The Institute of Actuaries of India (IAI) has decided to expel R. Kannan, a former member of Insurance Regulatory and Development Authority, for financial misconduct, said a member.
"The twelve member IAI's top governing council met Saturday in Mumbai and decided to expel Kannan from the institute's membership for life and also levy a fine of Rs.500,000," council members told IANS preferring anonymity.
IAI president M.Karunanidhi said: "I do not deny the council's decision. The institute will follow its procedure and make an announcement in due course."
Shocked at the development, actuaries said that this is the first time in the history of the institute a decision has been taken to ban a member for life.
Kannan was not available for comments.
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