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INTERNATIONAL ACTUARIAL ASSOCIATION

INTERNATIONAL ACTUARIAL ASSOCIATION. Sixth International professional Meeting of Leaders of the Actuarial Profession and Actuarial Education in Central and Eastern Europe. 22-24 April Dubrovnik Croatia. Kotlobovskiy Igor (Moscow State University) Guild of Actuaries Russia.

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INTERNATIONAL ACTUARIAL ASSOCIATION

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  1. INTERNATIONAL ACTUARIAL ASSOCIATION Sixth International professional Meeting of Leaders of the Actuarial Profession and Actuarial Education in Central and Eastern Europe 22-24 April Dubrovnik Croatia Kotlobovskiy Igor (Moscow State University) Guild of Actuaries Russia

  2. The role of actuaries and the actuarial association in the regulation and supervision of insurance and pension funds Legal framework (1) The Law “About nonstate pension funds” (1998). “Article 21. Actuary valuation of Fund activities. The activities of pension funds subject to annual actuarial valuation on total financial year. Actuarial conclusion include the result of actuarial valuation of the liabilities, reserves and accumulations. The requirements of qualification of actuaries established in order, determined by the Goverment of RF.”

  3. Legal framework (2) The Law “About organization the insurance business in RF” (10 December 2003) “Article 8’ Insurance actuaries Insurance actuaries - are the citizens of RF, who have the qualified certificate and work with insurer on the base of labour contract or legal-civil contract (comment of the author – can be employee or adviser) on calculation insurance tariffs, insurance reserves, estimation of investment project of insurer using the actuarial valuation. After the end of financial year Insurers must make the total actuarial estimation of insurance liabilities (reserves). The results of actuarial estimation must be reflected in conclusion, which must be present to Insurance Supervision Body (since 1 July 2007).

  4. Legal framework (3) Requirements to the order of installation of qualifications exams of Insurance actuaries, delivering and annulling the qualification certificates established by the Insurance Supervision Body (since 1 July 2006).” “Article 32’ Qualifications and other requirements Insurance actuary must have the document of higher mathematics (technical) or economic education which recognised in RF and qualification certificate confirming knowledge in the field of actuaries calculation.”

  5. The History of Actuarial Profession in Russia • Actuarial Association in Russia was established in1900 Developed profession in the begining of XX centure • The modern Actuarial Society was established in 1994. It was reregistered (according with the Law) and renamed to the Guild of Actuaries in 2002

  6. The role of Institute and Faculty of Actuaries (UK) and other foreign and international societies in establishing the actuarial profession in Russia: • Training and retraining (for the trainers) courses and seminars in different cities of RF • International meetings of IAA • Organizing the actuarial libraries in universities • Study visits to the Europe (UK, Denmark, Germany) • Scientifical seminar on “Mortality Tables” (2001)

  7. Activities of Guild of Actuaries in cooperation with Ministry of Finance and other Bodies • conducted 3 seminars with Ministry of Finance staff and authorities on the calculation of reserves in life insurance • prepared the draft of the rules of calculation reserves in life insurance and presented it to Insurance Supervision Department • made of examination and conclusion to the Methodology of calculation the tariffs in Compulsory MTPL, presented by MF • started the negotiations with MF about establishing the procedure of State actuarial certification on the base of the Law and negotiation with Former ministry of Education about establishing the actuarial profession • Took part in joint (with MF staff) study visit to London (November 2003) to the Institute of Actuaries,Sponsored by the project of EU “Insurance Advisory Services”.

  8. Actuarial education • Guild of Actuaries conducted the International Conference “Actuarial Education” (December 2003), sponsored by TACIS project “Insurance Advisory services”: • International standarts of Actuarial Education • Modern status and forms of Actuaries Education in RF • Challenge of business to Actuarial profession Conclusion – Russian actuarial education must be connected with the international standarts and the needs of Russian Insurance and pension markets

  9. Historical stages: 1991-1993 Single course in actuarial mathematics 1994-1995 A set of actuarial courses From the end of 90-th real actuarial specialisation, based on the wide economics and mathematical education (in some universities) Publishing a set of translated and russian textbooks

  10. University education(1) • MSU: • Faculty of Mechanics and Mathematics, first degree – Actuarial Specialisation. • Economic Faculty, first degree - General Courses in Mathematics, Actuarial mathematics and Insurance. Graduate level: General and Special courses in Mathematics, Actuarial Science (4), Risk Management and Insurance (12),Economics and Finance, Law and Institutions. • Faculty of Computer Science, first degree - Special courses in actuarial science.

  11. University education(2) St-Petersburg university, Economic faculty, first degree – actuarial specialisation. Ufa State Aviation Technical University, first level – part of a mathematics degree. High school of Economics, first level – special courses. Russia University of Friendship of Nations, first level – special courses. In several other universities (Tver, Novosibirsk, Cheboksary, Joshkar Ola etc.) – special courses in actuarial science.

  12. Participation of Guild of Actuaries in Education Guild of Actuaries • Published the conception and program of qualification exams (on the base of international standarts). • Translates the materials of Institute and Faculty of Actuaries, published materials and distributed them between the candidates to qualification exams. • Conducted the own qualification exams “Actuarial mathematics – 1” (January, April 2004), using the support of western experts, 41 participants (include participants from Ukraine and Latvia), 15 were successful.

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