committee under the chairmanship of R Ramakrishan, former
executive director, Life Insurance Corporation of India
(LIC) and former president of ASI will recommend the
rules and regulations to be laid down for the efficient
functioning of the proposed institute.
Dr R Kannan, president, ASI, "The committee will
go into the various aspects of the bill and submit its
report by this December." While the rules for the
bill have to be drafted by the government, the ASI will
have to draw out the regulations.
the Act, the Institute of Actuaries of India will be
set up to conduct examinations for the profession of
actuaries to regulate the profession. The institute
would look into professional misconduct and create necessary
facilities for the growth and training
of the members of the profession. As a result, the ASI
would be dissolved and its assets and liabilities transferred
to the proposed institute.