Chennai, Feb 24 (TIWN) Is the remittance of part of the consultancy fee to the Insurance Regulatory and Development Authority of India (IRDAI) by an employee as per service condition a professional misconduct?

Yes says, a Disciplinary Committee set up by the Institute of Actuaries of India (IAI).  The IAI Disciplinary Committee's decision would also have a bearing on the chartered accountants in a similar position as the Committee's report was also signed by Uttam Agarwal, then President of Institute of Chartered Accountants of India (ICAI), said a senior accountant.  The ICAI has similar rules for professional misconduct.  K.Subrahmanyam, retired Executive Director (Actuary), IRDAI, has knocked the doors of Telangana High Court seeking justice against IAI Disciplinary Committee declaring him as guilty of professional misconduct.  He also wondered about the IRDAI's silence on the issue after issuing him the permission in writing and accepting his remittance for several years.  The IAI's Disciplinary Committee in 2021 had declared Subrahmanyam as guilty of professional misconduct.  The misconduct he was accused of is the payment of a part of his actuarial consulting fee to the IRDAI while in service between 2000-2011 as per his employment condition.