Actuarial Society of Kazakhstan

Actuarial Society of Kazakhstan

The Public Association «Actuarial Societyof Kazakhstan» was legally registered on February 27, 2001.

The specialty of the actuary was established in Kazakhstan by the Law on Insurance Activities, which came into force on January 1, 2001, which introduced new standards for accounting and financial reporting of insurance organizations, principles of organizing the insurance market in accordance with international standards. According to this legislation, each insurance (reinsurance) organization must have insurance reserves calculated by the licensed actuary. In accordance with the Law, an individual who has a license to perform actuarial activities issued by the National Bank Republic of Kazakhstan is entitled to act as an actuary. Qualification requirements and licensing rules for actuaries are contained in the Resolution of the Board of the National Bank of the Republic of Kazakhstan No. 151 of July 16, 2014.

The actuaries training program was developed in 2000 by foreign actuaries Michael Sze (FSA, FCIA), Charles MacLeod (FSA, FCIA, MAAA) and John Shepherd (member of the Institute of Actuaries of Australia). The program consists of six training courses (two basic and four special) covering the following areas of actuarial activity: interest theory and insurance mathematics, general insurance and reinsurance, life insurance, pensions and social insurance, investments, financial statements of insurance organizations, stochastic modeling.

Training of national personnel is carried out by the Education Committee of Actuarial Society of Kazakhstan, which periodically conducts actuarial courses and organizes qualification examinations.

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.

After successfully passing exams at courses 1-6 and examination for licensing, the National Bank of the Republic of Kazakhstan issues a license for actuarial activity.

The Actuarial Society of Kazakhstan is an observer member of the International Association of Actuaries.

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.

From August 18, 2017 Actuarial Society of Kazakhstan is Full Member of International Actuarial Association