Actuarial Society Of India
Encyclopedia
The Institute of Actuaries of India, is the sole professional body of actuaries
in India, and was formed in September 1944. It was formed by the conversion of the Actuarial Society of India into a body corporate by virtue of the Acturies Act, 2006.
On 14 December 1982, it was formally registered under Registration of Literary, Scientific and Charitable Societies Act XXI of 1960.
A certificate of registration of the ASI under section XII AA of Income Tax Act was received on the 14 March 1984.
ASI is also registered under Public Charitable Trust Act 1950
40,000 in annual salary. The package rises to $
60,000 for an appointed actuary.
or Faculty of Actuaries
of the United Kingdom
. The actuarial profession in India saw a downward trend in the early years of nationalization of the Indian insurance industry. This led to a reduction of actuarial input in both life insurance and general insurance management, and insignificant input in other areas such as pensions, insurance regulations, and academics. The downward trend resulted in a reduction of number of students taking actuarial exams. In the last few years, the actuarial profession in India has experienced tremendous growth. The ASI has grown as well with around 3,000 student members joining the society. The current president of ASI is Mr. Liyaquat Khan.
, the umbrella organization for all actuarial bodies across the world. The ASI is actively involved in the formulation of future education strategy of International Actuarial Association.
Actuary
An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms ....
in India, and was formed in September 1944. It was formed by the conversion of the Actuarial Society of India into a body corporate by virtue of the Acturies Act, 2006.
Registration of the ASI
In 1979, it was admitted to the International Actuarial Association as a member.On 14 December 1982, it was formally registered under Registration of Literary, Scientific and Charitable Societies Act XXI of 1960.
A certificate of registration of the ASI under section XII AA of Income Tax Act was received on the 14 March 1984.
ASI is also registered under Public Charitable Trust Act 1950
Educational and ethical goals of the ASI
- To prepare "actuaries of tomorrow" who are adequately qualified and competent in the global context.
- To keep the level of competence on a continuing basis for fully qualified Actuaries at a high in the global context through CPD (Continuing Professional Development) and other programs.
- To serve the cause of public interest through Professional Code of Conduct and Disciplinary Procedures.
Objectives
- Advancement of the Actuarial profession in India.
- Providing opportunities for interaction among members of the profession.
- Facilitating research, arranging lectures on relevant subjects.
- Providing facilities and guidance to those studying for the Actuarial exams.
Placement
Till 2002, multinational reinsurers setting up service offices in India imported actuaries due to severe shortage of skills domestically. By 2005, an Indian actuary with at least 7 years of post-qualification experience was paid about $United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
40,000 in annual salary. The package rises to $
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
60,000 for an appointed actuary.
History
The ASI was initially started as a non-examining body when Actuaries used to get qualified from Institute of ActuariesInstitute of Actuaries
The Institute of Actuaries was one of the two professional which represented actuaries in the United Kingdom . The Institute was based in England, while the other body, the Faculty of Actuaries, was based in Scotland...
or Faculty of Actuaries
Faculty of Actuaries
The Faculty of Actuaries in Scotland was the professional body representing actuaries in Scotland. The Faculty of Actuaries was one of two actuarial bodies in the UK, the other was the Institute of Actuaries, which was a separate body in England, Wales and Northern Ireland...
of the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. The actuarial profession in India saw a downward trend in the early years of nationalization of the Indian insurance industry. This led to a reduction of actuarial input in both life insurance and general insurance management, and insignificant input in other areas such as pensions, insurance regulations, and academics. The downward trend resulted in a reduction of number of students taking actuarial exams. In the last few years, the actuarial profession in India has experienced tremendous growth. The ASI has grown as well with around 3,000 student members joining the society. The current president of ASI is Mr. Liyaquat Khan.
International relationships
ASI is founding member of the International Actuarial AssociationInternational Actuarial Association
The International Actuarial Association is a worldwide association of local professional actuarial associations and their 64,000-odd fellows.-History:...
, the umbrella organization for all actuarial bodies across the world. The ASI is actively involved in the formulation of future education strategy of International Actuarial Association.
Actuarial organizations
Actuaries usually belong to one or more professional bodies, often national in scope. A list may be found here: :Category:Actuarial associationsSee also
- ActuaryActuaryAn actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms ....
- Actuarial present valueActuarial present valueIn actuarial science, the actuarial present value of a payment or series of payments which are random variables is the expected value of the present value of the payments, or equivalently, the present value of their expected values....
- Actuarial scienceActuarial scienceActuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. Actuaries are professionals who are qualified in this field through education and experience...
- Actuarial notationActuarial notationActuarial notation is a shorthand method to allow actuaries to record mathematical formulas that deal with interest rates and life tables.Traditional notation uses a halo system where symbols are placed as superscript or subscript before or after the main letter...
- Catastrophe modelingCatastrophe modelingCatastrophe modeling is the process of using computer-assisted calculations to estimate the losses that could be sustained due to a catastrophic event such as a hurricane or earthquake...
- Risk theoryRisk theoryRisk theory connotes the study usually by actuaries and insurers of the financial impact on a carrier of a portfolio of insurance policies. For example, if the carrier has 100 policies that insures against a total loss of $1000, and if each policy's chance of loss is independent and has a...