Regulation of Actuarial Profession in the Russian Federation
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1 Regulation of Actuarial Profession in the Russian Federation Департамент развития финансовых рынков Москва, ноябрь 2014
2 Federal Law 293-FZ On the Actuarial Activity in the Russian Federation dated Federal Law 293-FZ defines the terms actuary and appointed actuary defines the Role of the Bank of Russia in regulating of the actuarial activity from actuarial activity became regulated Actuary higher education in mathematics or economics member of a self-regulating organization no unexpunged or unspent convictions Appointed Actuary no less than 3 of the last 5 years of work experience in actuarial calculations pass the certification by a self-regulating organization (prove the compliance with the requirements every 5 years) 2
3 Federal Law 293-FZ On the Actuarial Activity in the Russian Federation dated sets the requirements for the standards and rules of the self-regulating organizations, code of conduct approves federal standards of actuarial activity forms the Council for actuarial activity holds qualification exams for candidates who want to join a self-regulating organization participates in the certification of appointed actuaries maintains the register of self-regulating organizations, the register of appointed actuaries carries out inspections of self-regulating organizations 3
4 Self-regulating organizations Requirements for registering a nonprofit partnership as a self-regulating organization no less than 50 members of such an organization; passing by the members of the organization through a qualification exam; presence of standards and rules of such an organization, code of conduct, meeting the requirements set by the Bank of Russia; presence of the professional development programme for the members. Functions of a self-regulating organization drafting and approval of standards and rules of the self-regulating organization, requirements for the qualification of the organization s members, code of conduct; maintaining the register of the self-regulating organization members; verification of conformity of the organization s members with the requirements for qualification set be the organization; carrying out the certification of appointed actuaries according to the procedure established by the Bank of Russia; holding the vocational and further trainings for the members of the organization. 2 self-regulating organization of actuaries are operating now in the Russian Federation 4
5 Qualification exams Qualification exams are held by the Bank of Russia by the time 3 qualification exams were held The programme of the qualification exams consists of 5 parts: financial mathematics; actuarial mathematics; investments; risk theory; legal basis of actuarial activity 5
6 Council for actuarial activity Aims: to assure coordination between self-regulating organizations and their interaction with government bodies and the Bank of Russia Functions: suggestion of lines of development of actuarial activity; drafting and approval of federal standards of actuarial activity; expertise of draft federal laws, regulatory legal acts; interaction with scientific, educational and international organizations; consulting; making suggestions of professional trainings for actuaries; consideration of recourses of self-regulating organizations 4 meetings of the Council have been held by this time 6
7 Standards of actuarial activity Federal standards Specify requirements for procedure of actuarial activity, are obligatory for actuaries, self-regulating organizations of actuaries and their members Standards of selfregulating organizations Specify requirements for procedure of actuarial activity in addition to adopted federal standards of actuarial activity if it is due to features of the actuarial activity and are obligatory for the members of such a selfregulating organization Are developed by the Council for actuarial activity with respect to international Standards of Actuarial Practice, adopted by the International Actuarial Association Are developed and adopted by the selfregulating organization in accordance with the requirements set by the Bank of Russia and can not contradict the federal standards of actuarial activity 7
8 Federal standards of actuarial activity Federal standard «General requirements for actuarial activity» Adopted by the Council for actuarial activity on , conformed by the Bank of Russia on An analog of the ISAP 1 General Actuarial practice, adopted by the International Actuarial Association Federal standards for business lines: «Actuarial evaluation of life insurance liabilities», «Actuarial evaluation of non-life insurance liabilities», «Actuarial evaluation of nongovernmental pension funds activity», «Terms and definitions used in carrying out actuarial activity» Plan of adopting and conforming the projects 2 quarter of 2015 Federal standard for assets evaluation (asset-liability matching), Federal standard for tariff rates for voluntary insurance evaluation, Federal standard for evaluation of liabilities of state non-budgetary funds Federal standard for economic capital evaluation (Economic Capital and Asset Pricing), Federal standard for reinsurance evaluation NEXT (by the end of 2015) NEXT (by the end of 2015) 8
9 Thank you for your attention!
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