Aid sought for actuarial institute

New Delhi: The proposed Institute of Actuaries of India may need direct budgetary support to be financially viable, the Actuarial Society of India (ASI) has informed the Parliamentary Standing Committee on Finance.

At the same time, though, ASI has conceded that such assistance "will appear to be difficult keeping in view the fiscal challenges before the government."

In its response to a questionnaire prior to "informal" discussions with the standing committee on the Actuaries Bill, 2002, the society has claimed a sharp growth in membership. It has reported a nearly five-fold spurt in students entering the profession over the last four years.

From 144 fellows, 87 associates and 442 students as on 31 March 1999 the corresponding numbers have swelled to 200, 118 and 2,096, respectively, by 31 March this year. The institute has also acquired six honorary fellows and 24 affiliates in the last two years.

The society had been asked to spell out its basic objectives, why it was deemed necessary to have an Actuaries Act and convert ASI into an institute, as also to give its reactions to the provisions of the Bill.