New Russian law incorporates global principles for a strong actuarial profession

21 Feb, 2014, 13:30 ET from International Actuarial Association

OTTAWA, Feb. 21, 2014 /PRNewswire/ - The International Actuarial Association (IAA) is pleased to announce that the Russian Federation's State Duma recently passed a general law for actuarial services in the Russian financial market.

This draft legislation, which can serve as a model for other countries, is based on the IAA's established principles of professionalism for the actuarial profession which include:

  • defining "actuary" as a member of a professional organization (self-regulated organization, or SRO);
  • establishing requirements for a code of conduct, a system of qualification and a discipline process for SROs;
  • setting equal minimum qualification requirements for the admission of actuaries in SROs;
  • requiring a mandatory continuing professional development system in SROs; and
  • referencing global actuarial standards (since 2009 the IAA has been developing such standards in response to a G20 initiative and requests from international regulators).

The actuarial profession is unique in that it is the first profession known to have organized itself on a truly global basis, with a common code of conduct, internationally agreed qualification standards, an international voice and the ability to develop international standards of practice in a framework form.

The International Actuarial Association
Founded in 1895, and restructured in 1998 with a new constitution, the International Actuarial Association is the worldwide association of professional actuarial associations, with a number of special-interest sections for individual actuaries. The IAA exists to encourage the development of a global actuarial profession that is acknowledged as technically competent and professionally reliable, ensuring that the public interest is served. The IAA has 65 Full Member Associations, representing 98 percent of qualified actuaries worldwide, and 28 Associate Member Associations.

The Russian Guild of Actuaries
Established in 2002, the Russian Guild of Actuaries was admitted as a Full Member of the IAA in November 2008. Representing over 150 qualified actuaries, the Guild represents the actuarial profession in the Russian Federation. The Guild exists to: establish and promote common education and professional standards; organize seminars and conferences; represent the interests of the actuarial profession in Russia with educational institutions, private and governmental bodies, and at the international level through the IAA.

SOURCE International Actuarial Association