.-Any person signing as actuary under the Act shall be a Fellow of the Institute of Actuaries, London, or a Fellow of the Faculty of Actuaries in Scotland [or a Fellow of the Actuarial Society of India] [ Inserted by S.O. 961(E), dated 24.3.1992.]:Provided that where application is made to the Controller of Insurance and it is shown to his satisfaction that the employment of an Associate of such Faculty of Actuaries, [or of such Actuarial Society,] [Inserted by S.O. 961(E), dated 24.3.1992. ] or of any other person having actuarial knowledge for any specified purpose is expedient in order to enable an insurer or a provident society to carry out any of his or its obligations under the Act, the Controller of Insurance may grant the application and permit such person to sign as actuary for the specified purpose, subject to such conditions and restrictions as the Controller or Insurance thinks fit to impose.
