ASI committee to chart road map for the statutory institute

The 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.

Says 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.

Under 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.