Section 8 of AA 2006 : Section 8: Honorary, Affiliate And Student Members

Explanation using Example

Imagine a retired university professor, Dr. John Smith, who is highly respected for his contributions to the field of financial mathematics. Although Dr. Smith has never practiced as an actuary, the Council of the Institute of Actuaries recognizes his eminence and contributions to areas of interest to the actuarial profession. They decide to honor him by electing him as an honorary member of the Institute, as per Section 8(1) of The Actuaries Act, 2006. As an honorary member, Dr. Smith can now engage with the Institute and its members, sharing his knowledge and insights, but he does not have the right to vote in the Institute's meetings.