CIA (e)Bulletin/(e)Bulletin de l'ICA
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March 2014

Russian Visitor Learns of Actuaries' Work Here and Abroad

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With Russia becoming an increasingly important player in the actuarial profession, the CIA was recently pleased to join the International Actuarial Association (IAA) in hosting a meeting with one of its key politicians.

Boris Kashin, a deputy in the State Duma of the Russian Federation and a member of the Standing Committee of Parliamentarians of the Arctic Region, was in Ottawa to meet representatives of the CIA and the IAA.

The Russian Guild of Actuaries has been a Full Member of the IAA since 2008, and has been an active contributor to the development of the global actuarial profession. It will also host the IAA Council and committee meetings in May 2016. Representing over 150 qualified actuaries, the guild represents the actuarial profession in the Russian Federation. It exists to establish and promote common education and professional standards, organize seminars and conferences, and represent the interests of the actuarial profession in Russia with educational institutions and private and governmental bodies, and at the international level through the IAA.

Mr. Kashin’s visit came in the wake of a major decision by the Duma: it recently passed a general law governing actuarial services in the Russian financial market. This 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.

From left, CIA President Jacques Lafrance, Boris Kashin, IAA executive director Nicole Seguin, and Dave Pelletier, Chair of the IAA Actuarial Standards Committee.


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