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Ministry of Justice

Russian Federation

On October 20, 2014 No. 34367

INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 25, 2014 No. 3392-U

About requirements to standards and rules of self-regulatory organizations of actuaries, the code of professional ethics

This Instruction based on Item 3 of part 2 of article 8 of the Federal Law of November 2, 2013 No. 293-FZ "About actuarial activities in the Russian Federation" (The Russian Federation Code, 2013, No. 44, Art. 5632; 2014, No. 30, the Art. 4219) establishes requirements to standards and rules of self-regulatory organizations of actuaries, the code of professional ethics.

Chapter 1. Requirements to standards and rules of self-regulatory organization of actuaries

1.1. Standards and rules of self-regulatory organization of actuaries shall conform to the following requirements:

contain the provisions directed to non-admission (management) of conflict of interest of members of self-regulatory organization of actuaries, her workers and members of permanent collegiate organ of management of self-regulatory organization of actuaries;

contain requirements to procedure and the techniques of implementation of actuarial activities, mathematical models used when carrying out actuarial estimation;

contain the provisions which are not allowing implementation by members of self-regulatory organization of actuaries of activities to the detriment of other subjects of business or professional activity;

contain the provisions directed to the prevention and non-admission of unfair competition, making of the actions doing moral harm or damage to the customer, the Bank of Russia, other interested persons, their goodwill, the actions causing damage of goodwill of the member of self-regulatory organization of actuaries or goodwill of self-regulatory organization of actuaries;

to be developed taking into account types of activity of subjects to obligatory actuarial estimation and to include the terms used when implementing actuarial activities, the principles of actuarial activities and procedure for disclosure by actuaries of results of actuarial activities;

not limit members of self-regulatory organizations of actuaries in the choice of method of calculation or assessment.

1.2. The list and contents of standards and rules of self-regulatory organization of actuaries are determined by self-regulatory organization of actuaries.

1.3. If by self-regulatory organization of actuaries several standards and rules are developed, they shall not contradict each other.

1.4. When refining in one standard or the rule of self-regulatory organization of actuaries of provisions of other standard or the rule of self-regulatory organization of actuaries the reference about it joins in the standard or the rule of self-regulatory organization of actuaries bringing the corresponding refining.

1.5. In need of modification of the standard or the rule of self-regulatory organization of actuaries the conforming standards or the corresponding rule affirms in the new edition.

1.6. Standards and rules of self-regulatory organization of actuaries can contain provisions of dispositive nature. Such provisions shall contain conditions under which their failure to carry out by members of self-regulatory organization of actuaries is possible.

1.7. If standards and rules of self-regulatory organization of actuaries raise the questions of actuarial estimation or actuarial calculations taking into account types of activity of subjects to actuarial estimation, shall contain in them:

list of the conditions necessary for carrying out actuarial estimation or actuarial calculations;

requirements to content and amount of information necessary for carrying out actuarial estimation;

requirements to the assumptions, restrictions and assumptions used when implementing actuarial activities, to their content and reasons for their application;

conditions of application of the chosen methods and mathematical models, and also methods of determination of their adequacy to object of actuarial activities;

procedure of conducting check of results of actuarial calculations;

procedure and conditions of implementation by members of self-regulatory organization of actuaries of actuarial estimation with involvement of third-party specialists;

determination of admissible level of error of results of actuarial estimation.

1.8. Standards and rules of self-regulatory organization of actuaries, including in cases when they raise the questions of actuarial estimation or actuarial calculations, can contain other provisions.

Chapter 2. Requirements to the code of professional ethics

2.1. The code of professional ethics shall establish:

requirements to objectivity, conscientiousness, professionalism, independence of members of self-regulatory organization of actuaries when implementing of actuarial activities by them;

basic principles of professional ethics, professional behavior of members of self-regulatory organization of actuaries.

2.2. The code of professional ethics shall include the provisions providing use of the principles of professional ethics, professional behavior of members of self-regulatory organization of actuaries in case of their interaction:

with customers and other interested persons when implementing actuarial activities,

with governing bodies of self-regulatory organization of actuaries, its structural divisions, and also other members of self-regulatory organization of actuaries.

Chapter 3. Final provisions

3.1. This Instruction becomes effective after 10 days after day of its official publication in "the Bulletin of the Bank of Russia".

Chairman of the Central bank of the Russian Federation

E. S. Nabiullina

 

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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