IAI is a statutory body established under The Actuaries Act 2006 (35 of 2006) for regulation
of profession of Actuaries in India. The provisions of the said Act have come into force from 10thday of
November 2006, in terms of the notification dated 8th November 2006, issued by the Government of India in
the Ministry of Finance, Department of Economic Affairs. As a consequence of this, the 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 upto 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.).
