near Seawoods Railway Station, Navi Mumbai – 400 706. |
+------+--------------------------+-----------------------+
The meeting was adjourned for half an hour due to the non-availability of the required quorum, as stipulated
by the Procedure of Conducting Annual General Meeting (AGM). The adjourned meeting commenced at
11.30 am at the same venue, with the condition that no quorum was necessary.
The adjourned meeting was started by 11.30 am at the same place where no quorum was required.
The President of the Institute of Actuaries of India, Mr. R Arunachalam chaired the meeting
and extended a warm welcome to Mr. Ashish Ranjan and staff of the Institute.
MEMBER (S) PRESENT:-
+---------+------------+--------------------------+------------+
| Sr. No. | Member ID | Name | Category |
+=========+============+==========================+============+
| 1. | 226 | Mr. R Arunachalam, Chairperson | Fellow |
+---------+------------+--------------------------+------------+
| 2. | 5036 | Mr. Ashish Ranjan | Fellow |
+---------+------------+--------------------------+------------+
IAI STAFF PRESENT:-
+---------+----------------+--------------------------+
| Sr. No | Name | Designation |
+=========+================+==========================+
| 1. | Mr. Navin Mishra | DGM – HR, Accounts & Finance |
+---------+----------------+--------------------------+
| 2. | Mr. Yogesh Pandit| AGM - Compliance |
+---------+----------------+--------------------------+
Agenda 1: Two minutes silence to condole death of the following members and staff of the Institute,
information in respect of which came to the notice of the Institute after the last AGM on 17th September 2022.
Two minutes silence observed in condolence of death of following members and staff;
+---------+------------+--------------------------+------------+-----------------------+
| Sr.No. | Member ID | Name | Category | Date of Death |
+=========+============+==========================+============+=======================+
| 1. | 183 | S P Subhedar | Fellow | 4th December 2021 |
+---------+------------+--------------------------+------------+-----------------------+
| 2. | 173 | N K Shinkar | Fellow | 25th December 2022 |
+---------+------------+--------------------------+------------+-----------------------+
| 3. | 40 | Samarao Laxmanrao Cuddalore | Fellow | 26th December 2022 |
+---------+------------+--------------------------+------------+-----------------------+
| 4. | - | Mohan Bhatia | Executive Director | 9th April 2023 |
+---------+------------+--------------------------+------------+-----------------------+
Agenda 2: To take on record the Minutes of the 16th Annual General Body Meeting held on 17th September
2022.
The minutes of 16th Annual General Body Meeting held on 17th September 2022 were takenon record.
The Meeting ended with vote of thanks to the Chair.
*****
1. PRESIDENT’S UPDATE ON THE ACTIVTIES OF THE INSTITUTE
R Arunachalam
President
“Education is not preparation for life; education is life itself.”
– John Dewey
It is with immense privilege that I present the Annual Report and Accounts of the Institute of Actuaries of
India for Financial Year 2023-24.
The year gone was truly eventful on multiple counts with significant events such as General assembly elections
in the biggest democracy that India is, impact of ongoing conflicts in the Middle East and Eastern Europe on
Global economic ecosystem, India’s sustained push towards ‘Viksit Bharat’ by 2047, not just the country but the
world watches with bated breath. Unwavering resolve on the vision for ‘Amrit Kaal’ propels us towards a future
where India not only meets but sets global standards.
As a credible contributor to the cause, Institute of Actuaries of India (IAI) too has strived forward with
conspicuous and future impacting transformative initiatives, all aimed at expanding and redefining the
landscape for Actuarial profession in the country. The initiatives help us reorient ourselves, innovate faster and
adapt to the changing economic landscape with agility thus enabling our mission to be at the forefront of
actuarial education.
Accreditation
I am pleased to update you the significant progress in our accreditation initiatives. The institute has successfully
implemented a seamless accreditation framework for Category A Institutions, which now includes distinct
stages: Onboarding and Accreditation. We are actively engaged with several academic institutions across the
country. Notably, we are considering accreditation of IIRM’s PGDM program in Actuarial Science and Bishop
Heber College’s MSc in Actuarial Science (accreditation completed as of May 2024, granting two subject
exemptions to each subject to certain conditions). Additionally, the Accreditation Assessment Model,
designed to simplify the procedures for accrediting Category A Institutions is being envisaged. These
developments mark a substantial advancement in our accreditation efforts and reflect our commitment to
strengthening our standards and procedures.
Actuaries Day
Actuaries Day 2023, celebrated on August 21st, honored Late Shri LS Vaidyanathan’s legacy and featured a
keynote by Mr. Amit Kalra, Head of Swiss Re’s GBS Centers in India. The event, held in Mumbai and Bengaluru,
focused on leveraging India’s growth to boost the actuarial profession, culminating in an MoU with Swiss Re
GBS for advancing actuarial education in India.
23rd GCA
The 23rd GCA, held on February 13-14, 2024, in Mumbai, themed “Data, Disruptions, and the Actuary,”
brought together global leaders to discuss innovations and AI’s impact on actuarial
practice. The event facilitated robust knowledge exchange, networking, and collaboration, underscoring the
critical role of actuaries in navigating the rapidly evolving financial landscape. The success of the GCA highlighted
the dedication and vision of the organizing committee and IAI staff, setting a high standard for future
conferences.
Examinations
I am pleased to report significant advancements in our examination processes and support systems. The
November 2023 actuarial exams saw a record high registration of 3,692 candidates, the highest in the past
ten sessions. Now our students are being provided detailed mark sheets which adds to greater transparency and
insights into their performance. We have also introduced free coaching sessions for candidates preparing for SA
level exams, enabling their preparedness and confidence.
Further, several innovative measures to streamline and modernize our examination processes have been rolled
out by the institute. Introduction of digital evaluation software is one such process which has revolutionized the
evaluation of answer scripts, ensuring accuracy and efficiency. It is being planned that from May 2024 exam
onwards, the Institute will migrate to Home-Based Online Actuarial Examinations bringing in greater flexibility
and accessibility to our student members. Other planned initiatives include MCQ-based papers for all Core
Principle Subjects, revitalized paper setting and evaluation process, and rationalized IAI Exam Registration Fee
Refund Policy. Further, we are excited to introduce SP9 – Enterprise Risk Management as a new subject,
aligning our curriculum with contemporary industry demands.
Financials
The financial overview for the fiscal year 2023-24 distinctly portrays the Institute’s commendable operational
resilience during this period. The revenue generated from fees and seminars in FY 2023-24 has exhibited an
upward trajectory, elevating from Rs. 15.88 Crores in FY 2022-23 to Rs. 16.39 Crores. Simultaneously, the net
surplus for FY 2023-24 stands at Rs. 3.45 Crores. The Institute’s investments income for FY 2023-24
encompasses a sum of Rs. 5.32 Crores.
The comprehensive financial details, inclusive of relevant schedules and notes to accounts, are integrated into
this report. The statutory auditor M/s R. Devendra Kumar & Associates have thoroughly audited the
accounts and duly certified the account as on March 31st, 2024.
Collaborations with the Society of Actuaries (SOA)
Taking our longstanding association with the Society of Actuaries (SOA), certification program on International
Financial Reporting for Insurance (IFRI 17/ IND AS 117) kicked off in December 2023. This partnership
underscores our commitment to providing top-level opportunities to our members thereby elevating their
professional capabilities holistically. The IAI-SOA IFRI Certification Program for the first cohort began in
Jan 2024 while the second commenced in May 2024. These collaborative efforts are pivotal in equipping our
members with cutting- edge knowledge and skills, thereby reinforcing our standing in the global actuarial
community.
Membership Strength
It is with great pleasure that I announce the enrollment of 1,284 new admissions for the year 2023-24. Our
total membership now comprises 654 Fellows, 254 Associates, and 7,186 Students.
IT and Member Services
I am delighted to announce our partnership with 3i-Infotech for IT managed services, marking a significant step
in our technological journey. This modernization initiative aims to elevate our IT infrastructure and member
services, including the transition of all IAI systems and services to a secure, cloud-based environment, ensuring
better accessibility and data protection. This significant upgrade reflects our commitment to improving member
services and leveraging technology for greater efficiency and security.
We are in the final stages of implementing the new Enterprise Resource Planning tool which will boost
the UI/ UX features for IAI’s members. This significant upgrade reflects our
commitment to improving member services and leveraging technology for greater efficiency
and security.
Continuing Professional Development and Seminars
I am pleased to inform that the Institute of Actuaries of India (IAI) successfully facilitated 11 seminars
and 9 webinars over the past year, amounting to a total of 124.5 Continuing Professional Development
(CPD) hours. These events were attended by 1358 participants, including the hybrid 39th India Fellowship
Seminar, showcasing our commitment to continuous learning and professional development.
The seminars and webinars featured prominent speakers and contributions from international experts,
significantly enriching the professional growth of our members. This reflects IAI’s dedication to fostering
excellence, innovation, and collaboration within the actuarial community. Our efforts in organizing these
educational events underscore our resolve to provide our members with the knowledge and skills required to
navigate the ever-evolving landscape of the actuarial profession.
Reflecting on Our Achievements and Future Pathways
We have successfully published of the Indian Assured Lives Mortality Report 2015-17 and the Indian Individual
Annuitants Mortality Report for 2012-15. I would also like to inform you the pioneering work behind the Indian
Individual Critical Illness Incidence Report, a first-of-its- kind study based on Indian experience.
The formation of the Whistle Blower Committee reinforced our commitment to ethical
standards and compliance with the Actuaries Act.
Educational Support and Training Programs
In the Financial Year 2023-24, the Institute of Actuaries of India (IAI) continued its commitment to educational
excellence through various initiatives. The Online Guidance & Support program provided robust teaching
methodologies and exam strategies in Core Statistics (CS), Core Mathematics (CM), and Core Business
(CB), benefiting 834 students with detailed lessons, extensive practice problems, and flexible learning options.
Additionally, in response to the 2023 examination results, we launched the One-to-One Counselling program,
offering personalized support to students who did not pass their exams. Conducted virtually via Microsoft
Teams, this program provided up to one hour of individualized feedback and guidance, helping 119 students
improve their performance and confidence.
Our skill development and capacity-building training programs further enriched professional capabilities
within and beyond the insurance industry. These programs covered a wide array of advanced topics, benefiting
over 1100 participants. Notable trainings included a 22-hour SQL Training by a 28-hour Python Training
focusing on AI and big data, and a 32-hour Risk-Based Capital (RBC) Training providing deep insights into
RBC principles. Additionally, an intensive one-day Actuarial Training for 57 senior EPFO officials and
advanced two-day IFRS training courses for life and general insurance professionals, benefiting 440
participants, highlighted our commitment to professional development. These initiatives have significantly
contributed to equipping our members with the skills and knowledge to meet industry challenges and adhere
to regulatory requirements.
As we reflect on the successes achieved and the ongoing strides towards our objectives, I am confident that the
forthcoming year will witness the realization of several goals, supported by the collective efforts of all of you. In
conclusion, I draw inspiration from the words of Mr. Malcolm Forbes, which aptly encapsulates our journey.
“The purpose of education is to replace an empty mind with an open one.”
– Malcolm Forbes
2. MEMBERSHIP DATA
2.1 Membership Statistics
Member Membership as on 31st March 2024
+-----------------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+
| Category | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
+=================+======+======+======+======+======+======+======+======+======+======+======+======+======+======+
| Fellows | 238 | 246 | 259 | 278 | 290 | 324 | 344 | 379 | 439 | 464 | 473 | 515 | 569 | 654 |
+-----------------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+
| Affiliates | 17 | 21 | 18 | 19 | 15 | 12 | 10 | 15 | 9 | 7 | 8 | 6 | 3 | 3 |
+-----------------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+
| Associates | 137 | 134 | 124 | 151 | 158 | 159 | 160 | 160 | 153 | 165 | 184 | 210 | 231 | 254 |
+-----------------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+
| Students other | 11786| 7864 | 8161 | 8804 | 9846 | 10140| 9183 | 8628 | 8569 | 8148 | 8653 | 8184 | 7409 | 7186 |
| than Associates | | | | | | | | | | | | | | |
+-----------------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+
| Total | 12178| 8265 | 8562 | 9252 | 10309| 10635| 9696 | 9182 | 9170 | 8784 | 9318 | 8915 | 8212 | 8097 |
+-----------------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+
| Hon. Fellows | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
+-----------------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+
| Grand Total | 12184| 8271 | 8568 | 9258 | 10315| 10641| 9702 | 9188 | 9176 | 8790 | 9324 | 8921 | 8218 | 8103 |
+-----------------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+
2.2 Members-Age wise Data (other than Honorary Fellows) till 31st March 2024
+-----------------+---------+------------+------------+---------+-------------+
| | Fellows | Associates | Affiliates | Student | Grand Total |
+=================+=========+============+============+=========+=============+
| less than 20 | 0 | 0 | 0 | 347 | 347 |
+-----------------+---------+------------+------------+---------+-------------+
| 20-24 | 1 | 14 | 0 | 1675 | 1690 |
+-----------------+---------+------------+------------+---------+-------------+
| 25-29 | 71 | 68 | 0 | 1836 | 1975 |
+-----------------+---------+------------+------------+---------+-------------+
| 30-34 | 110 | 37 | 0 | 1223 | 1370 |
+-----------------+---------+------------+------------+---------+-------------+
| 35-39 | 147 | 36 | 0 | 892 | 1075 |
+-----------------+---------+------------+------------+---------+-------------+
| 40-44 | 108 | 8 | 0 | 533 | 649 |
+-----------------+---------+------------+------------+---------+-------------+
| 45-49 | 56 | 11 | 2 | 301 | 370 |
+-----------------+---------+------------+------------+---------+-------------+
| 50-54 | 72 | 41 | 0 | 239 | 352 |
+-----------------+---------+------------+------------+---------+-------------+
| 55-59 | 33 | 19 | 1 | 104 | 157 |
+-----------------+---------+------------+------------+---------+-------------+
| 60-64 | 12 | 7 | 0 | 21 | 40 |
+-----------------+---------+------------+------------+---------+-------------+
| 65-69 | 2 | 2 | 0 | 6 | 10 |
+-----------------+---------+------------+------------+---------+-------------+
| 70-74 | 11 | 8 | 0 | 3 | 22 |
+-----------------+---------+------------+------------+---------+-------------+
| 75-79 | 1 | 0 | 0 | 3 | 4 |
+-----------------+---------+------------+------------+---------+-------------+
| 80-84 | 14 | 0 | 0 | 2 | 16 |
+-----------------+---------+------------+------------+---------+-------------+
| 85-90 | 10 | 2 | 0 | 0 | 12 |
+-----------------+---------+------------+------------+---------+-------------+
| >90 | 6 | 1 | 0 | 1 | 8 |
+-----------------+---------+------------+------------+---------+-------------+
| Grand Total | 654 | 254 | 3 | 7186 | 8097 |
+-----------------+---------+------------+------------+---------+-------------+
*Hon. fellows are not included in the count.
2.3 Members deceased during the year
The Institute reports with regret, death of following of their members who came to notice of the
April 2023 to March 2024.
+----------+------------+--------------------------+------------+-----------------------+
| Sl No | Member ID | Name | Category | Date of Death |
+==========+============+==========================+============+=======================+
| 1 | 4209 | Shri. Nandan Suresh Nadkarni | Fellow | 30th September 2023 |
+----------+------------+--------------------------+------------+-----------------------+
| 2 | 156 | Shri. Y. P Sabharwal | Fellow | 5th January 2024 |
+----------+------------+--------------------------+------------+-----------------------+
2.4 Members admitted as Fellow
28 members, with following member ids were admitted as fellow member through Exam Route from the
period 1st April 2023 to 31st March 2024.
+--------+------------+--------------------------+---------------------+
| Sr.No. | Member ID | Name | Date of Admission |
+========+============+==========================+=====================+
| 1 | 781 | Mr. Sanjay Kumar Arora | 01st April 2023 |
+--------+------------+--------------------------+---------------------+
| 2 | 9644 | Mr. Sandip Bhowmick | 01st April 2023 |
+--------+------------+--------------------------+---------------------+
| 3 | 4517 | Mr. Jayesh Dharmendra Pandit | 01st April 2023 |
+--------+------------+--------------------------+---------------------+
| 4 | 27755 | Mr. Piyush Garg | 21st April 2023 |
+--------+------------+--------------------------+---------------------+
| 5 | 5799 | Mr. Sujeet Sanjeev Shetty| 21st April 2023 |
+--------+------------+--------------------------+---------------------+
| 6 | 9066 | Ms. Pooja Dilip Pimputkar| 25th April 2023 |
+--------+------------+--------------------------+---------------------+
| 7 | 25229 | Mr. Ankur Subhash Gupta | 28th April 2023 |
+--------+------------+--------------------------+---------------------+
| 8 | 21333 | Mr. Vikas Gupta | 28th April 2023 |
+--------+------------+--------------------------+---------------------+
| 9 | 24234 | Ms. Mitsu Kamlesh Shah | 28th April 2023 |
+--------+------------+--------------------------+---------------------+
| 10 | 24351 | Mr. Khim Singh Pujari | 28th April 2023 |
+--------+------------+--------------------------+---------------------+
| 11 | 3269 | Mr. Amit Khurana | 28th April 2023 |
+--------+------------+--------------------------+---------------------+
| 12 | 6621 | Ms. S Vani | 28th April 2023 |
+--------+------------+--------------------------+---------------------+
| 13 | 5779 | Mr. Parmeshwar L Shelke | 28th April 2023 |
+--------+------------+--------------------------+---------------------+
| 14 | 12274 | Mr. Piyush Jain | 19th May 2023 |
+--------+------------+--------------------------+---------------------+
| 15 | 22852 | Mr. Vishal Rajeshkumar Jain | 11th July 2023 |
+--------+------------+--------------------------+---------------------+
| 16 | 2008 | Mr. Tanuj Garg | 07th September 2023 |
+--------+------------+--------------------------+---------------------+
| 17 | 230 | Ms. Roopa Nagesh Bhat | 07th September 2023 |
+--------+------------+--------------------------+---------------------+
| 18 | 18853 | Ms. Manisha Panhale | 02nd October 2023 |
+--------+------------+--------------------------+---------------------+
| 19 | 32243 | Ms. Saachi Amit Patel | 02nd October 2023 |
+--------+------------+--------------------------+---------------------+
| 20 | 5326 | Ms. Ruchika Sangwan | 02nd October 2023 |
+--------+------------+--------------------------+---------------------+
| 21 | 1560 | Mr. Christopher Samuel Clement | 18th October 2023 |
+--------+------------+--------------------------+---------------------+
| 22 | 9386 | Mr. Parin Kalra | 03rd November 2023 |
+--------+------------+--------------------------+---------------------+
| 23 | 23105 | Mr. Romil Ujjwal Mehta | 03rd November 2023 |
+--------+------------+--------------------------+---------------------+
| 24 | 8273 | Mr. Prathmesh Ghnekar | 07th November 2023 |
+--------+------------+--------------------------+---------------------+
| 25 | 3571 | Mr. Aseem Kiron Kumta | 08th November 2023 |
+--------+------------+--------------------------+---------------------+
| 26 | 6655 | Ms. Ramia Ramachari Vedavalli | 24th December 2023 |
+--------+------------+--------------------------+---------------------+
| 27 | 34531 | Mr. Monil Manish Vakil | 23rd January 2024 |
+--------+------------+--------------------------+---------------------+
| 28 | 32102 | Ms. Tanvi Ketan Shah | 22nd March 2024 |
+--------+------------+--------------------------+---------------------+
2.5 Members admitted as Fellow (MRA Route)
The following 63 members admitted as fellow members of the Institute through MRA Route from the period
1st April 2023 to 31st March 2024.
+--------+------------+--------------------------+---------------------+
| Sr.No. | Member ID | Name | Date of Admission |
+========+============+==========================+=====================+
| 1 | 34729 | Ms. Anuja Girish Agarwal | 18th April 2023 |
+--------+------------+--------------------------+---------------------+
| 2 | 32258 | Ms. Richa Gaurang Shah | 21st April 2023 |
+--------+------------+--------------------------+---------------------+
| 3 | 28315 | Mr. Ayush Agarwala | 28th April 2023 |
+--------+------------+--------------------------+---------------------+
| 4 | 27557 | Ms. Sonakshi Arora | 28th April 2023 |
+--------+------------+--------------------------+---------------------+
| 5 | 32301 | Ms. Vithika Nishit Shah | 28th April 2023 |
+--------+------------+--------------------------+---------------------+
| 6 | 8306 | Ms. Esha Goel | 28th April 2023 |
+--------+------------+--------------------------+---------------------+
| 7 | 25141 | Mr. Sarthak Gupta | 28th April 2023 |
+--------+------------+--------------------------+---------------------+
| 8 | 18912 | Mr. Saunik Udani | 28th April 2023 |
+--------+------------+--------------------------+---------------------+
| 9 | 30497 | Mr. Rishabh Verma | 09th May 2023 |
+--------+------------+--------------------------+---------------------+
| 10 | 23442 | Mr. Rohit Kumar Garg | 09th May 2023 |
+--------+------------+--------------------------+---------------------+
| 11 | 26572 | Mr. Ramnath Venkat Bhagavath | 19th May 2023 |
+--------+------------+--------------------------+---------------------+
| 12 | 20859 | Ms. Manasi Pant | 19th May 2023 |
+--------+------------+--------------------------+---------------------+
| 13 | 24710 | Mr. Rushabh Pramod Shethiya | 19th May 2023 |
+--------+------------+--------------------------+---------------------+
| 14 | 22243 | Mr. Hemant Prakash Ghorawat | 10th June 2023 |
+--------+------------+--------------------------+---------------------+
| 15 | 12325 | Mr. Sunny Aggarwal | 23rd June 2023 |
+--------+------------+--------------------------+---------------------+
| 16 | 7168 | Ms. Sadhna Batra | 23rd June 2023 |
+--------+------------+--------------------------+---------------------+
| 17 | 11706 | Mr. Rahul Sehgal | 23rd June 2023 |
+--------+------------+--------------------------+---------------------+
| 18 | 32814 | Ms. Rajoshi Ray | 27th June 2023 |
+--------+------------+--------------------------+---------------------+
| 19 | 21176 | Mr. Neeraj Maheshwari | 11th July 2023 |
+--------+------------+--------------------------+---------------------+
| 20 | 33444 | Mr. Shubham Rawat | 11th July 2023 |
+--------+------------+--------------------------+---------------------+
| 21 | 32422 | Ms. Bhanu Priya Pareek | 19th July 2023 |
+--------+------------+--------------------------+---------------------+
| 22 | 30307 | Ms. Deeksha Bansal | 21st July 2023 |
+--------+------------+--------------------------+---------------------+
| 23 | 26138 | Ms. Naina Gupta | 02nd August 2023 |
+--------+------------+--------------------------+---------------------+
| 24 | 23890 | Mr. Apoorv Aggarwal | 20th September 2023 |
+--------+------------+--------------------------+---------------------+
| 25 | 26839 | Mr. Himank Gupta | 20th September 2023 |
+--------+------------+--------------------------+---------------------+
| 26 | 11825 | Mr. Shirish Jagnani | 02nd October 2023 |
+--------+------------+--------------------------+---------------------+
| 27 | 22750 | Ms. Pallavi Chamria | 12th October 2023 |
+--------+------------+--------------------------+---------------------+
| 28 | 24270 | Ms. Radhika Garodia | 12th October 2023 |
+--------+------------+--------------------------+---------------------+
| 29 | 28360 | Ms. Prachi Patwari | 23rd October 2023 |
+--------+------------+--------------------------+---------------------+
| 30 | 2730 | Ms. Reetika Jain | 23rd October 2023 |
+--------+------------+--------------------------+---------------------+
| 31 | 33639 | Mr. Pratik Singhania | 23rd October 2023 |
+--------+------------+--------------------------+---------------------+
| 32 | 2190 | Mr. Ajay Goyal | 26th October 2023 |
+--------+------------+--------------------------+---------------------+
| 33 | 31560 | Ms. Preksha Vikas Jain | 07th November 2023 |
+--------+------------+--------------------------+---------------------+
| 34 | 28256 | Mr. Hemant Devidas Rupani | 07th November 2023 |
+--------+------------+--------------------------+---------------------+
| 35 | 30537 | Ms. Ekta Mridul Mehta | 08th November 2023 |
+--------+------------+--------------------------+---------------------+
| 36 | 30359 | Mr. Viraj Kaushik Doshi | 18th November 2023 |
+--------+------------+--------------------------+---------------------+
| 37 | 34510 | Mr. Raghav Ohri | 23rd November 2023 |
+--------+------------+--------------------------+---------------------+
| 38 | 23876 | Mr. Aditya Goel | 23rd November 2023 |
+--------+------------+--------------------------+---------------------+
| 39 | 29619 | Ms. Vidhi Mundhra | 24th November 2023 |
+--------+------------+--------------------------+---------------------+
| 40 | 31673 | Ms. Vishakha Haresh Talreja | 30th November 2023 |
+--------+------------+--------------------------+---------------------+
| 41 | 6645 | Ms. Swati Vasisth | 04th December 2023 |
+--------+------------+--------------------------+---------------------+
| 42 | 34131 | Mr. Rishab Jain | 04th December 2023 |
+--------+------------+--------------------------+---------------------+
| 43 | 385 | Ms. Smruti S Abhyankar | 07th December 2023 |
+--------+------------+--------------------------+---------------------+
| 44 | 36038 | Mr. Kamal Sardana | 16th December 2023 |
+--------+------------+--------------------------+---------------------+
| 45 | 26153 | Mr. Rakesh Rajaram | 16th December 2023 |
+--------+------------+--------------------------+---------------------+
| 46 | 31947 | Mr. Mohit Mahawar | 08th January 2024 |
+--------+------------+--------------------------+---------------------+
| 47 | 33245 | Ms. Het Jitendra Shah | 10th January 2024 |
+--------+------------+--------------------------+---------------------+
| 48 | 31774 | Mr. Abhishek Gupta | 12th January 2024 |
+--------+------------+--------------------------+---------------------+
| 49 | 4408 | Ms. Manmeet Kaur Chawla | 23rd January 2024 |
+--------+------------+--------------------------+---------------------+
| 50 | 30695 | Mr. Arthito Roy | 23rd January 2024 |
+--------+------------+--------------------------+---------------------+
| 51 | 36189 | Mr. Raman Mangla | 23rd January 2024 |
+--------+------------+--------------------------+---------------------+
| 52 | 6469 | Mr. Nikhil Thukral | 25th January 2024 |
+--------+------------+--------------------------+---------------------+
| 53 | 32882 | Mr. Gurpreet Babbar | 27th January 2024 |
+--------+------------+--------------------------+---------------------+
| 54 | 22054 | Mr. Sanyam Jain | 27th January 2024 |
+--------+------------+--------------------------+---------------------+
| 55 | 11728 | Ms. Aditi Chaturvedi | 07th March 2024 |
+--------+------------+--------------------------+---------------------+
| 56 | 20821 | Ms. Garima Prakash Singh | 07th March 2024 |
+--------+------------+--------------------------+---------------------+
| 57 | 34911 | Mr. Garvit Nagpal | 07th March 2024 |
+--------+------------+--------------------------+---------------------+
| 58 | 42335 | Mr. Alvin Choong Ching Yek | 14th March 2024 |
+--------+------------+--------------------------+---------------------+
| 59 | 26721 | Ms. Sasha Mariella Dmello | 22nd March 2024 |
+--------+------------+--------------------------+---------------------+
| 60 | 27446 | Mr. Sudip Karmakar | 22nd March 2024 |
+--------+------------+--------------------------+---------------------+
| 61 | 31010 | Mr. Jay Manoj Sawla | 28th March 2024 |
+--------+------------+--------------------------+---------------------+
| 62 | 29431 | Ms. Keya Shah | 30th March 2024 |
+--------+------------+--------------------------+---------------------+
| 63 | 12392 | Mr. Pulkit Arora | 30th March 2024 |
+--------+------------+--------------------------+---------------------+
2.6 Members admitted as Fellow from Affiliate
No Member is admitted as Fellow from the period 1st April 2023 to 31st March 2024.
2.7 Members admitted as Affiliates
No Member is admitted as Affiliates from the period 1st April 2023 to 31st March 2024.
2.8 Members re-admitted as Fellows
The following 21 members were re-admitted as from the period 1st April 2023 to 31st March 2024.
+-------+------------+--------------------------+-------------------+
| Sr No | Member Id | Name of the member | Date of Admission |
+=======+============+==========================+===================+
| 1 | 4443 | Mr. Suman Pahari | 08th April 2023 |
+-------+------------+--------------------------+-------------------+
| 2 | 544 | Mr. Ankur Agrawal | 08th April 2023 |
+-------+------------+--------------------------+-------------------+
| 3 | 26972 | Mr. Patrick Curtin | 08th April 2023 |
+-------+------------+--------------------------+-------------------+
| 4 | 42 | Mr. Rajesh Dalmia | 08th April 2023 |
+-------+------------+--------------------------+-------------------+
| 5 | 2309 | Mr. Avdhesh Gupta | 21st April 2023 |
+-------+------------+--------------------------+-------------------+
| 6 | 34053 | Mr. Siddesh Ramasubramanian | 21st April 2023 |
+-------+------------+--------------------------+-------------------+
| 7 | 120 | Mr. David Bruce Muiry | 22nd April 2023 |
+-------+------------+--------------------------+-------------------+
| 8 | 36879 | Mr. Simon Grant Henderson | 09th May 2023 |
+-------+------------+--------------------------+-------------------+
| 9 | 650 | Mr. Amruth Krishnan | 09th May 2023 |
+-------+------------+--------------------------+-------------------+
| 10 | 6497 | Mr. Chetan Rajpal Toshniwal | 09th May 2023 |
+-------+------------+--------------------------+-------------------+
| 11 | 21763 | Mr. Arun Vijay S | 19th May 2023 |
+-------+------------+--------------------------+-------------------+
| 12 | 1441 | Ms. Palak Chauhan | 19th May 2023 |
+-------+------------+--------------------------+-------------------+
| 13 | 369 | Mr. Theo Bernhard Scheffler | 23rd June 2023 |
+-------+------------+--------------------------+-------------------+
| 14 | 10557 | Ms. Khushboo Hamirbasia | 11th July 2023 |
+-------+------------+--------------------------+-------------------+
| 15 | 29980 | Ms. Vandita Agarwal | 11th July 2023 |
+-------+------------+--------------------------+-------------------+
| 16 | 26593 | Mr. Arihant Kothari | 11th July 2023 |
+-------+------------+--------------------------+-------------------+
| 17 | 2633 | Mr. Aditya Jain | 21st July 2023 |
+-------+------------+--------------------------+-------------------+
| 18 | 3187 | Ms. Aarya Joshi | 21st October 2023 |
+-------+------------+--------------------------+-------------------+
| 19 | 36944 | Ms. Shailly Keshwani | 28th December 2023|
+-------+------------+--------------------------+-------------------+
| 20 | 2410 | Ms. Richa Gupta | 13th March 2024 |
+-------+------------+--------------------------+-------------------+
| 21 | 193 | Mr. Derwyn Emrys Thomas | 16th March 2024 |
+-------+------------+--------------------------+-------------------+
2.9 Members admitted as Associates
The following 52 members were admitted as associates from the period 1st April 2023 to 31st March 2024.
+-------+------------+--------------------------+-------------------+
| Sr No | Member Id | Name of the member | Date of Admission |
+=======+============+==========================+===================+
| 1 | 26238 | Mr. Sumit Lahoti | 22nd April 2023 |
+-------+------------+--------------------------+-------------------+
| 2 | 34136 | Mr. Ganesh Bhandari | 22nd April 2023 |
+-------+------------+--------------------------+-------------------+
| 3 | 37673 | Ms. Siddhi Jain | 25th April 2023 |
+-------+------------+--------------------------+-------------------+
| 4 | 821 | Mr. Ashutosh Kumar Rajesh | 28th April 2023 |
+-------+------------+--------------------------+-------------------+
| 5 | 30826 | Ms. Abhishree Pradeep Kabra | 28th April 2023 |
+-------+------------+--------------------------+-------------------+
| 6 | 35438 | Ms. Harshita Manish Goel | 28th April 2023 |
+-------+------------+--------------------------+-------------------+
| 7 | 34903 | Ms. Archana Anjay Agarwal | 28th April 2023 |
+-------+------------+--------------------------+-------------------+
| 8 | 35066 | Mr. Lakhan Pal Mongia | 28th April 2023 |
+-------+------------+--------------------------+-------------------+
| 9 | 1484 | Ms. Chaheti Sohanraj Chhajed | 09th May 2023 |
+-------+------------+--------------------------+-------------------+
| 10 | 34915 | Ms. Kriya Jignesh Koradia | 09th May 2023 |
+-------+------------+--------------------------+-------------------+
| 11 | 35891 | Mr. Rishabh R Jain | 09th May 2023 |
+-------+------------+--------------------------+-------------------+
| 12 | 39140 | Mr. Nilesh Dewangan | 09th May 2023 |
+-------+------------+--------------------------+-------------------+
| 13 | 34905 | Ms. Khushboo Dharamshi Gala | 09th May 2023 |
+-------+------------+--------------------------+-------------------+
| 14 | 34319 | Ms. Dipika Sureka | 19th May 2023 |
+-------+------------+--------------------------+-------------------+
| 15 | 35305 | Mr. Rishabh Sanjay Surana | 19th May 2023 |
+-------+------------+--------------------------+-------------------+
| 16 | 37023 | Mr. Varun Amar Dixit | 19th May 2023 |
+-------+------------+--------------------------+-------------------+
| 17 | 23654 | Ms. Reena Sharma | 19th May 2023 |
+-------+------------+--------------------------+-------------------+
| 18 | 5589 | Ms. Reena Jayantilal Shah | 19th May 2023 |
+-------+------------+--------------------------+-------------------+
| 19 | 6266 | Mr. Sudhakar Malleshwaram | 10th June 2023 |
+-------+------------+--------------------------+-------------------+
| 20 | 34946 | Ms. Priyanka | 10th June 2023 |
+-------+------------+--------------------------+-------------------+
| 21 | 33738 | Mr. Parshwa Bankim Gada | 10th June 2023 |
+-------+------------+--------------------------+-------------------+
| 22 | 26351 | Mr. Mukesh Chandak | 10th June 2023 |
+-------+------------+--------------------------+-------------------+
| 23 | 33726 | Mr. Varun Sunil Pullarcot | 23rd June 2023 |
+-------+------------+--------------------------+-------------------+
| 24 | 6036 | Ms. Nisha Singhal | 27th June 2023 |
+-------+------------+--------------------------+-------------------+
| 25 | 20548 | Mr. Aditya Kumar Athotra | 11th July 2023 |
+-------+------------+--------------------------+-------------------+
| 26 | 34791 | Mr. Pratyush Agarwal | 11th July 2023 |
+-------+------------+--------------------------+-------------------+
| 27 | 31988 | Mr. Parth Kansal | 11th July 2023 |
+-------+------------+--------------------------+-------------------+
| 28 | 30301 | Mr. Akshat Nikesh Vira | 10th August 2023 |
+-------+------------+--------------------------+-------------------+
| 29 | 25559 | Ms. Suchit Haresh Fafadia | 10th August 2023 |
+-------+------------+--------------------------+-------------------+
| 30 | 35119 | Mr. Ayush Agarwal | 29th August 2023 |
+-------+------------+--------------------------+-------------------+
| 31 | 36424 | Ms. Riddhi Bhimrajka | 29th August 2023 |
+-------+------------+--------------------------+-------------------+
| 32 | 37143 | Mr. Saransh Garg | 07th September 2023 |
+-------+------------+--------------------------+-------------------+
| 33 | 32875 | Ms. Tripti Agarwal | 07th September 2023 |
+-------+------------+--------------------------+-------------------+
| 34 | 26459 | Ms. Unnati Himanshu Vora | 20th September 2023 |
+-------+------------+--------------------------+-------------------+
| 35 | 6439 | Ms. Simanti Thakur | 20th September 2023 |
+-------+------------+--------------------------+-------------------+
| 36 | 28145 | Ms. Roshmi Pal | 20th September 2023 |
+-------+------------+--------------------------+-------------------+
| 37 | 39161 | Mr. Rishabh Chauhan | 20th September 2023 |
+-------+------------+--------------------------+-------------------+
| 38 | 35724 | Mr. Rishav Kalia | 20th September 2023 |
+-------+------------+--------------------------+-------------------+
| 39 | 23050 | Mr. Amit Kumar | 12th October 2023 |
+-------+------------+--------------------------+-------------------+
| 40 | 33112 | Mr. Harshvardhan Gupta | 26th October 2023 |
+-------+------------+--------------------------+-------------------+
| 41 | 26309 | Ms. Sonali Pankaj Shah | 03rd November 2023|
+-------+------------+--------------------------+-------------------+
| 42 | 18398 | Ms. Shilpa Gupta | 11th November 2023|
+-------+------------+--------------------------+-------------------+
| 43 | 7456 | Mr. Manish Kumar | 29th November 2023|
+-------+------------+--------------------------+-------------------+
| 44 | 1471 | Ms. Prachi Chemburkar | 14th December 2023|
+-------+------------+--------------------------+-------------------+
| 45 | 26814 | Mr. Rushit Piyush Goradia | 23rd December 2023|
+-------+------------+--------------------------+-------------------+
| 46 | 29575 | Mr. Dhruv Sanghavi | 23rd January 2024 |
+-------+------------+--------------------------+-------------------+
| 47 | 4355 | Ms. Priya Sharad Nayak | 25th January 2024 |
+-------+------------+--------------------------+-------------------+
| 48 | 22039 | Ms. Nikita Chiripal | 30th January 2024 |
+-------+------------+--------------------------+-------------------+
| 49 | 37482 | Ms. Swati | 03rd February 2024|
+-------+------------+--------------------------+-------------------+
| 50 | 34794 | Mr. Dewanshu Goyal | 03rd February 2024|
+-------+------------+--------------------------+-------------------+
| 51 | 3247 | Ms. Swati Khanna | 30th March 2024 |
+-------+------------+--------------------------+-------------------+
| 52 | 31017 | Mr. Ankush Sethi | 30th March 2024 |
+-------+------------+--------------------------+-------------------+
2.1 Members re-admitted as Associates
The following 5 members were re-admitted as associates from the period 1st April 2023 to 31st March 2024.
+-------+------------+--------------------------+-------------------+
| Sr No | Member Id | Name of the member | Date of Admission |
+=======+============+==========================+===================+
| 1 | 276 | Ms. Lakshmi Kandarpa | 08th April 2023 |
+-------+------------+--------------------------+-------------------+
| 2 | 18853 | Ms. Manisha Panhale | 08th April 2023 |
+-------+------------+--------------------------+-------------------+
| 3 | 222 | Mr. Anshuman Anand | 21st April 2023 |
+-------+------------+--------------------------+-------------------+
| 4 | 335 | Mr. N R Selvan | 21st April 2023 |
+-------+------------+--------------------------+-------------------+
| 5 | 26770 | Ms. Deepika Sachdeva | 23rd June 2023 |
+-------+------------+--------------------------+-------------------+
2.1 Members re-admitted as Affiliates
No members were re-admitted as affiliates from the period 1st April 2023 to 31st March 2024.
3. THE COUNCIL
3.1 COUNCIL MEMBERS
R Arunachalam
President
Preeti Chandrasekhar
Vice – President
Ashish Ranjan
Honorary Secretary
Anil Kumar Singh
Member
Anurag Rastogi
Member
K S Gopalkrishnan
Member
Kartikey Kandoi
Member
Mehul Shah
Member
Parshant Kumar Goyal
Member - Nominated as
per Govt. of India
Notification dated
09/04/2024
P K Arora
Member - Nominated as
per Govt. of India
Notification
dated 04/01/2024
Richard Holloway
Member
Subhendu Kumar Bal
Member
Suresh Sindhi
Member
Raunak Jha
Member
Siddhartha Mohanty
Member - Nominated as per Govt. of
India - Notification dated 14/09/2023
RR Singh
Member - Nominated as per Govt. of
India - Notification dated 14/09/2023
3.2 Functions of the Council
1) The duty of carrying out the functions under the provisions of this Act shall be vested in the Council
2) In particular and without prejudice to the generality of the foregoing power, the functions of the
Council shall include:
a) the holding of examination of the candidates for enrolment and specifying fees therefor;
b) the specifying of qualifications for entry in the register;
c) the recognition of foreign qualifications and training for the purposes of enrolment;
d) the granting of or refusal to grant the certificate of practice under this Act;
e) the maintenance and publication of a register of persons qualified to practice as Actuaries;
f) the levy and collection of fees from members, students, examinees and other persons;
g) the removal of names from the register and the restoration to the register of names which have
been removed;
h) the regulation and maintenance of the status and standard of professional qualifications of
members of the Institute;
i) to issue guidelines for the observance of the members, including the student members;
j) to receive gifts, grants, donations or benefactions from the Central or State Governments and to
receive bequests, donations and transfer of movable or immovable properties from testators, donors
or transferors, as the case may be;
k) co-operating with educational or other institutions in any part of the world having objects wholly
or partly similar to those of the Institute by exchange of members and generally in such manner as
may be conducive to achievement of their common objects;
l) instituting and awarding fellowships, scholarships, prizes and medals;
m) giving gifts, grants, donations or benefactions to other institutions or bodies having objects
similar to those of the Institute;
n) the carrying out, by granting financial assistance to persons other than members of the Council, or in
any other manner, of research in the actuarial science;
o) the maintenance of a library and publication of books, journals and periodicals relating to
actuarial science;
p) the exercise of disciplinary powers conferred by this Act;
q) establishing such regional council or councils as may be decided from time to time and fixing
their headquarters;
r) doing all such things as may be necessary, incidental or conducive to the attainment of all or
any of the objects of the Institute.
3.3 Council Meetings
The Council met eight times on the following dates for the period April 2023 to March 2024.
* 6th May 2023
* 3rd June 2023
* 1st July 2023
* 15th September 2023
* 1st December 2023
* 13th January 2024
* 20th January 2024
* 23rd March 2024
3.4 Committees (under Sec 21)
3.4.1 External Affairs and Research Committee
Members
+--------+--------------------------+--------------+
| Sr.No. | Name | Office |
+========+==========================+==============+
| 1 | Ms. Preeti Chandrashekhar| Chairperson |
+--------+--------------------------+--------------+
| 2 | Mr. Ashish Ranjan | Member |
+--------+--------------------------+--------------+
| 3 | Mr. Mehul Shah | Member |
+--------+--------------------------+--------------+
| 4 | Mr. Richard Holloway | Member |
+--------+--------------------------+--------------+
Functions
1. Develop and maintain good relationship with external stakeholders including other domestic and
overseas professional bodies, Statutory and Regulatory bodies and industry associations.
2. Develop and maintain an effective Communication strategy – for members, media and other
stakeholders.
3. Publication of the ‘The Actuary India’, Journals, Brochures, Newsletters etc.
4. Promotion of research and wider-fields activities for actuaries.
5. Conduct of Global conference of Actuaries and other similar events.
6. Other functions that may be assigned to this Committee from time to time by the Council. Reporting: The
Committee shall report to the Council.
3.4.2 Professionalism Committee
Members
+--------+--------------------------+--------------+
| Sr. No.| Name | Office |
+========+==========================+==============+
| 1 | Mr. Anil Kumar Singh | Chairperson |
+--------+--------------------------+--------------+
| 2 | Mr. K S Gopalakrishnan | Member |
+--------+--------------------------+--------------+
| 3 | Mr. Ashish Ranjan | Member |
+--------+--------------------------+--------------+
| 4 | Mr. Kartikey Kandoi | Member |
+--------+--------------------------+--------------+
| 5 | Mr. Ishwar Nankani | External Member|
+--------+--------------------------+--------------+
Functions
1. Set up of Actuarial Standards and monitoring compliance.
2. Set up of Criterion for and Issuance of Certificate of Practice (CoP).
3. Set up of criterion for Continuing Professional Development (CPD) and monitoring compliance.
4. Conduct of CPD/ Professionalism/ Ethics courses/seminars.
5. Other functions that may be assigned to this Committee from time to time by the Council.
Reporting: The Committee shall report to the Council.
3.4.3 Audit Committee
Members
+--------+--------------------------+-----------------+
| Sr.No. | Name | Office |
+========+==========================+=================+
| 1 | Mr. Mehul Shah | Chairperson |
+--------+--------------------------+-----------------+
| 2 | Mr. Anil Kumar Singh | Member |
+--------+--------------------------+-----------------+
| 3 | Mr. Kartikey Kandoi | Member |
+--------+--------------------------+-----------------+
| 4 | Ms. Raunak Jha | Member |
+--------+--------------------------+-----------------+
| 5 | CA. Viren H Mehta | External Member |
+--------+--------------------------+-----------------+
| 6 | CA. Shilpa Mehta | External Member |
+--------+--------------------------+-----------------+
Functions
The functions of the Audit Committee is to assist the Council in the following matters:
1. Recommend internal and external auditors.
2. Prepare an internal audit plan for every financial year in consultation with the internal auditor.
3. Discuss audit findings with the internal auditor and statutory auditor.
4. Liaise with IAI to ensure closure of all audit items.
5. Recommend process improvements based on the Audit findings.
6. Ensure all other statutory audits are completed
7. Other functions that may be assigned to this Committee from time to time by the Council. Reporting: The
Committee shall report to the Council.
3.4.4 Finance and Admin Committee
Members
+--------+--------------------------+-----------------+
| Sr.No. | Name | Office |
+========+==========================+=================+
| 1 | Mr. K S Gopalkrishnan | Chairperson |
+--------+--------------------------+-----------------+
| 2 | Mr. Anurag Rastogi | Member |
+--------+--------------------------+-----------------+
| 3 | Mr. Ashish Ranjan | Member |
+--------+--------------------------+-----------------+
| 4 | Mr. Suresh Sindhi | Member |
+--------+--------------------------+-----------------+
| 5 | Mr. Jutti Bhaskar | External Member |
+--------+--------------------------+-----------------+
| 6 | Ms. C R Lakshmi | External Member |
+--------+--------------------------+-----------------+
Functions
1. Develop financial budget for current year and estimated budgets for the succeeding three years.
2. Liaise with Committees, Advisory Groups and other such groups as far as it relates to finances of the Institute.
3. All administrative matters relating to the conduct of examinations such as logistics, addressing student
grievances, probing examination malpractices etc.
4. Management of financial condition including Tax matters of the Institute.
5. Development and implementation of financial controls and accounting policies of the Institute.
6. Develop an investment policy and take decisions on investments in line with the policy.
7. Oversee the administration of the institute with regard to member service delivery and HR practices.
8. Implement the student support scheme or other similar schemes meant for welfare of the members of the
Institute
9. Approval of Performance Appraisal, Salary Revisions, and Bonuses.
10. Other functions that may be assigned to this Committee from time to time by the Council. Reporting: The
Committee shall report to the Council.
3.4.5 Education Committee
Members
+--------+--------------------------+--------------+
| Sr.No. | Name | Office |
+========+==========================+==============+
| 1 | Mr. R Arunachalam | Chairperson |
+--------+--------------------------+--------------+
| 2 | Mr. Mehul Shah | Member |
+--------+--------------------------+--------------+
| 3 | Ms. Raunak Jha | Member |
+--------+--------------------------+--------------+
| 4 | Mr. Suresh Sindhi | Member |
+--------+--------------------------+--------------+
| 5 | Mr. K Sriram | Member |
+--------+--------------------------+--------------+
Functions
1. Review of Education policy from time to time.
2. Enter into and manage Exemption /mutual recognition arrangements with oversees professional
bodies, universities etc.
3. Conduct examination Coaching / Counseling for students.
4. All matters relating to the conduct of examinations such as creating policy on honorarium,
declaration of results, etc. (excluding administrative matters which are part of the Finance and
Admin Committee).
5. Conduct Capacity building and Current issues Seminars/Conferences.
6. Other functions that may be assigned to this Committee from time to time by the Council.
Reporting: The Committee shall report to the Council.
3.4.6 Wider Fields Committee
Members
+--------+--------------------------+--------------+
| Sr.No. | Name | Office |
+========+==========================+==============+
| 1 | Ms. Raunak Jha | Chairperson |
+--------+--------------------------+--------------+
| 2 | Mr. Kartikey Kandoi | Member |
+--------+--------------------------+--------------+
| 3 | Mr. Suresh Sindhi | Member |
+--------+--------------------------+--------------+
Functions
1. Interaction with existing and potential users of the actuarial profession to generate more employment
opportunities in traditional and non-traditional areas including Promotion of off-shore opportunities.
2. Interaction with other professional bodies such as accountants, company secretaries, management accountants,
etc.; industry bodies such as CII and FICCI and insurers’ associations in India and overseas; financial regulators
[banking, securities and pension] and government insurance departments—Postal Life, Employees State
Insurance, State government insurance departments, etc. to market the actuarial profession with a view to create
new jobs and applications of actuarial techniques.
3. After assessing the needs of various users, enhance the employability of student members, suggest diploma
courses or specific diplomas [to members who pass certain specific actuarial subjects] to meet the demands of
market in India and overseas [e.g. pension administration, insurance analytics, etc.].
4. Any other functions required to achieve the objectives of creating wider field opportunities.
Reporting: The committee shall report to the Council.
3.4.7 Membership Approval Committee
Members
+--------+--------------------------+--------------+
| Sr.No. | Name | Office |
+========+==========================+==============+
| 1 | Mr. R Arunachalam | Chairperson |
+--------+--------------------------+--------------+
| 2 | Ms. Preeti Chandrashekhar| Member |
+--------+--------------------------+--------------+
| 3 | Mr. Ashish Ranjan | Member |
+--------+--------------------------+--------------+
Functions
1. To review and approve all admission related cases such as of Associate, Affiliate, Fellow etc.
2. Removal of names of the members from the register and the restoration to the register of names which have
been removed.
Reporting: The Committee shall report to the Council.
3.4.8 Disciplinary Committee
Members
+--------+--------------------------+--------------+
| Sr.No. | Name | Office |
+========+==========================+==============+
| 1 | Ms. Preeti Chandrashekhar| Chairperson |
+--------+--------------------------+--------------+
| 2 | Mr. Anurag Rastogi | Member |
+--------+--------------------------+--------------+
| 3 | Mr. Richard Holloway | Member |
+--------+--------------------------+--------------+
| 4 | Mr. Parshant Kumar Goyal | Govt Nominee |
+--------+--------------------------+--------------+
| 5 | Mr. D Varadarajan | Govt Nominee |
+--------+--------------------------+--------------+
Functions
1. As per Actuaries Act 2006 and the Actuaries (Procedure for Enquiry of Professional and Other Misconduct)
Rules, 2008.
3.4.9 Quality Review Board (under Sec 43)
Members
+--------+--------------------------+-------------------------------------------------------------+
| Sr.No. | Name | Office |
+========+==========================+=============================================================+
| 1 | Mr. G. C. Chaturvedi | Chairperson (Nominated by the Central Government via Notification dated 23rd December 2021) |
+--------+--------------------------+-------------------------------------------------------------+
| 2 | Mr. P. A. Balasubramanian| Member (Nominated by the Central Government via Notification dated 23rd December 2021) |
+--------+--------------------------+-------------------------------------------------------------+
| 3 | Mr. K. K. Mishra | Member (Nominated by the Central Government via Notification dated 23rd December 2021) |
+--------+--------------------------+-------------------------------------------------------------+
| 4 | Mr. Rajesh Dalmia | Member (Nominated by the Council) |
+--------+--------------------------+-------------------------------------------------------------+
| 5 | Ms. Hema Malini Ramakrishnan| Member (Nominated by the Council) |
+--------+--------------------------+-------------------------------------------------------------+
Functions
1. to fix standards for the services provided by the members of the Institute;
2. to review the quality of services provided by the members of the Institute including actuarial audit services; and
3. to guide the members of the Institute to improve the quality of services and adherence to the various statutory
and other regulatory requirements.
Mentioned posts are part-time in nature and tenure of the Chairperson and members shall be three years from
the date of assumption of charge, or until further orders, whichever is earlier. The procedure of the meetings of
the Quality Review Board and terms and conditions of service of the Chairperson and the Members of the said
Board and their remuneration and allowances shall be as per the Actuaries Quality Review Board (Procedure for
Meetings and the Terms and Conditions of Service and Allowances of the Chairperson and Members) Rules,
2008.
3.5 Advisory Groups
3.5.1 Advisory Group on Examination
Members
+--------+--------------------------+--------------+
| Sr.No. | Name | Office |
+========+==========================+==============+
| 1 | Ms. Sapna Malhotra | Chairperson |
+--------+--------------------------+--------------+
| 2 | Mr. Saddam Hossain | Secretary |
+--------+--------------------------+--------------+
| 3 | Mr. Bikash Chaudhary | Member |
+--------+--------------------------+--------------+
| 4 | Mr. Ranabir Ghosh | Member |
+--------+--------------------------+--------------+
| 5 | Mr. Rohit Ajgaonkar | Member |
+--------+--------------------------+--------------+
| 6 | Ms. Shivali Chopra | Member |
+--------+--------------------------+--------------+
Functions
1. Review examination infrastructure and ensure high level of integrity.
2. Explore broad basing, for example CT9 and CA2 examinations, using external alliances and technology, if
necessary.
3. Explore and Implement the online examination platforms for conducting examinations from home and to
suggest mitigation of all the issues related to conduction of such examinations.
4. Out of the box thinking on pool of examiners, creating staff actuary system and oversight of examinations
delivery.
5. Ensure question papers and marking, are of high standards within the laid down framework of the Education
Policy.
6. Conduct periodic meets of paper setters, examiners and markers with a view to ensuring that all stakeholders are
on the same page with respect to what is expected of them.
7. Other functions that may be assigned to this advisory group from time to time.
The Work plan and Timelines will be:
1. This Advisory Group will have at least three meetings per quarter (preferably one meeting per month) either
through conference call or face to face meeting.
2. This Advisory Group will report to the Finance & Administration Committee and/ or to the President.
3.5.2 Advisory Group on Education
Members
+--------+--------------------------+--------------+
| Sr.No. | Name | Office |
+========+==========================+==============+
| 1 | Mr. K Sriram | Chairperson |
+--------+--------------------------+--------------+
| 2 | Mr. B N Rangarajan | Secretary |
+--------+--------------------------+--------------+
| 3 | Mr. Kunj Maheshwari | Member |
+--------+--------------------------+--------------+
| 4 | Mr. Mayur Ankolekar | Member |
+--------+--------------------------+--------------+
| 5 | Ms. Nupur Pavan Bang | Member |
+--------+--------------------------+--------------+
| 6 | Mr. Sharad Ramnarayan | Member |
+--------+--------------------------+--------------+
| 7 | Mr. Akhter Mohiuddin | Member |
+--------+--------------------------+-----------------+
| 8 | Mr. Sankarshan Basu | External Member |
+--------+--------------------------+-----------------+
Functions
1. Implementation of New Education Strategy.
2. Review of Education policy from time to time.
3. Review and updation of IAI Syllabus objectives from time to time.
4. Conduct examination Coaching / Counseling.
5. Development of IAI Study material.
6. Collaborate with Academic or Other Credible Institutes.
7. Global recognition for IAI qualification.
8. Other functions that may be assigned to this Advisory Group from time to time.
The Work plan and Timelines will be:
1. This Advisory Group will have at least three meeting per quarter (one meeting per month) either through
conference call or face to face.
2. This Advisory Group will report to the Education Committee and / or to the President.
3.5.3 Advisory Group on Professionalism, Ethics & Conduct
Members
+--------+--------------------------+--------------+
| Sr.No. | Name | Office |
+========+==========================+==============+
| 1 | Mr. Rajesh Dalmia | Chairperson |
+--------+--------------------------+--------------+
| 2 | Mr. Supriyo Chaki | Secretary |
+--------+--------------------------+--------------+
| 3 | Mr. B N Rangarajan | Member |
+--------+--------------------------+--------------+
| 4 | Mr. D Sai Srinivas | Member |
+--------+--------------------------+--------------+
| 5 | Mr. Pankaj Tewari | Member |
+--------+--------------------------+--------------+
| 6 | Mr. Sanket Kawatkar | Member |
+--------+--------------------------+--------------+
| 7 | Ms. Tanmeet Kaur | Member |
+--------+--------------------------+--------------+
| 8 | Mr. Vivek Jalan | Member |
+--------+--------------------------+--------------+
Functions
1. Inculcate high level of Professionalism amongst members through delivery mechanism that is effective,
2. Develop robust code of conduct, Actuarial Practice Standards and its compliance mechanism,
3. Encourage, motivate and incentivize compliance with code of conduct and Actuarial Practice Standards,
4. Advise on implementation of Disciplinary provisions within the framework of Actuaries Act 2006, that is just,
fair and meets the ends of justice within the requirements of principles of public interest,
5. Conduct courses, seminars, workshops on various subjects in so far as these relate to the core mission of the
group.
6. Educate the members on matters affecting the profession,
The Work plan and Timelines will be:
1. This Advisory Group will have at least one meeting per quarter either through concall or face to face.
2. This Advisory Group will submit report to Professionalism committee and /or to the President.
3.5.4 Advisory Group on Life Insurance
Members
+--------+--------------------------+--------------+
| Sr.No. | Name | Office |
+========+==========================+==============+
| 1 | Mr. Prithesh Kumar Chaubay | Chairperson |
+--------+--------------------------+--------------+
| 2 | Ms. Sunayana Mahansaria | Secretary |
+--------+--------------------------+--------------+
| 3 | Ms. Asha Murali | Member |
+--------+--------------------------+--------------+
| 4 | Mr. Heerak Basu | Member |
+--------+--------------------------+--------------+
| 5 | Mr. Keyur Parekh | Member |
+--------+--------------------------+--------------+
| 6 | Mr. N M Govardhan | Member |
+--------+--------------------------+--------------+
| 7 | Mr. P K Dinakar | Member |
+--------+--------------------------+--------------+
| 8 | Mr. Ramakant Malpani | Member |
+--------+--------------------------+--------------+
| 9 | Mr. Ranabir Ghosh | Member |
+--------+--------------------------+--------------+
| 10 | Mr. Vivek Jalan | Member |
+--------+--------------------------+--------------+
Functions
1. Issues in respect of life insurance that are referred to it or the Group considers appropriate to address and advise/
recommend to the Institute for appropriate action.
2. Putting in place and reviewing Actuarial Practice standards (Guidance Notes) that are required for members of
the institute who work in life insurance including but not limited to the Appointed Actuaries.
3. Emerging business and industry issues affecting life insurance industry in India.
4. Technical and academic developments relating to life insurance in actuarial or other relevant fields, at local or
international level.
5. Conduct two Big Impact Research Projects that impact the lives of the people and government
6. Prepare article for Actuary India magazine
7. Review of APS/ GNs from time to time
8. Work with Education Committee/ Education Task Force to review/ produce/ recommend syllabus for subject
SA2 - Life Insurance
9. Design and carry out Continuing Professional Development Programmes including seminars and workshops for
enhancement of skills of members working in life insurance area.
10. Other functions that may be assigned to this advisory group from time to time
The Work plan and Timelines will be:
1. This Advisory Group will have at least three meetings per quarter (preferably one meeting per month) either
through conference call or face to face meeting.
2. This Advisory Group will report to the Professionalism committee and/ or to the President.
3.5.5 Advisory Group on General Insurance
Members
+--------+--------------------------+--------------+
| Sr.No. | Name | Office |
+========+==========================+==============+
| 1 | Mr. Hiten Kothari | Chairperson |
+--------+--------------------------+--------------+
| 2 | Mr. Sourav Roy | Secretary |
+--------+--------------------------+--------------+
| 3 | Ms. Ruchika Sangwan | Member |
+--------+--------------------------+--------------+
| 4 | Mr. Gopalan Varadarajan Subasree Nigamma | Member |
+--------+--------------------------+--------------+
| 5 | Mr. Prasun Sarkar | Member |
+--------+--------------------------+--------------+
| 6 | Mr. Sharad Ramnarayan | Member |
+--------+--------------------------+--------------+
| 7 | Ms. Suruchi Bhargava | Member |
+--------+--------------------------+--------------+
| 8 | Mr. Vishnuvardhan Pal Reddy | Member |
+--------+--------------------------+--------------+
Functions
1. Advise on the issues in respect of General Insurance that are referred to it or the Group considers appropriate to
address.
2. Review and advise on matters related to the Actuarial Practice Standards/ Guidance that are required for
members of the Institute who work in General Insurance including Appointed Actuaries
3. Design and carry out Training and the Continuous Professional Development (CPD) programs including
Seminars and Workshops for enhancement of skills of members and students working in General Insurance
area.
4. To be in the knowledge of and advise the Institute on emerging professional issues affecting the profession in
the General Insurance area.
5. Advise on any regulatory or market issues that potentially may affect the status of the profession.
6. Prepare articles for the Actuary India magazine
7. Conduct big Impact Research Projects that impact the lives of the people and government
8. Other functions that may be assigned to this advisory group from time to time
The Work plan and Timelines will be:
1. This Advisory Group will have at least three meetings per quarter (preferably one meeting per month) either
through conference call or face to face meeting.
2. This Advisory Group will report to the Professionalism Committee and/ or to the President
3.5.6 Advisory Group on Health Care Insurance
Members
+--------+--------------------------+--------------+
| Sr. No.| Name | Office |
+========+==========================+==============+
| 1 | Mr. Joydeep Saha | Chairperson |
+--------+--------------------------+--------------+
| 2 | Mr. Sumit Ramani | Secretary |
+--------+--------------------------+--------------+
| 3 | Mr. Abhijit Pal | Member |
+--------+--------------------------+--------------+
| 4 | Ms. Anuradha Sriram | Member |
+--------+--------------------------+--------------+
| 5 | Mr. Anshul Mittal | Member |
+--------+--------------------------+--------------+
| 6 | Mr. Manish Sen | Member |
+--------+--------------------------+--------------+
| 7 | Mr. Krishna Singla | Member |
+--------+--------------------------+--------------+
| 8 | Ms. Yogita Arora | Member |
+--------+--------------------------+--------------+
Functions
1. Responsible for addressing issues in respect of Health Care Insurance that are referred to it or the Group
considers appropriate to address and advise the President/Council for appropriate action.
2. Responsible for putting in place and reviewing Actuarial Practice standards (Guidance Notes) that are required
for members of the institute who work in Health Care Insurance.
3. Design and conduct the training programs in the area of Health & Care Insurance.
4. Understanding and advise on emerging issues affecting Health Care Insurance industry within and outside India
5. Advise the Institute on any regulatory or market issues that potentially may affect the status of the profession
6. Prepare articles for the Actuary India magazine
7. Engage with review of PM- Ayushman Bharat scheme offering technical expertise of IAI to further their
objectives
8. Conduct Big Impact Research Projects that impact the lives of the people and government
9. Design and carry out Continuing Professional Development Programs including seminars and workshops for
enhancement of skills of members of the profession in Health Care Insurance.
10. Other functions that may be assigned to this advisory group from time to time
The Work plan and Timelines will be:
1. This Advisory Group will have at least three meetings per quarter (Preferably one meeting per month) either
through concall or face to face meeting.
2. This Advisory Group will report to the Professionalism Committee and/ or to the President.
3.5.7 Advisory Group on Pensions, Other Employee Benefits & Social Security Members
+--------+--------------------------+--------------+
| Sr.No. | Name | Office |
+========+==========================+==============+
| 1 | Ms. Chitra Jaisimha | Chairperson |
+--------+--------------------------+--------------+
| 2 | Mr. Hemanshu Jain | Secretary |
+--------+--------------------------+--------------+
| 3 | Mr. K Sriram | Member |
+--------+--------------------------+--------------+
| 4 | Mr. Kulin Patel | Member |
+--------+--------------------------+--------------+
| 5 | Mr. Khushwant Pahwa | Member |
+--------+--------------------------+--------------+
| 6 | Mr. Kathan Jain | Member |
+--------+--------------------------+--------------+
| 7 | Mr. Ritobrata Sarkar | Member |
+--------+--------------------------+--------------+
Functions
1. Create more visibility for the practice through continuous public engagement.
2. Strengthen Public Image for the Practice by setting communication standards and creating mechanisms for
information sharing.
3. Recommending to the Council an appropriate Certificate of Practice Mechanism and Standardized Valuation
Reporting Formats for Consulting Actuaries.
4. Support Consulting Actuaries in the context of information clarity and communication issues.
5. Build Quality by updating Course Syllabus and Course Material; and issuing Actuarial Practice Standards and
Guidance Notes relevant to Pensions, Employee Benefits and Social Security.
6. Buil capability by conducting Pensions, Employee Benefits and Social Security specific seminars / workshops.
7. Keeping abreast of matters relating to area of Pension, Employee Benefits and Social Security, with regards to
development globally in general, at level of IAA in particular and advising the council and members
appropriately.
8. Create / find new and more areas of work for consulting actuaries.
9. Prepare artciles for the Actuary India magazine
10. Design and carry out Continuing Professional Development Programmes including seminar/ webinars and
workshops for enhancement of skills of members working in related area
11. Conduct big Impact Research Projects that impact the lives of the people and governemt
12. Other functions that may be assigned to this advisory group from time to time
The Work plan and Timelines will be:
1. This Advisory Group will have at least three meetings per quarter (Preferably one meeting per month) either
through conference call or face to face.
2. This Advisory Group will report to the Professionalism Committee and/ or to the President.
3.5.8 Advisory Group on Sustainable Development and Microinsurance
Members
+--------+--------------------------+--------------+
| Sr.No. | Name | Office |
+========+==========================+==============+
| 1 | Mr. Bharat Venkataramani | Chairperson |
+--------+--------------------------+--------------+
| 2 | Mr. Mayur Ankolekar | Secretary |
+--------+--------------------------+--------------+
| 3 | Mr. A V Karthikeyan | Member |
+--------+--------------------------+--------------+
| 4 | Mr. Kamlesh Gupta | Member |
+--------+--------------------------+--------------+
| 5 | Mr. Kushwant Pahwa | Member |
+--------+--------------------------+--------------+
| 6 | Ms. Malvika Nath | Member |
+--------+--------------------------+--------------+
| 7 | Ms. Ritu Kotnala | Member |
+--------+--------------------------+--------------+
| 8 | Ms. Shilpi Jain | Member |
+--------+--------------------------+--------------+
| 9 | Ms. Tania Chakrabarti | Member |
+--------+--------------------------+--------------+
Functions
1. To be responsible for addressing issues in respect of Sustainable Development and Microinsurance (SDMI) that
are referred to it or the Group considers appropriate to address and advise the President/Council for appropriate
action.
2. To contribute to knowledge, Research and evidence in the matters of issues around sustainable development
e.g., social insurance, climate change adaptation, public policy etc.
3. To contribute to knowledge, Research and evidence in the matters of issues around Microinsurance e.g., low
ticket insurance, agricultural insurance etc.
4. To design and carry out Continuing Professional Development Programs including seminars and workshops for
enhancement of skills of members of the profession in SDMI.
5. To be in know of and advise the Institute on emerging professional issues affecting SDMI industry within and
outside India.
6. To be in know of and advise the Institute on emerging business and industry issues affecting SDMI within and
outside India.
7. To advise the Institute on any regulatory or market issues that potentially may affect the status of the profession.
The Work plan and Timelines will be:
1. This Advisory Group will have at least one meeting per quarter either through concall or face to face.
2. This Advisory Group will report to the Wider Field Committee.
3.5.9 Advisory Group on Risk Management
Members
+--------+--------------------------+--------------+
| Sr.No. | Name | Office |
+========+==========================+==============+
| 1 | Mr. Kailash Mittal | Chairperson |
+--------+--------------------------+--------------+
| 2 | Mr. Tanay Chandra | Secretary |
+--------+--------------------------+--------------+
| 3 | Mr. Adeep Jain | Member |
+--------+--------------------------+--------------+
| 4 | Mr. Ashok Lahoti | Member |
+--------+--------------------------+--------------+
| 5 | Mr. Bikash Chaudhary | Member |
+--------+--------------------------+--------------+
| 6 | Mr. Kapil Aggarwal | Member |
+--------+--------------------------+--------------+
| 7 | Mr. Kshitij Sharma | Member |
+--------+--------------------------+--------------+
| 8 | Ms. Megha Garg | Member |
+--------+--------------------------+--------------+
| 9 | Mr. Sateesh Bhat | Member |
+--------+--------------------------+--------------+
| 10 | Mr. Shamit Gupta | Member |
+--------+--------------------------+--------------+
| 11 | Ms. Suruchi Bhargava | Member |
+--------+--------------------------+--------------+
Functions
1. Maintain and develop professional education materials, including reviewing the course syllabus along with the
Education advisory group/ Committee.
2. Develop risk management seminars/ workshops to support CERA certification for members.
3. Identify CPD needs of members and developing CPD programs and opportunities in risk management.
4. Identify new and emerging technical and practice needs of members in risk management.
5. Identify potential issues for research and development.
6. Create research papers and developing intellectual property for IAI
7. Publish in house journal on yearly basis
8. Review and develop relevant Actuarial Practice Standards and Guidance Notes.
9. Preparing public policy submissions on technical issues affecting risk management and on matters of broader
public interest, including research activity.
10. Prepare articles for the Actuary India magazine.
11. Design and carry out Continuing Professional Development Programmes including sminar/ Webinar and
workshops for enhancement of skills of members working in related area.
12. Other functions that may be assigned to this advisory group from time to time.
The Work plan and Timelines will be:
1. This Advisory Group will have at least three meetings per quarter (preferably one meeting per month) either
through concall or face to face.
2. This Advisory Group will report to the Wider Field Committee and/ or to the President.
3.5.10 Advisory Group on Data Science and Analytics
Members
+--------+--------------------------+--------------+
| Sr.No. | Name | Office |
+========+==========================+==============+
| 1 | Mr. Heerak Basu | Chairperson |
+--------+--------------------------+--------------+
| 2 | Mr. Manoj Kumar | Secretary |
+--------+--------------------------+--------------+
| 3 | Mr. Balachandra Joshi | Member |
+--------+--------------------------+--------------+
| 4 | Mr. Vamsidhar A | Member |
+--------+--------------------------+--------------+
| 5 | Mr. Varun Gupta | Member |
+--------+--------------------------+--------------+
| 6 | Mr. Vineet Khanna | Member |
+--------+--------------------------+--------------+
| 7 | Mr. Sandeep Patil | Member |
+--------+--------------------------+--------------+
| 8 | Mr. Shailesh Dhuri | Member |
+--------+--------------------------+--------------+
Functions
1. Enhance the role of actuaries in the field of data analytics, inculcating the new data management tools/software
in the curriculum/training
2. Create case studies and conduct research activity in collaboration with corporates and universities
3. Help in generating employment for actuarial profession particularly student members in data science area within
the insurance industry and beyond
4. Prepare articles for the Actuary India magazine
5. Work with Education Committee/Education Task Force to produce the syllabus and contents for certification
course in Data Science and Analytics
6. Design and carry out Continuing Professional Development Programmes including seminars/Webinars and
workshops for enhancement of skills of members working in related area
7. Other functions that may be assigned to this advisory group from time to time
The Work plan and Timelines will be:
1. This Advisory Group will have at least three meetings per quarter (preserably one meeting per month) either
through conference call or face to face.
2. This Advisory Group will report to the Wider Field Committee and/ or to the President.
3.5.11 Advisory Group on IFRS 17 (IND AS 117)
Members
+--------+--------------------------+--------------+
| Sr.No. | Name | Office |
+========+==========================+==============+
| 1 | Mr. Kunj Behari Maheshwari | Chairperson |
+--------+--------------------------+--------------+
| 2 | Ms. Harshada Shringarpure| Secretary |
+--------+--------------------------+--------------+
| 3 | Mr. Avdhesh Gupta | Member |
+--------+--------------------------+--------------+
| 4 | Mr. Hiten Kothari | Member |
+--------+--------------------------+--------------+
| 5 | Mr. Kailash Mittal | Member |
+--------+--------------------------+--------------+
| 6 | Ms. N Kalpana | Member |
+--------+--------------------------+--------------+
| 7 | Mr. Philip Jackson | Member |
+--------+--------------------------+--------------+
| 8 | Mr. Pradeep Anand | Member |
+--------+--------------------------+--------------+
| 9 | Mr. Rajiv Mukherjee | Member |
+--------+--------------------------+--------------+
| 10 | Ms. Saigeeta Bhargava | Member |
+--------+--------------------------+--------------+
| 11 | Mr. Sai D Srinivas | Member |
+--------+--------------------------+--------------+
| 12 | Ms. Tanmeet Kaur | Member |
+--------+--------------------------+--------------+
Functions
1. Identify the role of actuaries in preparation of financial statements by insurers in India under IFRS 17 and
advising the Institute for way ahead
2. Work on addressing the matters related to the actuarial profession on IFRS 17 reporting standards as applicable
to insurers in India
3. Responsible for putting in place and reviewing relevant Actuarial Practice standards and Guidance Notes that
are required for members of the institute who would be responsible for preparation of (parts of or whole of)
financial statements for insurance companies including Appointed Actuaries
4. To be in know of and advise the institute on emerging business and industry issues affecting the insurance
industry, arising as a result of transition to a global IFRS 17 standard.
5. To be in the know of and advise the Institute on useful technical and academic developments relating to IFRS 17
6. Prepare articles for the Actuary India magazine
7. Conduct Big Impact Research Projects that impact the lives of the people and government
8. Work with Education Committee/ Education Task Force to produce the syllabus and content for certification
course in IFRS 17
9. Work/ liaise with other stakeholders
10. Design and carry out Continuing Professional Development Programmes including seminars/ Webinars and
workshops for enhancement of skills of members working in related area
11. Create APS / GN on Ind AS 117
12. Other functions that may be assigned to this advisory group from time to time.
The Work plan and Timelines will be:
1. This Advisory Group will have at least three meetings per quarter (preferably one meeting per month) either
through conference call or face to face.
2. This Advisory Group will report to the External Affairs Committee and/ or to the President.
3.5.12 Advisory Group on Banking, Finance and Investments
Members
+--------+--------------------------+--------------+
| Sr.No. | Name | Office |
+========+==========================+==============+
| 1 | Mr. MSVS Phanesh | Chairperson |
+--------+--------------------------+--------------+
| 2 | Mr. Chinnaraja Chendur Pandian | Secretary |
+--------+--------------------------+--------------+
| 3 | Ms. Anisha Bilala | Member |
+--------+--------------------------+--------------+
| 4 | Ms. Prerna Nagpal | Member |
+--------+--------------------------+--------------+
| 5 | Mr. Shubham Mehta | Member |
+--------+--------------------------+--------------+
| 6 | Mr. Vighnesh Mehta | Member |
+--------+--------------------------+--------------+
| 7 | Mr. Yash Rattan Pal | Member |
+--------+--------------------------+--------------+
| 8 | Mr. Navinkumar Mishra | IAI Staff |
+--------+--------------------------+--------------+
Functions
1. Enhancing the role of actuaries in the field of banking, investment banking, mutual funds, derivatives, equity
research, commodity research etc.
2. Create case studies to enhance awareness about value addition by actuaries in BFI areas.
3. Help in generating employment for actuarial profession particularly student members in BFI.
4. Conduct Big Impact Research Projects that impact the lives of the people and government.
5. Participate in the BFSI seminars representing IAI and create positive impact.
6. Work with Education Committee/Education Task Force to produce the syllabus and contents for certification
course in BFI.
7. Prepare article for the Actuary India magazine.
8. Design and carry out Continuing Professional Development Programmes including seminars/Webinars and
workshops for enhancement of skills of members working in related area.
9. Other functions that may be assigned to this advisory group from time to time.
The Work plan and Timelines will be:
1. This Advisory Group will convene at least once in a quarter to meet the above functions and for specific tasks
such as formulating a framework for Pilot/Joint studies in the Banking-Actuarial domain and complete follow
through in a time frame as is reasonable and agreeable to the group duly concurred by the President.
2. This Advisory Group will report to the President.
3.5.13 Advisory Group on Communication
Members
+--------+--------------------------+--------------+
| Sr.No. | Name | Office |
+========+==========================+==============+
| 1 | Mr. Gopal V Kumar | Chairperson |
+--------+--------------------------+--------------+
| 2 | Mr. Sateesh Bhat | Secretary |
+--------+--------------------------+--------------+
| 3 | Ms. Bhavna Verma | Member |
+--------+--------------------------+--------------+
| 4 | Mr. Irvinder Singh Kohli | Member |
+--------+--------------------------+--------------+
| 5 | Mr. Ritobrata Sarkar | Member |
+--------+--------------------------+--------------+
| 6 | Ms. Padmaja R. | Member |
+--------+--------------------------+--------------+
| 7 | Mr. Prasun Sarkar | Member |
+--------+--------------------------+--------------+
| 8 | Ms. Sana Konnur | Member |
+--------+--------------------------+--------------+
| 9 | Ms. Tania Chakrabarti | Member |
+--------+--------------------------+--------------+
Functions
1. Maintaining two way communication with Members by seeking their views, delivering messages and opinion
surveys (relating to Communication).
2. Optimum usage of digital and print Media to enhance the visibility of the Profession within Actuarial
Community as well as amongst non-actuaries.
3. Help growing the profession through print, electronic and online media Digital marketing, Social Media and PR
Agency, if any.
4. Review and Publicise content based material generated by different stakeholders
5. To create awareness amongst public and government about the value add by the actuarial profession
6. Design and Implement the plan to have presence across universities
7. To help media coverage of IAI events and press releases
8. Other functions that may be assigned to this advisory group from time to time.
The Work plan and Timelines will be:
1. This Advisory Group will have at least three meeting per quarter (preferably one meeting per month) either
through conference call or face to face.
2. This Advisory Group will report to External Affairs and Research Committee and/or to the President.
3.5.14 Advisory Group on Actuarial Job Placement
Members
+--------+--------------------------+-----------------+
| Sr.No. | Name | Office |
+========+==========================+=================+
| 1 | Mr. Ajay Shekahr | Chairperson |
+--------+--------------------------+-----------------+
| 2 | Mr. Prabhakar Veer | Secretary |
+--------+--------------------------+-----------------+
| 3 | Mr. Anshuman Anand | Member |
+--------+--------------------------+-----------------+
| 4 | Ms. Asha Murali | Member |
+--------+--------------------------+-----------------+
| 5 | Mr. Prasham Rambhia | Member |
+--------+--------------------------+-----------------+
| 6 | Ms. Saigeeta Bhargava | Member |
+--------+--------------------------+-----------------+
| 7 | Mr. Santosh Dumpa | Member |
+--------+--------------------------+-----------------+
| 8 | Ms. Tanmeet Kaur | Member |
+--------+--------------------------+-----------------+
| 9 | Mr. Vighnesh Mehta | Member |
+--------+--------------------------+-----------------+
| 10 | Mr. Tushar Giri | Executive Director|
+--------+--------------------------+-----------------+
| 11 | Ms. Jigisha Bhattacharya | IAI Staff |
+--------+--------------------------+-----------------+
| 12 | Ms. Nilima Kadam | IAI Staff |
+--------+--------------------------+-----------------+
Functions
1. Determine and utilize the ways to connect the Actuarial candidates (with more emphasis on unemployed
students) with the potential employers.
2. Enhance awareness about the actuarial skills among employers though face to face meetings, seminars or
webinars etc.
3. Increase the numbers of active employers on IAI Job Portal and maximize number of Jobs available to students
4. Enhance number of active Profiles of members on Job Portal by proper communication to students
5. Co-ordinate with other advisory groups to enhance the employability of the students by initiating/recommending
certification/training
6. Consider and provide suggestive solution to the problems relating to carrer planning and other related matters
7. Engage with prospective employers to explore and develop fresh avenues of employment for
Fellow/Associate/Student Members
8. Other functions that may be assigned to this advisory group from time to time.
The Work plan and Timelines will be:
1. This Advisory Group will have at least three meeting per quarter (preferably one meeting per month) either
through conference-call or face to face.
2. This Advisory Group will report to the Finance and Admin Committe and / or to the President.
7. EXAMINATION
7.1 May 2023 Examination-Data summary
+--------+-----------+---------------------+---------------------+-------------------+------------+
| Sr.No. | Subject | Candidates Registered | Candidates appeared | Candidates passed | Percentage |
+========+===========+=====================+=====================+===================+============+
| 1 | CS1 | 319 | 232 | 35 | 15.09% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 2 | CS2 | 130 | 98 | 10 | 10.20% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 3 | CM1 | 307 | 217 | 25 | 11.52% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 4 | CM2 | 171 | 136 | 54 | 39.71% |
+--------+-----------+---------------------+---------------------+-------------------+------------
| 5 | CB1 | 366 | 278 | 116 | 41.73% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 6 | CB2 | 271 | 211 | 46 | 21.80% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 7 | CP1 | 130 | 117 | 39 | 33.33% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 8 | CP2 | 205 | 172 | 87 | 50.58% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 9 | CP3 | 333 | 314 | 99 | 31.53% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 10 | SP1 | 88 | 75 | 16 | 21.33% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 11 | SP2 | 141 | 122 | 43 | 35.25% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 12 | SP4 | 18 | 16 | 7 | 43.75% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 13 | SP5 | 33 | 28 | 8 | 28.57% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 14 | SP6 | 7 | 6 | 1 | 16.67% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 15 | SP7 | 75 | 63 | 9 | 14.29% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 16 | SP8 | 50 | 44 | 10 | 22.73% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 17 | SA1 | 39 | 35 | 2 | 5.71% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 18 | SA2 | 109 | 96 | 3 | 3.13% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 19 | SA3 | 47 | 43 | 5 | 11.63% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 20 | SA4 | 15 | 13 | 3 | 23.08% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 21 | SA7 | 21 | 17 | 2 | 11.76% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| Grand Total | 2875 | 2333 | 620 | 26.58% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
7.2 November 2023 Examination-Data summary
+--------+-----------+---------------------+---------------------+-------------------+------------+
| Sr.No. | Subject | Candidates Registered | Candidates appeared | Candidates passed | Percentage |
+========+===========+=====================+=====================+===================+============+
| 1 | CS1 | 491 | 352 | 175 | 49.72% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 2 | CS2 | 177 | 117 | 14 | 11.97% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 3 | CM1 | 510 | 343 | 95 | 27.70% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 4 | CM2 | 210 | 139 | 22 | 15.83% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 5 | CB1 | 497 | 343 | 55 | 16.03% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 6 | CB2 | 391 | 283 | 74 | 26.15% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 7 | CP1 | 174 | 150 | 41 | 27.33% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 8 | CP2 | 193 | 174 | 78 | 44.83% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 9 | CP3 | 297 | 269 | 117 | 43.49% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 10 | SP1 | 123 | 102 | 22 | 21.57% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 11 | SP2 | 152 | 129 | 23 | 17.83% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 12 | SP4 | 20 | 16 | 3 | 18.75% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 13 | SP5 | 37 | 28 | 9 | 32.14% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 14 | SP6 | 12 | 8 | 1 | 12.50% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 15 | SP7 | 81 | 69 | 10 | 14.49% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 16 | SP8 | 64 | 47 | 4 | 8.51% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 17 | SA1 | 50 | 45 | 7 | 15.56% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 18 | SA2 | 96 | 85 | 16 | 18.82% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 19 | SA3 | 66 | 56 | 1 | 1.79% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 20 | SA4 | 26 | 21 | 2 | 9.52% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| 21 | SA7 | 25 | 21 | 2 | 9.52% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
| Grand Total | 3692 | 2797 | 771 | 27.57% |
+--------+-----------+---------------------+---------------------+-------------------+------------+
4.3. ACET 28 (June 2023) - Qualification-wise Data
+--------+--------------------------+------------+-----------+------+------------+
| Sr.No. | Qualification-wise Data | Registered | Appeared | Pass | Percentage |
+========+==========================+============+===========+======+============+
| 1 | Engineer | 28 | 18 | 16 | 88.89% |
+--------+--------------------------+------------+-----------+------+------------+
| 2 | Graduate | 140 | 118 | 65 | 55.08% |
+--------+--------------------------+------------+-----------+------+------------+
| 3 | HSC | 263 | 228 | 145 | 63.60% |
+--------+--------------------------+------------+-----------+------+------------+
| 4 | Information Technology | 0 | 0 | 0 | 0 |
+--------+--------------------------+------------+-----------+------+------------+
| 5 | CA, CS, ICWA, CFA | 6 | 3 | 1 | 33.33% |
+--------+--------------------------+------------+-----------+------+------------+
| 6 | MBA | 15 | 9 | 5 | 55.56% |
+--------+--------------------------+------------+-----------+------+------------+
| 7 | Others | 137 | 111 | 66 | 59.46% |
+--------+--------------------------+------------+-----------+------+------------+
| Grand Total | 589 | 487 | 298 | | |
+--------+--------------------------+------------+-----------+------+------------+
4.3. ACET 29 (DECEMBER 2023) - QUALIFICATION-WISE DATA
+--------+--------------------------+------------+-----------+------+------------+
| Sr.No. | Qualification-wise Data | Registered | Appeared | Pass | Percentage |
+========+==========================+============+===========+======+============+
| 1 | Engineer | 36 | 17 | 15 | 88.24% |
+--------+--------------------------+------------+-----------+------+------------+
| 2 | Graduate | 260 | 205 | 143 | 69.76% |
+--------+--------------------------+------------+-----------+------+------------+
| 3 | HSC | 265 | 220 | 158 | 71.82% |
+--------+--------------------------+------------+-----------+------+------------+
| 4 | Information Technology | 1 | 0 | 0 | 0 |
+--------+--------------------------+------------+-----------+------+------------+
| 5 | CA, CS, ICWA, CFA | 7 | 5 | 2 | 40.00% |
+--------+--------------------------+------------+-----------+------+------------+
| 6 | MBA | 11 | 5 | 3 | 60.00% |
+--------+--------------------------+------------+-----------+------+------------+
| 7 | Others | 185 | 146 | 108 | 73.97% |
+--------+--------------------------+------------+-----------+------+------------+
| Grand Total | 765 | 598 | 429 | | |
+--------+--------------------------+------------+-----------+------+------------+
The Education and Seminars
* IAI has conducted one Examiner’s Webinar on Question Paper Setting Process for Actuarial
Examination.
* Institute successfully conducted May and November 2023 Actuarial Examination along with ACET June
& December 2023 Examinations.
* The total number of ACET candidates who appeared during examination June 2023 and December 2023
were 487 out of which 298 passed (61.19%) and were 598 out of which 429 passed (71.74%)
respectively.
* For the Actuarial examinations, the total number of 2333 candidates appeared for May 2023 examination,
out of which 620 passed (26.58%) and 2797 candidates appeared for November 2023, out of which
771 passed (27.57%).
* IAI has educational support scheme to help students who come from economically vulnerable
background and whose guardian income is below three lacs. There were total 21 such students till 31st
March 2024. IAI reimbursed a total amount of ` 2,08,500 in the financial year 2023-24. This
included annual membership fees of ` 10,000/-, cost of study material of ` 69,000/-, Examination
fees of ` 80,500/- and Coaching Fees of `49,000/-.
8. PRIZES AND AWARDS
8.1 Academic Excellence Award
Based on the highest marks secured in the examinations following Academic Excellence Awards were
awarded during the Global Conference of Actuaries (GCA2023). The Prize consists of Personalized Trophy and
cash prize of Rs.10,000 each. If there is more than one candidate scoring highest marks then the prize money
is divided equally between each of them.
Academic Excellence Award
+--------+--------------------------+--------------------------+-----------------------+-----------------------+
| Sr. No.| Award Name/ Sponsors | Subject | Name & Member ID Winner–December2022 | Name & Member ID Winner – May 2023 | Name & Member ID Winner –November2023 |
+========+==========================+==========================+======================================+======================================+======================================+
| 1 | Late Shri Mukul Chandra | CS1 - Actuarial Statistics | Shruti Mishra (39174) | Rajul S Dhila (35051) | Mokshit N Kothari (39976) |
| | Chakravarti memorial | | | | |
+--------+--------------------------+--------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| 2 | TATA AIA Life Insurance | CP1 - Actuarial Practice | Kusum (28868) Jinali Doshi (30464) | Vikas Ramjanm Singh (6009) | Akshay Dande (27427) |
| | Co. Academic Excellence | | | | |
| | Award | | | | |
+--------+--------------------------+--------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| 3 | Aditya Birla Sun Life | CP2 – Actuarial Modelling| Praveen Sancheti (32075) | Akshay Vashisht (36565) | Sapan Gupta (35976) Anmol Bansal (40280) |
| | Academic Excellence Award| | | | |
+--------+--------------------------+--------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| 4 | “Partners” Funding | CP3 – Communication | Shilpa Gupta (18398) | Rashi Bansal (31189) Manali R Karandikar (33081) | Chandan Singh (33647) |
| | Memory of Late Mr. Akshay| Practice | | | |
| | D. Pandit | | | | |
+--------+--------------------------+--------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| 5 | Milliman Academic | SP1 – Health Insurance | Aishvarya Ramaraju (10815) | Dewanshu Goyal (34794) | Srajal Upadhyay (39636) |
| | Excellence Award | | | | |
+--------+--------------------------+--------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| 6 | Kotak Life Academic | SP2 – Life Insurance | Dhwani H Shah (32020) | Saloni R Dedhia (27980) Anirudh Iyer (32645) | Neha Agarwala (33724) |
| | Excellence Award ST2- | | | | |
| | LifeInsurance | | | | |
+--------+--------------------------+--------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| 7 | Mercer Consultancy | SP4 - Pensions and Other | Anisha Gulati (34159) | Parshwa B Gada (33738) Vikky Agarwal (38696) | Ashok Kumar (32596) Tinnu SolomonC (39145) |
| | Academic Excellence Award| Benefits | | | |
+--------+--------------------------+--------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| 8 | Mercer Consultancy | SP5 – Investment and | Vandita Sarda (40515) | Nirmal Jain (40589) | Shikhar Bhargava (35227) |
| | Academic Excellence Award| Finance | | | |
+--------+--------------------------+--------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| 9 | Mercer Consultancy | SP6 – Financial | Prasanna M Abhyankar (28432) | Ashnut Kothary (30657) | Udit Agarwal (20285) |
| | Academic Excellence Award| Derivatives | | | |
+--------+--------------------------+--------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| 10 | Insurtech Actuary | SP7 – General Insurance | Jhanani Mahalingam (21970) | Kusum (28868) | Satish Thuwal (32745) |
| | Academic Excellence Award| Reserving and Capital | | | |
| | | Modelling | | | |
+--------+--------------------------+--------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| 11 | Krishna Kumar Tewari | SP8 – General Insurance | Poorva Bhutoria (28504) | Krati Rawat (36467) | Vinay Bansal (7286) Archana A Agarwal (34903) |
| | Memorial Academic | Pricing | | | |
| | Excellence Award | | | | |
+--------+--------------------------+--------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| 12 | LIC of India Academic | SA1 – Health and Care | Christopher S Clement (1560) Amit | Prathmesh Ghnekar (8273) | Devinder Kumar (243) |
| | Excellence Award | | Khurana (3269) Khim Singh Pujari | | |
| | | | (24351) | | |
+--------+--------------------------+--------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| 13 | RGA Reinsurance Academic | SA2 – Life Insurance | Mitsu K Shah (24234) | Saachi A Patel (32243) | Tanvi A Parekh (32147) |
| | Excellence Award | | | | |
+--------+--------------------------+--------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| 14 | Munich Re India Academic | SA3 – General Insurance | Parmeshwar L Shelke (5779) | Ruchika Sangwan (5326) Vaishnavi | Richa Churiwal (19999) |
| | Excellence Award | | | Kaushik (34865) | |
+--------+--------------------------+--------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| 15 | K A Pandit Consulting | SA4 – Pensions and Other | S Vani (6621) Manisha Panhale (18853) | Abhishree P Kabra (30826) | |
| | Actuary Memorial Academic| Benefits | | | |
| | Excellence Award | | | | |
+--------+--------------------------+--------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| 16 | Gen Re Academic | SA7 – Investment and | Romil U Mehta (23105) | Danesh Patel (29328) Kevin R Punmiya (41459) | Vandita Sarda (40515) |
| | Excellence Award | Finance | | | |
+--------+--------------------------+--------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
5.2 Prize Fund for Students Scoring Highest Marks
The Prize fund for highest marks is instituted by contribution given by various donors to Institute of Actuaries of
India. These Prize funds has been constituted for students scoring highest marks in July/December examinations.
The Award consists of prize money of Rs. 5000/-. If there is more than one candidate scoring highest marks then
the prize money is divided equally between each of them.
List of Students who scored Highest Marks
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| Subject | Name of the Donor | Name & Member ID Winner–December2022 | Name & Member ID Winner – May 2023 | Name & Member ID Winner –November2023|
+==========================+==============================+======================================+======================================+======================================+
| CS1-Actuarial Statistics | Shri. H V KrishnamurthyPrize | Shruti Mishra (39174) | Rajul S Dhila (35051) | Mokshit N Kothari (39976) |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| CS2-Risk Modelling and | Shri. R. Krishnaswamy Prize | Shweta Gupta (34887) | Anmol Bansal (40280) | Priyanshu Gupta (37362) |
| Survival | | | | |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| CM1-Actuarial Mathematics| Smt. Vidhya Wati and Smt. | Nikita Gupta (37085) | Mokshit Nandkumar Kothari (39976) | Arvita Shukla (40468) |
| | Santosh Kumari Memorial | | | |
| | Scholarship Prize | | | |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| CM2-Financial Engineering| Shri. G S Diwan Centenary | Aravindaan Natarajan (37040) | Yashvi Rakesh Shah (41506) | Praveen Sancheti (32075) |
| and Loss Reserving | Commemoration Prize | | | |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| CB1-Business Finance | Shri. Atma Ram, Shri Chhaju | Shantanu Gupta (40092) | Satprem Mohanty (27520) Shubhi Goel (40740) | Moksh Kushal Shah (41584) |
| | Ram and Smt. Parvati Devi | | | |
| | Memorial Scholarship Prize | | | |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| CB2-Business Economics | Shri. R M JoshiPrize | Anmol Bansal (40280) | Devarat Deepak Palnitkar (40746) | Dakshikha Agarwal (41718) |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| CP1-Actuarial Practice | The Future Actuary Prize | Kusum (28868) Jinali Doshi (30464) | Vikas Singh (6009) | Akshay Dande (27427) |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| CP2-Actuarial Modelling | Shri R. Krishnaswamy | Praveen Sancheti (32075) | Akshay Vashisht (36565) | Sapan Gupta (35976) Anmol Bansal (40280) |
| | Memorial Prize | | | |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| CP3- Communication | J R Joshi Prize | Shilpa Gupta (18398) | Rashi Bansal (31189) Manali R Karandikar (33081) | Chandan Singh (33647) |
| Practice | | | | |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| SP1 – Health and care | Shri. G S Diwan 100th Birth | Aishvarya Ramaraju (10815) | Dewanshu Goyal (34794) | Srajal Upadhyay (39636) |
| | Anniversary Memorial | | | |
| | Education Prize | | | |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| SP2 – Life Insurance | Late Shri. Janardan Pundalik | Dhwani H Shah (32020) | Saloni R Dedhia (27980) Anirudh M Iyer (32645) | Neha Agarwala (33724) |
| | Nerurkar Prize | | | |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| SP4 – Pensions and Other | Shri. K A Pandit Memorial | Anisha Gulati (34159) | Parshwa B Gada (33738) Vikky Agarwal (38696) | Ashok Kumar (32596) Tinnu SolomonC (39145) |
| Benefits | Prize | | | |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| SP5 – Investment and | Shri. Kamal Kumar Noranglal | Vandita Sarda (40515) | Nirmal Jain (40589) | Shikhar Bhargava (35227) |
| Finance | Podar Prize | | | |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| SP6 – Financial | Late Shri. D BasuPrize | Prasanna M Abhyankar (28432) | Ashnut Kothary (30657) | Udit Agarwal (20285) |
| Derivatives | | | | |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| SP8 – General Insurance: | Krishna Kumar Tewari | Poorva Bhutoria | Krati Rawat | Vinay Bansal |
| | Memorial | | | |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| Pricing | Academic Excellence Prize | (28504) | (36467) | (7286) Archana Anjay Agarwal (34903) |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| SA1 – Health and care | Shri. G S Diwan 100th Birth | Christopher S Clement (1560) Amit | Prathmesh Ghnekar (8273) | Devinder Kumar (243) |
| | Anniversary Memorial | Khurana (3269) Khim Singh Pujari | | |
| | Education Prize | (24351) | | |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| SA2 – Life Insurance | Shri. G S Diwan Memorial | Mitsu K Shah (24234) | Saachi A Patel (32243) | Tanvi A Parekh (32147) |
| | Prize | | | |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| SA3 – General Insurance | Late Shri K P Sarma Memorial | Parmeshwar L Shelke (5779) | Ruchika Sangwan (5326) Vaishnavi | Richa Churiwal (19999) |
| | Prize for the General | | Kaushik (34865) | |
| | Insurance | | | |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| SA4 – Pensions and Other | Canada Life Scholarship | S Vani (6621) Manisha Panhale (18853) | Abhishree P Kabra (30826) | |
| Benefits | Endowment Prize | | | |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
| SA7 – Investment and | Shri. G S Diwan Memorial | Romil U Mehta (23105) | Danesh Patel (29328) Kevin R Punmiya (41459) | Vandita Sarda (40515) |
| Finance | Scholarship Prize | | | |
+--------------------------+------------------------------+--------------------------------------+--------------------------------------+--------------------------------------+
5.3 ACET (Actuarial Common Entrance Test) Award
There are two awards in this category. The award for March and June 2023 ACET Exam is sponsored from
Late A S Gupta Prize Fund and Award for December 2023 ACET Exam is sponsored from Parikh Parivar
Prize Fund. The Award consists of a personalized trophy along with a cheque of `10,000 for student/s
scoring highest marks in March, June and December Examination. If there is more than one candidate
scoring highest marks then the prize money is divided equally between each of them.
Late A S Gupta Prize for ACET exam
1. Mr. Abishek Karthik (IAIEE-MAR23-554)-ACET March 2023
2. Mr. Saarthak Mehrotra (IAIEE-MAR23-756)-ACET March 2023
3. Mr. Nikshay Hans (IAIEE-JUN23-728)-ACET June 2023
4. Ms. Veena Sri Nannapaneni (IAIEE-JUN23-958)-ACET June 2023
Parikh Parivar Prize for ACET exam
1. Mr. Suryoday Sethi (IAIEE-DEC23-861)- ACET December 2023
5.4 Principal Financial Group Award - For Associateship
This Award is for Students who complete Associateship within 3 years. The price consists of Gold
Medallion worth 25,000.
1. Mr. Naga Teja Mariyala (Member Id 37894)
5.5 Meena Sidhwani Award for Fellowship
This Award is for is the student who completes fellowship within 4.5 years from the date of joining. The
student will receive a Gold Medallion worth ` 25,000. For the exams conducted during the year.
For the exams conducted during the year 2023, there were no candidates eligible for this award.
5.6 Prudential Corporation Asia Academic Excellence Award for the Subject SA2- Life Insurance
This Award is given to the IAI member securing the highest marks in SA2 Subject out of the three examinations
(December 2022, May 2023, November 2023) in a year. Thus, there will not be more than one winner per
year for the award. The award winner would be entitled to attend the Asian Actuarial Conference with
expenses reimbursed. After attending the AAC, the member will have to submit a report on the conference
in the form prescribed by the IAI; the IAI will then publish the report in the Actuary India magazine for the
education of its readers.
+--------+------------------------------------------+-------------------+------------------------------------------+
| Sr. No.| Academic Excellence | Subject | Name of Winner |
+========+==========================================+===================+==========================================+
| 1 | Prudential Corporation Asia Academic Excellence Award | SA2 -Life Insurance | Ms. Tanvi Atul Parekh (32147) – November 2023 |
+--------+------------------------------------------+-------------------+------------------------------------------+
9. REPORT ON EDUCATIONAL SUPPORT AND TRAINING
6.I ONLINE GUIDANCE & SUPPORT FOR EXAMINATIONS
The Online Guidance & Support program for students preparing for actuarial examinations was established
with the aim of providing comprehensive, end-to-end teaching on all technical subjects. This program is
designed to offer a thorough teaching of course materials, ensuring that students are well-prepared for every
aspect of their exams. Alongside the academic content, the program also focuses on imparting effective
examination strategies to help students perform at their best.
The program’s coverage of technical subjects is extensive, particularly for the Core Statistics (CS), Core
Mathematics (CM), and Core Business (CB) modules. These subjects form the foundational knowledge base
for actuarial science, and the program ensures that students gain a deep and comprehensive understanding of
these critical areas. Detailed lessons, practice problems, and interactive sessions are all integral parts of the
curriculum for these modules, ensuring that students have the necessary skills and knowledge to excel.
In addition to the core subjects, the program also offered strategical guidance for more advanced actuarial
topics. These advanced subjects are covered through crash courses, which are designed to provide a
concentrated and focused learning experience. These crash courses emphasized strategic approaches to
mastering the material and performing well on the examinations. By concentrating on key concepts and
efficient study techniques, the crash courses helped students to quickly and effectively prepare for their advanced
actuarial exams.
During the year covered in the report, a total of 834 students benefited from the enriched online guidance and
support programs. These programs were designed to enhance the educational experience and provide substantial
support during the two examination periods. The students were given the opportunity to engage in online
classes meticulously structured to offer engaging and interactive learning experiences. This approach ensured
that the content was not only educational but also captivating, helping to maintain student interest and
participation throughout the sessions.
In addition to online classes, the programs included access to recorded sessions. This feature was particularly
beneficial as it allowed students to review and revisit the material at their convenience. The ability to access
recordings provided a flexible learning option, enabling students to learn at their own pace. This flexibility is
crucial in accommodating individual schedules, which can vary widely among students due to personal
commitments and differing time zones. By offering these recorded sessions, the programs made education more
inclusive and accessible, ensuring that all students had the opportunity to benefit fully from the provided
resources. This inclusive approach ensured that all participants could effectively manage their learning alongside
other responsibilities, fostering a supportive and adaptable educational environment.
Overall, the Online Guidance & Support program is structured to support actuarial students through every step
of their exam preparation journey. From in-depth instruction on essential technical subjects to strategic
guidance for advanced topics, the program equips students with the tools and knowledge they need to
succeed in their actuarial examinations.
6.2 ONE-TO-ONE COUNSELLING FOR STUDENTS
The One-to-One Counselling for Students program was a new initiative by IAI launched to provide
personalised support and guidance to students who did not succeed in the 2023 examinations. This
initiative aimed to offer targeted assistance to students needing improvement, helping them understand their
mistakes and enhance their performance. Conducted virtually via Microsoft Teams, the program covered
various subjects, offering a flexible and accessible platform for students to receive support from IAI.
Each counseling session lasted up to one hour, allowing for personalised interaction where counsellors
reviewed answer scripts and mark sheets, addressed concerns, and offered guidance on performance
improvement. These sessions were conducted by experienced faculty members, ensuring in-depth reviews
and personalized feedback for each student. The program effectively addressed the unique challenges faced by
each participant, offering tailored advice and strategies for academic improvement.
A total of 119 students benefited from this program, receiving individualized attention and tailored feedback
provided through the program significantly boosted students’ confidence and preparedness for future exams.
By understanding their mistakes and refining their exam strategies, students were better equipped to
succeed in subsequent examinations, demonstrating the program’s effectiveness in supporting their academic
progress.
The counselling sessions were conducted by 30 expert faculty members, ensuring that each student received
quality guidance and support. This initiative not only helped students improve their academic performance but
also provided them with the confidence and skills necessary to succeed in their future endeavours.
6.3 Skill Development and Capacity Building Trainings
The objective of the skill development and capacity building training programs was to enhance the skills and
capacity of members and a wider audience, including non-members, in the insurance industry and other
sectors. These programs aimed to address the emerging challenges faced by the actuarial profession, improve
employability, and boost professional competence. By covering various advanced topics and skills relevant not
only to the actuarial profession but also to other fields, the training programs successfully benefited over 1100
members. The training programs were meticulously structured to cover a broad spectrum of advanced
topics pertinent to the actuarial profession and beyond. This comprehensive approach enabled participants to
gain a deeper understanding of their field, stay abreast of industry developments, and acquire new competencies
that are crucial in today’s dynamic professional environment. The Institute’s commitment to these initiatives
reflects a strategic effort to not only enhance the individual capabilities of its members but also to contribute
positively to the broader industry.
These initiatives were tailored to equip participants with the essential knowledge and tools required to
effectively navigate the complexities inherent in their professions. Emphasizing advanced topics and practical
skills, the programs ensured that attendees were better prepared to meet professional demands and enhance
their career prospects. Key training sessions included in these programs addressed a variety of pertinent
areas. By focusing on both theoretical knowledge and practical applications, the trainings provided a well-
rounded educational experience. Participants were exposed to cutting-edge concepts and best practices,
ensuring they are well-equipped to tackle current and future challenges within their professions. Under
various training programs conducted during the period, more than 1100 participants, across members and non
members benefited. The following training programs are prominent:
1) Structured Query Language (SQL): The Incredible Power for Actuaries Mastering SQL significantly
boosts the employability of actuaries by providing them with in-demand technical skills that are highly
valued by employers in the insurance and financial sectors. With SQL expertise, actuaries can enhance
their data-driven decision-making capabilities, thereby gaining a competitive edge in the job market.
Demonstrating proficiency in data manipulation and analysis through SQL can set candidates apart from
their peers, making them more attractive to potential employers.
From June 27 to July 27, 2023, a comprehensive 22-hour webinar series was conducted by Dr. Deepak
Kumar Singh, offering significant benefits to unemployed individuals seeking to enhance their
employability. This series was particularly tailored to equip participants with essential skills in SQL, a
critical tool for managing and querying large datasets. For actuaries, proficiency in SQL is indispensable as
it allows them to efficiently extract and analyse data, which is crucial for performing risk assessments,
developing pricing models, and conducting financial forecasting.
The webinar series not only focused on theoretical aspects but also included practical exercises and
real-world applications. This hands-on approach allowed participants to apply their newly acquired
skills directly to their professional contexts, reinforcing their learning and enhancing their practical
understanding of SQL. Through this program, attendees could develop a robust skill set that directly
translates to improved job prospects and professional growth.
2) Python – The AI-Powered Programming Language
In the context of the increasing prominence of AI and big data, Python equips actuaries with the ability to
incorporate sophisticated analytics into their routine tasks. This capability is crucial as it allows actuaries to
stay ahead in the rapidly evolving industry. Continuous skill development is essential for actuaries, and
Python training is a key component in ensuring they remain proficient with the latest technological
advancements and methodologies. Python’s extensive libraries and frameworks are particularly beneficial
for efficient problem-solving and handling complex data analysis, which is essential for actuaries who
often deal with large datasets and intricate financial models.
The 28-hour training program, held from August 18 to September 30, 2023, was led by experts Mr.
Ajay Shekhar and Mr. Shreyash Maheshwari. This comprehensive training attracted 102 participants,
offering them an opportunity to delve into the intricacies of Python programming. Python, known for its
versatility, is extensively used in various fields such as automation, data analysis, and the development of
machine learning models. For modern actuaries, Python has become an indispensable tool, enabling them
to integrate advanced analytics and predictive modelling into their workflows, thereby enhancing their
analytical capabilities.
The training program was designed to be highly interactive, featuring hands-on coding sessions and
project-based learning. Participants received expert guidance throughout the course, ensuring they could
effectively apply Python in their professional roles. By the end of the program, attendees were well
equipped to leverage Python’s capabilities to enhance their work, demonstrating a significant step forward
in their professional development and proficiency in modern analytical tools.
3) Precision in Practice: Unlocking ‘Risk-Based Capital’ Proficiency Understanding Risk-Based Capital
is essential for actuaries because it enables them to ensure that their organizations meet regulatory
requirements and maintain financial stability. Proficiency in RBC equips actuaries with the ability to
accurately assess their companies’ capital needs based on risk exposure. This skill is crucial for
effective risk management and strategic planning, as it allows actuaries to identify potential vulnerabilities
and allocate resources appropriately to mitigate those risks. The RBC framework is a cornerstone in the
insurance industry, and familiarity with these concepts is necessary for actuaries to contribute effectively to
their organizations’ financial health. Mastery of RBC principles ensures that actuaries can help their
companies navigate the complex regulatory landscape, thereby supporting sustainable growth and financial
security. As the insurance industry continuously evolves, staying updated with the latest RBC practices is
vital for actuaries to remain professionally relevant and advance their careers.
The 32-hour webinar series on Risk-Based Capital (RBC) was a comprehensive educational program
conducted by seven senior fellow members of the Institute of Actuaries of India (IAI). This series ran from
December 26, 2023, to January 30, 2024, and attracted 108 participants, reflecting a strong interest in
understanding RBC among actuaries.
The webinar series was designed to provide a deep dive into RBC through various pedagogical
methods. Detailed case studies were presented to illustrate real-world applications of RBC principles,
allowing participants to see the practical implications of theoretical concepts. Interactive discussions
facilitated a dynamic learning environment where participants could engage with instructors and peers,
enhancing their understanding through collaborative learning. Additionally, practical exercises were
incorporated to help participants apply what they had learned to real-world scenarios, thus solidifying
their grasp on managing risk and capital effectively.
Overall, the webinar series was a robust educational initiative aimed at equipping actuaries with the
necessary tools and knowledge to excel in their roles. By focusing on the critical area of RBC, the series
helped participants enhance their professional competencies, ensuring that they are well-prepared to
meet the challenges of the insurance industry.
4) Actuarial Training for EPFO
The significance of actuarial training for officials of the Employees’ Provident Fund Organisation (EPFO)
cannot be overstated. Mastery of actuarial concepts enables these officials to implement policies
grounded in robust financial principles and precise calculations. This knowledge is especially critical for
senior EPFO officials tasked with navigating the intricate landscape of pension fund management. In
response to EPFO’s request, the Institute of Actuaries of India (IAI) swiftly organized a tailored one-day
program, aimed at enhancing officials’ understanding of these crucial concepts and thereby bolstering the
operational efficiency of EPFO. Equipped with proficiency in actuarial techniques, these officials are
better equipped to manage funds, assess risks accurately, and provide superior services to EPFO members.
This foundational knowledge is pivotal in enhancing the overall management of pension schemes, enabling
informed decisions on investment strategies, risk evaluations, and member benefits provision.
The meticulously designed training program was crafted to meet EPFO’s specific requirements. Featuring
interactive sessions, practical examples, and discussions on best practices in actuarial science, the training
ensured not only informative content but also engaging delivery. This approach provided EPFO officials
with practical tools and knowledge directly applicable to their daily responsibilities. Such comprehensive
training is poised to significantly enhance the capabilities of EPFO’s senior officials, aligning with the
organization’s mission of delivering dependable and efficient pension services.
On May 11, 2024, the Pandit Deendayal Upadhyaya National Academy of Social Security in New Delhi
hosted the focused one-day training session. Specifically designed for 57 senior officials of EPFO, the
intensive program was led by Mr. Khushwant Pahwa and cantered on imparting core actuarial concepts.
The training aimed to empower these officials with the necessary knowledge and skills to effectively
manage pension funds, thereby ensuring the long-term financial sustainability of EPFO and reinforcing its
commitment to serving its members with excellence.
5) A Deep-Dive IFRS Training Program for Insurance Industry Professionals
The two-day deep dive into IND AS 117/IFRS 17 provided comprehensive training for Life and
General insurance professionals, serving as a continuation and culmination of a preceding three-day
basic training initiative. This advanced program was organized collaboratively by the Institute of Actuaries
of India (IAI), the Insurance Regulatory and Development Authority of India (IRDAI), and the
Institute of Chartered Accountants of India (ICAI). It represented a significant commitment by IAI to
further educate and empower industry professionals. The initial three-day basic training sessions conducted
between January and June 2023 had successfully trained a total of 367 participants from various sectors of
the insurance industry.
In the recent training sessions, the advanced two-day course specifically catered to Life insurance
professionals took place from April 29 to May 2, 2024, hosted in the classrooms of the College of
Insurance at the Insurance Institute of India. Concurrently, the General insurance program was conducted
on June 10th and 11th, 2024, employing a hybrid format that allowed interested professionals to
participate both in person and online on a complimentary basis. This inclusive approach benefited a total
of 440 professionals from across the Life and General insurance sectors.
Feedback gathered through a post-program survey indicated that participants found the training highly
beneficial and relevant to their professional roles. The program not only deepened their understanding of
IND AS 117/IFRS 17 but also equipped them with practical insights and knowledge essential for
navigating the complexities of insurance accounting standards. Through these initiatives, IAI continues
to foster professional development and excellence within the insurance industry, ensuring participants
are well-prepared to meet evolving regulatory requirements and industry demands.
10. CONFERENCES / SEMINARS / WEBINARS
The fiscal year 2023-2024 has been transformative for the Institute of Actuaries of India (IAI), marked by
significant events such as Actuaries Day 2023 and the 23rd Global Conference of Actuaries. Through numerous
seminars and webinars, IAI has fostered professional growth and collaboration, advancing actuarial science
and practice both in India and globally.
10.1 Celebrating Actuaries Day 2023: A Celebration of Excellence and Collaboration
The Institute of Actuaries of India (IAI) marked a milestone on August 21st with Actuaries Day
2023, honoring the legacy of Late Shri LS Vaidyanathan, a pioneer in India’s actuarial field. The event,
held across Mumbai and Bengaluru, brought together leaders from various sectors including insurance,
pensions, and consulting to explore the theme, “Leveraging India’s Growth Story for Unleashing the
Growth of the Actuarial Profession”.
The day commenced with traditional ceremonies, including the lighting of the lamp and a warm
welcome address by Mr. R Arunachalam, President of IAI. A highlight of Actuaries Day 2023 was the
keynote address delivered by Mr. Amit Kalra, Head of Swiss Re’s GBS Centers in India, underscoring
the strategic collaboration between IAI and Swiss Re Global Business Solutions India (Swiss Re GBS).
This partnership was cemented with the signing of a Memorandum of Understanding (MoU) aimed at
advancing actuarial education and training in India.
The event facilitated open discussions between senior and student members, offering insights into career
prospects and the evolving role of actuaries in India’s economic landscape. It concluded with a lively quiz, a
celebratory cake-cutting ceremony, and networking opportunities that fostered meaningful connections among
attendees.
Actuaries Day 2023 witnessed enthusiastic participation, reflecting the vibrant spirit and collaborative
ethos of India’s actuarial community. The event not only celebrated past achievements but also laid
the groundwork for future advancements in the profession.
Key moments from Actuaries Day 2023 Celebration in Mumbai
Day 0 - February 12th, 2024 (AGFA 2024):
The Actuarial Gala Function and Awards (AGFA) 2024 infused a fine blend of celebration and academic
excellence. The event kicked off with a High Tea, providing an apt opportunity for newly qualified fellows and
their families to interact with senior members from the Institute of Actuaries of India (IAI) and the council. As in
vogue, the ceremony opened with Saraswati Vandana, setting a reverent tone for the proceedings. Showcasing
academic achievements, awards were presented to outstanding performers in various categories, including
Academic Excellence Awards, newly qualified Fellows, and Associates. The event featured captivating
performances by members of the institute, adding a touch of cultural flair to the festivities. The day culminated
with a grand Cocktail & Dinner, fostering a spirit of camaraderie and celebration among attendees.
Day 1 - February 13th, 2024:
The inaugural day commenced with a grand lamp lighting ceremony, setting the stage for insightful discussions
and keynote addresses. Distinguished speakers, including Dr. Vivek Joshi, Secretary of the Department of
Financial Services, Ministry of Finance, Government of India, followed by Mr. Debasish Panda, Chairman,
Insurance Regulatory and Development Authority of India (IRDAI), and Mr. Kamesh Goyal, Chairman &
Promoter of GoDigit Group of Insurance Companies, India, shared their respective profound insights during
these addresses to the gathering of over 1000. Interactive plenary panel sessions explored a diverse range of
topics, such as disruptions in insurance distribution, tech trails in insurance and a dialogue on Actuaries,
Leadership, and Global Capacity Building, providing attendees with invaluable perspectives and strategic
insights. Concurrent sessions further delved deeper into specialised subjects within the realm of actuarial science
and insurance, facilitating interactive dialogue and knowledge exchange among industry professionals. The day
wrapped up with a lively cultural celebration, followed by a networking cocktail dinner.
Day 2 - February 14th, 2024:
The second day of the conference commenced with keynote address by Guest of Honour, Mr. K.
Rajaraman, Chairman, International Financial Services Centres Authority (IFSCA), India, setting the context
around expertise and growth of the profession and how GIFT city and IFSCA are able catalysts in the
process. The momentum continued over Presidential round table of all leading Actuarial bodies including
IAI, engaging sessions on emerging trends and innovations in the insurance industry. Thought leaders dug
deep into topics such as health insurance, lessons for Risk underwriters from technological disruptions in
banking and the impact of AI on actuarial practice, offering pragmatic solutions and actionable strategies for
industry professionals. Special sessions captured the intricate nuances and significance of remote working
skills, InsurTech advancements, and investment lessons. The event concluded with a heartfelt closing
ceremony, featuring insightful reflections and expressions of gratitude, marking the end of a successful and
enriching conference experience.
Distinguished Speakers:
* Dr Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance, Government of India
* Mr. Debasish Panda, Chairman, Insurance Regulatory and Development Authority of India (IRDAI), India
* Mr. Kamesh Goyal, Chairman & Promoter, GoDigit Group of Insurance Companies, India
* Mr. Siddhartha Mohanty, Chairman, LIC of India
* Mr. Amit Jhingran, Managing Director & CEO, SBI Life Insurance Co. Ltd., India
* Mr. Sarbvir Singh, Joint Group CEO, PB Fintech, India
* Mr. Dahnesh Dilkhush, Executive Director, Customer Success, Microsoft India
* Mr. K. Rajaraman, Chairman, International Financial Services Centres Authority (IFSCA), India
* Ms. Deepti Gaur Mukerjee, Chief Executive Officer, National Health Authority (NHA), India
* Mr. Nilesh Shah, CEO, Kotak Mahindra AMC and part time member of the Economic Advisory Council
to the PM, India
* Mr. Charles Cowling, President, International Actuarial Association (IAA), Canada
In conclusion, the 23rd Global Conference of Actuaries successfully highlighted the dynamic intersection of
data, technological disruptions, and actuarial expertise. Distinguished speakers and industry leaders underscored
the critical role of actuaries in shaping the future of the insurance, finance, and pension industries amid rapid
advancements in technology and artificial intelligence. The conference provided a platform for robust discussions
on innovation, collaboration, and the evolving responsibilities of actuaries in navigating emerging challenges and
opportunities. The insights and collaborations fostered during the event pave the way for continued growth
and development in the actuarial profession, reinforcing its vital contribution to the global financial landscape.
7.3 Seminars & Webinars
During the fiscal year 2023-2024, the Institute of Actuaries of India (IAI) facilitated numerous seminars and
webinars to advance professional knowledge and address evolving industry challenges. Expert speakers
provided valuable insights into current trends and best practices. The IAI’s webinars ensured continuous
learning opportunities, enabling real-time engagement regardless of location. Notably, the 39th India Fellowship
Seminar was held in a hybrid mode, enhancing accessibility and participation. These initiatives underscore
IAI’s commitment to the professional development of actuaries globally.
There were 11 seminars & 9 webinars organized and conducted under various advisory groups for a total duration
of 124.5 hours which was attended by 1358 participants; a summary of which is furnished hereunder:
+-------------------------------------------------+--------------+--------------+---------------+----------------+
| Advisory Group | No of Webinars | No of Seminars | Total CPDhours| Total delegates|
+=================================================+==============+==============+===============+================+
| Banking, Finance & Investment | 1 | 0 | 1.5 | 51 |
+-------------------------------------------------+--------------+--------------+---------------+----------------+
| Data Science & Analytics | 3 | 0 | 6 | 149 |
+-------------------------------------------------+--------------+--------------+---------------+----------------+
| General Insurance | 1 | 2 | 26 | 256 |
+-------------------------------------------------+--------------+--------------+---------------+----------------+
| Health Insurance | 0 | 2 | 12 | 79 |
+-------------------------------------------------+--------------+--------------+---------------+----------------+
| Life Insurance | 1 | 2 | 26 | 306 |
+-------------------------------------------------+--------------+--------------+---------------+----------------+
| Pensions, other employee benefits and social | 3 | 2 | 23 | 261 |
| security | | | | |
+-------------------------------------------------+--------------+--------------+---------------+----------------+
| Professionalism, Ethics & Conduct | 0 | 2 | 24 | 196 |
+-------------------------------------------------+--------------+--------------+---------------+----------------+
| Risk Management | 0 | 1 | 6 | 60 |
+-------------------------------------------------+--------------+--------------+---------------+----------------+
| Total | 9 | 11 | 124.5 | 1358 |
+-------------------------------------------------+--------------+--------------+---------------+----------------+
The actuarial profession is a dynamic field that thrives on the exchange of knowledge and collaboration with
experts worldwide. We take great pride in acknowledging the invaluable contributions of our esteemed
speakers, including those from outside India and non-members, who have graced our events. Their insights and
expertise have significantly enhanced the professional growth of our members and stakeholders.
We extend our heartfelt gratitude to each of them for sharing their knowledge and experiences, and for being
instrumental in the success of our seminars and webinars. Their dedication and passion for the actuarial domain
have inspired us to continuously strive for excellence.
In recognition of their efforts, we express our profound appreciation to:
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| **Part I—Section** | **1** | **The Gazette of India** | **No. 2** | **EXTRAORDINARY** |
+---------------------+-------------------+------------------+-------------------+-------------------+
| **OF INDIA** | **EXTRAORDINARY** | | | |
+---------------------+-------------------+------------------+-------------------+-------------------+
| **AUTHORITY** | | | | |
+---------------------+-------------------+------------------+-------------------+-------------------+
| **PART III—SECTION** | **4** | | | |
+---------------------+-------------------+------------------+-------------------+-------------------+
| **No. 751]** | | | | |
+---------------------+-------------------+------------------+-------------------+-------------------+
| **NEW DELHI, THURSDAY, MARCH 6, 2025 (MAGHA 15, 1946)** | | | |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **MINISTRY OF FINANCE** | | | | |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **(Department of Financial Services)** | | | | |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **NOTIFICATION** | | | | |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **New Delhi, the 6th March, 2025** | | | | |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **S.O. 1000(E).—** | | | | |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **F.No. 14/3/2024-Ins.II.—** | | | | |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **In** | | | | |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **exercise** | **of** | **the** | **powers** | **conferred** |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **by** | **sub-section** | **(1)** | **of** | **section** |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **35** | **of** | **the** | **Insurance** | **Act,** |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **1938** | **(4** | **of** | **1938),** | **the** |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **Central** | **Government,** | **after** | **consultation** | **with** |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **the** | **Insurance** | **Regulatory** | **and** | **Development** |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **Authority** | **of** | **India** | **(IRDAI),** | **hereby** |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **notifies** | **that** | **the** | **acquisition** | **of** |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **the** | **shares** | **of** | **Reliance** | **General** |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **Insurance** | **Company** | **Limited** | **by** | **State** |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **Bank** | **of** | **India** | **Life** | **Insurance** |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **Company** | **Limited** | **shall** | **be** | **in** |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **public** | **interest.** | | | |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **[F. No. 14/3/2024-Ins.II]** | | | | |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
| **SACHIN BADAL, Under Secy.** | | | | |
+--------------------------------------------------------+-------------------+------------------+-------------------+-------------------+
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