IAI is a statutory body established under The Actuaries Act 2006 (35 of 2006) for regulation of profession of Actuaries in India. Objects of the IAI: The main objects of the Institute are (section 5 of the Actuaries Act, 2006); - To promote, uphold and develop the standards of professional education, training, knowledge, practice and conduct amongst Actuaries; - To promote the status of the Actuarial profession; - To regulate the practice by the Members of the profession of Actuary; - To promote, in the public interest, knowledge and research in all the matters relevant to Actuarial Science and its application; and - To do all such things as may be incidental or conducive to the above objects or any of them. Charitable Trust Act, 1950.