Student Support for Next of Kin of Armed & Security Forces on Actuaries Day

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Institute of Actuaries of India (IAI)

The Institute of Actuaries of India (IAI), a statutory body under an Act of Parliament celebrated 2nd Actuaries Day across the country today and launched its student Support Scheme for next of kin of martyrs of armed forces and security forces for pursuing a actuarial science course. The scheme would offer waiver of entrance exam fee, examination fee and membership fee to next of kin of martyrs.

“The student support scheme and extension to next of kin is our way to giving back to the society and ensure well deserving and underprivileged get access to quality education, thereby bettering their lives. The extension is a small gesture to take care of the young aspiring actuaries who come from families who have dedicated their life to the country”, says Sunil Sharma, President, Institute of Actuaries of India”.

The Actuaries Day is celebrated in fond memory of Late. Shri LS Vaidyanathan, India’s first actuary who laid the early foundation of Actuarial science practice in the country..

Additionally, the institute has pledged adoption of 621 trees in Sundarbans under “Trees for Tigers” project in association with a NGO involved in this cause. The number of trees adopted equals the number of Fellow and associate members of IAI as well the headcount if IAI take into consideration.

The Institute also launched Actuarial Job Portal (AJP) – a platform with great features to connect employers and actuarial resources. This portal aims at making hiring a seamless and hard paced for hiring managers seeking to absorb actuarial talent in their organisation.

The event concluded with felicitation of senior actuaries who have attained the age of 75 years.

About Institute of Actuaries of India (IAI):- IAI is a statutory body established under The Actuaries Act 2006 (35 of 2006) for regulation of profession of Actuaries in India. The provisions of the said Act have come into force from 10th day of November 2006, in terms of the notification dated 8th November 2006, issued by the Government of India in the Ministry of Finance, Department of Economic Affairs. As a consequence of this, the erstwhile Actuarial Society of India was dissolved and all the Assets and Liabilities of the Actuarial Society of India were transferred to, and vested in, the Institute of Actuaries of India constituted under Section 3 of the Actuaries Act, 2006. The erstwhile Actuarial Society of India (ASI) was established in September 1944.

Since 1979 the ASI has been a Full Member of International Actuarial Association (an umbrella organizations to all actuarial bodies across the world) and is actively involved in its affairs. In 1982, the ASI was registered under Registration of Literary, Scientific and Charitable Societies Act XXI of 1860 and also under Bombay Public Charitable Trust Act, 1950. In 1989, the ASI started examinations up to Associate level, and in 1991, started conducting Fellowship level examination leading to professional qualification of an actuary, till then the accreditation was based on Institute of Actuaries, London examinations (now Institute and Faculty of Actuaries).