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Institute of Actuaries of India MRA FAQ

The Institute and Faculty of Actuaries (IFoA) and the Institute of Actuaries of India (IAI) signed a new Mutual Recognition Agreement (MRA) on the 10 November 2021.

We have answered your questions about the Mutual Recognition Agreement (MRA) between the IFoA and IAI in our Frequently Asked Questions (FAQ) below: 

What is the process of gaining membership from the IFoA by mutual recognition?

You can find the detailed process for joining the IFoA through the MRA route here on our IAI mutual recognition web page.  

If I’m an IAI Fellow completing an application to become a Fellow of the IFoA, what evidence do I need to provide?

You will need to provide evidence that you meet the criteria listed below as part of your application. A full list of documents to be included with your application are listed on the application form.

Do I need to hold a Certificate of Practice (COP) from the IAI to be eligible to apply for IFoA Fellowship through mutual recognition?

No. Holding a Certificate of Practice (COP) from the IAI is not a requirement for applying for IFoA Fellowship through mutual recognition. You will need to meet the criteria listed below if you want to make an application.

What are the fees for submitting an application for Fellowship of the IFoA through mutual recognition?

There are no fees to be paid when you submit an application for Fellowship through mutual recognition. Once your application has been approved, we will contact you about the payment of your IFoA membership subscription fees. You can find further information on our membership subscription fees on our subscriptions information web page.

Will IFoA or IAI membership fees change now the MRA is in place?

No. The IFoA and IAI set their own membership fees, which are not impacted by the MRA. If you are a member of another actuarial body which is a full member association of the International Actuarial Association (IAA) you can apply for IFoA Dual member status and fees.  You can find further information on our subscriptions information web page.

Can I apply for recognition of individual papers I have passed through mutual recognition?

No. You can only apply for recognition of your IAI Fellowship qualification through the IFoA and IAI MRA. 

If I have any exam exemptions, will they be recognised by the MRA?

The MRA recognises equivalent full qualifications and not individual exam exemptions. The mutual recognition agreement between the IFoA and IAI allows a Fellow of one institute to become a Fellow of the other institute, subject to meeting the criteria set out in the MRA.

Is there an automatic route to join the IFoA by mutual recognition?

No. If you meet the criteria listed below, you will need to complete an application form to join the IFoA through the MRA route

What are the criteria that I need to meet to gain IFoA Fellowship through mutual recognition?

The criteria you will need to meet to apply for Fellowship of the IFoA through mutual recognition are:

  • You have attained Fellowship of the IAI by completing the qualification requirements of IAI (not solely in recognition of membership of another actuarial association)
  • You are entitled to practice as a member of the IAI
  • In the event that there is no work experience requirement built into Fellowship of IAI, you have completed, as at the date of your application, at least three years post-qualification practical work-based experience of actuarial practice
  • You have undertaken a professionalism course as prescribed by IAI; and
  • You authorise in writing the IAI to release relevant records to the IFoA concerning any adverse disciplinary determination, finding, sanction, and/or penalty, to which you have been subject, in accordance with the IAI’s disciplinary process.

What is post-qualification work experience? Does this include work experience before achieving IAI Fellowship?

No. Post-qualification work experience is work experience you have completed after achieving Fellowship of the IAI. We only require evidence of your post-qualification work experience, if you were not required to complete work experience to achieve Fellow of IAI.

What will my Continuing Professional Development (CPD) requirements be as a Fellow of the IFoA, under the MRA between the IFoA and IAI?

If you become a Fellow of the IFoA through mutual recognition, your CPD requirements will be the same as other IFoA Fellows. You can find our CPD requirements listed here: https://www.actuaries.org.uk/learn-and-develop/continuing-professional-development-cpd

Is the requirement to take SA exam from IAI for the Appointed Actuary Role still valid?

The MRA between the IFoA and IAI allows Fellows of each institute to become a Fellow of the other, subject to meeting the criteria set out in the MRA. The MRA does not impact on the requirements for becoming an Appointed Actuary in India, which are set by the local regulator, the Insurance Regulatory and Development Authority (IRDAI).   You can find further details of the requirements to become an Appointed Actuary on the IRDAI website: https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_NoYearList.aspx?DF=RL&mid=8.3 

Which other organisations does the IFoA have MRAs with?

The IFoA has MRAs with other actuarial organizations, which are mutually exclusive to one another.  You can find details of the other MRAs that IFoA members can take advantage of on our MRA web page.

What are the benefits of the MRA between the IFoA and IAI for students in India?

The Mutual Recognition Agreement (MRA) between the IFoA and IAI ensures educational equivalence between qualifications covered by the MRA, enabling our members to gain recognition of the professional qualifications they have achieved. The MRA provides a route for Fellow members of each body to access the dual benefits of each body.   

Help and support

If you have any questions about your application, please contact our Member Services team, who will be happy to help you.

If you would like to find out more about the benefits of mutual recognition or speak to our India team you can contact us here

 

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Events calendar

  • Spaces available

    This session will focus on the transformation roadmap of the healthcare sector in KSA and the role of actuarial capabilities in enhancing its evolution to the desired end stage as per the objectives of the Vision 2030. The discussion will focus how the system has evolved so far and shed light on  the expected future changes. Through examining  the transformation, we will highlight how the sector is and can use actuarial  expertise to not only assist with this transformation but also use basic actuarial principles to identify the key risks and their respective mitigation strategies.

  • Spaces available

    The purpose of this research paper is to explore enterprise risk management lessons which can be learnt from the Covid-19 pandemic in preparation for potential future pandemics as well as other “gray rhino” or “black swan” events. This paper is not intended to be an all-encompassing solution to the issues presented by Covid-19; rather, the content has been provided to help drive discussions regarding how risk management processes may need to evolve in line with the dynamic nature of the underlying risks that they sometimes need to capture.

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    This session is for new candidates and existing candidates where we will be discussing the practical steps you need to take leading up your exam and on the day. We will be discussing how to testing the online exam platform, downloading and uploading your paper and key information from the Exam Handbook.

    The exam webinar is for candidates, new to IFoA exams and returning candidates, sitting in the September 2022 exam session.

  • Spaces available

    The role of Non-Executive Directors has become increasingly challenging and critical over the past few years.

    Big picture thinking, Governance knowledge, Independent mindset, Ambassador potential and Energy and commitment: these are the essential skills sought in a successful NED, according to the Chartered Governance Institute (UK & Ireland).

    In parallel, Environmental, Social and Governance (ESG) criteria are increasingly key and used by investors to measure the sustainability and ethical impact of investing in an organisation.

  • Spaces available

    This webinar will cover:

    • Some background on the risks of misselling in an ESG context, including the DWS case

    • Achieving positive impact is a strong antidote to the risks of greenwashing or ESG misselling, however this risks having a tension with fiduciary responsibilities

    • This tension can be resolved with a concept called Universal Ownership

    • Under Universal ownership, investors have an appetite to make a loss in order to achieve positive impact, and yet still have no compromise on their fiduciary responsibilities

  • Spaces available

    In the UK, the idea of collective defined contribution (CDC) pension schemes is gaining more attention with the launch of the Royal Mail CDC scheme, the first of its kind in the UK. Our recent research on CDC plans investigates the sources of the putative benefits of CDC schemes: the smoothing of pensions for members.  Using an attribution analysis to burrow into the scheme design, the reason for the smoothing of members' pensions is explained and understood.

  • Spaces available

    The IFoA's Infrastructure Working Party, led by Chris Lewin, will present its new introductory guide to infrastructure investment, which will be published on the IFoA web-site prior to the webinar.   Those readers whose institutions have already taken the plunge into infrastructure will know that it is a highly complex and diverse field of activity.   This guide does not explore all the matters which investors take into account, but it does discuss many of the more important points, including the risks and past returns, benchmarking, and ESG and SDG considerations.    Attendees will be invi

  • Social Care Agenda

    11 October 2022

    Spaces available

    Social care reform has long been on the to-do list for successive governments over the last two decades. In February, the government’s proposed reforms to adult social care [including cap on care costs] was published. Against this backdrop of funding promise and rising National Insurance taxation, in this session we will debate the resilience of these new proposals, the impact of future demand for care services and what role for the insurance industry and the important role it has played in long-term care funding in other countries where public-private partnership works.

  • Spaces available

    Health contributes to happiness at the personal, family, community and societal level.  Health, importantly underpins all our economic security. This talk will explore the drivers of our health, the measurement of health and the steps we can take to improve health – most of which lie outside the NHS.

  • GIRO Conference 2022

    ACC Liverpool  
    21 November 2022 - 23 November 2022
    Spaces available

    We are delighted to announce the return of GIRO as an in-person conference, giving you an opportunity to connect with actuaries in your practice area. Join leading experts to discuss key issues, emerging ideas, and new research across the General Insurance sector.

  • Life Conference 2022

    ACC Liverpool Kings Dock Liverpool Waterfront Liverpool Merseyside L3 4FP
    23 November 2022 - 25 November 2022
    Spaces available

    Life Conference returns as an in-person conference in 2022, giving you an opportunity to connect with your peers and fellow actuaries in your sector, in person. You will also hear leading experts discuss key issues, emerging ideas, and new research across the Life insurance sector.

  • Spaces available

    Mortality and morbidity risk varies by variables such as age, sex and smoking. In traditional actuarial experience analysis, these variables, and certain combinations thereof can be explored. However, with the wealth of data now available it is becoming increasingly challenging to identify the key drivers of experience and account for the interaction between different variables. A univariate approach often compares apples and pears, for example males are more likely to smoke and have larger policies than females. Likewise, variable interactions are missed unless specifically included.