M/S. K. A. Pandit was established on 1st February, by Shri Kantilal Anandrai Pandit (B.Sc, FIA (London)) with the aim to provide comprehensive consultancy services. Since then, a vast array of services such as Product Pricing, Liability Measurement and Recognition, Certification, Consulting and Actuarial Valuations as required by the Controller of Insurance were provided to about 100 life insurance companies across the globe.
The firm undertook Valuations of Life Interest and Remainder man's Interest under a trust as required under Indian Wealth Tax Act for more than 1000 trusts. It also undertook valuations of Life Insurance companies operating outside India while simultaneously conducting valuations of Gratuity and Pension Liabilities.
The Payment of Gratuity Act came into force making it mandatory to pay Gratuity to all establishments employing 10 or more employees. This resulted into a large number of establishments approaching the firm for such valuations.
A condition was incorporated in the Income Tax Act, 1961 that any Actuarial Provisions would be allowed only if there is an approved Gratuity Fund. As a result, more companies approached us to draft the trust deed and rules and get them approved from the Commissioner of Income Tax to avail the said benefit.
Mr. D. K. Pandit (L.L.B., AIA (London), FIAI (India), Approved Valuer) son of Shri K. A. Pandit joined as Partner in the firm.
Mr. Akshay Pandit (B.Sc (Statistics), PG Govt. Diploma in Computer Science, AIAI (India)), grandson of Shri K.A. Pandit, joined the Firm. It was then, that the firm designed a Unique Pension Scheme for large public sector organisations. Mr. Akshay Pandit helped the firm to become the first Indian establishment to provide product pricing for Life Insurance Company in Sri Lanka using a basic programming software.
On 5th October, the firm opened a branch in Ahmedabad, Gujarat to make Actuarial Services easily accessible to the industries in Gujarat.
Shri K. A. Pandit (FIA 1940) and Shri. A. Rajgopalan (FIA 1941) were honoured for having completed 50 years as FIA at the hands of Mr. Hugh Scurfield, the then President of Institute of Actuaries, London. The function was well attended and was telecasted nationally.
Mr. Jayesh Pandit (CA 1989), grandson of Shri K.A. Pandit developed a cost analysis of providing inflation linked benefits for the Banking Industry. These technological and methodological improvements when integrated in the working process helped the firm submit the report in 1992 thereby aiding the banking industry in India to implement the pension scheme w.e.f. 1993. The firm was instrumental in suggesting an amendment in the Income Tax rule of Pension schemes for the Banking industry. This rule is still in effect.
The firm completed 50 years and to mark that completion the firm published the first commemorative book which interalia contained the analysis of salary scales, withdrawal rates and mortality rates for various companies' employees classified into large, medium and small industries. This investigation was also submitted to the Actuarial Society of India
The firm continued to grow and gained membership of the consortium of big Actuarial firms in the world known as Abelica Global (formerly Woodrow Milliiman). Woodrow Milliman's principle firm namely, Bacon and Woodrow trained Mr. Akshay Pandit on their software for Life Insurance known as "Prophet". This training helped the firm in adapting to Prophet for the valuations of Life Insurance companies.
This year was marked by the announcement of opening the Insurance Market to Private Players which increased the scope of actuarial services. The Firm extended the Partnership to Leading Actuaries namely, Mr. M. G. Diwan (FIA (London), FIII, FIAI) for Life Insurance and Mr. N. K. Parikh (LLB, AIA (London), FIAI) and Mr. P. I. Majmudar (FIA (London), FCII, FIII, FIAI) for Non-Life Insurance. Mr. Akshay Pandit (AASI) also joined as a partner to expand the business in India and Abroad.
The firm started providing their services to start up life and non-life insurance companies for getting approval from Insurance Regulatory & Development Authority, India (IRDA). The firm with the help of the partners provided their services as an Appointed Actuary for various Non-Life Companies including 2 of the biggest insurers in India.
The firm on completion of 60 years published a further edition to the commemorative book which contained articles on Life Insurance, Non-Life Insurance, Pensions and articles on Accounting Standards.
The firm started valuing the Gurkha Welfare Trust Pension Scheme which is funded by the Queen of England.
The biggest medical scheme in India got approval of the Income Tax via the firm. Also, with the revision of Indian Accounting Standard - 15 and with the additional requirement of disclosures under International Accounting Standard - 19 the scope of our work increased considerably.
The firm expanded its operations in various countries such as Mauritius, Nepal, Middle East etc.
On 12th August, the Firm celebrated the birth centenary of the founder.
The firm, along with representatives of Ministry Of Finance, India and Commissioner of Provident Fund, India analysed the actuarial valuation of Employees Pension Scheme 1995 (EPS 95) as on 31st March 2009 using Pension Reform Options Simulation Toolkit (PROST) model developed by the World Bank based in Washington DC (USA). The firm developed an in-house software for employee benefits to conduct valuations.
The firm was chosen to assist the International Finance Commission on behalf of a Sri Lankan Company to price the agricultural products based on Weather Indices.
The firm organised a Seminar to share knowledge with industry players in Sri Lanka.
The firm celebrated 70 years and 25 years of practice in Mumbai and Ahmedabad respectively.
The firm helped the Government of India to amend the Employee Pension Scheme (EPS).
The firm conducted the very first valuation of the Employees Deposit Linked Insurance Scheme in India.
The firm conducted a Leave Availment Analysis, the findings of which were published in the actuarial journal, thereby showing acceptance by the Institute of Actuaries of India. Also, the firm was one of the sponsors' in the 20th Asian Actuarial Conference held in India.
The firm was a platinum sponsor while submitting papers and presentations on various topics in the 1st South Asian Actuarial Conference in Colombo, Sri Lanka. The firm valued various newly implemented Pradhan Mantri Yojana Guarantee Corporations.