"The government would also consider necessary legislative and administrative changes for the development of actuaries profession," Chaturvedi said at a global conference on actuaries organised by Ficci and Actuarial Society of India.

He said actuaries were important for insurance companies as they enabled financial decisions with more confidence by an analysis of the past and modelling of future in financial terms.

Actuaries are experts with relevant skills of statistical and probability analysis, finance and investment, projecting and forecasting both in life and non-life insurance.

On the IRA Bill, Chaturvedi said that the standing committee of parliament on finance would be submitting its recommendation by the end ofthis month. He expressed optimism on the passage of the bill in the forthcoming budget session of parliament. Earlier, IRA chairman, N Rangachary, said a professional institute similar to special ones for chartered accountants and company secretaries, should be set-up for actuaries for recognition of this profession.

"Today, we have the Actuarial Society of India as an independent society, but I look at the establishment of a separate institute for their recognition as professionals," he said. The regulator would consider the recognition of the profession from the government by setting up a separate institute by changes in the insurance legislation, he told participating insurance professionals.