law: The Actuaries Act, 2006
  2. Definitions. - 
  1. 
  
   In
  
  this Act, unless the context otherwise requires,-
  a.    "Actuary"
  
  means a person skilled in determining the present effects of future contingent
  
  events or in finance modelling and risk analysis in different areas of
  
  insurance, or calculating the value of life interests and insurance risks, or
  
  designing and pricing of policies, working out the benefits, recommending rates
  
  relating to insurance business, annuities, insurance and pension rates on the
  
  basis of empirically based tables and includes a statistician engaged in such
  
  technology, taxation, employees' benefits and such other risk management and
  
  investments and who is a fellow member of the Institute; and the expression
  
  "actuarial science" shall be construed accordingly; 
  b.    "Actuarial
  
  Society" means the Actuarial Society of India registered under the
  
  Societies Registration Act, 1860 and the Bombay Public Trusts Act, 1950;
  c.    "appointed
  
  day" means the date on which the Institute is constituted under
  
  sub-section (1) of section 3;
  d.    "Authority"
  
  means the Appellate Authority referred to in section 32;
  e.    "Board"
  
  
  
  means the Quality Review Board constituted under sub-section (1) of section 43;
  
  
  f.    "Council"
  
  means the Council of the Institute as referred to in section 12;
  g.    "fellow"
  
  means a fellow member of the Institute;
  h.    "Institute"
  
  means the Institute of Actuaries of India constituted under section 3;
  i.    "member"
  
  means an individual whose name appears in the register of members maintained by
  
  the Institute;
  j.    "prescribed"
  
  
  
  means prescribed by rules made under this Act;(k) "President" means
  
  the President of the Council;
  k.    "register"
  
  means the register of members maintained by the Institute under this Act;
  l.    "specified"
  
  
  
  means specified by regulations made under this Act;
  m.    "Tribunal"
  
  means a Tribunal established under sub-section (1) of section 16;
  n.    ''Vice-President''
  
  means the Vice-President of the Council;
  o.    "year"
  
  
  
  means the period commencing on the 1st day of April of any year and ending on
  
  the 31st day of March of the succeeding year.
  1. 
  
    
  2. 
  
   Save
  
  as otherwise provided in this Act, a member of the Institute shall be deemed
  
  "to be in practice" when individually or in partnership with
  
  Actuaries in practice as a member or an employee of a company, he, whether or
  
  not in consideration of remuneration received or to be received,-
   
  
  i. 
  
  
  
   engages
  
  himself in actuarial profession; or 
   
  
  ii. 
  
   offers
  
  to perform or performs services involving the application of actuarial
  
  techniques in the fields of insurance, pension, investment, finance and
  
  management; or
   
  
  iii. 
  
   renders
  
  such other services as, in the opinion of the Council, are or may be rendered
  
  by an actuary in practice; or 
   
  
  iv. 
  
  
  
   is
  
  in employment of a person engaged in one or more of the activities mentioned in
  
  clauses (i), (ii) and (iii) above, and the words "to be in practice"
  
  with their grammatical variations and cognate expressions shall be construed
  
  accordingly. 
  Explanation.-For the
  
  purposes of this sub-section, the expression "company" includes a
  
  public financial institution as defined in section 4A of the Companies Act,
  
  1956.