CODE OF PROFESSIONAL CONDUCT
of the Public Association «Kazakhstan Chamber of Actuaries» (KCA)
Full name of the organisation: Public Association «Kazakhstan Chamber of Actuaries». Abbreviated name: PA «QCA» (KCA). Name in Kazakh: «Қазақстандық Актуарийлер Палатасы» Қоғамдық Бірлестігі (ҚАП ҚБ). Name in English: Public Association "Kazakhstan Chamber of Actuaries" (KCA). BIN: 260540032980.
APPROVED by resolution of the General Meeting of Members of the Public Association «Kazakhstan Chamber of Actuaries» (Minutes No. ____ dated «____» __________ 2026).
Place of approval: city of Almaty, Republic of Kazakhstan.
PREAMBLE
The purpose of this Code of Professional Conduct (hereinafter — the "Code") is to ensure that actuaries adhere to high standards of conduct, practice and qualification of the actuarial profession and thereby support the actuarial profession in fulfilling its responsibility to society.
An actuary is obliged to comply with this Code. An actuary who has committed a material violation of the provisions of the Code is subject to the procedures of professional counselling and discipline.
The Principles of the Code define the professional and ethical standards with which an actuary is obliged to comply in order to fulfil their responsibility to society and to the actuarial profession. The Annotations contain additional explanatory, educational and advisory material on how the Principles are to be interpreted and applied.
In addition to this Code, an actuary is obliged to comply with the applicable rules of professional conduct and ethical standards established by a recognised actuarial organisation for the jurisdictions in which the actuary renders actuarial services. Compliance with this Code is a condition of membership in the KCA and a condition of the use of the professional titles and designations conferred or recognised by the KCA.
The law may also impose obligations on an actuary. In the event of a conflict between the requirements of the law and the Code, the requirements of the law prevail. An actuary is obliged to know and keep up to date not only the Code but also the applicable legislation and rules of professional conduct of the jurisdictions in which they render actuarial services, and where necessary to arrange for the translation of such acts.
1. SCOPE OF APPLICATION AND DEFINITIONS
1.1 Scope of application
1.1.1 The Code applies to all members of the KCA (professional actuaries, candidate actuaries and other persons who have undertaken to comply with it), as well as to persons using the professional titles and designations of the KCA.
1.1.2 The Code applies to all actuarial services rendered by a person to whom it applies. Actuarial services are deemed to have been rendered in those jurisdictions in which the actuary anticipates their use, unless otherwise established by agreement.
1.2 Definitions
In the text of the Code the following concepts are used with the meaning indicated:
1.2.1 Actuarial communication — a written, electronic or oral communication issued by an actuary in respect of actuarial services.
1.2.2 Actuarial services — professional services rendered to a principal by a person acting in the capacity of an actuary. Such services include the provision of recommendations, advice, findings or opinions based on actuarial considerations.
1.2.3 Actuary — a person admitted to the class of membership to which the Code applies, by decision of any organisation that has adopted the Code. When the term "actuary" is used in lower case, it means any person practising in the capacity of an actuary, regardless of membership in an organisation or its classification.
1.2.4 Confidential information — information not in the public domain that becomes known to the actuary as a result of rendering actuarial services to a principal. It includes information of a proprietary nature, as well as information the circulation of which is restricted by force of law.
1.2.5 Law (legislation) — statutes, regulatory acts, judicial decisions and other acts possessing binding legal force; as applied to the Republic of Kazakhstan — the regulatory legal acts of the Republic of Kazakhstan in force.
1.2.6 Principal — the client or employer of the actuary.
1.2.7 Recognised actuarial organisation — an organisation admitted to full membership of the International Actuarial Association, or a body for the establishment of standards, counselling or discipline to which such an organisation has delegated authority. For the purposes of this Code the KCA acts as the recognised actuarial organisation in the Republic of Kazakhstan; the KCA also has the right to recognise other actuarial organisations in the manner established by it.
1.2.8 Professional ethics body — the Committee on Professional Ethics and Discipline of the KCA or another body authorised by the KCA to provide counselling, consider questions of compliance with this Code and apply disciplinary measures (clause 4.5 of section 4 of the Charter of the Public Association «Kazakhstan Chamber of Actuaries», hereinafter — the Charter).
2. PROFESSIONAL PRINCIPLES
PROFESSIONAL INTEGRITY
Principle 1. An actuary is obliged to act honestly, in good faith and competently, and in such a manner as to fulfil the responsibility of the profession to society and to support the reputation of the actuarial profession.
Annotation 1-1. An actuary is obliged to render actuarial services with knowledge and care.
Annotation 1-2. An actuary should not render actuarial services to any principal if the actuary has reason to believe that such services may be used to violate or circumvent the law or in a manner detrimental to the reputation of the actuarial profession.
Annotation 1-3. An actuary should not use a relationship with a third party or with a present or prospective principal in order to attempt to obtain from one of such parties unlawful or materially improper treatment in favour of the other party.
Annotation 1-4. An actuary should not engage in professional conduct involving dishonesty, fraud, deceit or misrepresentation, and should not commit acts that reflect adversely on the actuarial profession.
QUALIFICATION REQUIREMENTS
Principle 2. An actuary is obliged to render actuarial services only when they are qualified to do so on the basis of basic and continuing education and experience, and only subject to compliance with the applicable qualification requirements.
Annotation 2-1. It is a professional obligation of an actuary to comply with the applicable qualification requirements established by a recognised actuarial organisation for the jurisdictions in which the actuary renders actuarial services, and to keep track of changes to them.
Annotation 2-2. The absence of applicable qualification requirements for a particular type of assignment or for the jurisdictions in which the actuary renders actuarial services does not relieve the actuary of the obligation to render such services only where qualified in accordance with this Principle.
STANDARDS OF PRACTICE
Principle 3. An actuary is obliged to ensure that actuarial services rendered by them or under their direction conform to the applicable standards of practice.
Annotation 3-1. It is a professional obligation of an actuary to comply with the applicable standards of practice established by a recognised actuarial organisation for the jurisdictions in which the actuary renders actuarial services, and to keep track of changes to these standards.
Annotation 3-2. If a question arises as to the applicability of a standard of practice, or if an applicable standard is absent, the actuary applies professional judgement taking into account generally accepted actuarial principles and practice.
Annotation 3-3. If an actuary uses procedures that materially depart from those established by the applicable standard of practice, the actuary should be prepared to justify the use of such procedures.
COMMUNICATIONS AND DISCLOSURE OF INFORMATION
Principle 4. An actuary issuing an actuarial communication is obliged to take appropriate steps to ensure that such communication is clear and appropriate to the circumstances and the intended audience, and that it satisfies the applicable standards of practice.
Annotation 4-1. An actuary issuing an actuarial communication is obliged to ensure that such communication clearly identifies the actuary as the person responsible for it.
Annotation 4-2. An actuary issuing an actuarial communication should indicate the extent to which they or other sources are available to provide additional information and explanations.
Principle 5. An actuary issuing an actuarial communication is obliged, to the extent appropriate, to identify the principal (principals) for whom the communication is issued and to describe the capacity in which they are acting.
Principle 6. An actuary is obliged to disclose to the present or prospective principal, appropriately and in a timely manner, the sources of all direct and indirect material remuneration that the actuary or their organisation has received or may receive from another party in connection with the assignment for which the actuary renders or will render actuarial services to that principal. The disclosure of sources of material remuneration received or possibly to be received by the actuary's organisation is limited to sources known to the actuary or reasonably ascertainable by them.
Annotation 6-1. An actuary who is not financially and organisationally independent in respect of any matter related to the rendering of actuarial services is obliged to disclose to the principal any material relationship that is not apparent.
Annotation 6-2. An actuary working in an organisation that conducts activity in several locations (units) bears the obligation to disclose the sources of remuneration that their organisation may receive in connection with actuarial services for a particular assignment for that principal, regardless of the unit in which such remuneration is received.
CONFLICT OF INTEREST
Principle 7. An actuary should not knowingly render actuarial services involving an actual or potential conflict of interest, except in cases where:
7.1 the actuary's ability to act impartially is not impaired;
7.2 the conflict is disclosed to all present and known prospective principals whose interests are affected by the conflict; and
7.3 all such principals have expressly given their consent to the rendering by the actuary of the relevant actuarial services.
CONTROL OVER WORK RESULTS
Principle 8. An actuary rendering actuarial services is obliged to take reasonable steps to ensure that such services are not used to mislead other parties.
Annotation 8-1. An actuarial communication prepared by an actuary may be used by another party in a manner affecting the actions of a third party. The actuary should take into account the risks of misquotation, misinterpretation or other improper use of the actuarial communication and, in connection with this, take reasonable steps towards a clear and correct presentation, and include, where appropriate, restrictions on the distribution and use of the actuarial communication.
CONFIDENTIALITY
Principle 9. An actuary should not disclose to any party confidential information unless they are authorised to do so by the principal or obliged to do so by force of law.
PROFESSIONAL COURTESY AND COOPERATION
Principle 10. An actuary is obliged to render actuarial services with courtesy and professional respect and to cooperate with other persons in the interest of the principal.
Annotation 10-1. Differences of opinion may arise between actuaries, especially in the choice of assumptions and methods. The discussion of such differences between an actuary and another actuary, as well as comments made by an actuary to a principal regarding the work of another actuary, must be conducted objectively, with courtesy and respect.
Annotation 10-2. A principal has an unconditional right to choose a professional advisor. An actuary has the right to render services to any principal who so requests, even if that principal is being or has been rendered services on the same matter by another actuary.
Annotation 10-3. In the course of an assignment or work under employment, an actuary may encounter a situation in which the interests of the principal are best served by the actuary stating an opinion alternative to that expressed by another actuary, together with an explanation of the factors supporting such an alternative opinion. Nothing in the Code shall be construed as preventing an actuary from expressing to a principal such an alternative opinion.
Annotation 10-4. An actuary may be asked to advise a principal in respect of whom the actuary knows or has reasonable grounds to believe that another actuary has rendered or is rendering actuarial services on the same matter. In such a case the actuary has the right to consult with such other actuary both for proper preparation for the assignment and for a sound judgement as to the existence of circumstances related to a possible violation of the Code that could affect the acceptance of the assignment. The actuary should request the consent of the principal before conducting such a consultation.
Annotation 10-5. Where a principal has given consent to the consultation of a new or additional actuary on a matter on which the actuary renders or has rendered actuarial services, the actuary is obliged to cooperate in providing relevant information, provided that reasonable remuneration is received for the work of collecting and transmitting the relevant data and documents. The actuary may not refuse consultation or cooperation with a prospective new or additional actuary on the grounds of unsettled matters of remuneration with the principal, unless such refusal conforms to an agreement previously concluded with the principal. The actuary is not obliged to provide items of a proprietary nature, such as internal communications or computer programs.
ADVERTISING
Principle 11. An actuary should not engage in advertising activity or activity to attract clients in respect of actuarial services that the actuary knows or should know are false or misleading.
Annotation 11-1. Advertising activity and activity to attract clients encompass any communications, regardless of medium, including oral ones, that may directly or indirectly influence any person or organisation in deciding whether there is a need for actuarial services, or in choosing a particular actuary or organisation to render actuarial services.
TITLES AND DESIGNATIONS
Principle 12. An actuary has the right to use the membership titles and designations of a recognised actuarial organisation only in a manner consistent with the practice permitted by such organisation.
Annotation 12-1. "Title" means any title conferred by a recognised actuarial organisation and related to a particular position in such organisation. "Designation" means a specific indication of membership status in such organisation.
VIOLATIONS OF THE CODE OF PROFESSIONAL CONDUCT
Principle 13. An actuary who is aware of an apparent, unresolved, material violation of the Code by another actuary should consider the possibility of discussing the situation with that other actuary and attempt to resolve the apparent violation. If such a discussion is not undertaken or does not lead to a result, the actuary is obliged to report the violation to the professional ethics body, except in cases where disclosure would be contrary to the law or would entail the disclosure of confidential information.
Annotation 13-1. A violation of the Code is deemed material if it is important or affects the outcome of the situation, as distinct from a violation that is insignificant, does not affect the outcome or is of a purely formal nature.
Annotation 13-2. An actuary is not expected to discuss an apparent, unresolved, material violation of the Code with another actuary if either of them is prohibited from doing so by law, or if the actuary is acting in an adversarial environment involving the other actuary.
Principle 14. An actuary is obliged to respond promptly, truthfully and fully to any request for information from the professional ethics body and to cooperate fully with it in connection with any disciplinary, advisory or other proceeding of such body relating to the Code. The actuary's obligation to respond is subject to the applicable restrictions in respect of confidential information and the restrictions established by law.
3. APPLICATION AND DISCIPLINARY CONSEQUENCES
3.1 Monitoring of compliance with this Code, consideration of disciplinary cases and the application of disciplinary measures are carried out by the Committee on Professional Ethics and Discipline of the KCA in the manner established by the Charter and the internal documents of the KCA (clause 4.5 of section 4 of the Charter).
3.2 Disciplinary procedures ensure independence, impartiality and the right of the person held liable to be heard.
3.3 A material violation of this Code may entail the application of measures of professional sanction, up to the suspension or termination of membership in the KCA and of the right to use the professional titles and designations of the KCA, in the manner established by the internal documents of the KCA.
4. FINAL PROVISIONS
4.1 This Code is approved and amended by the governing bodies of the KCA in the manner established by the Charter.
4.2 In all cases of application of this Code, the KCA is guided by the principle of the priority of professional independence and the public significance of actuarial activity. The load-bearing institutional principles of the Chamber — the voluntariness of participation (section 3 of the Charter), the ownership by the KCA of professional standards and the qualification system (section 2 of the Charter), the prevention of conflict of interest (Principle 7 of this Code and the Conflict of Interest Prevention Policy of the KCA) — apply in conjunction with this Code, in particular in the interpretation of Principles 2, 3 and 7.
SIGNATURES
Chairman of the Board of the KCA:
______________________ / ____________________ / (signature) (full name)
Secretary of the General Meeting of Members of the KCA:
______________________ / ____________________ / (signature) (full name)
Seal.