The proposed changes also include the introduction of a formal framework for registration, regulation and oversight of actuarial firms, including disciplinary provisions.
“It is expected that the bill would be introduced in the monsoon session of the Parliament,” said a government official, adding that consultation with stakeholders is on.
“We have already issued a consultation paper seeking comments till April 23,” he added.
The proposed amendments aim to modernise and strengthen the regulatory framework governing the actuarial profession in line with global developments and emerging economic needs, the government said in its consultation paper.
“This is in sync with increasing FDI in the sector. As more insurance and pension companies come and further expand, we will need more actuaries and a comprehensive system to underwrite new policies and investments,” said a senior executive with a state-run insurer, adding that this expertise can also be used in other domains, including AI and computing.
In February 2026, India allowed up to 100% foreign ownership in the insurance sector to deepen penetration and attract overseas investment. The 100% limit will also apply to insurance intermediaries including brokers, reinsurance brokers, corporate agents, third-party administrators, surveyors and loss assessors, managing general agents and insurance repositories, subject to Insurance Regulatory and Development Authority of India (IRDAI) norms.
Earlier this year, IRDAI chairman Ajay Seth flagged an acute shortage of actuarial professionals, saying there is a need for a significantly larger pool of qualified actuaries to strengthen financial protection, particularly as India prepares to adopt risk-based capital (RBC) norms and converge with International Financial Reporting Standards (IFRS). The proposed amendments also allow actuaries to form partnerships with other professionals, enabling integrated and diversified services and enhanced transparency through mandatory disclosure of complaints, disciplinary actions and penalties in official registers to improve accountability.