The recent proposal of IRDA to recognize foreign actuaries in India only from countries having a reciprocal relation with the Actuarial Society of India (ASI) has raised many eyebrows.

Today, the insurance sector is in the limelight due to favorable market conditions and increasing awareness on the part of the customers. This awareness gives the sector a big opportunity to grow. Fortunately, the scene is improving. Private players are coming forward to start up their insurance businesses. Insurance Regulatory and Development Authority of India (IRDA) is also taking serious initiatives to make this sector grow. Actuary is the key profession without which insurance sector is incomplete and in coming days it would also play a major role in the other sectors such as banking, pension providers business, insurance intermediaries business and also education.

Actuaries can be defined as the professionals who are masters at quantitative skills in mathematics and statistics, capable of analyzing past claims, present risks, predicting future pricing and developing new pricing models. Actuaries have become an integral component to every insurance firm's business. In India, actuaries are working in insurance businesses, consulting firms, IRDA, software development companies, and back-end and virtual offices for employers overseas. The actuarial role in all these companies is to discharge the monetary obligations such as pricing policies, underwriting and risk selection policies, administering the incurred costs, future development of information management system, look after company's investment policy, to make reinsurance arrangements with detailed information and finally managing company's surpluses and capital.

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