Don't you regret missing the opportunity of being the ASI president when it is on the verge of becoming a statutory institute?
I have always opposed the idea of forming an institute under an act of parliament. I still feel that it would be a sad day when that happens. The ASI is a legal body, registered as a trust and educational non-profit body. It is recognised under the Insurance Regulatory and Development Authority (IRDA) regulations as a regulatory body for actuaries.

By putting it under an act of parliament, the ministry of finance will make it a virtual government department with all attendant inadequacies. There will be bureaucratic interference in professional matters, political and governmental interference in the role of the appointed actuary.

This will not only affect professional development, but will also reduce the regulatory powers of the IRDA. The greater tragedy is that the proposed bill specifically provides for no financial assistance to the body. How can a government own a body without taking financial responsibility for it?

Looking back, what do you consider your key achievements during your presidency?
The first is the issuance of several professional guidance notes and professional conduct standards. Another is the membership with the East Asian Actuarial Conference. The MoU with the Bangladesh Insurance Academy is the third. Then you could take mutual recognition agreements with the Institute of Actuaries, London, the Faculty of Actuaries, Scotland and the Institute of Actuaries of Austrialia.

The signing of the MoU with the Life Insurance Council of India for setting up of Mortality and Morbidity Investigation Bureau is another one. And, finally, deciding to hold the global actuaries conference in Mumbai in partnership with the International Actuarial Association (IAA).

What is your unfinished agenda as the ASI president?
The first, obviously, is to ensure that the government does not "nationalise" the actuarial profession. Another important issue is the strengthening of aspects of the ethical and professional conduct of members to a greater degree; facilitatation of better projection of ASI members in the global actuarial employment market and finally; to strengthen the actuarial role in insurance and pension regulation.

Do you think the new team will complete the unfinished agenda?
I hope so.

You talked about ASI working with other actuarial institutes to frame a common syllabus. At what stage is that proposal?
Largely achieved, but needs ongoing review. ASI's education has been judged as being fully compliant with the specifications of the IAA in its June 2005 Rome meeting. The ASI is one of the 27 out of the 50 IAA members to be judged as being fully compliant at its first assessment.

Will you continue to be associated with the ASI? Will you contest for the presidency next year?
I am still member of the executive committee. I have taken over as chairman of the 'international relations board' and the 'pensions and social security board' of ASI. I will focus on building ASI's international relations to a greater extent and want to strengthen the standards of professional conduct of ASI members in retirement benefit practices. I had initiated the programme for spreading ASI's education in SAARC and other South Asian Countries.

I wish to focus on these matters. I would not prefer to be presidency again unless there are attempts by vested interest to control ASI. I have given up its presidency in the normal course to an appropriate person. There was no contest. Dr R Kannan was chosen unanimously.

Many consider your tenure as a controversial one. The show cause notice issued to a former ASI president is one such incident. Your comment.
Controversies arise when there is action around. Not every one wants the profession to grow and new members join in and flourish. Vested interests take root for a variety of reasons. Enforcing discipline in ethical conduct is relatively more of an issue in our country than anywhere else. Competence and explicit ethical conduct in our work as actuaries is absolutely essential in the public interest.

We did initiate disciplinary processes against some members. Three students were suspended for two years from membership for copying and the process is on against a member for inappropriate conduct.

The disciplinary tribunal is independent of the executive committee and rules have been amended in the latest annual general meeting to reconstitute the tribunal by including one member from peer professions such as chartered accountants while the chairperson of the tribunal will be a retired high court or supreme court judge.

This should ensure a more legally robust disciplinary process devoid of influence based on external considerations. All the charges are framed by the executive committee and not by the president. The president's role is to ensure strict enforcement of rules of the ASI and that is what I attempted to achieve.

We undertook two major initiatives - a review of the disciplinary process where the D R Iyer Committee has submitted its report and, secondly, a review of ASI's governing structure for which the K P Narasimhan committee has given its report. Both reports are under due process.