MINISTRY OF FINANCE
(INSTITUTE OF ACTUARIES OF INDIA)

NOTIFICATION

Mumbai, the 22nd November, 2019

F. No. M-18013/01/2017-Ins.1 (E).—Whereas, the draft of certain regulations, namely, the Institute of Actuaries of India (Transaction of Business at Meetings of Council) (Amendment) Regulations, 2018 were published in the Gazette of India, Part III, Section 4, vide notification number M-18013/01/2017-Ins.I dated the 27th May, 2019, inviting objections and suggestions from all persons likely to be affected thereby before the expiry of a period of forty-five days from the date on which the copies of the Gazette were made available to the public;

And whereas, copies of the Gazette were made available to the public on 1st June, 2019; And, whereas, no objection and suggestions have been received from the public;

Now, therefore in exercise of the powers conferred by clause (h) of sub-section (2) of section 56 of the Actuaries Act, 2006 (35 of 2006), the Council of the Institute of Actuaries of India, with the previous approval of the Central Government, hereby makes the following regulations further to amend the Institute of Actuaries of India (Transaction of Business at Meetings of the Council) Regulations, 2011, namely:—

1. Short title and commencement .— (1) These regulations may be called the Institute of Actuaries of India (Transaction of Business at Meetings of Council) Amendment Regulations, 2019.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Institute of Actuaries of India (Transaction of Business at Meetings of Council) Regulations, 2011 (hereinafter referred to as the said regulation), in regulation 2, in sub-regulation (1) after clause (d), the following clause shall be inserted, namely:-

“(e) “Video Conferencing” means audio-visual electronic communication facility to enable members of the Council who could not attend in person to communicate concurrently with each other without any intermediary and to participate effectively in the meeting.”.

3. In the said regulation, in regulation 5, for sub regulation (1), the following sub-regulation shall be substituted, namely:-

“(1) A notice of the time and place of meeting shall be sent to the registered address of every member of the Council, either by post or electronically, not less than seven days before the date of such meeting and such notice shall contain a statement of the business to be transacted at the meeting and details regarding availability of facility of video conferencing.”.

4. In the said regulation, in regulation 7, for sub-regulation (1), the following sub-regulation shall be substituted, namely:-

“(1) One-fourth of the total members of the Council shall constitute the quorum for a meeting of the Council and participation through video Conferencing shall be counted for the purpose of Quorum.”.

5. In the said regulation, after regulation 11, the following regulations shall be inserted, namely:-

“ 12. Participation of Council members in meeting . — The participation of members in the Council meeting may be either in person or through video conferencing, which are capable of recording and recognising the participation of the members and of recording and storing the proceedings of such meetings along with date and time:

Provided that the Council may, specify such matters which shall not be dealt with in a meeting through video conferencing.

13. Responsibility of President, Chairman and Secretary for participation through electronic mode .— The President, Chairman and Secretary shall have the following responsibilities, namely:-

(a) to ensure and safeguard, the integrity of the meeting via videoconferencing;

(b) to ensure proper videoconferencing equipments or facilities;

(c) to ensure that no one other than the concerned Council member is attending the meeting through electronic mode; and

(d) where a statement of a participant in the meeting via videoconferencing is interrupted or garbled, the chairperson or Secretary of the meeting shall request for a repeat or reiteration, and if need be, the Chairman or Secretary shall repeat what he heard the participant was saying for confirmation or correction.”.

DINESH CHANDRA KHANSILI,

Executive Director
[ADVT.-III/4/Exty./306/19]

Note : The Principal regulations were published in the Gazette of India, Part III, Section 4, on dated the 17th March, 2011.

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