February 17, 2012

IAA adopts Principles of Professionalism for its Member Associations

version française

The International Actuarial Association (IAA) have taken another important step towards promoting the quality of actuarial practice globally by unanimously adopting a set of Principles of Professionalism for actuaries who belong to the IAA’s Full Member associations.

These principles will provide guidance to many aspects of the work of the IAA, including education, codes of professional conduct and the development of standards of actuarial practice, and may also be used by Full Member associations to provide professional guidance to actuaries in their own jurisdictions. These principles were developed by the Professionalism Committee of the IAA and presented to the IAA Council in October 2011 before being unanimously approved, on January 23, for adoption by its Full Member associations.

The development of the principles is in accordance with the IAA’s Strategic Plan that includes the following objective:

Establish, maintain and promote common standards of actuarial education and common principles of professional conduct. Promote the development and issuance of actuarial standards in the jurisdictions of all Full Member Associations, and the global convergence of actuarial standards.

The principles encompass the following core principles:

  • Knowledge and expertise: “An actuary shall perform professional services only if the actuary is competent and appropriately experienced to do so.”
  • Values and behaviour: “An actuary shall act honestly, with integrity and competence, and in a manner that fulfils the profession’s responsibility to the public and upholds the reputation of the actuarial profession.”
  • Professional accountability: “An actuary shall be accountable to a professional actuarial association or a similar professional oversight organisation.”

The IAA will now embark on specific actions, in collaboration with its member associations, which will endeavour to embed these principles in the work being done within the IAA itself and within the global actuarial profession.

To learn more about the IAA and its strategic objectives, contact the IAA Secretariat.

The International Actuarial Association (IAA) is the worldwide association of professional actuarial associations, with a number of special interest sections for individual actuaries. The IAA exists to encourage the development of a global profession, acknowledged as technically competent and professionally reliable, which will ensure that the public interest is served.
International Actuarial Association | Association Actuarielle Internationale
150 Metcalfe Suite 601 Ottawa, ON Canada K2P 1P1
Tel: 1-613-236-0886 | Fax: 1-613-236-1386
secretariat@actuaries.org | www.actuaries.org