ACTUARIAL SOCIETY OF INDIA

INDIAN ACTUARIAL PROFESSION

Serving the cause of Public Interest
STUDENT’S HANDBOOK
Applicable for Examinations
to be conducted in the year 2006
April 2006 Published by: Actuarial Society of India
302, Indian Globe Chambers, 142, Fort Street, Off D.N. Road, Nr. CST(VT) Station,
Mumbai – 400 001. Tel : 022-22691049 & 22691051. Fax: 22691052
E-mail: education@actuariesindia.org Website: www.actuariesindia.org
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 FOREWORD
The year 2005 saw a change to a new examination structure, in keeping with
developments inter naturally to match up to standards that the International
Actuarial Association aims at. It is indeed gratifying that ASI was one of the few
national actuarial bodies whose pattern and standards of examination were found
to measure up in a first round of review last year. It is up to us now, existing
members and new students to be forming us, to maintain our performance and
continue to be adjudged as remaining of international standards, more particularly
in the global worth of the actuaries who qualify through the ASI.
We should be in a position to start holding the qualifying processes this year
(2006) for subjects CT9 (Business Awareness) and CA2 (Modelling). So again,
we are gearing up to start examinations in some subjects that had been deferred,
in Health and Core Insurance (ST1 and SA1) and Finance (SA5).
While we have had increasing members joining us as Students, we would like to
see a reflection in the passes through our examinations. What we believe as
needed is an appreciation of the nature of the tests they represent and of the
techniques called for to take them successfully. Melanie Puri’s write-up on
examination techniques that is reproduced here should be really helpful and the
advice contained therein followed seriously.
K.P. Narasimhan
Chairperson (EB)
 INDEX Sr. No Contents Page No.
Sr. No Contents Page No. 3.3 Eligibility for the Examination 28
Introduction 3.4 Admission to Examination, expulsion an
withholding of results 28
1.0 Actuarial Society of India 1
3.5 Suspension and cancellation of
1.1 Who is an Actuary? 1 Examination Results / or Registration. 28
1.2 What do Actuaries do? 1 3.6 Criteria for Passing 29
1.3 Who can become an Actuary? 2 3.7 Pattern of Question paper 29
1.4 Year 2005 Education Policy Document (Ver 3.02) 2 3.8 Examination Fees Structure (and Late Fee) 30
1.5 Job Opportunities 14 3.9 Change of subject / centre 30
1.6 Class of Membership 15 3.10 Withdrawal from Examination 30
1.7 Membership fees 17 3.11 Hall ticket 30
1.8 Education Administration 17 3.12 Certificate of Attendance 30

Education Board 3.13 Publication of Results 31

Students’ Affairs Committee 3.14 Liability of ASI 31

Future Education Strategy Issues Committee 18 3.15 Performance Report 31
Admission 3.16 Exemption Arrangement with UK Profession 31
2.0 Criteria for Admission as a student 19 3.17 Exemption Arrangement with Institute of
Actuaries of Australia 34
2.1 Subjects for Examinations 21
3.18 Examination Techniques 34
2.2 How to apply for Admission 23
3.19 Exam Conduct 41
2.3 Mode of payment of fees 23
Appendixes
2.4 Date of Admission 23
1 Appendix 1: Application Form for Student Membership 43
2.5 Duration of Course 23
2 Appendix 2: Schedule of membership & subscription fees 47
2.6 Syllabus and Reading Material 23
3 Appendix 3: Schedule of examination & study material fees 48
2.7 Advice to New Students 23
4 Appendix 4: Additional Reading material 49
5 Appendix 5: Examination Time Table
Examination (May 06 & Oct/Nov 06) 54
3.0 Entry form for Examination 27 6 Appendix 6: Calendar for Important Dates for examination 56
3.1 Examination Centers 27 7 Appendix 7: Prizes and Awards 57
3.2 Examination Time-table (May and Oct/Nov 2005) 28
 1.2.2. Actuaries Enable More Informed Decisions:
INTRODUCTION
Actuaries add value by enabling businesses and individuals to make better-
1.0 ACTUARIAL SOCIETY OF INDIA informed decisions, with a clearer view of the likely range of financial
outcomes from different future events.
The Actuarial Society of India (ASI) was formed in September 1944 with
the following objectives: The actuary’s skills in analysis and modeling of problems in finance, risk
management and product design are used extensively in the areas of
a) advancement of the Actuarial profession in India, insurance, pensions, investment and more recently in wider fields such as
project management, banking and health care. Within these industries,
b) providing opportunities for interaction among members of the actuaries perform a wide variety of roles such as design and pricing of
profession, product, financial management and corporate planning. Actuaries are
invariably involved in the overall management of insurance companies
c) facilitating research, arranging lectures on relevant subjects, reading and pension, gratuity and other employee benefit funds schemes; they
of papers etc, and have statutory roles in insurance and employee benefit valuations and to
some extent in social insurance schemes sponsored by government.
d) providing facilities and guidance to those studying for Actuarial
Examinations. Actuarial skills are valuable for any business managing long-term financial
projects both in the public and private sectors.
In 1979, the ASI was admitted as a member of the International Actuarial
Association. Actuaries apply professional rigour combined with a business oriented
approach to the decision -making process.
On 14th December 1982, the ASI was formally registered as Registration
of Literary, Scientific and Charitable Society under Societies Registration 1.2.3. Actuaries Balance the Interests of All
Act XXI of 1860.
Actuaries balance their role in business management with responsibility
A certificate of registration of the ASI under section XII AA of Income for safeguarding the financial interests of the public. The duty of actuaries
Tax Act was received on the 14th March 1984. ASI is also registered to consider the public interest is illustrated by their concern for protecting
under Bombay Public Trust Act 1950. the benefits promised by insurance companies and pension schemes. The
profession’s code of conduct demands the highest standards of personal
1.1 WHO IS AN ACTUARY? integrity from its members.
An actuary is a financial expert who applies mathematical and statistical 1.3 WHO CAN BECOME AN ACTUARY?
methods for assessment of financial and other risks relating to various
contingent events and for scientific valuation of financial products in the Any person with a high degree of aptitude for mathematics and statistics
fields of insurance, retirement and other benefits, investment and other can take up this course and aim to become an Actuary. Generally,
related areas. More specifically, a Fellow member of Actuarial Society of graduates or postgraduates with high grades in Mathematics, Statistics or
India is allowed to use the designation of Actuary. Econometrics will be in a better position than others to qualify as actuaries.
To enable one to become an actuary one has to get admitted first as Student
1.2 WHAT DO ACTUARIES DO? member on fulfilling entry requirements.
1.2.1. Actuaries Make Financial Sense of the Future To qualify as an Actuary, a candidate has to pass examinations in the
Actuaries are skilled in assessing the financial impact of tomorrow’s prescribed subjects. In addition, he has to comply with other criteria such
uncertain events. They enable financial decisions to be made with more as experience requirement and attendance at a professionalism course
confidence by: prescribed for the purpose.

Analysing the past 1.4 ASI Year 2005 Education Policy (Version 3.02):

Modelling the future Objective

Assessing the risks involved, and To develop actuaries of the future with appropriate skill sets for variety of roles
including that of regulatory and business leadership in the financial services

Communicating what the results mean in financial terms. industry.
1 2
The Skill Sets of actuary of the future 7. Build and deliver an appropriate model of actuarial education, which
recognises need for and takes in to account the fact that actuarial education
ASI believes that the actuary of the future, in order to play key roles in the as it progresses towards fellowship need to take place in a working context.
financial services industry, should have atleast the following skill sets,
8. Recognise need for and maintain at all times the standards of education in
1. Full appreciation, knowledge and understanding of actuarial principles & relation to and along with other major actuarial professional bodies.
practices on an ongoing basis.
9. Recognise need for and maintain at all times the standards of Professionalism
2. Ability to apply actuarial principles and practices to variety of business in co-ordination with professionalism in other major professions such as
problems in the financial services industry Medicine, Law, Accountancy and similar.
3. Ability to apply actuarial principles and practices with a high degree of Year 2005 Education model
technical competence.
As annexed.
4. Orientation to assume business leadership responsibilities and discharge such
responsibilities with commitment to serve the cause of public interest. Education Policy Administration Issues
5. Commitment to professionalism in general and as it embeds in to the actuarial 1. ASI shall conduct examinations at all levels as is the current practice.
profession in particular.
2. ASI shall outsource the production of reading material for all subjects
except those that pertain to Specialist Application (SA) group of subjects,
ASI further believes that these skill sets are not static but need to be re-
to ActEd in UK, which course material is in compliance with syllabus
evaluated dynamically as needs of the financial services industry evolve and
requirements of ASI and meets standards of education policy. ASI will
change over time.
achieve this by working closely with UK Actuarial Profession (F&I o A).
Elements of Y 2005 Education Strategy 3. For formulation of syllabus and core reading for all subjects except those
that pertain to Specialist Application (SA) group of subjects, ASI will
The required skill sets in the actuary of the future will be best developed if the work closely with F & IoA so as to ensure that subject specific mutual
following elements are embed in the Education Strategy; exemption and mutual recognition at fellowship level is maintained at all
times, between the two bodies.
1. Prepare actuaries for a broadening range of roles to be performed nationally
and internationally. 4. ASI shall formulate syllabus and develop core reading for subjects under
SA group for India-specific applications as well as for those jurisdictions
2. Acknowledge the increasing globalisation of actuarial profession, particularly
over which ASI has significant number of students.
across national boundaries over which actuaries will work.
3. Acknowledge the need of, prepare for and deliver dynamically generalised
actuarial knowledge and skills including business skills.
4. Acknowledge the need of, prepare for and deliver dynamically jurisdiction
specific actuarial applications as a component of qualification at fellowship
level for jurisdiction over which ASI education largely caters for.
5. Build and deliver an appropriate model of actuarial education, which embeds
business skills explicitly.
6. Build and deliver an appropriate model of actuarial education, which provides
all what is needed of an actuary at fellowship level and the time horizon over
which such qualification takes place is about 5 (five) years.
3 4
Y 2005 Education Policy implementation
Major implementation activities and time frame;
Activity
Announce key aspects of
Y 2005 Education Policy
to members
Y 2005 Education Policy
Document to members
Meet of students at the
following places Mumbai,
Hyderabad, Bangalore,
Gurgaon, Chennai, Kolkata
Inform Transitional
arrangements to each student
Examiners for the Year 2005
to be announced
Supply of reading material
for Y 2005 to Examiners
Y 2005 Examiners Meet
Workshop of Examiners for
the year 2005
Mock examinations in
Subjects CT 4, CA 1,
CA 2, ST 6 & SA 6
Preparation of SA5 subject
(Finance) syllabus and core
reading
Report on ST1 and SA1
(Health and Care)
Time frame
In the March 2004 issue
of the Actuary India
Latest by 31 03 2004
On 26 06 2004
By 31 01 2005
By 31 07 2004
By second week of
November, 2004
Second fortnight of
Jan. 2005
One-day workshop in the
first fortnight of December
2004
March 2005
Committee consisting of Dr.
R Kannan, Dr. K Sriram and
Dr. Dheeraj Misra;

first report to be submitted
by 31 12 2004.

final report to be submitted
by 31 03 2005
One Member Committee
consisting of Mr. Walter
Deoude;

first report to be submitted
latest by 31 12 2004

final report to be submitted
latest by 31 03 2005.
5 6
Status
Published in March 04,
May 04, June 04
ActuaryIndia magazine
As above and uploaded on
the website
Conducted as scheduled
except for Mumbai which
was held on 10th July 04.
On request of students to
the President meet at
Hyderabad was
reconducted on
21st August 04.
Done
Decided by Education
Board
Done
Done
Scheduled to be held on
16th -17th September 04. Dr
Elisabeth Goodwin, Chief
Education Executive, IoA,
London will be conducting
the Workshop.
Report Submitted
ActEd Material to be used
Branding the subject Branding Issues Group Report submitted
(particularly at CT Level) (BIG) consisting of Mr. K and
Subrahmanyam, Mr. K S recommendations
Gopalakrishnan and incorporated.
Ms. Meenakumari J
appointed to address the
issue and submit their
report as early as possible
Preparation of SA2 One Member Committees Reports submitted.
(Life Insurance),SA3 consisting of Mr V
(General Insurance) and Rajagopalan, Mr V
SA4 (Pensions and other Govindan and Mr G N
employee Benefits) Agarwal respectively;
Syllabus and Core reading
first report to be submitted
by 30 09 2004

final report to be submitted
by 31 12 2004.
Appointment of nodal S Madhusudhanan Done
person to liase with IoA
Y 2005 Education Policy EB through Chairperson,Vice-
implementation group Chairperson and Secretary EB
Annexure
Year 2005 Education Model
2005 will see the introduction of a new structure for the actuarial examinations
– one of the most far-reaching changes for many years. Not only are the exams
being updated to reflect the broadening range of areas in which actuaries are
involved, but there has been a real focus on what knowledge and skills – including
business skills – are needed at each stage.
The Year 2005 Education Model as against the current one (existing till year
2004) implies;

More focus on the core principles of actuarial work and the ability to
apply it in a variety of situations;

Less emphasis on knowing detail of all the main actuarial areas
(including those which students never plan to work in);

Building on the financial economics techniques included in the current
syllabus

Recognition that wider business skills are important for the modern
actuary – there will be an introductory business awareness module
effective for students enrolling on and after 01 07 2004 and a more
structured work experience requirement.

Renewed focus on work based skills.
The Education CORE APPLICATIONS STAGE (CA)
CORE TECHNICAL STAGE (CT) The principle of the Core Applications Stage is to teach actuarial concepts (e.g.
risk, funding, reserving, etc) across a range of subject areas rather than each
The Core Technical Stage is designed to give students a solid grounding in the subject area separately – Australia has adopted this approach for several years
key actuarial techniques. There will be 9 subjects, similar to the current 100 and the aim is to encourage thought about how these concepts can be applied, in
series. This stage is perhaps the one with least change from the current exams, both familiar and unfamiliar situations.
but content has been challenged to make sure techniques are up to date and
relevant to at least two of the later subject areas. Material which is important in The main Core Applications Concepts subject will be assessed by two papers
covering assets, liabilities and asset-liability management. The two papers will
only one subject area has generally been moved to the relevant Specialist Technical be added together to give a single mark for:
subject (ST).
CA1 Core Applications Concepts
Old Subject New Subject New Subject Title+
During the transition period, which will last at least two years
101 CT 3 Probability and Mathematical Statistics (November 2006), the two papers will cover designated parts of the
syllabus:
102 CT 1 Financial Mathematics
103 & 104 * CT 4 Models CA11 paper on assets (corresponds to existing 301)
104 a Abolished -
CA12 paper on liabilities and asset-liability management (corresponds to
effective generalised aspects of 302, 303 & 304)
Nov. 2004 Exam
Diet
In making the choice for credit the student will need to consider the Specialist
105 CT 5 General insurance, Technical stage as well. The CA1 papers may only be taken separately by students
Life and Health Contingencies. who have an exemption through transition from one paper. Care will be taken
105 a Abolished - not to disadvantage students who only have to take one paper in the transition.
effective
Nov. 2004 Exam Note: Students who do not have any credit in 300 series will have to take CA11
Diet and CA12 together which is of 3 hours each unseen examinations. If the student
passes only one paper out of the two then he has to appear for both the examination
106 CT 6 Statistical Methods again.
107 CT 7 Economics
108 CT 2 Finance and Financial Reporting Where CA11 (the assets paper) and CA12 (the liabilities and asset-liability
management paper) are taken together an aggregate mark will be given as these
109 CT 8 Financial Economics will be treated as one subject in the new strategy.
* Subject will be set in two halves ( ie one-and-half-hour exam each on old 103 CA2 Modelling
and old 104 syllabus) for exam Diets in year 2005 & year 2006 to help transitional
arrangements. Student who have not passed 103 and 104 need to take both papers There will be a Modelling course and the aim of this course will be to ensure that
at one time. a candidate has data analysis skills and can communicate the results to a technical
audience. It will involve use of spreadsheets for producing models from given
All the subjects will be examined as now i. e time constrained 3-hour unseen
examinations. CT9 - Business awareness Module data sets. Students will be assessed at the end of the course, which will be held
at designated number of locations.
A business awareness module will be assessed through attendance at a 2-day
introductory course and by on course assessment. This will be effective for students Students who have atleast one pass credit in the 300 series exam in the existing
who enrolled on and after 01 07 2004 need to take this module and has to be system need not take this exam. However for this purpose a pass credit in 305
completed within 30 months of enrolment as student. (Indian Insurance Regulations) will not be considered as valid pass for exemption
from modelling. Thus students who have pass credits in one or more out of
301,302,303 and 304 need not take this exam.
7 8
Eligibility: A student who have completed all the CT subjects, the BAM Concepts (the liabilities and asset-liability management paper) is chosen the
course and at least have FA/FB grade in CA1 and CA3 can be enrolled for student cannot then take ST2 Life Insurance Specialist Technical. Similar
this subjects. situations exist for 303 which corresponds to ST3 General Insurance Specialist
Technical and for 304 which corresponds to ST4 Pensions and Other Benefits
CA3 Communications
Specialist Technical.
The aim of the communications paper is to ensure that a candidate can
communicate with a non-technical audience. The nature of question consist of Each 300 series will only be allowed to count once in the transition thus:
draft a letter/report/memo, correct a draft letter, redraft a report for different
audience, draft presentation slide and draft an email. The paper will consist of 301
CA11 and CA2
two questions and will be of 2.5 Hrs. duration.
302
(CA12 + CA2) or (ST2 + CA2)
SPECIALIST TECHNICAL STAGE (ST)
303
(CA12 + CA2) or (ST3 + CA2)
This stage builds on the Core Applications Stage but in individual specialisms
(non-jurisdiction specific). Choice is introduced at this stage. The student will 304
(CA12 + CA2) or (ST4 + CA2)
choose 2 subjects from the 6 offered:
Where a Specialist Technical (ST) subject is required, the corresponding 300
series subject pass cannot be also be used to gain credit in another subject.
New Subject Code New Subject Title Old Subject Code Moreover, a student will not be allowed to retake a subject that he or she has
ST1 (from Nov. 2005 Health and Care - passed as the 300 series subject equivalent. Thus someone with e.g. 302 can
Exam Diet) count this against ST2 Life Insurance Specialist Technical or part of Core
Applications but not both. If they choose to count it against part of Core
ST2 Life Insurance 302 Applications they cannot then take ST2 Life Insurance Specialist Technical.
ST3 General Insurance 303 Subject to these Constraints, the student will be allowed to choose the position in
new strategy based on previous 300 series subjects passed.
ST4 Pensions and other
employee Benefits 304 Credits for 300 series subjects will be given according to the following table:
ST5 Finance and 305 (UK, ASI Passed Credits Still to take
Investment A did not have this subject)
All: 301 + 3 out of 3 CA11+ CA12 + CA2 + 2
ST6 Finance and - others × ST -
Investment B
Each specialist technical subject will be assessed by one 3-hour time constrained 3: 301+2 out of 3 Either CA11 + CA12 + CA2 1 × ST
unseen paper. others + 1 ST
Students will have a choice as to how to translate the 300 series subjects that [OR] CA11 + CA2 + 2 × ST CA12
they have already passed into credits in the new Core Applications stage and 3 out of 4 × 300 CA12 + CA2 + 2 × ST CA11
Specialist Technical stage. Some basic rules as under will apply:
but not 301
1. Anyone with all four of the 300 series (i. e. 301, 302, 303 & 304) subjects 2: 301+ 1 out of 302 Either CA11+ CA12 + CA2 2 × ST
will be assumed to have passed the Core Applications Concepts subject and
two Special Technical subjects. -304 [OR] CA11+ CA2 + 1 × ST CA12, 1× ST
2. 301 will correspond only to the assets part of the Core Applications Concepts 2 Out of 302-304 Either 2 × ST + CA2 CA11+CA12
subject. but not 301 [OR] CA12 + CA2 + 1 × ST CA11, 1 × ST
3. Students will only be allowed to use each 300 series subject they have passed 1: 301 CA11 + CA2 CA12, 2 × ST
once and cannot take the equivalent paper again in the new strategy.
1 from 302-304 1 × ST + CA2 CA11 + CA12,
A student with 302 for example can choose whether to count this as CA12 Core 1× ST
Applications Concepts (the liabilities and asset-liability management paper) or [OR] CA12 + CA2 CA11, 2 × ST
ST2 Life Insurance Specialist Technical. However if CA12 Core Applications
9 10
SPECIALIST APPLICATIONS STAGE (SA) Qualification
The final stage of the examinations is one specialist (India-specific or other There will be four levels of Qualification as under;
jurisdiction specific to be allowed from a later date) subject chosen from: Qualification Required
Certificate in Actuarial All CT
New Subject Code New Subject Title Old Subject Code Techniques (CAT)
SA1 (from Y 2006) Health and Care - Diploma in Actuarial Techniques (DAT)
SA2 Life Insurance 402 Diploma Required
SA3 General Insurance 403 Diploma in Actuarial Techniques All CT + CA 3 + ST 1
– Health Insurance (DAT – Health)
SA4 Pensions and other 404
Diploma in Actuarial Techniques
employee Benefits
– Life Insurance (DAT – Life) All CT + CA 3 + ST 2
SA5 (from Y 2006) Finance - Diploma in Actuarial Techniques
SA6 Investment 401 – General Insurance (DAT – Non Life) All CT + CA 3 + ST 3
Diploma in Actuarial Techniques
There will only be one compulsory paper and the main assessment will be one 3- – Pensions (DAT – Pensions) All CT + CA 3 + ST 4
hour time constrained unseen paper There is no requirement to have passed the Diploma in Actuarial Techniques –
corresponding specialist technical subject, however, the Specialist Applications Finance & Investment (DAT – Finance) All CT + CA 3 + ST 5 Or ST 6
subjects will typically assume knowledge of the corresponding Specialist Technical
subject (and SA5 and SA6 may each assume knowledge of both ST5 and ST6). Associate (AASI) All CT + All CA
Fellowship (FASI) All Subjects+
Work Based Competencies India Fellowship
Seminar + Work based
Students will be required to maintain a logbook of work undertaken and of courses experience as under;
attended as part of the development of work based competencies. This will include
some technical actuarial skills as well as more general business and management Application for admission Minimum number of
skills. as FASI date: years of work based
experience required:
1. On or after 01 01 2008 Three (3) years
2. On or after 01 01 2007
but before 01 01 2008 Two (2) years
3. On or after 01 01 2006
but before 01 01 2007 One (1) year
4. Before 01 01 2006 None
Notes:
(i) An Associate member admitted prior to June 2005 Exam Diet even
though not qualifying for exemption in CA subjects will continue
to be considered as an Associate member. However, the change in
the eligibility standards for associateship will not award such a
candidate any additional exemption more than what he/she is
eligihle for based on his/her pass credits.
(ii) The work based experience could be pre and/or post application
date for admission as FASI
11 12
TRANSITION ARRANGEMENTS
Summary of the mapping from old to new is as follows, details will be
communicated to each student latest by 31 01 2005.
2-day Business Awareness Course for
students enrolling on and after 01 07 2004.
Business Awareness Course
None and to be completed within 30 months of
enrolment. (Compulsory) NEW
100 Series including 104 (a) &
Core Technical (CT)
105 (a)
Core Applications Communications
(CA3)
200 Series
Core Applications Modelling (CA2)
(NEW)
Core Applications Concepts
300 Series (301 + one of 302/303/304)
Specialist Technical (ST)
(two of 302/303/304, other than the one in
respect of which exemption has been
claimed under CA concept)
400 Series Specialist Applications (SA)
None Structured work based experience as under;
Application for admission Mimimum number of
as FASI date: years of work based
experience required:
1. On or after 01 01 2008 Three (3) years
2. On or after 01 01 2007
but before 01 01 2008 Two (2) years
3. On or after 01 01 2006
but before 01 01 2007 One (1) year
4. Before 01 01 2006 - The actuarial profession has distinct and well-recognized role in insurance,
13
1.5 JOB OPPORTUNITIES:
1.5.1. Within India
Actuaries and actuarial students are generally employed in;
1) Life Insurance Corporation of India (LIC).
2) General Insurance Corporation of India (GIC).
3) Public Sector General Insurance Companies.
4) Private Sector Life Insurance Companies.
5) Private Sector General Insurance Companies.
6) Firms of Consulting Actuaries.
7) Insurance Regulatory and Development Authority (IRDA).
8) Tariff Advisory Committee (TAC)
9) Software development companies
10) “Back-end” and “virtual” offices in India for employers overseas.
1.5.2. In addition to the above, employment opportunities are expected
to arise in future in offices of the;
11) Insurance Intermediaries
12) Pension providers other than Insurance companies
13) Education
14) Re-insurance
15) Social Securities Schemes
16) Financial Analysts
17) Construction Industry / Engineering Projects
1.5.3. Internationally
pensions, investments, social security and other areas of work. The
profession is not only highly regarded in public esteem but also well
rewarded. The members of ASI now increasingly work in internationally
recognized environment, and the system of education and examination
ensures that the members of ASI are and are seen as competent actuaries
globally.
14
1.6 CLASS OF MEMBERSHIP (iii) Affiliate Member
Members of ASI can be either in the category of Student member, A person on application, who is a Fellow Member, or is a holder of
Associate member, Affiliate member, Fellow member or Hon. Fellow membership considered equivalent to the Fellow Membership of the
member. Society, of any other institution, whether located in India or not, having
objects wholly or substantially similar to those of the Society is admitted
The Executive Committee has power to set rules of Admission and
as an Affiliate Member.
currently the following are the criteria for admission.
(i) Student Member An Affiliate member is not entitled to use the designatory letters of FASI.
a. Before a candidate can enter for any part of the examinations, he/she (iv) Fellow Member
must have been admitted as a student member. The criteria for
becoming a student member are given on Page No. 22 A member of ASI on application is admitted as a Fellow member subject
to following;
b. Certificate in Actuarial Technique (CAT)

A student or Associate member who having passed all the examinations
Student members who have passed and/or got exemption in all the
of CT, CA, ST, and SA series, has attended 3-days mandatory India
subjects of CT Series will be eligible to apply for Certificate in Actuarial
Fellowship Seminar on ‘India specific Legislation, environments,
Techniques.
practices and Professionalism’ and has work based experience as under:
c. Diploma in Actuarial Technique (DAT)
Application for admission as Minimum Number of years of
Diploma in Actuarial Techniques (DAT) in various practice/work areas
Fellow Member (FASI) work based experience required
of actuarial personnel will be provided to student members. This is
expected to provide focus actuarial practice/functions at an early on On or after 01-01-2008 Three (3) years
stage and should lead to employer focus in actuarial recruitment. The
On or after 01-01-2007 Two (2) years
Diplomas are;
On or after 01-01-2006
Diploma Examinations required
but before 01-01-2007 One (1) year
Diploma in Actuarial Techniques in Health All CT + CA3 + ST 1
Insurance (DAT – Health) Before 01-01-2006 None
Diploma in Actuarial Techniques in All CT + CA3 + ST 2
An affiliate member who has had at least 1 year of India residence
Life Assurance (DAT – Life) experience and has attended 3-days mandatory India Fellowship
Seminar on ‘India specific Legislation, environments, practices and
Diploma in Actuarial Techniques in All CT + CA3 + ST 3
Professionalism’ will be entitled to apply for Fellowship.
General Assurance (DAT – Non-Life)
A Fellow member is entitled to use the designatory letters of FASI.
Diploma in Actuarial Techniques in All CT + CA3 + ST 4
Pensions (DAT – Pensions) (v) Honorary Fellow Member
Diploma in Actuarial Techniques in The Executive Committee may, by a vote of not less than two-thirds of all
Finance & Investment its members, recommend for election as an Honorary Fellow a person
(DAT – Finance & Investment) All CT + CA3 + ST 5 Or ST 6 who, on account either of his position or of his eminence and his experience
in matters relative to the profession of Actuary is considered to be able to
(ii) Associate Member
render assistance in promoting the objects of the Society and who is not
Student members who have passed all the Subjects of CT series and all professionally engaged in practice as an Actuary in India. The
the subject of CA series are eligible on an application to become Associate recommendation is then published and balloted on at an Ordinary General
Member of the Society. An Associate member is entitled to use the Meeting with three-fourths of the total votes cast at the OGM being
designatory letters of AASI. required for Election.
15 16
 Honorary Fellows may attend OGM and take part in the discussion of the
papers read thereat; they are, however, not entitled to vote. Honorary
Fellows may use the initials Hon. FASI.
1.7 MEMBERSHIP FEES
For Schedule of Membership Fees, please see Appendix-2 on
Page No. 47
1.8 EDUCATION ADMINISTRATION
1.8.1 Education Board
All education and examination matters are administered by the Education
Board appointed by the Executive Committee. Membership of the Board
can be found on the website.
The functions of the Board are as under;
(i) Matters relating to education policy, examination syllabus, reading
material and related matters
(ii) Matters relating to education of actuarial science in academic
institutes
(iii) Matters relating to mutual recognition and exemption from
corresponding subjects of internationally recognized professional
actuarial bodies such as UK Actuarial Profession, Society of
Actuaries in US, Casualty Actuarial Society in US and Institute of
Actuaries of Australia.
(iv) Matters relating to conduct of examinations, issuance of student
handbook and examiners’ handbook
(v) Issues as they arise relating to education matters of International
Actuarial Association
(vi) Liaison with other Boards and Committees on relevant issues.
The EB will have powers to appoint subcommittees within its own
members and/or other members to deal with specific issues, as it
deems fit with the approval of the President. The Chairperson of
such a subcommittee will always be a Member of EB.
EB submits to the President/Executive Committee reports of its
functioning from time to time.
1.8.2 Students’ Affairs Committee (SAC)
With a view to relating the feed back from Examinees and recommending
action to be taken by Education Board and/or Executive Committee, the
Students’ Affairs Committee having of the following functions has been
constituted.
17
Membership of the SAC can be found on the website.
Functions:
1. To receive suggestions from students and advise action in respect
of all matters regarding conduct of examination. Some examples
of such matters are;
a. Communication from any student about a particular question or
questions not being from the prescribed reading material.
b. Content of question not being in accordance with aims and
objectives of the syllabus.
c. Report of unethical/unfair practice in the conduct of examination
at any centre.
2. To give opinion on a matter relating to examination as referred to
it by the Chairperson, Education Board or the President.
3. The Committee however shall not deal with issues which are not
directly related to the examination and/or conduct of the same.
Some examples of such matters are;
(a) Issue related to sitting arrangements and facilities at the centre.
(b) Issue related to hall ticket, change of examination centre etc.
(c) Carry forward of examination fees
(d) Any administrative matters
4. Suggestions / Complaints from the candidates should be received
within 15 days from the last date of examination. Complaints
received after 15 days of completion of the examination may not
be entertained.
1.8.3 Future Education Strategy Issues Committee
The Education Board has constituted a Committee named as Future
Education Strategy Issues Committee with the mandate to look at all issues
relating to ASI education as may arise in the implementation of the newly
introduced Education Strategy and in providing possible future directions
and report to EB from time to time and keep the members informed through
its magazine the Actuary India and ASI Website.
18
 ADMISSION Full qualification would mean completion of all required
examinations leading to designation based on such full
qualification such as ACA/FCA in case of Institute of Chartered
2.0 CRITERIA FOR BECOMING STUDENT MEMBER
Accountant of India. In case of Insurance Institute of India it
A person is eligible to be considered for admission as student member if s/ would however mean AIII plus pass in subjects 81-Mathematical
he satisfies the following conditions: Basis of Life Insurance and/or 82-Statistics.
1. Should have completed 18 years of age e. A student member of following actuarial bodies
2. Should have attained any one of the following Educational Standards; i. Institute of Actuaries, London
a. Passed 10+2 (H.S.C) or equivalent with at least 85% in Mathematics/ ii. Faculty of Actuaries in Scotland
Statistics.
b. Graduate or Post Graduate with Mathematical subjects. For this iii. Institute of Actuaries, Australia
purpose following subjects constitute mathematical subjects; f. A student of following actuarial bodies provided at least one subject
i. Mathematics or any of its branches has been passed from these bodies
ii. Statistics or any of its sub classifications such as Mathematical i. Society of Actuaries, USA
Statistics and Applied Statistics
ii. Casualty Actuarial Society, USA
iii. Econometrics
iv. Computer Sciences 3. The medium of Instruction in final stage of examinations based
on which admission is sought should be English.
v. Any discipline of Engineering
The documents which are required to be submitted along with
vi. Subject in Science such as Physics or its branches Admission Application form;
The admission under these groups will, however, be subject to
following conditions; 1. Attested photocopies of the following documents;
1. The total marks secured in the subjects coming under the Sr No. If seeking admission Attested Photocopies required
classification of Mathematical subjects taken together in all under category
the years of the degree course is not less than 55%. 1. +2 or equivalent Mark Sheet and Proof of medium
2. The content of Mathematical subjects in all the years of the of instruction
course taken together is not less than 50% of the total content. 2. Graduate / Post Graduate i Mark Sheets (or Grade Sheets)
This is measured by the ratio which the maximum marks allotted of all examinations leading to
to Mathematical subjects in all the years of the Course bears to awarding the degree
the total maximum marks allotted to all subjects included in ii Proof of medium of instruction
the examination of the entire course excluding languages.
3. MBAs and certain Mark Sheets (or Grade Sheets) of
c. MBA/PGDBA or equivalent in disciplines having mathematical/ Professionals all examinations leading to
statistical content. Each case is to be examined on case to case basis. awarding the degree
d. Fully qualified members of following Professional/Educational 4. Members of actuarial bodies Proof of membership (e.g. copy of
bodies; such as Institute of Actuaries, the relevant page from the
i. The Institute of Chartered Accountants of India (ICAI) London, Faculty of Actuaries, membership directory)
Scotland, Institute of
ii. The Institute of Cost and Works Accountant of India (ICWAI) Actuaries, Australia
iii. The Institute of Chartered Financial Analyst of India(ICFAI) 5. Members of actuarial bodies Proof of passing at least one
iv. The Insurance Institute of India (III) passing with subjects such as Society of Actuaries, subject
81-Mathematical Basis of Insurance and 82-Statistics USA and Casualty Actuarial
Society, USA
19 20
 The photocopies should be attested by an official of a Government or 2.1.2 Core Applications Series
Semi-Governmental organization or one of similar status Subject Subject Name No. of Duration Marks
recommending the application (e.g. Principal of a college, practicing Code Papers
medical Doctor) or by a Fellow or Associate member of Actuarial
CA1 Core Applications Concepts
Society of India.
consisting of
2. Two Passport size recent photographs CA11 Paper on assets (Corresponds to
existing 301) One 3 hrs 100
3. Proof of Age CA12 Paper on liabilities and asset-liability
management (Corresponds to
2.1 SUBJECTS FOR THE EXAMINATIONS
generalized aspects of 302, 303 & 304) One 3 hrs 100
Students must take 15 subjects in preparing for the actuarial examinations. CA2 Modelling One 3 hrs 100
These subjects are grouped in CT series, CA series, ST series and SA CA3 Communications One 2 ½ hrs 100
series.
2.1.3 Specialist Technical Series
There are 9 subjects in CT series, 3 subjects in CA series, 6 subject in ST Old New Subject Name No. of Duration Marks
series out of which the student will chose 2 subjects and 6 subjects in SA Subject Subject Papers
series out of which the student will chose 1 subject. These are as described Code Code
hereunder: — ST1 Health & Care Insurance One 3 hrs 100
(from
2.1.1 Core Technical Series
Nov 2005
Old New Subject Name No. of Duration Marks Exam Diet)
Subject Subject Papers 302 ST2 Life Insurance One 3 hrs 100
Code Code
303 ST3 General Insurance One 3 hrs 100
102 CT1 Financial Mathematics One 3 hrs. 100
304 ST4 Pension & other Employee One 3 hrs 100
108 CT2 Finance and Financial Reporting One 3 hrs. 100 Benefit
101 CT3 Probability and Mathematical One 3 hrs. 100 - ST5 Finance & Investment A One 3 hrs 100
Statistics
103 & CT4 Models Two 1.5 Hrs 100 - ST6 Finance & Investment B One 3 hrs 100
104 * each 2.1.4 Specialist Application Series
105 CT5 General Insurance, Life and One 3 hrs. 100
Health Contingencies Old New Subject Name No. of Duration Marks
106 CT6 Statistical Methods One 3 hrs. 100 Subject Subject Papers
107 CT7 Economics One 3 hrs. 100 Code Code
109 CT8 Financial Economics One 3 hrs. 100 — SA1 Health & Care One 3 hrs. 100
— CT9@ Business Awareness Module - - - (from
year 2006)
* Subject will be set in two halves ( i.e. one and half hour exam. each on old 103
and old 104 syllabus) for two years as transitional arrangements 402 SA2 Life Insurance One 3 hrs. 100
403 SA3 General Insurance One 3 hrs. 100
@ CT9 will be assessed by online examination and in an attendance at a 2-day 404 SA4 Pension & other Employee One 3 hrs. 100
introductory course This is effective for a student who enrolled on or after 01-07- Benefit
2004 and has to be completed within 30 months of enrolment as student. - SA5
(from
Year 2006) Finance One 3 hrs. 100
401 SA6 Investment One 3 hrs. 100
21 22
2.2 HOW TO APPLY FOR ADMISSION Students should have the following particular mathematical skills:
CT1 CT2 CT3 CT4 CT5 CT6 CT7 CT8
A candidate may seek admission for Student Membership with the Society Pre-calculus
by making an application in prescribed format (see Appendix 1 on Page 43) permutations & combinations; expansion of Y Y Y Y Y
(a+x)n
along with membership fees of Rs. 600/- for a resident of India and Rs. 3000/ using the sigma notation to express the sum Y Y Y Y Y Y
- for a resident outside India. of a series
summing the terms of an arithmetic Y Y Y Y Y Y
2.3 MODE OF PAYMENT OF FEES progression and a geometric progression
interpolation and local approximation Y Y Y Y Y
All fees should be paid by Demand Draft/ Pay Order in favour of ‘Actuarial Elementary calculus
Society of India’ payable at Mumbai. the idea of a limit Y Y Y Y Y
differentiation of polynomial, exponential Y Y Y Y Y Y Y
2.4 DATE OF ADMISSION and logarithmic functions
product, quotient and “function of a function” Y Y Y Y Y Y
Candidates are admitted throughout the year. However, candidates admitted rules for differentiation
definite and indefinite integration of Y Y Y Y Y Y
up to and including month of January will be eligible to appear in polynomial and exponential functions
May/June examinations and those registered up to and including the area under a curve Y Y Y Y
month of July will be eligible to appear in Oct/Nov examinations in the methods of numerical integration Y Y Y Y Y
same year. integration by substitution and by parts Y Y Y Y Y Y
More advanced calculus
2.5 DURATION OF THE COURSE higher order derivatives Y Y Y Y Y
finding turning points of simple functions Y Y Y Y Y
There is no fixed duration to complete the course. Since all the subjects with polynomial and exponential terms;
prescribed are to be cleared before one is awarded the Fellowship, continued curve sketching
maximization under constraints: Y Y
and sustained effort is necessary to complete the course. Single minded method of Lagrange multipliers
devotion, total dedication and a systematic approach to problems are the Taylor’s theorem; power series expansion Y Y Y Y Y Y
qualities that will enable a person to qualify as an actuary within a for exp(x)
reasonable time. differentiation of definite integrals: Y Y Y Y Y
Fundamental Theorem of the Calculus
While earlier level subjects of CT series can be taken up as a student not solving first order differential equations: Y Y Y
working on actuarial assignments, for passing subjects of CA, SA and ST exact, separable (including logistic), linear
series examinations, concurrent working experience is helpful. second order differential equations with Y
constant coefficients: complementary function
and particular integral
2.6 SYLLABUS:- The Complete syllabus for CT , CA , ST & SA level Calculus of two variables
subject is available on ASI website at www.actuariesindia.org/syallabus/ partial derivatives of functions of two variables Y Y Y Y Y Y
menu.html. maxima and minima of functions of two variables Y Y Y Y
double integrals and changing the order Y Y Y Y Y
2.7 ADVICE TO NEW STUDENTS of double integrals
Algebra
(i) Level of Mathematics needed for Actuarial Studies matrix addition and multiplication Y Y Y
determinant and inverse of a square matrix Y
Students are reminded that the CT series subjects will require using matrices and vectors to represent Y Y Y
knowledge of mathematics equivalent to that specified for the entry linear equations
requirements to the profession. It is important for students to ensure solving simultaneous linear equations Y Y Y Y Y Y
complex numbers Y
that they are familiar with the techniques covered at this level and linear difference equations with Y Y
are competent in their usage. constant coefficients
Probability
Students who wish to refresh their knowledge of the relevant sample spaces, events Y Y Y Y
mathematical skills and techniques should obtain a suitable textbook the probability of an event Y Y Y Y Y Y Y
on mathematics or consider buying under mentioned foundation basic rules of probability Y Y Y Y Y Y Y
course in Mathematics from ASI office. conditional probability Y Y Y Y Y
independent events Y Y Y Y
Bayes Theorem Y Y Y
Students should also be familiar with the calculator they are to use in the examination and should be
familiar with all its functions.
23 24
(ii) Guidance on Mathematics by Subject
It is expected that students joining the profession would be comfortable
with algebraic manipulation.
(iii) Foundation Course in Mathematics
ActEd FAC – The Foundation ActEd Course (FAC) is designed to help
students to refresh and improve their mathematical skills in preparation
for the CT series subjects. The course is designed as a reference document
to which students can refer when they need help on a particular topic.
Each chapter contains explanatory notes, examples and self-assessment
questions to test understanding. These is also a summary test and a
Question and Answer Bank providing extra practice for students.
This course is a copyright material and is supplied by ASI on the
authorisation of the Institute of Actuaries, London. Students who are
admitted for membership are supplied this course material at a fee of
Rs.1000. Before a student decides to appear for one or more of the subjects,
he is advised to study the foundation course, attempt all the tests and go
through a self-administered evaluation process. Students are also advised
to get the evaluation done by a Professor/Senior Lecturer in Mathematics
from a college of repute.
(iv) Choosing number and order of subjects
Candidates are free to take subjects in any order that they choose. There
is however considerable merit in following the natural order of the subjects
in the syllabus.
There is no formal requirement relating to the order in which the
examinations are taken. However it is recommended that the CT series
subjects are atleast studied (even if not passed) before a student attempts
the CA and ST series subjects. These later subjects including subjects in
the SA series build upon the core material.
Similarly when attempting the CT series subjects, it should be borne in
mind that some subjects build upon others. There are therefore some
logical routes through the subjects. The particular route chosen may depend
on the area in which a student is working or on any exemptions the student
has been awarded. The numbering of the subjects in the CT series
represents our ordering that would be appropriate for anyone working in
Life Insurance, General Insurance or Pensions. Students might opt to
take subjects CT7-Economics and CT2-Finance and Financial Reporting
at any stage.
A student working in investment might prefer to take subjects CT7-
Economics, CT2-Finance and Financial Reporting and CT8 - Financial
Economics before studying subjects CT4 - Models, CT5 – General
Insurance, Life and Health Contingencies and CT6 - Statistical Methods.
25
Subject CA3 covers communication. It will be based on the concepts in the
CT series subjects. However, as the questions will be set within a financial
framework, some students may prefer to delay this subject until after
studying some or all of the ST series subjects.
Students are also advised to have at least studied the relevant ST series
subject before attempting their chosen SA series subject. The SA series
subjects require the student to have both knowledge of Indian practice
and good understanding of practical issues. A practical approach is
expected from candidates in all the SA series subjects. While evidence of
practical experience may help the candidate, it will not be demanded; but
breadth of knowledge and evidence of judgement are expected of candidates
taking the SA series subjects.
Study material for the various subjects of Actuarial Society of India:
The study material is to be purchased by all student members of Actuarial
Society of India desiring to take the examination in that subject. The
Institute and Faculty Education Limited., a subsidiary of the Institute &
Faculty of Actuaries, UK, own the copyright for the study material. They
had allowed Actuarial Society of India to duplicate their study material
for the benefit of students appearing for its examinations. Actuarial Society
of India thus has the copyright on these materials. The students must
therefore purchase the study material from Actuarial Society of India to
become eligible for appearing in its examinations. Although no outside
text books are prescribed for the subjects as core reading material, students
may benefit from undertaking additional reading.
The study material is sold to the student for his/her own exclusive use. No
student should hire out, lend, give, sell, transmit electronically, store
electronically or photocopy any part of it. The student has to take care of
the study material to ensure that it is not used or copied by anyone at any
time. Any updates supplied will form part of the main study material.
Legal action will be taken if these terms are infringed. In addition,
disciplinary action will be initiated through the profession or through the
student’s employer.
These conditions remain in force even after student has finished using
the course.
(v) Number of subjects to be taken at one sitting:
It is not expected, exceptions apart, that the students can appear in one
sitting for more than say, three subjects. Accordingly, study material for
more than three subjects will not be purchased. However, in cases where
any student has reasons to purchase more than three, application in writing
explaining the reasons and on written permission of Chairperson,
Education Board, Honorary Secretary or President, will be allowed.
26
 EXAMINATION
3.0 Entry Form for Examination
Entry Forms for Examination are made available about 14 weeks prior to the
beginning of each session of examinations in May/June and October/
November each year.
Application for admission to examination is to be made in prescribed
format along with requisite examination fee so as to reach Admin Officer
in accordance with the direction given by the Society from time to time.
The blank examination form may be obtained from office of the Society.
The student can also submit application in typed form as per the format
given in the Student Hand Book or can be downloaded from ASI’s website
www.actuariesindia.org .
The closing date for accepting the entry forms duly completed is about 12
weeks before the beginning of the session of Examination.
Note: - While submitting the entry form and selecting the subjects, the
candidates must satisfy themselves that there is no clash with any other
examination they are taking. In the event of a clash, candidates should
select a different subject. Wrong or unsuitable selection will not entitle
a candidate to claim refund or carry forward of entry fees. Handwritten
application submitted in different format or application not duly filled
will not be accepted.
3.1 Examination Centres:
Examinations will be held only at such places where satisfactory
arrangements can be conveniently made for conducting them and where
there are reasonably sufficient numbers of candidates. Further, the
Education Board reserves the right to reduce the number of centres for
examinations at their discretion.
i) CENTRES IN INDIA
1) Mumbai, 2) Kolkata, 3) Delhi, 4) Hyderabad, 5) Kanpur, 6)
Chennai, 7)Bhopal, 8) Bangalore, 9) Lucknow, 10) Cuttack, 11)
Coimbatore, 12) Chandigarh ,13) Pune and 14) Thiruvanthapuram.
ii) OVERSEAS CENTRES
Examination can be held at centres outside India if there are candidates
desiring to appear at such centres. Normally Colombo (Sri Lanka),
Port Louis (Mauritius), Dhaka (Bangladesh), Reigate (UK), centres
in (USA) and Muscat (Gulf) are where examinations have been
conducted in recent past. Candidates who wish to appear from overseas
centres should make a formal request to ASI.
27
3.2 EXAMINATION TIME TABLE
(May/June 2006 and October/November 2006)
The time-table for May/June 2006 and October/November 2006
examinations are incorporated in Appendix 5(i) & 5(ii) on Page 54
3.3 ELIGIBILITY FOR THE EXAMINATION
A candidate will not be allowed to appear for examination unless he has
paid his subscription and also has purchased the study material for the
subject he is appearing for the examination.
3.4 ADMISSION TO EXAMINATION, EXPULSION AND
WITHHOLDING OF RESULTS
(a) The Education Board may for reasons to be recorded in writing-
(i) Refuse to admit a candidate in examination;
(ii) Admit him to an examination subject to such conditions as
it may consider to be reasonable in relation to the student;
(iii) Expel him from an examination hall after he has been
admitted to it in the usual course
(b) Notwithstanding the fact that a candidate has obtained any
specified minimum number of marks for passing an
examination, the Education Board may for reasons to be
recorded in writing, withhold his result.
3.5 SUSPENSION AND CANCELLATION OF EXAMINATION
RESULTS/ OR REGISTRATION
In the event of any misconduct by a registered student or a candidate
enrolled for any examination conducted by the Society, the Executive
Committee or the Education Board may suo motu on receipt of a complaint,
if it is satisfied that the misconduct is proved after such investigation as it
may deem necessary and after giving such student or candidate an
opportunity to state his case, suspend or debar the person from appearing
in the examinations, cancel his examination results or even annul
membership registration.
Misconduct for the above purpose shall mean and include behaviour in
disorderly manner in relation to the Society or in or near an examination
premises/centre, breach of any regulation, condition, guideline or direction
laid down by the Society, attempting to resort to unfair means in connection
with the writing of any examination conducted by the Society.
28
3.6 CRITERIA FOR PASSING
Students may particularly note that the papers that are set for the examination
will test for knowledge in the respective areas covered but also for ability to
apply that knowledge and to exercise judgment in measures that increase
with the level of the examination. Every paper therefore, could call for display
of higher order skills by way of application and judgment and for attainment
of minimum level in these areas of assessment. With a spread of these
additional requirements over the set of questions in the paper, a pass level
based on knowledge alone may not be reached if any questions were to be
left unanswered.
3.7 PATTERN OF QUESTION PAPER
There will not be marked departure from the structure of the question paper
set for the immediately proceeding exam diet.
The paper of CA3- Communication is of 2 ½ hours and will consist of two
questions which the candidate has to answer. Students will have fifteen
minutes of reading time before start of the paper. The two questions will
be based on content of any two of the CT series subjects.
1. ST Series :
Each subject will have one paper of three hours duration. Students will be
given fifteen minutes reading time before the start of the paper. The paper
will have short answer questions, which can be either open or closed, and
long structured questions. The balance is likely to be even between the
two types.
The students must note that the answers are not expected to be any country
or jurisdiction specific. However, if examples/illustrations are required
for any answer, the country or jurisdiction from which they are drawn
should be mentioned. Any reference in a question to a currency or any
other link to country should not be taken to mean, it is specific to that
country and the answers are expected to be non-specific to such country.
2. SA Series :
Each subject of SA Series will have one paper of 3 hours duration with
15 minutes reading time before the start of each paper.
The answers are expected to have India Specific application for the syllabus
and corresponding core reading. However, substantially the core reading
material is still taken from material supplied by Actuarial Education
Company which is meant for UK Fellowship examination. The core reading
does include some material which is India Specific. In view of this, it should
be noted that the focal point of answers is expected to be India Specific
application. However if application specific to any other country is quoted
in the answer the same should further cover the Indian environment.
29
3.8 EXAMINATION FEES STRUCTURE
Examination fees structure and late fees: The schedule of Examination Fees
currently in force is given in Appendix – 3(Page 48).
3.9 CHANGE OF SUBJECT/ CENTRE
A change of centre / subject(s) will only be entertained up to two weeks of
the last date of submission of examination form. Thereafter no change in
centre/subject(s) will be allowed. Error in the submission of entry form
will not entitle the candidate to claim either refund or adjustment of entry
fees paid by him. The fee paid shall be forfeited in such circumstances.
The candidates must therefore fill in the entry forms with the utmost
accuracy. No letter or communication of any type should be sent along
with the entry form.
3.10 WITHDRAWAL FROM EXAMINATION
Fifty percent of the examination entry fee will be refunded if application
for withdrawal from examination reaches the Society’s office at Mumbai,
on or before the prescribed date given in Appendix 6(Page 56). All such
requests should be addressed and sent directly to the Society’s office in
Mumbai.
If it is discovered that a candidate is not eligible to enter for an examination
or is eligible only on completion of certain formalities which he has failed
to comply with, he may not be allowed to sit for the examination. In such
cases, the entry fee will not be refunded or adjusted under any
circumstances.
3.11 HALL TICKET
Hall ticket will be sent by post and “Under Certificate of Posting” about
two weeks prior to the beginning of the examinations, to every registered
candidate. A candidate who has not received his Hall ticket in time
must immediately get in touch with the Actuarial Society of India.
The Society will not be responsible for postal delay, non-delivery or
loss in transit of Hall Ticket.
In case of delay or non-receipt of Hall ticket the candidate is advised to
carry his examination receipt along with proof of identity to the
examination and approach the person in charge at the local examination
centre for guidance. Proof of identity can be Passport, PAN Card, Employer
Identity Card etc.
3.12 CERTIFICATE OFATTENDANCE
The Certificate of Attendance will be issued on demand to all candidates
who appear for Actuarial Society of India examination at the listed centres,
by the Presiding Officers or by the authorized Invigilators. No request for
separate certificate will be entertained by the Actuarial Society of India
later.
30
3.13 PUBLICATION OF RESULTS
The examination results will be announced normally not later than in the
following January for October/November examination and in August for
May/June examination. The results will be published on the website as
and when declared.
3.14 LIABILITY OF ACTUARIAL SOCIETY OF INDIA
Under any circumstances, the liability of the Actuarial Society of India
shall be limited to a refund of examination fee paid for the concerned
examination.
In all cases, the Education Board’s / Executive Committee’s decision
regarding success or failure of a candidate shall be final.
No request for re-evaluation of papers and reconsideration of the result
will be entertained.
3.15 PERFORMANCE REPORT
Candidates will be advised of their performance in the examination by
ORDINARY POST only. The candidates who do not receive the result
intimation by the end of August for May /June examination and by the
end of January for October/November examination, should write to the
Education Department ( education@actuariesindia.org ) of the Actuarial
Society of India at Mumbai for a duplicate copy. No request for issue of
duplicate copy will be entertained thereafter.
3.16 EXEMPTION ARRANGEMENT BETWEEN EXAMINATIONS OF
ASI AND UK ACTUARIAL PROFESSION
The Faculty and Institute of Actuaries will grant exemption from their
examinations to students who have passed Actuarial Society of India
(ASI) examinations on the following terms.
From May 2005
Exemptions arising from ASI Core Technical Subjects
The Faculty and Institute of Actuaries will exempt students, who have passed
the equivalent ASI Core Technical examination CT1 – CT9, after May 2005,
from the corresponding Faculty and Institute Core Technical subjects.
Exemptions will be granted on a subject by subject basis.
For 100 series examinations passed before May 2005 see below.
Exemptions arising from ASI Core Applications Subjects
The Faculty and Institute of Actuaries will exempt students, who have passed
the equivalent ASI Core Applications subjects CA1, CA2, CA3 after May
2005, from the corresponding Faculty and Institute Core Applications subjects.
Exemptions will be granted on a subject by subject basis.
31
Core Applications Concepts – CA1
If all or part of ASI CA1 has been obtained through the ASI transition arrangements
then each relevant ASI 300 series examination must have been passed with the ASI
from November 2002 to November 2004. Exemption from CA1 may be considered
where one or both ASI 300 series examination leading to CA1 under the ASI
transition arrangements were passed in November 2000 to May 2002. Where only
part of ASI CA1 was obtained through transition the corresponding part must also
be passed with the ASI before the Faculty and Institute will exempt students from
CA1.
Core Applications Communications CA3
If ASI CA3 has been obtained through ASI transition arrangements then the Faculty
and Institute of Actuaries will exempt students who passed the ASI 201 examination
from November 2002 to November 2004. Exemptions may be granted to ASI
students who passed the ASI 201 examination from November 2000 to May 2002.
Exemptions arising from ASI Specialist Technical Subjects
The Faculty and Institute are prepared to offer exemption from their requirement to
pass two Specialist Technical subjects to students who have passed two of the
ASI Specialist Technical subjects.
Where an ASI Specialist Technical subject has been obtained through the ASI
transition arrangements then the relevant ASI 300 series examination must have
been passed with the ASI from November 2002 to November 2004. Exemption
from the Specialist Technical subjects may be considered where one or both ASI
300 series examination leading to Specialist Technical subjects under the ASI
transition arrangements were passed from November 2000 to May 2002.
Exemptions arising from ASI Core Technical subjects obtained under
transition from ASI 100 series
The Faculty and Institute of Actuaries will exempt students of the ASI from the
Core Technical subjects through transition, according to the date the ASI 100
series examinations were passed.
From November 2002
Examinations passed under the Actuarial Society of India’s 100 series syllabuses
in place from November 2002 to November 2005 will give exemptions from the
equivalent 100 series which then transfer to the appropriate Core Technical subjects
through the transition arrangements.
From November 2000
Subjects 101, 102, 104, 105, 106, 107 and 108
32
Examinations passed under the ASI syllabuses introduced for the May 2000 (ii) If all 6 examinations were passed with the ASI before 1 January 2000 with
examinations will give exemptions on a subject by subject basis as follows: Subject 4 being passed in or after May 1994, and 108 was passed with the
Faculty and Institute of Actuaries by September 2000, exemptions will be
ASI examination paper passed Exemption from Faculty and Institute
granted from all or the 100 series subjects.
101 101
102 102 Or
104 104
(iii) If all 6 examinations were passed with the ASI before 1 January 2000 and
105 105
Subject 4 was passed in or after May 1994 exemptions will be granted from
106 106 Subjects 101, 102, 104, 105, 106 and 107. They will not be granted from
107 107 Subject 103, 108 and 109.
108 108
These exemptions will then transfer to the appropriate Core Technical
These exemptions will then transfer to the appropriate Core Technical subjects subjects through the transition arrangements.
through the transition arrangements.
Exemptions earned under the old syllabus translate into corresponding
Subjects 103 and 109
exemptions under the new one. The carry forward of credits is detailed
Exemptions may be granted to any ASI students who passed the Subjects 103 or on section 3.20.
109 in the following ASI examination diets from November 2000 to May 2002.
3.17 EXEMPTION ARRANGEMENT BETWEEN EXAMINATIONS OF
These exemptions will then transfer to the appropriate Core Technical subjects ASI AND INSTITUTE OF ACTUARIES OF AUSTRALIA
through the transition arrangements.
Exemption arrangement between examinations of ASI and Institute of
Each application will be considered separately and must be made through the Actuaries of Australia are effective from examinations of ASI held in or
Actuarial Society of India. after November 2002. ASI students passing 100 series examinations of
Pre 2000 the old syllabus and having corresponding credit under the new syllabus
are exempt from the corresponding subjects of Part I examinations of
Examinations passed under the Actuarial Society of India’s syllabuses in place IAAust, conversely a student member of IAAust on application and also
before 2000 would give the following subject by subject exemptions: seek exemption from corresponding subjects of the CT level examinations
ASI examination paper Exemption from Faculty and Institute of ASI.
Subject 1 101 3.18 EXAMINATION TECHNIQUES
Subject 2 102
Subject 3 105 3.18 (i) The Art of Passing Exam
Subject 4 107 and 108 if passed before 1994 (This article is authored by Ms. Melanie Puri, and is reproduced from
107 only if passed 1994 and after the Actuary India – April 2003 issue)
Subject 5 106
There’s an art to passing exams – or should that be there’s a science? You
Subject 6 104
need to know the subject well to have any hope of passing, but is that
In addition the following conditions apply: enough? The short answer is ‘No!’ – you must know how to pass exams, by
having great exam technique if you’re going to give yourself the best chance
(i) If all 6 examinations were passed with the Actuarial Society of India before
of passing.
1 January 2000 and Subject 4 was passed before May 1994, exemption will
be granted from all of the 100 series subjects. The techniques below are described with the 300 and 400 series in
Or mind – though they can also be applied to the 100 and 200 series, with a bit
of tailoring.
33 34
So what amounts to ‘great exam technique’? There are 5 stages:
1. Planning how you’re going to answer the questions
2. Prioritising the order in which you’re going to answer the questions
3. Writing up your answers
4. Perfecting those answers
5. Practicing the techniques before the exam!
Looking at each one of these in turn:
1. Planning how you’re going to answer the questions
Make sure you use the 15 minutes reading time wisely. To do this you
need to stay calm during this period and remain focussed on what you
need to achieve - you’ve got a lot to do in 15 minutes!
Read the first question in full. Identify the level of detail required in
the solution:

Use the command word as a guide. If the command word is ‘List’ then
make sure your solution is just that – a list of points. If the command
word is ‘Describe’ or ‘State with reasons’ then you’re going to need to
write more detail than a list - you need to write full sentences to score
good marks and to demonstrate your understanding of the question. If
you write a list in answer to a question that has a command word like
‘describe’, you will not score well.

Use the number of marks as a guide. As a rough guide you will need to
make two good points for each mark. So for a question worth 10 marks,
you need to think of 20 relevant points to make in your solution. (Note
this doesn’t necessarily mean 20 separate points – there’s likely to be
marks for making a statement and then expanding on it and
demonstrating understanding.)
When you’re reading the question, underline the key words to help prompt you
when writing up your solution.
Make some notes on scrap paper of points that come to your mind straightaway
and that you want to use in your solution – but remember to answer the question
asked! The biggest single mistake that candidates make is to answer a question
that they wish had been asked!
Read the question carefully – make use of the information you’re given in the
question. For example, if you’re told that a new product is going to be sold through
a particular distribution channel, think about how your answer can be tailored to
take into account the distribution channel you’ve been told the company is going
to use.
35
Work out how long you’ll have to answer the question. Try allowing 1.5 minutes
per mark – so for a 7 mark question, give yourself about 10 minutes to write your
answer.
Now move on and read through all of the questions, underlining the key words,
making rough notes and working out how long you’ve got to answer each question.
2. Prioritising the order in which you’re going to answer the questions
The last thing you need to do in your 15 minutes reading time is decide
on the order in which you’re going to answer the questions. You can
answer them in any order you choose. There are different approaches you
can use here:

Answer the questions on the subjects you know best first. This will
boost your confidence. But a word of warning - take care to stick
rigidly to the time you have allocated for each question. You can always
come back to the question later if you have time at the end and want to
write more.

Answer the longest questions first since these require the most effort
and planning. You need to be confident of your solution if you take
this approach. Again, take care not to spend more than the time you
have allocated for writing your solution.

Answer the shortest questions first to get them out of the way. If you
do this you MUST take care not to lose careless marks by rushing your
answers and not writing a full enough solution. Easy marks are often
lost on short questions.
You must attempt all questions. You are very unlikely to pass if you totally miss
out a question. Attempt the question you know least about last. Write down some
‘obvious’ points – it’s likely that you will score some marks.
Lastly, sort your rough notes into the order in which you’re going to answer the
questions and you’re ready to start the exam.
3. Writing up your answers
Start with the question you’ve decided to answer first. Check the time and
write it down then work out the time that you must finish writing up your
answer and write that down too. This will put sufficient pressure on you to
write quickly throughout the whole exam if you do this at the start of each
question.
Reread the question thoroughly. If it’s a longer question, reread all of the
parts together, as they will usually be related – and this will help you not to
answer parts (ii) and (iii) when you’re writing your answer to part (i).
36
 Make sure your answer flows in a logical order and make it easy for the 5. Practicing the techniques before the exam
examiners to mark by guiding them through your solution: The techniques outlined above need to be practised. They should be

For long questions, use sub-headings second nature so that you don’t even spend time trying to remember them.

Underline key words in your solution Practise, practise, practise! You must do as many past exam papers as you
can prior to the exam. To get the most out of this, you must do them under

Use bullet points if this helps you to make your script look neater BUT exam conditions, in 3 hour sittings with no interruptions and you must
make sure you write full sentences if the command word requires them. write full solutions to each of the questions. Don’t just write down bullet
A common mistake is to use bullet points and not explain your answer points and then read the full solution in the examiners report and think ‘yes
fully (e.g. ‘a higher mortality assumption is conservative’ – yes but why I’d have written all of that if I were answering this in an exam’ – you
is that true for this particular question? Make sure you demonstrate wouldn’t!! You must practice answering questions fully and train yourself
understanding when required.) to use the techniques above to give yourself the best chance of passing.

Keep your writing legible throughout the whole exam – if an examiner The actuarial exams are not easy but provided you know your subject well
can’t read your writing then they can’t give you marks for whatever and know how to answer the questions you will pass.
they can’t read! If you know that your handwriting is poor, you must
practice writing quickly AND neatly prior to the exam and get in the 1.19 Study Time (Adopted from the Students’ Handbook for the UK Actuarial
habit of keeping it legible. Profession)

Make sure that all of the points you noted on scrap paper during the The actual amount of time each student needs to spend on a particular
reading time actually make it onto your script. It’s easy to ‘forget’ some subject will vary from student to student. Quality of study time is far more
points that you’d thought of earlier. important than quantity of study time. However, the following guidelines
are suggested:
Be very strict with your time. Keep checking the time whilst writing your
solution. When the time you have allocated is up, move on to the next Core Technical subjects (CT1–CT8) between 125 and 150 hours
question. There is an opportunity cost principle here – candidates generally depending on the subject and an
score most marks in the first page of their answer, with fewer marks being individual student’s past
gained on each subsequent page. So you will score more marks by moving educational background in the
onto the next question at the correct time than writing another two pages of subject.
solution for the previous question. Business Awareness Module (CT9) 25 hours plus two-day course
If you intend to return to a question, leave plenty of space to continue your Core Applications Concepts (CA1) 400 hours
solution and mark the paper so that you don’t forget to go back. Modelling (CA2) 20 hours (this assumes that some
of the preparation for this module
4. Perfecting your answers forms part of Work-based skills)
plus two-day course
Allow a small amount of time at the end of the exam to go back through your
answers: Communications (CA3) 50 hours

Reread your answers. Specialist Technical subjects 200 hours

Make them clearer by rewording them if you have time Specialist Applications subjects

Check that your writing is legible (rewrite any odd words that you can’t taken with UK Practice Modules 300 hours
read yourself!)
It is therefore suggested that a reasonable workload for any one study session

Add any last bullet points you can think of – but don’t repeat points
from November to June might be:
already made.

Three Core Technical subjects

Add any headings or underline any words that you think will make it

Core Applications Concepts
easier for the examiner to mark your script.

Two Specialist Technical subjects

Make sure that each page of your answer script is headed up properly.

One Specialist Technical subject and the chosen Specialist
Lastly, breathe a huge sigh of relief that its over! Applications subject

Some other comparable combination
37 38
The study session from June to November is shorter and so it may be difficult
for a student to study at the same rate during this time. A student who studies
every session with no failures could be expected to attain Fellowship within
three years.
3.18(ii) Beyond the known – landing your first actuarial job
(This article is authorized by Mr. Akash Gupta and Mr. Robert Johnsen and
is reproduced from the Actuary India – December 2005 issue)
With the Indian Non Life Insurance Industry on the verge of detarrification
what’s inevitable is the importance of Actuaries in the industry. Enough
has been said about that. What else?
Shrinking margins, higher claims disbursement, and increasing
competition in recent years in the global insurance markets; more than
1500 General Insurance companies and 1300 health insurance companies
in the US alone; hefty cost of actuarial expertise in the west; 4000, and a
still increasing number of aspiring actuaries in India and ASI’s admirably
growing initiatives on mutual recognitions with actuarial societies
worldwide - the Actuarial profession in India is all set to scale new heights.
But, is clearing exams sufficient for actuarial students to meet the recruiters
expectations? Gone are the days when there was an acute shortage of
actuarial students and a few exams were sufficient to get through a job
opening. Not to infer that exam focus is not important, but more is needed.
An increasing number of junior actuarial students are frustrated about
the fact that they are not able to find a job. “Why can’t I get a job? I have
cleared three exams!”
Unfortunately, 3-exam clearance is becoming a commodity for employers
and is often not sufficient to get a job.
If you find yourself in this situation, here are a few traits that would add
to your actuarial expertise and improve your chances of landing your first
job in the actuarial field.
Excellent Analytical Skills: No matter how proficient you are in remembering
complex probability distribution functions, their moments, and generating
functions; no matter how instantly you recollect what the Chapman-
Kolmogorov equation is what actually matters is the application. Given a
real life situation, how good are you in using your knowledge is what
finally matters. In real life, you would just open your books and pick out the
probability density if that is what you need – the application part is finding
out which density for which situation.
Good Communication Skills: Theoretically, technical expertise should speak
of what you can do. But, unless you are able to communicate it, how will the
world know what you are capable of?
39
Further, English is the international insurance language. The lack of ability
to express yourself in English is often a reason for declining a person for
a job. This is unfortunate because students who are otherwise very talented
get rejected for this very reason. Written and spoken English skills,
therefore, are essential and a must-have.
IT Skills: There was a time when IT skills where a nice addition to your
resume. Today, it is almost a mandate to have some IT exposure and a
perfect combo if you have proper expertise. But remember, if you had a
course where someone explained C++ to you and you never actually did
any programming yourself, then the learning is limited. You need to have
hands-on experience before claiming to “know” the skill.
If you have recently landed your first actuarial job, here are few things
that the employer would be looking for.
Sincerity on Work Front and Exam Focus: First and foremost, sincere
execution of a given job responsibilities is minimal requirement on the
part of any employee. The best way to demonstrate that you are ready for
the next level is to ace your current responsibilities. Moreover, for an
actuarial student cum employee, what’s equally important is the
undeviating exam focus. Unwavering efforts towards attainment of the
actuarial designation and demonstration of skills acquired are keys to
growth.
Long-term Vision: The initial phase of almost all technical jobs is not the
very high-end stuff. But, only by understanding a process in details can
one become an expert. It is the same for the actuarial field.
The initial phase of an actuarial career begins with the basics. If you
thought that you were going to use your high-end statistical knowledge
from day one, you will probably be disappointed.
What’s vital is to have a long-term vision with the organization and a fair
amount of patience. Your hard work will surely reap returns. Establishing
your credibility with the organization is the key to move to the next level.
Most experienced students would probably be able to switch jobs and earn
a little more. Frequent job shifts may be a good strategy in the short term,
but you have got to realize that it takes time to build expertise. Two years in
a company will not make you an expert. If you feel that way, there is most
likely something you have missed. Just scratching the surface is not who
we are. We are experts in the deep complexities of the business.
Remember, it is the job of any employer to select and promote the best
candidate for an open position. If you could not make it through - Don’t
take it personally. Request feedback to improve yourself. Unsuccessful
interviews are just point estimates in your long and exciting career as an
actuary. They are not permanent thumps down for any future actuarial
openings.
Get back in the game, be persistent and improve your market value by
clearing exams and following some of the advice above. Good luck.
40
3.19 EXAM CONDUCT As appeal against the decision of the Chairman (Education Board) or Vice
Chairperson (Education Board), shall lie to the Education Board provided
Candidates are not permitted to keep books, notes, periodicals etc. with that the appeal is submitted within three months from date of receipt by the
them in the examination hall at the time of the examination and / or use
candidate concerned of the communication conveying the decision.
mathematical tables (except those supplied by the Society for use in the
examination hall by the candidates) etc. during the examination. No appeal shall lie against any decision of the Education Board.
Possession of the above mentioned or like items would be construed as
adoption of unfair means. The use of scientific calculator is permitted The Chairperson (Education Board), or failing him the Vice Chairman
during the course of answering the paper but it should not be able to store (Education Board), may from time to time, issue such instructions or
prior data and should not be programmable. However, the Society does directions as may be necessary to give effect to and carry out the provisions
not take any responsibility for providing such calculators. Further, the of these Regulations and in order to secure effective control over the
candidates are forbidden to write their names in the answer scripts or candidates appearing and / opting to appear for the examination at any
supplements. centre or centres as the circumstances and nature of the case may require.
Action on the use of unfair means etc. Alterations to Syllabus and Regulations: The Education Board reserves
(a) The Education Board takes the view that serious punishment should the right to alter, amend or revoke, from time to time, the time-table,
be awarded to candidates who resort to unfair means. Accordingly, Syllabus and rules providing for all matters relating to the examinations and
candidates who do so, run the risk of being temporarily or permanently the fees payable by candidates.
debarred from sitting at further examinations of the Society by the
Education Board.
(b) Where the Education Board has reason to believe that unfair means
have been adopted by a number of candidates individually or in concert
at any examination centre or there has been mass copying or that
there has been leakage of question papers, the Education Board may
cancel the result of all the candidates who appeared at any centres or
at more than one centre or at all centres. The decision of the Education
Board in this respect shall be final and binding on the candidates.
(c) The Education Board or the authority empowered in this behalf shall
have the right:
(i) to disqualify a candidate who, they have reason to believe has
received or given unfair assistance at the examination;
(ii) to cancel the result of such candidate in all or any of the papers of
the examination at which he may have appeared;
(iii) to report his name to his employers; and
(iv) to take such other action against him as the Board in its absolute
discretion, deems fit.
The decision of the Education Board shall be final and binding on the
candidates concerned.
A decision to debar a candidate temporarily or permanently from sitting
at further examinations of the Society or to take any other action shall be
taken by the Chairperson (Education Board), or in his absence, Vice
Chairperson (Education Board).
41 42
 Appendix – 1 If you wish to start the examinations, the ASI should receive this application,
together with the necessary fee by the appropriate date shown below:
Affix Examination Session Last date of receipt of application:
ACTUARIAL SOCIETY OF INDIA Your May 2006 31st Jan 2006
302, Indian Globe Chamber, 142, Fort Street, Photograph
October/November 2006 15th July 2006
here
Off D N Road, Fort, Mumbai 400001
4. NAME AND DATE OF BIRTH
E-mail: education@actuariesindia.org
Title Surname Full Name other than surname Date of Birth
Website: www.actuariesindia.org (BLOCK LETTERS) (BLOCK LETTERS)
Mr /
Ms
APPLICATION FORM FOR STUDENT MEMBERSHIP
N.B: Before completing this form the applicant should study the
Instructions and Information given below. The completed form should
be lodged with the Society at the above mentioned address only. DD MMY Y Y Y
5. ADDRESS
NOTES FOR APPLICANTS
1. Applicants are strongly recommended to discuss the implications of entering
the actuarial profession with an actuary before submitting this application.
It is emphasized that the examinations as a whole will call for close STD Code
application to study over a period of years.
Tel. No.
2. Admission as a Student of the Actuarial Society of India will normally be
E-mail PIN Code Fax. No.
granted to an applicant who meets the minimum entry standards prescribed
in the Student Handbook, copy of which is available from the Society or Mobile No.
can be viewed on the website, www.actuariesindia.org
6. EMPLOYER’S DETAILS, if employed.
3. When this application has been approved, the applicant may become a
Name STD Code
student member by paying the appropriate Admission fee alongwith Annual
Subscription fee which is as under; Address Tel. No.
Fax. No.
7. Address for correspondence (tick as appropriate):
Status Admission fee Annual Total amount to be
(one time only) Subscription remitted Residential Work
(renew in April
every year) 8. Are you member of any other actuarial body? If so, please give the name
and class of membership.
Rs. Rs.
Name Membership status
Resident in India 300/- 300/- 600/-
Resident outside India 1500/- 1500/- 3000/-
43 44
9. Please give details of Schools, Colleges and Universities and Professional
achievements attained with dates starting with XIIth Standard. Signature ................................................................ Date ..............................
Examination successes ............................................................................... Place .............................
Year Title of Examining Subjects passed and Marks/Grades obtained Name (BLOCK LETTERS) ....................................................................................
examination Body (State also the class and honours, if any)
Before signing this declaration you are strongly advised to read the
Memorandum of Association and Rules & Regulations of the Society
which is available on our Website www.actuariesindia.org . Hard
copies of these are available at ASI.
FOR OFFICE USE ONLY
Rcpt. No.
NB: Please enclose attested true copies of educational certificates and marksheets Date:
for all the examinations from 10+2 onwards. Please also attach proof of date of
birth, if the same is not included any of these documents. Amount:
10. DECLARATION TO BE SIGNED BY APPLICANT Initial:
I apply for admission as a Student Member of Actuarial Society of India. If
my application is approved I agree to conform to the Rules and Professional
Conduct Standards of the Society as they now exist or as they may in
future be altered, amended or enlarged, and I will to the best of my ability
promote the objects of the Society. I understand that to withdraw from
membership I must inform the Society of my resignation and that after
payment of any arrears, delivery of books, papers or other property of the
Society, I will be free from these obligations. I further declare that I have not
applied earlier to the Society for admission as a member.
Note: In case the applicant applied earlier for admission as a member, the
details of same should be furnished including whether such admission
was granted or denied.
45 46
 Appendix - 2 Appendix -3
Schedule of Examination & Study material Fees
Schedule of Membership and Subscription Fees
Sr.No Subject Examination Concessional Price for Old New Price for New
1. The Admission fee to any class of membership shall be equal to one year’s Fees Students who have already subject Students
(Amt in Rs.) purchased study material
annual subscription at the rate mentioned below for the appropriate class for the corresponding
of membership to which the admission is sought. The admission fee is a Soft Copy Hard Copy Soft Copy Hard Copy
one-time payment. Core Technical Stage
1. CT1-Financial Mathematics 900 750 1500 1000 2000
2. The annual subscription has to be renewed every year on 1st April as per
2. CT2-Finance and Financial 900 750 1500 1000 2000
the Rule 6 of Rules & Regulations. The subscription should reach ASI Reporting
office by local cheque or demand draft on or before 30th June every year. 3. CT3- Probability and 900 750 1500 1000 2000
The current subscription rate applicable are as under; Mathematical Statistics
4. CT4-Models 900 750 1500 1000 2000
Class of Membership Resident in India Resident in rest of the world 5. CT5-General Insurance, 900 750 1500 1000 2000
Life and Health Contingencies
(Rs.) (Rs.)
6. CT6-Statistical Methods 900 750 1500 1000 2000
Fellows / Affiliates 1,500 3,000 7. CT7-Economics 900 750 1500 1000 2000
8. CT8-Financial Economics 900 750 1500 1000 2000
Associates 750 2,250 9. CA1 - Core Applications 3000 1000 2000 1500 3000
Concepts
Students 300 1,500 10. CA11- Paper on Assets 1500 1000 2000 1500 3000
11. CA12- Paper on Liabilities 1500 1000 2000 1500 3000
If the subscription is not received on or before 30th June every year the membership and Asset-Liability
Management
will be treated as lapsed.
12. CA3 Communications 1000 500 750 600 1200
If Reinstatement has to be sought for lapsed membership, the following terms Specialist Technical
and conditions will apply; Stage (ST)
13. ST2 - Life Insurance 1800 1000 2000 1500 3000
1. If the request for reinstatement is received within three months of ceasing 14. ST3 - General Insurance 1800 1000 2000 1500 3000
to be a member, then the payment of the annual subscription plus a penalty 15. ST4 - Pension and Other 1800 1000 2000 1500 3000
of 25% thereon. (Applies to members whose subscription is outstanding Employee Benefits
only for the current year). 16. ST5- Finance and 1800 1000 2000 1500 3000
Investment A
2. If the request for reinstatement is received after three months of ceasing to 17. ST6- Finance and 1800 1000 2000 1500 3000
Investment B
be a member, he has to pay existing annual subscription, in addition to
Specialist Application
penalty of 50% of the annual subscription prevailing at the time of
Stage (SA)
reinstatement. (Applies to members whose subscription is outstanding only
18. SA2 - Life Insurance 2000 1500 3000 2000 4000
for the current year).
19. SA3 - General Insurance 2000 1500 3000 2000 4000
3. Where subscription is in arrears for more than one year, reinstatement subject 20. SA4 - Pension and Other 2000 1500 3000 2000 4000
Employee Benefits
to approval of EC can be made on payment of subscription for 2 years
21. SA6 - Investment 2000 1500 3000 2000 4000
together with penalty of 50% on the current annual subscription.
47 48
 Appendix-4
READINGMATERIAL
For subjects of CT, CA, ST and SA series additional reading beyond the ActEd
Core material may be selected from what are listed for the corresponding subjects
for the examinations of the Institute of Actuaries, London.
ADDITIONALREADING MATERIAL:
The additional reading material for ST series under each subject as prescribed
below is meant to enhance understanding of the core reading material as prepared
by ActEd. However, it is not meant to be examined and hence no questions will be
set on the content of the additional reading material.
1. CA 11 – Assets and ST6 – Investment
i.) Concept of Investment Efficiency & its application to investment
management structures” by T. M. Hodgson, S. Breban etc.- BAJ.Vol.6.
Part III, No.28 - including the discussions.
ii.) “Actuaries and Derivatives” by Mr. M.H. D. Kemp, in BAJ. Vol.2
iii.) “The financial management of Unit Trust and Investment
Companies” by M/S S. J. B. Mehta, M. G. Abbot, D. T. Addison and
others - BAJ. Vol.2
iv.) “Financial Services and investment markets in a low inflation
environment” by M/S P.J. Nowell, J. R. Crispin, M. Iqbal etc. - BAJ.
Vol.5 Part V
v.) “Introduction to the formation of investment strategy for life
insurance companies and pension plans” by Mr. R. H. Stapleford &
Mr. K. W. Stewart - a SoA study note.
2. Subject CA12 and ST3 – General Insurance:
i) Assessing the Solvency and Financial Strength of a General
Insurance Company JIA 114, Part II By Chris Daykin Hon.D Sc;
FIA & Others
(ii) Actuaries and General Insurance JIA, Vol 113, No 455 Part III
by W M Abbott, MA; FIA.
(iii) Reserving for Catastrophe Reinsurance JIA 121, Part I, No 478 By
D H Craighead, MA; FIA.
49
3. Subject CA12 and ST4 – Pensions and other Employee Benefits:
i) The Role and Responsibilities of Actuaries in the Defined Contribution
Environment in the United Kingdom by M A Stocker, MA; FIA. & Others
BAJ Vol. 5 Part IV, NO. 24
(ii) Pension Fund Valuations and Market Values by S J Head, FIA BAJ Vol.
6, Part I, No. 26
For SA subjects:
The ActEd Study material has been edited of, those parts that are specific
to UK application. The additional reading material as given under each
subject is part of core reading. However, it is not meant to be examined and
hence no questions will be set on the content of the additional reading
material.
4. Subject SA6 - Investment:
(i) Concept of Investment Efficiency & its application to investment
management structures” by T. M. Hodgson, S. Breban etc.-
BAJ.Vol.6. Part III, Vol.28 - including the discussions.
(ii) “Investment Strategy for Actuarial Profession” by David Kingston.
(iii) “Life Office Investment Strategy” - a SIAS paper (1992)
(iv) “Economic Survey - 2002-03” released by Planning Commission [and
which appeared in newspapers on 26th February 2001.]
(v) “Actuaries and Derivatives” by Mr. M.H. D. Kemp, in BAJ. Vol.2
(vi) “The financial management of Unit Trust and Investment
Companies” by M/S S. J. B. Mehta, M. G. Abbot, D. T. Addison and
others - BAJ. Vol.2
(vii) “Financial Services and investment markets in a low inflation
environment” by M/S P.J. Nowell, J. R. Crispin, M. Iqbal etc. - BAJ.
Vol.5 Part V
(viii) “Introduction to the formation of investment strategy for life
insurance companies and pension plans” by Mr. R. H. Stapleford &
Mr. K. W. Stewart.- a SoA study note.
(ix) RBI Monetary and credit policy for the year 2002-2003/ 2003-2004.
(x) Macro Economic and Monetary Developments in 2002-2003
(xi) Investment risk and Asset modeling by R T Howie Bbuss, August
1997.
50
 (xii) The Concept of investment efficiency and its application to (x) 2nd GCA Business Planning for new General Insurance Company
investment management structures – Hodgson, Tim M, Breban, by Cook, Ann Maree
Stephan J, Ford, Chris L
3. Subject SA4 :
(xiii) Introduction to the formation of investment strategy for life
insurance companies and pension plans (SoA Study Note) – (i) Employees Provident Funds and Miscellaneous Provisions Act
Stapleford, R H,; Stewart, K W. 1952 and in particular as this applies to Employees’ Deposit
linked insurance and Employees’ Pension Scheme 1995
In addition, the students are advised to read any of the daily financial newspapers
- Financial express, Economic Times or the Business Standard - regularly. (ii) Pensions aspects of takeovers; a review of Practice by A S
Garner, P N Thornton and A J Wise: JIA 113
5. Subject SA2:
(iii) The Financial Theory of Defined Benefit Pension Schemes by C
(i) British Actuarial Journal – Vol. 1, Part 4, No. 4 October 1995: Asset J Exley, SJB Mehta & A D Smith: BAJ 3 pp 835-966
Shares and their use in financial management of a with profits fund
by P D Needleman, FIA and T A Roff, FIA – Page No. 603 to 670
(ii) British Actuarial Journal - Vol. 2, Part 3, No. 8 August 1996: An
Alternative to the Net Premium Valuation method for statutory
Reporting by P G Scott, FIA, S F Elliott,FIA, L J Grey, FFA, T W
Hewitson, FFA, D J Lechmere,FIA, D Lewis, FIA and P D Needleman,
FIA – Page No. 527 to 585
(iii) Actuarial Investigations of Life Assurance Offices in India - A
Retrospective Review By - R.M. Mehta, FIA, FASI
6. Subject SA3:
(i) Aspect of Pricing in London Market BAJ Vol.4 Part IV
(ii) Loss reserves in London Mkt. BAJ Vol. .I Part IV
(iii) Actuaries in General Insurance JIA. 113 , Part III No.45
(iv) Determination of Investment Returns for discounting outstanding
reserves JIA Vol. 113, Part III No.45
(v) Reserving for Catastrophe reinsurance JIA.121 Part I
(vi) Assessing Solvency & Financial strength in General Insurance
JIA. Vol.114, Part II
(vii) Statistical Motor rating effective use of Data JIA. Vol.119 Part III
(viii) Risk Based Capital in General Insurance, BAJ. 2, No. Page 265-323.
(ix) Valuation of General Insurance JIA. 117, Part No. Page 597-669
51 52
 Use of study material Appendix 5(i)
All the study material up to ST Subjects and some part of the study material for Examination Timetable – May 2006
SA subjects is owned by Institute of Actuaries & Faculty of Actuaries and the Act FORENOON AFTERNOON
Ed of the U. K.. The Actuarial Society of India (ASI) is authorized to use this
Date & Day Subject From To Subject From To
material.
15/05/06 SA1 Health & Care 10.15* - 13.30 Hrs ST1- Health 14.15* - 17.30 Hrs
Act Ed material as well as other study material produced by ASI is a copyright of Monday SA2 Life Insurance and Care Insurance
ASI and is meant to be used either as a study material for examinations or as SA3 General Insurance
reference material by the members. The material is also supplied on demand, to SA4 Pensions and Other
academic institutions for library purposes. The material whether produced by Employee Benefits
ASI or that of Institute of Actuaries and ActEd is strictly for use by the purchaser SA5 Finance
only and for the purpose as stated above. SA6 Investment
Caution: Any direct or indirect use of the material for the purpose other than as 16/05/06 CT3 Probability & 10.30 – 13.30 Hrs CT7 Economics 14.30 - 17.30 Hrs
mentioned above will invite disciplinary action under ASI’s code of conduct such Tuesday Mathematical Statistics
as suspension or removal from membership including that of communication to 17/05/06 CT4 Models ST2 Life Insurance 14.15* - 17.30 Hrs
the employer of the member for necessary action. Wednesday 1. CT4 (part 1) 10.30 – 12.00 Hrs
103 (Stochastic
Modelling)
2. CT4 (part 2) 12.00 – 13.30 Hrs
104 (Survival Models)
18/05/06 CT5 General Insurance, 10.30 – 13.30 Hrs ST3 General 14.15* - 17.30 Hrs
Thursday Life and Health Insurance
Contingencies
19/05/06 CT6 Statistical Models 10.30 – 13.30 Hrs ST4 Pensions 14.15* - 17.30 Hrs
Friday &Other Employee
Benefits
22/05/06 CT1 Financial 10.30 – 13.30 Hrs CT8 Financial 14.30 - 17.30 Hrs
Monday Mathematics Economics
23/05/06 CT2 Finance & 10.30 – 13.30 Hrs CA3 14.15* - 16.45 Hrs
Tuesday Financial Reporting Communications
24/05/06 ST5 Finance and 10.15* – 13.30 Hrs ST6 Finance and 14.15* – 17.30 Hrs
Wednesday Investment A Investment B
25/05/06 CA11 Assets 10.15* – 13.30 Hrs CA12 Liabilities 14.15*– 17.30 Hrs
Thursday and Asset-Liability
Management
Notes:
1 * Includes 15 mins. for reading question paper. Thereafter candidates
will have three hours except for CA3 (twand half hrs) for writing
the answers.
2 Arrangements for CT9 and CA2 will be announced separately
53 54
 Appendix 5(ii) Appendix 6
Examination Timetable –October/November 2006
Calendar of Important Closing Dates for Examination
FORENOON AFTERNOON
Date & Day Subject From To Subject From To Sr. No Particulars May 2006 Oct/Nov 2006
30/10/06 SA1 Health and Care 10.15*-13.30 Hrs. ST1 – Health and 14.15*-17.30 Hrs
1. New Admission for 31st January 2006 15th July 2006
Monday SA2 Life Insurance Care Insurance
SA3 General Insurance
Student Membership
SA4 Pensions and Other 2. Last date of filling 4th March 2006 11th March,2006
Employee Benefits Examination form 19th August 2006 26th August 2006
SA5 Finance With late fees of
SA6 Investment
25% per subject
31/10/06 CT3 Probability & 10.30 - 13.30 Hrs. CT7 Economics 14.30 -17.30 Hrs.
Tuesday Mathematical Statistics
3. Withdrawal of 4th April,2006 19th September 2006
01/10/06 CT4 Models ST2 Life Insurance 14.15*-17.30 Hrs. examination form
Wednesday 3. CT4 (part 1) 10.30 – 12.00 Hrs 4. Examination Dates 15th May 2006 30th October 2006
103 (Stochastic To To
Modelling)
25th May 2006 9th November 2006
4. CT4 (part 2) 12.00 – 13.30 Hrs
104 (Survival Models)
02/11/06 CT5 General Insurance, 10.30 -13.30 Hrs. ST3 General 14.15*-17.30 Hrs.
Thursday Life and Health Insurance
Contingencies
03/11/06 CT6 Statistical Models 10.30 – 13.30 Hrs. ST4 Pensions 14.15*-17.30 Hrs.
Friday &Other
Employee Benefits
06/11/06 CT1 Financial 10.30 – 13.30 Hrs. CT8 Financial 14.30-17.30 Hrs.
Monday Mathematics Economics
07/11/06 CT2 Finance & 10.30 – 13.30 Hrs. CA3 14.15*-16.45 Hrs.
Tuesday Financial Reporting Communicaions
08/11/06 ST5 Finance and 10.15*-13.30 Hrs. ST5 Finance and 14.15*-17.30 Hrs.
Wednesday Investment A Investment B
09/11/06 CA11 Assets 10.15*-13.30 Hrs. CA12 Liabilities 14.15*-17.30 Hrs.
Thursday and Asset-Liability
Management
Notes:
1 - * Includes 15 mins. for reading question paper. Thereafter candidates
will have three hours except for CA3 (twand half hrs) for writing the
answers.
2 - Arrangements for CT9 and CA2 will be announced separately
55 56
 Appendix 7 8. Shri Chhaju Ram Memorial Scholarship Endowment:
This prize money of Rs. 750/- is being awarded to the candidates securing
PRIZES AND AWARDS the highest marks in Subject CT2 - Finance & Financial Reporting in each of
Prize for Scoring Highest Mark in a subject the exam diet
1. Shri H V Krishnamurthy Prize: 9. Prof G S Diwan Centenary Commemoration Prize:
The prize money of Rs. 500/- is awarded to the candidate who secures This Prize money of Rs. 2000/- is awarded to candidates securing highest
the highest marks in subject CT3 – Probability & Mathematical Statistics marks and passing in subject CT8- Financial Economics in each of the
in each of the exam diets. exam diets.
2. Shri K R Talpade Memorial Prize: 10. Shri J R Joshi Prize Fund:
This prize money of Rs. 500/- is being awarded to the candidates securing The prize money of Rs. 1000/- to be awarded to candidates securing highest
the highest marks in Subject CT1 – Financial Mathematics in each of the marks and passing in subject CA3 - Communications in each of the
exam diets. examinations held in the year.
3. Shri K P Sarma Prize Fund: 11. Liyaquat Khan and K S Gopalakrishnan Prize Fund:
The prize money of Rs. 1000/- is awarded to the candidates who secures The prize money of Rs. 1000/- to be awarded to candidates securing highest
the highest marks in subject CT4 (part 1) – Stochastic Modelling in each marks in subject CA11 - Assets in each of the examination diet.
of the exam diets
12. Late Shri Janardan Pundalik Nerurkar Prize Fund:
4. Shri Atma Ram Memorial Scholarship Endowment:
The Prize money of Rs. 1000/- to be awarded to Candidates securing
This prize money of Rs. 500/- is being awarded to the candidates securing highest marks and passing in subject ST2 - Life Insurance in each of the
the highest marks in subject CT4 (part 2) - Survival Models in each of the exam diet.
examinations diet
13. Mr Peter Akers Prize Fund:
5. Shri Atma Ram Memorial Scholarship Endowment:
The Prize money of Rs. 1000/- to be awarded for the best performing
This prize money of Rs. 750/- is being awarded to the candidates securing
student in subject ST3 – General Insurance in each of the examinations
the highest marks in Subject CT5 - General Insurance, Life and Health
held in the year.
Contingencies in each of the exam diet
14. Shri K A Pandit Memorial Prize Fund:
6. Smt Parvati Devi Scholarship Endowment:
The prize money of Rs. 1000/- is awarded to students securing the highest
This prize money of Rs. 750/- is being awarded to the candidates securing
the highest marks in Subject CT6 - Statistical Models in each of the exam marks in Subject ST4 – Pensions and Other Employee Benefits in each
diet of the examination diet.
7. Prof R M Joshi Prize Fund: 15. Prof G S Diwan Memorial Prize Fund:
This prize money of Rs. 500/- is being awarded to the candidates securing The prize money of Rs. 750/- is awarded to the student securing the
the highest marks in Subject CT7 - Economics in each of the exam diet highest mark in subject SA2 – Life Insurance in each of the
examinations held during the year.
57 58
 ACADEMIC EXCELLANCE AWARD
TATA AIG Life Insurance Company Academic Excellence Award for Subject
CA11 – Assets
Eligibility
A student passing with highest marks in subject CA11: Assets in each of
the two examinations conducted in a Calendar Year. In case two or more
students get exactly the same marks, the three Examiners will be requested
to grade on some other criterion decided by them and the top one thus
selected will be eligible.
The Award
1. The eligible student for both the examinations in a year will get a cash
prize of Rs. 10,000/- each.
2. A Personalised silver Trophy. Each eligible student will keep it for six
months in the year.
3. The prize, Silver Trophy and a Letter of recognition/certificate of merit
will be awarded in a suitable function such as pre-GCA Dinner of
some other occasion at the hands of an official from TATA-AIG/ASI.
Birla Sun Life Academic Excellence Award for Subject CA3-Communications
Eligibility
A student passing with highest marks in subject CA3: Communication in
each of the two examinations conducted in a Calendar Year. In case two
or more students get exactly the same marks, the three Examiners will be
requested to grade on some other criterion decided by them and the top
one thus selected will be eligible.
The Award
1. The eligible student for both the examinations in a year will get a cash
prize of Rs. 10,000/- each.
2. A Personalised silver Trophy. Each eligible student will keep it for six
months in the year.
3. The prize, Silver Trophy and a Letter of recognition/certificate of merit
will be awarded in a suitable function such as pre-GCA Dinner of
some other occasion at the hands of an official from Birla Sun Life
Insurance/ASI.
59
Milliman Academic Award for Academic Excellence for Subject ST1: Health
and Care
Eligibility
A student passing with highest marks in subject ST1: Health and Care
Insurance in each of the two examinations conducted in a Calendar Year.
In case two or more students get exactly the same marks, the three Examiners
will be requested to grade on some other criterion decided by them and the
top one thus selected will be eligible.
The Award
1. The eligible student for both the examinations in a year will get a cash
prize of Rs. 10,000/- each.
2. A Personalised silver Trophy. Each eligible student will keep it for six
months in the year.
3. The prize, Silver Trophy and a Letter of recognition/certificate of
merit will be awarded in a suitable function such as pre-GCA
Dinner of some other occasion at the hands of an official from
Milliman/ASI.
Max New York Life Award for Academic Excellence for Subject ST2: Life
Insurance
Eligibility
A student passing with highest marks in subject ST2: Life Insurance in
each of the two examinations conducted in a Calendar Year. In case two
or more students get exactly the same marks, the three Examiners will be
requested to grade on some other criterion decided by them and the top
one thus selected will be eligible.
The Award
1. The eligible student for both the examinations in a year will get a cash
prize of Rs. 10,000/- each.
2. A Personalised silver Trophy. Each eligible student will keep it for six
months in the year.
3. The prize, Silver Trophy and a Letter of recognition/certificate of merit
will be awarded in a suitable function such as pre-GCA Dinner of
some other occasion at the hands of an official from MNYL/ASI.
60
EMB Consultancy (of UK) Academic Excellence Award in Subject ST3: General
Insurance
Eligibility
A student passing with highest marks in subject ST3: General Insurance in
each of the two examinations conducted in a Calendar year. In case two or
more students get exactly the same marks, the three Examiners will be
requested to grade on some other criterion decided by them and the top
one thus selected will be eligible.
The Award
1. The eligible student for both the examinations in a year will get a cash
prize of Rs. 10,000/- each.
2. A personalised silver Trophy. Each eligible student will keep it for six
months in the year.
3. The prize as well as Silver Trophy will be awarded in a suitable function
such as pre-GCA Dinner of some other occasion at the hands of an
official from EMB/ASI.
4. Appropriate publicity will be given to the eligible student in the Actuary
India and in an in-house publication of EMB
LIC of India Academic Excellence Award Subject ST4 – Pension and Other
Employee Benefits
Eligibility
A student passing with highest marks in subject ST4: Pension and other
employee benefits in each of the two examinations conducted in a Calendar
year. In case two or more students get exactly the same marks, the three
Examiners will be requested to grade on some other criterion decided by
them and the top one thus selected will be eligible.
The Award
1. The eligible student for both the examinations in a year will get a cash
prize of Rs. 10,000/- each.
2. A Personalised silver Trophy. Each eligible student will keep it for six
months in the year.
3. The prize as well as Silver Trophy will be awarded in a suitable function
such as pre-GCA Dinner of some other occasion at the hands of an
official from LIC of India/ASI.
61
4. Appropriate publicity will be given to the eligible student in the Actuary
India.
RGA Academic Excellence Award for Subject SA2 – Life Insurance
Eligibility
A student passing with highest marks in subject SA2: Life Insurance in
each of the two examinations conducted in a Calendar year. In case two
or more students get exactly the same marks, the three Examiners will be
requested to grade on some other criterion decided by them and the top
one thus selected will be eligible.
The Award
1. The eligible student for both the examinations in a year will get a cash
prize of Rs. 10,000/- each.
2. A Personalised silver Trophy. Each eligible student will keep it for six
months in the year.
3. The prize as well as Silver Trophy will be awarded in a suitable function
such as pre-GCA Dinner or some other occasion at the hands of an
official from RGA Re/ASI.
4. Appropriate publicity will be given to the eligible student in the Actuary
India and in an in-house publication/s of RGA Reinsurance
Royal Sundaram Alliance General Insurance Company Academic Excellence
Award for Subject SA3 – General Insurance
Eligibility
A student passing with highest marks in subject SA3- General Insurance in
each of the two examinations conducted in a Calendar year. In case two or
more students get exactly the same marks, the three Examiners will be
requested to grade on some other criterion decided by them and the top
one thus selected will be eligible.
The Award
1. The eligible student for both the examinations in a year will get a cash
prize of Rs. 10,000/- each.
2. A Personalised silver Trophy. Each eligible student will keep it for six
months in the year.
62
 The prize as well as Silver Trophy will be awarded in a suitable function
such as pre-GCA Dinner of some other occasion at the hands of an official
from Royal Sundaram Alliance General Insurance Company / ASI.
K A Pandit Consulting Actuary Memorial Award and Trophy for
Academic Excellence in Subject SA4: Pension and Other Employee
Benefits
Eligibility
A student passing with highest marks in subject SA4- Pension and Other
Employee Benefits in each of the two examinations conducted in a
Calendar year. In case two or more students get exactly the same marks,
the three Examiners will be requested to grade on some other criterion
decided by them and the top one thus selected will be eligible.
The Award
1. The eligible student for both the examinations in a year will get a cash
prize of Rs. 10,000/- each.
2. A Personalised silver Trophy. Each eligible student will keep it for six
months in the year.
The prize as well as Silver Trophy will be awarded in a suitable function
such as pre-GCA Dinner of some other occasion at the hands of an
official from M/s K A Pandit Consulting Actuaries/ ASI
Fellowship Prize
Meena Sidhwani Memorial Fund
Eligibility
A student who has cleared all the papers including exemptions leading to
fellowship within a span of 5 years from the date of admission as a student
in ASI or the actuarial body for which the exemption have been obtained. In
case there are more than one student, the selection will be done on the
basis of shortest time limit taken and highest mark in 400 series subject. In
case if equality still persists, then the prize will be shared equally. The
amount of prize will be decided by the Education Board on case-to-case
basis.
63 64