Election as a Fellow or Associate of the Institute shall only take place as the result of examination following such course of education (if any) as the Council may from time to time prescribe. The Council shall elect as Fellows such persons having attained the age of 21 years, or as Associates such persons having attained the age of 18 years, as shall have completed such course of education (if any), as aforesaid, and shall have passed the qualifying examination for Fellowship or Associateship respectively. Such qualifying examination shall be held at such time or times not being less than once in every year, and at such place or places as the Council may from time to time determine. The Council to the Annual Conference held next after the results of such examination shall have been declared shall report the election to Fellowship and Associateship of the successful candidates of each qualifying examination. Provided always that such course of education and examination or either of them may be dispensed with or modified in such cases (whether individuals or classes) on such conditions and in such manner as may be prescribed by the Council of the Institute for the time being. The Council may also elect as Fellows and Associates of the Institute such persons, as are already Fellows and/or Associates of the unregistered institution, taken over by the Institute under or by virtue of its Memorandum. Fellows and Associates shall remain as such only so long as they continue to be Members of the Associated Institutes or Affiliated Institutes.
Honorary Fellows and Honorary Associates may be elected by an unanimous resolution of the Council at a meeting of which at least 30 days notice shall have been given to each Member of the Council with the names of the persons to be so elected and at which meeting not less than half of the total Members of the Council are present.
The Council to the Annual Conference held after such election shall report the names of such Honorary Fellows and Associates.
The Fellows and Associates, Honorary or by examination after election, shall respectively be entitled to use after their names the words Fellow of the Insurance Institute of India or Associate of the Insurance Institute of India or the initials F.I.I.I or A.I.I.I as the case may be.
Certificates may be given in the case of Fellows and Associates who, in addition to the qualifying examination have passed such examination as may from time to time be prescribed by the Council in any special subject not included in the qualifying examination; but no distinguishing words or marks shall be made in any of the publications of the Institute differentiating the holders of certificates granted in respect of any such examination.
Besides the qualifying examination for Fellowship and Associateship herein before specified, the Council may in each year hold an examination in the theory and practice of Insurance, or of any particular branch or branches thereof, which will be open to all those who have completed such courses of preliminary study and education (if any) as the Council may from time to time prescribe, and shall grant certificates to all candidates who have in such examination satisfied the examiners as to their proficiency and fulfill such other requirement as the Council may from time to time prescribe unless the Council specially waives the fulfillment of such other requirements.
The qualifications, method and terms of admission, privileges and obligations, including liability to expulsion or suspension, of Fellows and Associates shall be such as may from time to time be provided by the Council.
The decision of the Council with regard to election, expulsion or suspension, of a Fellow or Associate shall be final and binding.