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REGD. No. D. L.-33004/99
The Gazette of India
CG-MH-E-03042025-262238
EXTRAORDINARY
PART III-Section 4
PUBLISHED BY AUTHORITY
No. 273] NEW DELHI, WEDNESDAY, APRIL 2, 2025/ CHAITRA 12, 1947
INSTITUTE OF ACTUARIES OF INDIA
NOTIFICATION
Mumbai, the 21st March, 2025
F.No. IAI/Com/002/2024—In exercise of the powers conferred by clauses (a), (b), (c), (d), (e), (f), and (g) of
sub-section (2) of section 56 of the Actuaries Act, 2006 (35 of 2006), the Council of the Institute of Actuaries of India,
with the previous approval of the Central Government, hereby makes the following regulations to further amend the
Institute of Actuaries of India (Admission as member and issuance of Certificate of Practice) Regulations, 2017. The
same is hereby published for the information of all persons likely to be affected thereby and notice is hereby given that
the said regulations will be taken into consideration by the Council on or after the expiry of forty-five days from the
date on which copies of this notification as published in the Gazette of India are made available to the public;
Any person interested in making any objection or suggestion on the proposal in the notification may do so in
writing within the period so specified through post to the President, Council of the Institute of Actuaries of India, Unit
no. F-206, 2nd Floor, "F" Wing in Tower 2, Seawoods Grand Central, Plot no R-1, Sector 40, Seawoods, Near
Seawoods Railway Station, Navi Mumbai - 400 706 or electronically at email address yogesh@actuariesindia.org
1. Short title and commencement (1) These regulations may be called the Institute of Actuaries of India
(Admission as Member and Issuance of Certificate of Practice) (Amendment) Regulations, 2024.
(2) They shall come into force on the date of their final publication in the Official Gazette.
2. In the Institute of Actuaries of India (Admission as member and issuance of Certificate of Practice) Regulations,
2017 (hereinafter referred to as the said regulation) in regulation 2, in sub-regulation (1) after (d) the following
clause shall be inserted, namely: -
"(e) 'professional institute' means any institute as may be constituted under an act of Parliament of India or a
similar body as decided by the Council from time to time."
3. In the said regulation, in regulation 3, for sub-regulation (1) (a), the following shall be substituted, namely: -
"Any person who qualifies the examination as decided by the council from time to time either through taking
exam or exemption shall be entitled to have his name entered in the register as an associate or a fellow member of
the Institute"
4. In the said regulation, in regulation 3, for sub-regulation (2) (a), the following shall be substituted, namely: -
"The examination shall be conducted in such manner and at such time and place as may be decided by the
Council, or a committee or a group of persons authorised by the Council, may decide, from time to time."
5. In the said regulation, in regulation 3, for sub-regulation (3) (a), “Form E of Schedule H" shall be deleted in its
entirety, and sub-regulation (3) (a) shall be substituted with the following:
"An application for admission to an examination shall be made in the format as decided by the Council from time
to time."
6. In the said regulation, in regulation 3, for sub-regulation (3) (b), the reference to "Form K of Schedule I" shall be
deleted in its entirety, and sub-regulation (3)(b) shall be substituted with the following:
“Every application under clause (a) shall be accompanied by such fees specified in sub-regulation (2) of
regulation 6 so as to reach the Institute in time and in accordance with the directions given by the Council from
time to time and the Institute shall issue an examination admit card in the format as decided by the Council from
time to time."
7. In the said regulation, in regulation 3, for sub-regulation (7), “Form G of Schedule A" shall be deleted in its
entirety, and sub-regulation (7) shall be substituted with the following:
"Every candidate who has passed an examination under this regulation shall be given a performance report to that
effect in the format as decided by the Council from time to time"
8. In the said regulation, in regulation 4, for sub-regulation (2) (a), the following shall be substituted, namely: -
"on the date of application for fellow membership of the Institute, the person is a Fellow member of the actuarial
body which has the MRA with the Institute"
9. In the said regulation, in regulation 4, for sub-regulation (2) (b), the following provisos shall be inserted after
"Provided that the Council shall provide the information of all concerned actuarial bodies with whom the
Institute has entered in MRA on the website of the Institute", namely:
"Provided further that it is up to the member that whether he/she wants to continue as a Fellow member of the
actuarial body which has the MRA with the Institute after receiving the Fellow membership from the Institute.
Provided further that Council may time to time enter into Mutual Recognition Agreement or Memorandum of
Understanding with such another actuarial body or an academic institution or other professional institute in the
interest of Indian Actuarial profession's growth and/ or relevance of subject to ensure qualification standard is
maintained."
10. In the said regulation, in regulation 4, for sub-regulation (3), “Form D of Schedule C" shall be deleted in its
entirety, and sub-regulation (3) shall be substituted with the following:
"A person who desires to be admitted as a fellow member shall make an application to the Institute in the format
as decided by the Council from time to time together with documentary evidence as to his eligibility for
admission as a fellow and the fee specified in sub-regulation (1) of regulation 6 Provided that the applicant shall
provide such other information as the Council may require."
11. In the said regulation, in regulation 4, for sub-regulation (4), "Form I of Schedule G" shall be deleted in its
entirety, and sub-regulation (4) shall be substituted with the following
"A certificate of fellow membership shall be issued in the format as decided by the Council from time to time"
12. In the said regulation, in regulation 5, for sub-regulation (2), the following shall be substituted, namely: -
"The examination referred to in regulation 3 may be exempted/ dispensed with in the case of a person who has
passed such examination as stipulated by the Council from time to time from another actuarial body or an
academic institution or other professional institute deemed to be equivalent to the corresponding examination of
the Institute.
Provided that Council may time to time enter into Mutual Recognition Agreement or Memorandum of
Understanding with such another actuarial body or an academic institution or other professional institute in the
interest of Indian Actuarial profession's growth and/or relevance of subject to ensure qualification standard is
maintained."
13. In the said regulation, in regulation 5, for sub-regulation (3), “Form B of Schedule B" shall be deleted in its
entirety, and sub-regulation (3) shall be substituted with the following:
"A person who desires to be admitted as an associate member shall make an application to the Institute in the
format as decided by Council from time to time together with documentary evidence as to his eligibility for
membership and the fee specified in sub-regulation (1) of regulation 6"
14. In the said regulation, in regulation 5, for sub-regulation (4), “Form H of Schedule F" shall be deleted in its
entirety, and sub-regulation (4) shall be substituted with the following:
"A Certificate of an associate membership shall be issued in the format as decided by the Council from time to
time"
15. In the said regulation, in regulation 6, for sub-regulation (1), the following shall be substituted, namely: -
"Every application for entry of names in the register under regulation 4 and regulation 5 shall be accompanied
with a fee of an amount not exceeding fifty thousand rupees, as the Council may determine from time to time."
16. In the said regulation, in regulation 6, for sub-regulation (4), the following shall be substituted, namely: -
"The Council shall determine fees for course material, coaching, counselling, training and other purposes:
Provided that such fee shall not exceed one lakh rupees per subject, as the Council may determine from time to
time.
Provided further that persons with address for correspondence outside India shall pay such fees not exceeding two
lakhs rupees per subject, as the Council may determine from time to time.
Provided further that fees for any certification course (other than examination referred in regulation 3 to 5) can be
decided by the council from time to time."
17. In the said regulation, in regulation 8, for sub-regulation (2), “Form C of Schedule E" shall be deleted in its
entirety, and sub-regulation (2) shall be substituted with the following:
"Any person referred to in sub-regulation (1) who desires to be admitted as an affiliate member of the Institute
shall make an application to the Institute in the format as decided by the Council from time to time together with
documentary evidence about his eligibility for membership and on payment of a fee specified in sub-regulation
(1) of regulation 6:
Provided that the Institute has a reciprocity agreement with such actuarial body through the signing of a mutual
recognition agreement or the like as duly authorised by the Council."
18. In the said regulation, in regulation 9, for sub-regulation (1), the following shall be substituted, namely: -
"Any person who has passed 10 or equivalent shall be entitled to be admitted as a student member of the Institute
under sub-section (3) of section 8 of the Act.
Provided that the Council shall have the power to change the admission criterion mentioned above from time to
time."
19. In the said regulation, in regulation 9, for sub-regulation (2), "Form A of Schedule D" shall be deleted in its
entirety, and sub-regulation (2) shall be substituted with the following:
"Any person who desires to enroll himself as a student member of the Institute shall make an application to the
Institute in the format as decided by the Council from time to time together with documentary evidence as to his
eligibility for membership and accompanied by a fee specified in sub-regulation (1) of regulation 6."
20. In the said regulation, in regulation 10, for sub-regulation (2), "Form F of Schedule J" shall be deleted in its
entirety, and sub-regulation (2) shall be substituted with the following:
"An Application for certificate of practice shall be made in the format as decided by the Council from time to
time accompanied by such fee as may be determined by the Council from time to time but which shall not exceed
one lakh rupees in any case."
21. In the said regulation, in regulation 10, for sub-regulation (4), "Form J of Schedule K" shall be deleted in its
entirety, and sub-regulation (3) shall be substituted with the following:
"A certificate of practice shall be issued in the format as decided by the Council from time to time"
22. In the said regulation, in regulation 11, after sub-regulation (2) (b), the following proviso shall be inserted,
namely: -
“Provided that in a case falling under clauses (iv) of sub-regulation (1), if COP holder submits an application after
the processing deadline of 1st April pursuant to notice of cancellation receipt or not as the case may be as
mentioned here, and if he/she wants the renewal to be effective from the date of current COP expires, the renewal
application and renewal fees must be received on / before 30th April."
PREETI CHANDRASHEKHAR, President
[ADVT.-III/4/Exty./06 /2025-26]
Note: The Principal regulations were published in the Gazette of India, Part III, Section 4, on
dated the 11th May, 2017.