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New Zealand Mail, Issue 661, 24 October 1884, Page 19

A Royal Charter' of Incorporation has just been granted to the Institute of Actuaries. It is expected that this will give the profession a better standing, and put a stop to the practice of “ quacks,” who have hitherto had a large share of the valuations of the smaller friendly societies in England. In the last report of the Government Actuary in London it is stated that more than half of these are insolvent, and, considering the large number of working men contributing to them, it was seen to be really a matter of national importance to have a legally recognised body of actuaries whose valuations might be depended on. The necessity for educated actuaries is even greater in the case of Insurance Companies, but these have usually been careful to employ professionally qualified men. By its new Charter the Institute will consist of three bodies —(1) Fellows, being those who have passed all the examinations, and are recognised as fully qualified professional actuaries. (2) Associates, who are at present not required to undergo any examination, but will in future have to pass certain examinations prescribed by the Council. (3) Students. Among the members connected with New Zealand are Mr Moody-Stuart (a Fellow), who was engaged on the valuations of the Mutual Life Association of Australasia in Sydney in 1879, and of our Government Insarance Department in 1880, and Mr Lyall, secretary of the Colonial Mutual Society in Dunedin, and Mr Frankland, Government Actuary here (Associates).