STANDARDS & ETHICS · STANDARDS & ETHICS
Standards of practice and ethics
Trust in the actuary rests on uniform standards of practice and the Code of Professional Conduct. The QCA owns the standards and adapts international practice to the Kazakhstani jurisdiction.
CODE
Code of Professional Conduct
14 principles and annotations — a condition of QCA membership.
ASOP
Standards of practice (ASOP)
57 translated and adapted standards of the Actuarial Standards Board.
DISC
Disciplinary procedure
Oversight, sanctions, and the right to a defence and appeal.
COI
Conflict of interest
Disclosure, rotation, separation of roles and recusal.
57
ASOP STANDARDS
ACTUARIAL STANDARDS OF PRACTICE
A catalogue of 57 translated and adapted standards of practice (Actuarial Standards of Practice; source — the Actuarial Standards Board, USA). The standards define the general principles for performing actuarial work, documentation, professional judgement, valuation of reserves, data quality and modelling.
ReservesData qualityModelsSolvencyIFRS 17Pensions
CODE OF PROFESSIONAL CONDUCT
14 principles
Compliance with the Code is a condition of QCA membership and a condition for using the Chamber's professional titles and designations.
1
Professional integrity
Act honestly, in good faith and competently, upholding the reputation of the profession.
2
Qualification
Provide services only when in possession of the necessary qualification and experience.
3
Standards of practice
Ensure that services comply with the applicable standards of actuarial practice.
4
Appropriateness of communication
An actuarial communication must be appropriate to the circumstances and the audience.
5
Identification of the author
Disclose in what capacity and on whose behalf a communication is issued.
6
Disclosure of remuneration
Disclose to the principal, in a timely manner, the sources of direct and indirect remuneration.
7
Conflict of interest
Do not provide services where a conflict of interest exists, except in cases of full disclosure and consent of the parties.
8
Control over use of work
Take reasonable steps to ensure services are not used to mislead.
9
Confidentiality
Do not disclose confidential information without proper grounds.
10
Professional courtesy
Act with courtesy and professional respect towards colleagues.
11
Advertising
Do not engage in misleading advertising or client-solicitation activity.
12
Titles and designations
Use membership titles and designations in good faith and in accordance with the rules.
13
Reporting violations
Report apparent, unresolved material violations of the Code.
14
Cooperation
Respond promptly, truthfully and fully to enquiries from disciplinary bodies.