Govt working on amendments to Actuary Act, 2006: DFS official

Mumbai, The Department of Financial Services is closely coordinating with the Institute of Actuaries of India to bring certain amendments to the Actuary Act, 2006, a senior government official said on Friday.

"We are actively, as the Department of Financial Services, coordinating with the institute for bringing certain amendments to the Actuary Act of 2006," Debasish Prusty, Additional Secretary, DFS, Ministry of Finance, said while addressing the Actuaries Day 2026 conference by the Institute of Actuaries of India (IAI).

He said the proposed amendments will soon be discussed by the competent authorities.


"And very soon it is going to be discussed by the competent authorities and we will see that the latest innovations can be driven through certain set of amendments," he said.

The official also highlighted the expanding role of actuaries amid changes in the insurance and financial sectors.

Actuaries are increasingly moving beyond traditional areas such as life and general insurance pricing, reserving and risk mathematics into health insurance analytics, pension and retirement system design, climate and catastrophe risk modelling, artificial intelligence and machine learning-driven risk assessment.

The Institute of Actuaries of India's Education Policy 2026 has also broadened the curriculum to include data science, artificial intelligence, banking, climate risk and ESG.

He said actuaries would play a pivotal role in achieving "insurance for all" by designing affordable and sustainable insurance products, including microinsurance, for low-income groups, informal and gig workers, rural enterprises and women.

India's insurance penetration stood at 3.7 per cent of GDP in 2024-25, compared with a global average of 7 per cent, while insurance density was close to USD 100 against a global average of around USD 1,000, he said.

The official also said the insurance sector had attracted close to Rs 90,000 crore in total foreign investment, including foreign reinsurance branches, as of April 2026. The figure included around Rs 16,000 crore of signed capital for foreign reinsurance branches.