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The Institute of Actuaries of India is the sole national apex body for actuaries in India. It was formed in September 1944 by the conversion of the Actuarial Society of India into a body corporate by virtue of the Actuaries Act, 2006. It is under the ownership of Ministry of Finance, Government of India.
Most trainee actuaries study while working for an actuarial employer using resources provided by ActEd (The Actuarial Education Company, a subsidiary of BPP Actuarial Education Ltd.), which is contracted to provide actuarial tuition for students on behalf of Institute and Faculty Education Ltd (IFE), a subsidiary of the Institute and Faculty of ...
An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. [1] These risks can affect both sides of the balance sheet and require asset management , liability management, and valuation skills. [ 2 ]
Initially all CERAs were members of the Society of Actuaries [24] but in 2009 the CERA designation became a global specialized professional credential, awarded and regulated by multiple actuarial bodies; [25] for example Chartered Enterprise Risk Actuary from the Institute and Faculty of Actuaries.
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment and other industries and professions. Actuaries are professionals trained in this discipline.
Data collection and validation consist of four steps when it involves taking a census and seven steps when it involves sampling. [3]A formal data collection process is necessary, as it ensures that the data gathered are both defined and accurate.
A pension (/ ˈ p ɛ n ʃ ən /; from Latin pensiō 'payment') is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work.
India: 60–65 2014 In the public sector, the retirement age is 60, 62 in Indian Railways, 62 for the chiefs of army/navy/air force staff (or 3 years of service whichever is earlier), 62 for high court judges, 65 for the chief of defence staff (or 3 years of service whichever is earlier), and 65 for supreme Court judges.
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