A three day Pensions seminar, co-sponsored by the Actuaries Without Borders (AWB) Section of the IAA and the Azerbaijan Actuarial Association, was held in Baku, Azerbaijan from November 13 to 15, 2012.

This seminar, which helped to build local actuarial capacity, was requested by the Actuarial Association of Azerbaijan in order to respond to needs that they identified. The government of Azerbaijan is beginning a process to consider reforms to its pay-as-you-go social security system and, at the same time, to introduce legislation to enable a private pensions market. The Ministry of Finance and the Azerbaijan Actuarial Association, recognizing that actuaries in that country do not have the necessary training to support a private pension system, called on AWB to provide this introductory course.

The Seminar was attended by approximately 40 actuaries currently employed by life insurance companies and Azerbaijan government agencies of finance and labor protection.

Instructors for the seminar included Doug Carey and Lindsay Neu from the USA, and Tony Hewitt from the UK. Topics ranged from professionalism to pensions and social security.

The Seminar was financially supported by contributions from AWB, the Ministry of Finance of Azerbaijan Republic, the Society of Actuaries and the International Section of the Society of Actuaries.

This activity contributes to IAA’s Strategic Objective 4 which is to stimulate and support the development of the actuarial profession and actuarial education in actuarially-developing countries. To learn more about the work of the AWB, please visit the AWB web site, or contact the Chairman, care of the IAA Secretariat.