On 14 December 1982, it was formally registered under Registration of Literary, Scientific and Charitable Societies Act XXI of 1960.

A certificate of registration of the ASI under section XII AA of Income Tax Act was received on 14 March 1984.

IAI is also registered under Public Charitable Trust Act 1950 Till 2002, multinational reinsurers setting up service offices in India imported actuaries due to severe shortage of skills domestically.

[1] By 2005, an Indian actuary with at least 7 years of post-qualification experience was paid about US$40,000 in annual salary.

The erstwhile Actuarial Society of India (ASI) was established in September 1944.