Actuarial Society of Kazakhstan
The professional organization of actuaries of Kazakhstan is called the Actuarial Society of Kazakhstan. The Society was legally registered on February 27, 2001.
In Kazakhstan the actuarial profession was established by the Law “On Insurance Activity” which became effective as of January 1, 2001 and introduced the new standards of accounting and financial reporting by insurance organizations, principles and standards under which the insurance market should be organized in line with the international standards. Under the Law, each insurance (reinsurance) organization should have insurance reserves computed by a licensed actuary. According to the Law, a natural person who has a license for carrying out actuarial activity granted by the Agency of the RK for Regulation and Supervision of the Financial Market and Financial Organizations, can serve as an actuary. Qualification requirements and licensing procedures for actuaries are described in the Resolution of the Management Board of the National Bank of Kazakhstan # 120 dated April 20, 2001.
The training program for actuaries has been elaborated in 2000 by foreign actuaries: Michael Sze ( FSA , FCIA ), Charles MacLeod ( FSA , FCIA , MAAA ) and John Shepherd (a member of the Institute of Actuaries of Australia). The program consists of six training courses (two of which are basic, and four are specialized) covering the following areas of actuarial business: theory of interest and insurance mathematics, non-life insurance and reinsurance, life insurance, retirement insurance and social security, investments, financial statements of insurance organizations, stochastic modelling.
The Educational Committee with the Actuarial Society of Kazakhstan deals with the training of national cadres. The Society conducts training courses for actuaries and arranges qualification examinations on a regualr basis.
Course 1 and 2 are the basic courses. Courses 3 to 6 are more profound. Courses may be studied in any order. After the students successfully pass their exams on Courses 1 and 2, they may become the members of the Actuarial Society of Kazakhstan and get fixed up in the actuarial job.
In case the incumbents successfully pass their exams on Courses 1 – 4 and the exam for obtaining the license, the Agency of the RK for Regulation and Supervision of the Financial Market and Financial Organizations grants a license for carrying out actuarial activity. Those students that have passed their exams on all 6 courses become active members of the Society. 82 individuals are covered by the training program for actuaries in Kazakhstan, of which 36 have the actuarial license from the National Bank of Kazakhstan or the Agency of the RK for Regulation and Supervision of the Financial Market and Financial Organizations. 18 actuaries are active members of the Actuarial Society of Kazakhstan.
PA “The Actuarial Society of Kazakhstan” is an observing member in the International Actuarial Association.
At present the financial market in Kazakhstan is in need of professional actuaries. Actuaries with excellent education, considerable working experience with a large insurance company or a private pension fund, enjoying confidence from the governmental authorities and representatives of the insurance or pension industry, and pressing towards the enhancement of their professional level, have competitive advantages.