Code of Ethics

Approved by the General Conference of the Public Association

“Actuarial Society of Kazakhstan” Minutes No. 1 of February 23, 2017


 Code of Professional Conduct

Public Association “Actuarial Society of Kazakhstan”


Professional Standards which Set Forth Professional Conduct Rules for Actuarial Practice in the Republic of Kazakhstan.

The Public Association “Actuarial Society of Kazakhstan” (hereinafter – the ASK) is committed to encouraging every actuary to achieve and maintain the highest levels of technical competence and integrity. To this end, each Member of the Actuarial Society of Kazakhstan must abide by these professional and ethical standards.




A Member of the Actuarial Society of Kazakhstan (hereinafter – an Actuary) shall be aware of this Code of Professional Conduct, keep current with Code revisions and abide by its provisions.


Laws and regulations may impose binding obligations on an Actuary. Where the requirements of the law or regulation conflict with this Code, the requirements of the law or regulation take precedence.


Professional Integrity


For purposes of this Code, the term “Principal” means a client or employer of the Actuary.

An Actuary shall perform professional services with honesty, integrity, skill and care. An Actuary shall fulfill the actuary’s professional responsibility to any Principal. An Actuary may consider advising a Principal where a proposed course of action would, in the opinion of the Actuary be contrary to the public interest.


An Actuary shall act in a manner that fulfills the profession's responsibility to the public and upholds the reputation of the actuarial profession.An Actuary is responsible for ensuring that the Actuary’s work conforms to applicable practice standards in the Actuary’s area of work. An Actuary must take into account relevant mandatory practice-related guidance issued or endorsed by the ASK, and may take into account any non-mandatory practice-related information that is so issued or endorsed.


An Actuary shall not use a relationship with a third party or with a present or prospective Principal to attempt to obtain illegal or improper treatment from one such party on behalf of the other party.


An Actuary shall be subject to the disciplinary procedures prescribed in the ASK rules, including the right of appeal provided within those rules.


An Actuary who pleads guilty to or is found guilty of any misdemeanor related to financial matters or any felony shall be presumed to have contravened this Code and shall be subject to counseling and the ASK discipline process.








An Actuary with knowledge of an apparent, unresolved, material violation of the Code by another Actuary should consider discussing the situation with the other Actuary and attempt to resolve the apparent violation. If such discussion is not attempted or is not successful, the Actuary shall disclose such violation to the ASK Committee on Professionalism, except where the disclosure would be contrary to law or would divulge confidential information.


“Confidential information” refers to information not publicly available of which the Actuary becomes aware of during the course of rendering professional services to a Principal. It includes information of a proprietary nature or information which is legally restricted from circulation.


A violation of the Code is deemed to be material if it is important or affects the outcome of a situation, as opposed to a violation that is trivial, does not affect an outcome, or is one merely of form.


An Actuary is not expected to discuss an apparent, unresolved material violation of the Code with the other Actuary if either Actuary is prohibited by Law from doing so or is acting in an adversarial environment involving the other Actuary.


An Actuary shall respond promptly, truthfully, and fully to any request for information by, and cooperate fully with, an appropriate counseling and disciplinary body of the profession in connection with any disciplinary, counseling or other proceeding of such body relating to the Code. The Actuary’s responsibility to respond shall be subject to applicable restrictions on confidential information and those imposed by law.


Qualification Standards


An Actuary shall render opinions or advice, or perform professional services only when qualified to do so based on education, training and experience.

An Actuary is permitted to operate otherwise if the Actuary is working with another actuary who is fully competent and has the appropriate experience, or where the Principal would be disadvantaged if available advice was denied.


It is the professional responsibility of an Actuary to observe qualification standards that have been promulgated by the ASK and to keep current regarding changes in these standards.




An Actuary shall make full and timely disclosure to a Principal of all sources of compensation or other material consideration that the Actuary or the Actuary’s firm may receive in relation to an assignment for such Principal.


An Actuary who is not financially or organizationally independent concerning any matter related to the performance of professional services shall disclose to the Principal any pertinent relationship which is not apparent.


Conflicts of Interests


An Actuary shall not perform professional services involving an actual or potential conflict of interest unless:

a)      the Actuary’s ability to act fairly is unimpaired;


b)      there has been full disclosure of the

c)       actual or potential conflict to the Principal(s); and

d)     the Principal(s) have expressly agreed to the performance of the services by the Actuary.


If the Actuary is aware of any significant conflict between the interests of a Principal and the interests of another party, the Actuary should advise the Principal of the conflict and should also include appropriate qualifications or disclosures in any related communication.


Control of Work Product


An Actuary shall not perform professional services when the Actuary has reason to believe that they may be used to mislead other parties or to violate or circumvent the law.

Materials prepared by an Actuary could be used by another party to influence the actions of a third party. The Actuary should recognize the risks of misquotation, misinterpretation or other misuse of such material and should take reasonable steps to ensure that the material is presented clearly and fairly and that the sources of the material are clearly identified.


An Actuary shall, in communicating professional findings, show clearly that the Actuary takes responsibility for them. An Actuary shall indicate the extent to which the Actuary or other sources are available to provide the Principal with supplementary information and explanation about scope, methods and data in relation to the work performed.


An Actuary shall, in communicating professional findings, identify the Principal for whom these findings are made and the capacity in which the Actuary serves.




An Actuary shall not disclose to another party any confidential information obtained through a professional assignment performed for a Principal unless authorized to do so by the Principal or required by the ASK discipline process, but subject to what is required by applicable laws.


Courtesy and Cooperation


An Actuary shall perform professional services with courtesy and shall cooperate with others in the Principal’s interest.

Differences of opinion among actuaries may arise. Discussion of such differences, whether directly between actuaries or in observations made to a Principal by one actuary on the work of another, should be conducted objectively and with courtesy.


An Actuary in the course of an engagement or employment may encounter a situation such that the best interest of the Principal would be served by the Actuary’s setting out an alternative opinion to one expressed by another actuary, together with an explanation of the factors that lend support to the alternative opinion. Nothing in the Code should be construed as preventing the Actuary from expressing such an alternative opinion to the Principal.


A Principal has an indisputable right to choose a professional advisor. An Actuary may provide service to any Principal who requests it even though such Principal is being or has been served by another actuary in the same matter.


If an Actuary is invited to advise a Principal for whom the Actuary knows, or has reasonable grounds to believe, that another actuary is already acting in a professional capacity with respect to the same matter or has recently so acted, it would normally be prudent to consult the other actuary both to prepare adequately for the assignment and to make a judgment whether there are circumstances as to potential violations of this Code which might affect acceptance of the assignment. The Actuary should request the Principal’s consent to such consultation.











An Actuary shall not engage in any advertising or business solicitation activities with respect to professional services that the Actuary knows or should know are false or misleading. “Advertising” encompasses all communications by whatever medium, including oral communications, which may directly or indirectly influence any person or organization to decide whether there is a need for professional services or to select a specific person or firm to perform such services.


Titles and Credentials


An Actuary shall make use of the membership titles and credentials only where that use conforms to the practices authorized by the ASK.