The Institute of Actuaries was formed on 8 July 1848. The Royal Charter of Incorporation was granted to the Institute in 1884. The Charter defines the objects of the Institute as:

• in the public interest to promote knowledge and research in all matters relevant to actuarial science and its application;
• to regulate the practice by its members of the profession of actuary;
• to promote, uphold and develop the highest standards of professional education, training, knowledge, practice and conduct amongst actuaries and to publish codes of conduct and practice and guidance notes of all kinds;
• to promote the status of the actuarial profession and of those who are engaged in it in any capacity;
• to be a regulatory body for the purposes of any legislation and when appropriate to regulate or govern the carrying on of actuarial business

Since 1887 the Institute has been housed in Staple Inn, apart from a break of eleven years following the destruction of Staple Inn Hall by a flying bomb in August 1944.

• See also: the Faculty of Actuaries

The Council

The management and supervision of the affairs of the Institute are vested in a Council elected by the membership, the exercise of the Council's powers being subject to the control of the Bye-laws and General Meetings of the Institute. Council also has a framework for action which details its principal day-to-day responsibilities.

Five members of the Council (chosen by the Council) retire each year, and no retiring member, unless he or she had been co-opted to fill a vacancy, is eligible for re-election for at least a year. The Fellows are entitled to nominate candidates for election to the Council; each nomination must be signed by at least two Fellows. The new members of the Council are elected by a postal ballot of Fellows and Associates.

Much of the detailed work of the Council is dealt with by Practice Area Executive Committees, which meet frequently for this purpose.

In 2008 the Councils of the Faculty and Institute formed the Management Board, to succeed the Faculty and Institute Management Committee (FIMC), as a joint decision-making body above the level of the Executive Committees.  The Board has as much authority delegated to it by the two Councils as could be achieved within the present Charters, Rules and Bye-laws. This enables the Councils to concentrate on the strategic direction, objectives and policies for the UK actuarial profession and to support the Executive Committees on day-to-day matters through the Management Board.

Honorary Officers

A President, two Vice-Presidents, a Treasurer and two Honorary Secretaries are chosen annually by the Council. The President must be chosen from members or former members of the Council and the other Honorary Officers from members of the Council.

The Honorary Secretaries are available for contact by any member who wishes to speak confidentially to a senior actuary on a sensitive matter.

Members' Handbook

The Members' Handbook is no longer printed, as all the information formerly contained in it is now available on the website. Please contact Marion Young with any comments.

• Members' Handbook, index
  

Related links

• Joint Annual Report of the Councils, 2007/2008 [pdf]
• Institute of Actuaries financial statements, 2007/2008 [pdf]
• Royal Charter of Incorporation and Bye-laws
• The history of the actuarial profession