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Student

Any person who enrolls himself for examination of the Institute, and possesses such qualifications as is specified, is admitted as a student member of the Institute on such terms and conditions as is specified. A student member shall not have any rights to vote on any matter or resolution in any meeting of the Institute. The detail criteria for student membership is available in following link:

          1. Applicants from India - There are 2 ways of taking admission:-

Associate

Student member who have passed/been exempted all Core Technical series (CT1 to CT9) and all Core Application series (CA1 to CA3) subjects is eligible (on application) to become Associate Member of the Institute. An Associate member is entitled to use the letters "AIAI" after his name to indicate that he is an associate. An Associate member is eligible to vote in the election to the Council.

Associate Membership Application Form

Fellow

Any person who satisfies any of the following criteria can be admitted as fellow member of the Institute;

Fellowship (IAI Examination Route) ) for Students / Associate

Criteria

  • Should be current student member of IAI
  • A Student member should have passed all the prescribed examination of IAI or should have been exempted from one or more subjects as per rules [Core Technical (CT1 to CT9–Nine Papers), Core Application (CA1 to CA3 – three papers), Specialist Technical (ST0, ST1, ST2, ST4 to ST9 -Any two out of eight) and Specialist Application (SA1 to SA6-any one out of  six)]
  • Minimum 3 years of work based actuarial experience *
  • Attended India Fellowship Seminar (Validity - to be admitted as FIAI within 24 Months - counted from the month immediately succeeding the month of successful attending IFS Seminar) [Ref : IFS Principle Document (ver. 2.02/May 2012)]

Fellowship (Affiliate to Fellow Route)

Criteria

  • Confirmation from parent body that
    • He has attained fellowship by examination route. (Where IAI has Mutual Recognition Agreement)
    • His subscription is up to date
    • There is no Public Disciplinary sanction imposed against him
  • Work Experience :
  •  (a) Have been ‘ordinarily resident’ in India for at least one year and have gained suitable actuarial experience in India (For Institute and Faculty of Actuaries, UK and Institute of Actuaries of Australia) Or (b) Should have at least ten years of post-qualification General/Health Insurance actuarial experience (For Institute and Faculty of Actuaries, UK)
  • Three years period of substantive practical General Insurance Actuarial Work Experience whether pre or post FCAS qualification within the six year period immediately prior to the application for FIAI status (For Casualty Actuarial Society)
  • India Fellowship Seminar :
  • (a) have attended a professionalism course approved by the Institute of Actuaries of India for the purpose or (b) those IFoA members who have at least 10 years of post-qualification experience in General/ Health Insurance, the requirement of successful completion of professionalism course shall be relaxed for fellow members of IFoA provided they complete the professionalism course within 6 months of getting the fellowship. Under exceptional situation if the applicant is not able to complete the professionalism course within the said period of 6 months, the President, after evaluating the circumstances and recording the reasons thereof, may allow another 6 month period to complete the professionalism course. If such applicant fails to attend the professionalism course successfully within the aforesaid period, his fellow membership will be ceased immediately upon completion of the said period. This relaxation shall be valid till 31st Dec 2018 only. (For Institute and Faculty of Actuaries, UK)

Fellowship (MRA Route)

Criteria

  • Should be Fellow member of Institute and Faculty of Actuaries (UK), The Institute of Actuaries of Australia and The Casualty Actuarial Society
  • Confirmation from parent body that
    • He has attained fellowship by examination route
    • His subscription is up to date
    • There is no Public Disciplinary sanction imposed against him
  • Work Experience : (a) Have been ‘ordinarily resident’ in India for at least one year and have gained suitable actuarial experience in India (For Institute and Faculty of Actuaries, UK and Institute of Actuaries of Australia) Or (b) Should have at least ten years of post-qualification General/Health Insurance actuarial experience (For Institute and Faculty of Actuaries, UK)
  • Three years period of substantive practical General Insurance Actuarial Work Experience whether pre or post FCAS qualification within the six year period immediately prior to the application for FIAI status (For Casualty Actuarial Society)
  • India Fellowship Seminar : (a) have attended a professionalism course approved by the Institute of Actuaries of India for the purpose Or (b) those IFoA members who have at least 10 years of post-qualification experience in General/ Health Insurance, the requirement of successful completion of professionalism course shall be relaxed for fellow members of IFoA provided they complete the professionalism course within 6 months of getting the fellowship. Under exceptional situation if the applicant is not able to complete the professionalism course within the said period of 6 months, the President, after evaluating the circumstances and recording the reasons thereof, may allow another 6 month period to complete the professionalism course. If such applicant fails to attend the professionalism course successfully within the aforesaid period, his fellow membership will be ceased immediately upon completion of the said period. This relaxation shall be valid till 31st Dec 2018 only. (For Institute and Faculty of Actuaries, UK)
* Actuarial experience involving actuarial science as defined under section 2(1) (a) of the Actuaries Act, 2006 shall be considered for fellowship. The member should provide evidence of the experience and should justify that it involves application of actuarial science. (Decision taken in Council meeting dated 26 March 2016)
** Council vide in its meeting dated 25 March 2017 has decided that experience in General Insurance to be considered to include experience in Health Insurance.

Format for Experience Certificate
  • Must be printed on Company Letterhead
  • Name and Designation
  • Period of Actuarial Work
  • Brief description of Job profile Actuarial related work* and nature of work handled during the period e.g. Department, Responsibilities etc.
  • Must be signed by H R Manager or your Immediate Authority

Fellowship Application Form

Affiliate Member

Any person, who is a Fellow Member, or is a holder of membership considered equivalent to the Fellow Membership of IAI, of any other institution similar to the Institute, whether within India or outside India, is admitted as an affiliate member of the Institute. Currently, a person can be admitted as Affiliate member of the Institute only if Institute has Mutual Recognition Agreement with that Actuarial Body/Institute where the person is a fellow member (through examination route). An Affiliate member is not entitled to use the letters "FIAI" after his name. An Affiliate member shall NOT have any rights to vote on any matter or resolution in any meeting of the Institute.

Criteria for applying for Affiliate Member

  • Current Fellow of an Actuarial Professional Body where IAI has Mutual Recognition Arrangement (Currently IAI has MRA with IFA,UK & Institute of Actuaries, Australia and Casualty Actuarial Society)
  • Confirmation from parent body that he has attained fellowship by examination route
  • There is no Public disciplinary sanction imposed against him

Affiliate Application form

Honorary Fellow Member

The Council may, by a vote of not less than four-fifths of all its members, admit as an honorary member, a person who, on account of his eminence and his experience in matters related to the profession of actuary is considered to be able to render assistance in promoting the objects of the Institute provided that he is not practicing as an Actuary. The person to be considered for such admission shall satisfy all the requirements prescribed by the Council and duly approved by a General meeting of the Institute from time to time. An honorary member shall not have any rights to vote on any matter or resolution in any meeting of the Institute.

Mutual Recognition Agreement

Institute and Faculty of Actuaries (UK) - Link 1  Link 2
The Institute of Actuaries of Australia
The Casualty Actuarial Society

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