The Evolution of the Regulatory Role in Russia Introduced to IAA Delegates
The International Actuarial Association (IAA) held its Council and Committee meetings in St. Petersburg, Russia, from May 25–29 at the invitation of the Russian Guild of Actuaries, one of its 68 Full Member associations.
The keynote lunch speaker was Mr Boris Kashin, Member of the State Duma and the Russian Academy of Sciences. In 2014, Mr. Kashin was influential in the adoption of a general law for actuarial services in the Russian financial market, which was the subject of an IAA press release. Now also acting as a representative of the Actuarial Council of the Central Bank of Russia, he addressed IAA delegates on how actuarial matters are dealt with in Russian legislation.
His presentation first described how the role of the actuarial profession is defined in the legislation. He went on to pose several questions about how best to define in law the key concepts of actuarial practice, while allowing for varying requirements in terms of both the precision and effectiveness of the definitions, and the technicalities of the law-making process.
The IAA strongly supports the formalisation of key actuarial roles in legislation, and will be working to respond to the points made in Mr Kashin’s presentation over the next few months. This important work supports the IAA’s strategic objective of improving recognition of the actuarial profession among other professionals and academics.
To learn more about the work of the IAA in this area, please contact the Supranational Relations Manager at the IAA Secretariat.