Centre Constitutes New Quality Review Board under Actuaries Act [Read Notification]
The Ministry of Finance Constitutes New Quality Review Board Under the Actuaries Act to Strengthen Oversight of the Actuarial Profession.
quality – review – board – TAXSCAN
quality – review – board – TAXSCAN
The Ministry of Finance (Department of Financial Services) has issued Notification No. S.O. 2022(E) dated 6th May 2025, officially constituting a new Quality Review Board (QRB) under the Actuaries Act, 2006.
The newly formed QRB will operate under the powers granted by Section 43(1) of the Actuaries Act, 2006, and will oversee the quality of professional services rendered by actuaries. The board will function as a review mechanism to ensure that actuarial work in India adheres to prescribed standards and maintains public trust in actuarial reporting and risk analysis.
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Composition of the QRB
The board consists of five members, as follows:
- Shri Supratim Bandyopadhyay – Former Chairperson, Pension Fund Regulatory and Development Authority (PFRDA)
Position: Chairperson Nominated by: Central Government - Shri Sanjeev Kumar Pujari – Former Executive Director, SBI Life Insurance Company Ltd.
Position: Member Nominated by: Central Government - Shri G. Ramaswamy – Former President, Institute of Chartered Accountants of India (ICAI)
Position: Member Nominated by: Central Government - Shri Gopal Kumar Vishwanath Roy – Fellow, Institute of Actuaries of India
Position: Member Nominated by: Council of the Institute of Actuaries of India - Ms. Padmaja Raghunathan – Fellow, Institute of Actuaries of India
Position: Member Nominated by: Council of the Institute of Actuaries of India
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Tenure & Nature of Service
- Nature of Posts: Part-time
- Tenure: Three years from the date of assumption of office, or until further orders, whichever is earlier.
Meetings & Remuneration
The procedure for meetings, service conditions, remuneration, and allowances for the Chairperson and Members will be governed by:
Actuaries Quality Review Board (Procedure for Meetings, and the Terms and Conditions of Service and Allowances of the Chairperson and Members) Rules, 2008
To Read the full text of the Notification CLICK HERE
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