Professional standard "Actuary"

Official source: Adilet / https://adilet.zan.kz/rus/docs/G2400000003 The relevance of the editorial office has been verified: 2026-06-21.

In accordance with clause 5 Article 5 of the Law of the Republic of Kazakhstan “On Professional Qualifications”, the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market DECIDES:

Approve the professional standard “Actuary” in accordance with the appendix to this resolution.
The Department of the Insurance Market and Actuarial Calculations, in accordance with the procedure established by the legislation of the Republic of Kazakhstan, shall ensure:

within five calendar days from the date of adoption of this resolution, its sending in the Kazakh and Russian languages to the Republican State Enterprise with the right of economic management "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan for official publication and inclusion in the Reference Control Bank of Regulatory Legal Acts of the Republic of Kazakhstan;
placement of this resolution on the official Internet resource of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market after its official publication;
within ten working days after the official publication of this resolution, submission to the Legal Department of information on the implementation of the measures provided for in subparagraphs 1) and 2) of this paragraph.

Control over the implementation of this resolution shall be assigned to the supervising Deputy Chairman of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market.
This resolution comes into force ten calendar days after the day of its first official publication.

Chairman of the Agency of the Republic of Kazakhstan on regulation and financial market development

M. Abylkasymova

Appendix to the resolution Agency Board Republic of Kazakhstan on regulation and development financial market dated January 29, 2024 No. 3

Professional standard "Actuary"

Chapter 1. General provisions

Scope of application of the professional standard: the professional standard “Actuary” was developed in accordance with Article 5 of the Law of the Republic of Kazakhstan “On Professional Qualifications”, Rules for the development and (or) updating of professional standards, approved by order of the Minister of Labor and Social Protection of the Population of the Republic of Kazakhstan dated September 7, 2023 No. 377 (registered with the Ministry of Justice of the Republic of Kazakhstan on September 11, 2023 under No. 33401), establishes requirements for the level of qualifications and competence, content, quality and working conditions, and is also intended for the formation of educational programs, including personnel training, development of materials for certification of employees and graduates of educational organizations, and solving a wide range of problems in activities in the financial market. Based on this professional standard, organizations can develop corporate professional standards for employees for internal use, specifying the level of professional education, the list of job functions, knowledge, skills and abilities, taking into account the specifics of the organization of production, labor and management, and their responsibilities. The professional standard "Actuary" applies to services provided by legal entities.
The following terms and definitions are used in this professional standard:

actuary - an individual who has passed exams under the minimum mandatory training program for actuaries, established by the regulatory legal act of the authorized body for regulation, control and supervision of the financial market and financial organizations (hereinafter referred to as the authorized body);
reserve for declared but unresolved losses - an assessment of the insurance (reinsurance) company’s obligations to make insurance payments, unfulfilled or not fully fulfilled as of the reporting date, including expenses for settling losses;
reserve of unearned premiums - part of the insurance premium (payments) under an insurance (reinsurance) agreement relating to the period of insurance protection remaining on the calculation date (unearned premium), intended to fulfill obligations to ensure upcoming payments, if they arise in the following reporting periods;
reserve for occurred but unreported losses (hereinafter referred to as IRNR) - an assessment of the obligations of the insurance (reinsurance) company to make insurance payments, including the costs of settling losses arising in connection with insured events that occurred in the reporting or preceding periods, the fact of occurrence of which, in the manner established by the law of the Republic of Kazakhstan or the contract, was not declared to the insurance (reinsurance) company in the reporting or preceding periods;
expenses for settlement of insurance losses - the amount of money needed by an insurance (reinsurance) company to pay for expert, consulting or other services related to assessing the amount and reducing damage (harm) caused to the property interests of the insured that arose in connection with insured events.

The following abbreviations are used in this professional standard:

NQF – national qualifications framework;
ORK – industry qualifications framework;
OKED – general classifier of types of economic activity;
ETKS – unified tariff and qualification directory;
KS - qualification reference book.

Chapter 2. Professional standard passport

Title of the professional standard: Actuary
Professional standard code: K66210
Indication of section, section, group, class and subclass according to OKED:

K Financial and insurance activities

66 Supporting activities in financial services and insurance

66.2 Auxiliary activities for insurance and pension provision

66.21 Assessment of insurance risks and losses

66.21.0 Assessment of insurance risks and losses

Brief description of the professional standard: Actuary covers professionals in the insurance industry.
List of profession cards:

Actuary - ORC level 7

Chapter 3. Profession Cards

9. Actuary profession card:

Group code:

2120-2

Class name code:

2120-2-001

Name of profession:

Actuary

ORK qualification level:

sublevel of qualification according to ORK:

Level of qualification according to ETKS, KS and other standard qualification characteristics:

Qualification directory positions of managers, specialists and other employees (Order of the Minister of Labor and Social Protection of the Population of the Republic of Kazakhstan dated December 30, 2020 No. 553 “On approval of the Qualification directory of positions of managers, specialists and other employees”, registered with the Ministry of Justice of the Republic of Kazakhstan on December 31, 2020 under No. 22003). Insurance analyst (underwriter) § 92 clause 195.

Level of professional education:

Education level: higher and/or postgraduate education

Speciality: Business and management Economics and business, Finance, Mathematics and statistics

Qualification: -

Work experience requirements:

Experience of at least one year in the field of actuarial research and (or) actuarial calculations in financial organizations, in an authorized body.

Connection with non-formal and informal education:

Other possible job titles:

4314-9-002 Actuarial calculation clerk

Main purpose of activity:

Analysis and management of financial risks associated with insurance, development of insurance tariffs and assessment of insurance reserves

Description of labor functions

List of labor functions:

Mandatory job functions:

1. Valuation of obligations under insurance (reinsurance) contracts 2. Development of a methodology for calculating the economic justification of insurance tariffs and analysis of the profitability of insurance products 3. Analysis and quantitative, financial assessment of risks and (or) financial obligations due to the presence of risks and drawing up actuarial opinions

Additional job functions:

Labor function 1: Valuation of obligations under insurance (reinsurance) contracts

Skill 1: Calculation of the reserve for unearned premiums, reserve for losses that did not occur, reserves for losses and additional reserves

Skills: 1. Calculation of unearned premium reserves. 2. Determination of forecast parameters affecting the amount of reserves. 3. Calculation of the probability of death, survival, accidents and other insured events. 4. Calculation of reserves for losses that have not occurred. 5. Definition and calculation. loss development ratios. 6. Calculation of loss reserves. 7. Determining the need for the formation of additional reserves under insurance (reinsurance) contracts. 8. Sampling and calculation of optimal models of actuarial calculations.

Knowledge: 1. Basics of probability theory (probability of an event, properties of probability, probability distribution, expected events). 2. Regulatory legal acts in the field of insurance. 3. Standards of Actuarial Practice. 4. Methods for calculating the reserve for non-occurring losses. 5. International Financial Reporting Standards (hereinafter referred to as IFRS standards) regarding reserves. 6. Actuarial methods for calculating loss reserves.

Possibility of skill recognition:

Skill 2: Determination of the reinsurer's share in insurance reserves (reinsurance assets)

Skills: 1. Determination of the share of liability under the reinsurance agreement. 2. Determining the amount of your own deduction. 3. Analysis of the reinsurance contract and determination of the reinsurer's coverage for reported claims (losses). 4. Determination of IBNR with and without the reinsurer's share.

Knowledge: 1. Basics and types of reinsurance. Reinsurance conditions for proportional and non-proportional reinsurance. 2. Regulatory requirements of authorized bodies for the calculation of insurance reserves. 3. Legislation on insurance and insurance activities. 4. IFRS standards.

Possibility of skill recognition:

Labor function 2: Development of a methodology for calculating the economic justification of insurance tariffs and analysis of the profitability of insurance products

Skill 1: Calculation of insurance rates and premiums

Skills: 1. Organization of collection, systematization and analysis of statistical information. 2. Calculation of the components of the insurance rate, including the probability of an insured event. 3. Identification of factors influencing the likelihood of an insured event and the severity of damage. 4. Formation of insurance rates depending on the package of risks and services. 5. Determination of fixed, variable, direct and indirect costs. 6. Determining the current expected value of cash flows.

Knowledge: 1. Fundamentals of probability theory. 2. Regulatory legal acts in the field of insurance and actuarial activities. 3. International Standards of Actuarial Practice. 4. Methods for assessing and forecasting losses in insurance (final accumulated, taking into account trends). 5. Determining the degree of influence of risks and factors on the amount of the insurance tariff.

Possibility of skill recognition:

Skill 2: Assessing the profitability of insurance products

Skills: 1. Determination of the main risks for which insured events occur. 2. Assessment of damage from the realization of certain risks included in the insurance product. 3. The use of mathematical models and their parameters that comply with the norms of actuarial activity to carry out actuarial calculations 4. Calculation of reserves for each year of insurance policies. 5. Optimal selection of actuarial assumptions. 6. Calculation of probability and determination of expected values. 7. Determining the inflow and outflow of funds both for an individual insurance policy and for a set of contracts.

Knowledge: 1. Law "On insurance activities".

2. Joint order of the Minister of Finance of the Republic of Kazakhstan dated February 6, 2018 No. 130 and Resolution of the Board of the National Bank of the Republic of Kazakhstan dated February 26, 2018 No. 23 “On approval of the Rules for presenting an opinion on the compliance of the size of insurance reserves for unearned premiums, unincurred losses, declared, but unsettled losses, occurred, but undeclared losses, requirements established by the legislation of the Republic of Kazakhstan on insurance and insurance activities" (registered in the Register of State Registration of Normative Legal Acts under No. 16569).

3. Understanding of insurance programs and conditions. 4. Methods of mathematical modeling and formalization of problems for carrying out actuarial calculations. 5. Criteria for selecting profitable projects. 6. Regulatory and methodological documents on actuarial practice.

Possibility of skill recognition:

Skill 3: Assessment of the solvency of an insurance (reinsurance) company, including stress scenarios

Skills: 1. Assessment of the liability of an insurance organization under insurance (reinsurance) contracts. 2. Calculation and assessment of the fair value of the assets of an insurance organization. 3. Conducting stress testing, determining possible losses in the event of stress scenarios.

Knowledge: 1. Law "On insurance activities". 2. Requirements for the risk management and internal control system of an insurance group. 3. Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Supervision of the Financial Market and Financial Organizations dated February 16, 2004 No. 35 “On approval of the Requirements for the procedure for conducting an internal audit of an insurance (reinsurance) organization, a branch of an insurance (reinsurance) organization - a non-resident of the Republic Kazakhstan" (registered in the Register of State Registration of Normative Legal Acts under No. 2752). 4. Operational activities of an insurance organization. 5. Requirements of regulatory legal acts for the procedure for assessing and calculating obligations under insurance (reinsurance) contracts. 6. Model building, actuarial modeling.

Possibility of skill recognition:

Labor function 3: Analysis and quantitative, financial assessment of risks and (or) financial obligations due to the presence of risks and drawing up actuarial opinions

Skill 1: Risk assessment

Skills: 1. Organization of collection, systematization and analysis of information. 2. Risk assessment. 3. Assessment of factors influencing the probability of risk occurrence.

Knowledge: 1. Fundamentals of probability theory. 2. Regulatory legal acts in the field of risk assessment. 3. International risk standards. 4. Risk assessments.

Possibility of skill recognition:

Skill 2: Drawing up actuarial opinions and determining loan amounts

Skills: 1. Organization of collection, systematization and analysis of information. 2. The use of mathematical models and their parameters that comply with the norms of actuarial activity to carry out actuarial calculations 3. Calculation of losses and redemption amounts. 4. Identification of factors influencing the likelihood of insured events occurring. 5. Insurance portfolio analysis.

Knowledge: 1. Fundamentals of probability theory. 2. Law "On insurance activities". 3. Requirements for the formation, methodology for calculating insurance reserves and their structure. 4. International standards. 5. Methods for calculating and assessing obligations under insurance (reinsurance) contracts.

Possibility of skill recognition:

Requirements for personal competencies:

Analytical thinking Stress resistance Ability to make quick decisions, work in a team Ability to formulate the results of calculations and research obtained

List of technical regulations and national standards:

The requirements for the level of qualifications and obtaining a permit from the authorized body are established by the Law of the Republic of Kazakhstan “On Insurance Activities” and the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated August 27, 2018 No. 191.

Connection with other professions within the ORC:

ORK level:

Name of profession:

Financial Analyst

Banking specialist

Capital Market Specialist

Risk Specialist

Insurance specialist

Chapter 4. Professional Standard Technical Data

Name of the government body: Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market.
Performer: Akhmambetov Olzhas Urumbekovich, +7 (727) 237-11-11 (6981), Olzhas.Akhmambetov@finreg.kz.
Organizations (enterprises) involved in the development: Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market.

Performers: Akhmambetov Olzhas Urumbekovich, +7 (727) 237-11-11 (6981), Olzhas.Akhmambetov@finreg.kz;

Industry Council for Professional Qualifications: Industry Council for Professional Qualifications in Demand in the Financial Market (Minutes No. 2 of December 20, 2023).
National Authority for Vocational Qualifications: Opinion dated December 15, 2023.
National Chamber of Entrepreneurs of the Republic of Kazakhstan "Atameken": Conclusion No. 17207/06 dated December 22, 2023.
Version number and year of manufacture: version 1, 2024.
Indicative review date: January 11, 2027.

If you find an error on the page, highlight the word or phrase with the mouse and press the key combination Ctrl+Enter