The word ‘actuary’ occupationally has two meanings.
The first meaning is that of government regulation. Namely, the profession ‘actuary’ is included in the catalogue of professions in the Republic of Latvia. It means that an institution, company or organization engaged in certain activities, as described in the respective section of the catalogue of professions, may establish a position called ‘actuary’ and employ an individual who in their opinion is capable of performing the role.
The other meaning concerns professional capability. This meaning is rather more important than the previous one as it does not just describe a position occupied by an employee but a specific professional capability. In this case, the employee may have a position with a different title, yet be a professional actuary. The right to use a professional title like this one can obtain by becoming a Fellow of Actuarial Association (FAA). The professional FAA standard is an international standard formulated by the International Actuarial Association, an organization which unites national Associations of Actuaries.
The role of the actuary in insurance companies is starting to change dramatically, driven by the coming needs of Solvency II.
For more information: http://www.insuranceriskandcapital.com/analysis/ca...
The first degree of the professional standard includes requirements for the actuarial education.
Globally, the key requirements regarding the actuarial education are formulated (and updated) by the International Actuarial Association (IAA). In order for a national Association of Actuaries to become a member of IAA it should comply with the educational requirements of IAA. Groupe Consultatif, the actuarial association forum of the EU member states, has also defined its educational requirements which are conceptually the same as those of IAA.
Since the Latvian Actuarial Association is small in numbers it is impossible to establish and maintain own system of educational requirements, therefore, the Latvian Actuarial Association uses the educational requirements of the British Institute of Actuaries.
There are two primary educational requirements for an actuary – training courses and the examination of professional qualification (professionalism). Training courses and examinations may be taken both at universities and other venues such as European Actuarial Academy. After training courses the candidate may be accepted an Associated Member of the Actuarial Association. The status of Fellow Actuarial Association (FAA) may be obtained after passing the examination of professionalism organized by the Latvian Actuarial Association.
British Association of Actuaries education requirements:
All CT and CA series of examinations;
Two of the ST series of exams and one of SA series of exams (optional).
Professional Development (CPD)
What is CPD?
Continuing Professional Development (CPD) may be defined as the development of knowledge and of technical, professional, personal, business and management skills and competencies throughout an actuary’s working life.
CPD refers to the development of the whole person with attention to technical actuarial skills, related professional skills, business and management skills, professionalism skills and personal skills such as independence of thought and time management.
All actuaries are encouraged to undertake CPD for the following reasons:
Code of Conduct
The Code of Conduct determines the professional and ethical standards and basic principles that should be observed by actuaries. The actuary should comply with the regulations of the Code of Ethics and should follow all the recessions to these regulations when rendering the professional services. The regulations of the Code of Ethics are equally applied to all professional actuaries in the Republic of Latvia.
The Code of Conduct is based on an assumption that the aim of the actuarial profession is to work in accordance with the best professional standards, in order to attain higher level of rendering of the services and generally satisfy interests of the society.
Contents of The Code of Conduct