\n\t\u00a0\n<\/p>\n
\n\tPURPOSE\u00a0\n<\/p>\n
\n\tThe code of conduct of the Estonian Actuarial Society (hereinafter EAS) complies with the principles of internationally accepted code of conduct\u00a0that is advanced by the Actuarial Association of Europe (AAE)\u00a0and it has been approved by the general meeting of the EAS.\u00a0\n<\/p>\n
\n\tThis Code of Professional Conduct states the ethical standards by which the actuary is expected to abide\u00a0when performing professional services\u00a0as well as in wider contexts.\u00a0The Code gives intended users of\u00a0professional\u00a0services confidence that they are carried out professionally and with due care.\u00a0\n<\/p>\n
\n\tThis Code is obligatory to every member of EAS\u00a0(in this Code: a full member, an associated member or a student member). Knowing the Code belongs to the list of professional responsibilities of the actuary.\u00a0\n<\/p>\n
\n\t\u00a0\n<\/p>\n
\n\tAPPLICATION\u00a0\n<\/p>\n
\n\tRegarding the Principles set out below:\u00a0\n<\/p>\n
\n\tGeneral:\u00a0All actuaries are expected to comply with Principle 1\u00a0in the performance of their work and in other contexts where their conduct could reasonably be considered to reflect on the actuarial profession.\u00a0\n<\/p>\n
\n\tProfessional services:\u00a0All actuaries are expected to comply with Principles\u00a02\u00a0\u2013\u00a05\u00a0in relation to professional services that they perform (whether on a paid or unpaid basis).\u00a0\n<\/p>\n
\n\tOther work:\u00a0In relation to work performed other than professional services (whether on a paid or unpaid basis), actuaries\u00a0should\u00a0exercise professional judgement to determine whether and\u00a0to what extent it is appropriate to comply with the spirit and intent of Principles\u00a02\u00a0\u2013\u00a05, taking into account the reasonable expectations of the intended user(s) of the work, the nature of the work, any other Code or standards that apply to the work and any other relevant factors.\u00a0\n<\/p>\n
\n\tSupport roles:\u00a0It is recognised that actuaries might act in a support role in which another person carries ultimate responsibility for the work performed.\u00a0Actuaries in support roles are expected to comply with the Code, though it is reasonable to expect that any assessment of their conduct by reference to the Code would have regard to such factors as their level of responsibility in relation to the matter and the extent of their relevant work experience.\u00a0\n<\/p>\n
\n\tSpirit and intent of the Code:\u00a0The Code is not an all-encompassing description of behaviours that\u00a0should\u00a0be adopted or avoided. Actuaries are expected to observe the spirit and intent of the Code, rather than interpret it only in a purely literal way.\u00a0\n<\/p>\n
\n\tConsistency with legal and regulatory requirements:\u00a0Nothing in this Code is intended to require an actuary to act in breach of legal or regulatory requirements. If there is an inconsistency between this Code and legal and\/or regulatory requirements, the legal and\/or regulatory requirements shall prevail. \u201cLegal requirements\u201d here does not extend to the provisions of agreed contracts.\u00a0\n<\/p>\n
\n\tDepartures\u00a0from the Code:\u00a0An\u00a0actuary is expected to follow the\u00a0actions\u00a0indicated\u00a0in this Code, unless to do so would produce a result or outcome that would be inappropriate or potentially misleading. If, in the performance of professional services, the indicated action is not followed, the actuary should disclose that fact to the intended user(s) of the professional services and provide the reason for not following the indicated action.\u00a0\n<\/p>\n
\n\t\u00a0\n<\/p>\n
\n\tDEFINITIONS\u00a0\n<\/p>\n
\n\tThe terms below are defined for use in this Code:\u00a0\n<\/p>\n
\n\tActuary\u00a0\u2013 A\u00a0member\u00a0of EAS.\u00a0\u00a0\n<\/p>\n
\n\tIntended User\u00a0\u2013 Any legal or natural person (usually including the\u00a0client) for whose use the actuary provides the results of professional services.\u00a0\n<\/p>\n
\n\tClient\u00a0\u2013 The party who engages the provider of professional services. An actuary\u2019s client may be that actuary\u2019s employer.\u00a0\n<\/p>\n
\n\tProfessional\u00a0judgement\u00a0\u2013 The judgement of the actuary, based on actuarial (or other relevant) training and experience.\u00a0\n<\/p>\n
\n\tProfessional services\u00a0\u2013\u00a0\u00a0\n<\/p>\n
\n\t\t\tAll services provided by an actuary that relate to a pension scheme\/fund,\u00a0insurance\/reinsurance\/financial services entity or financial transaction; and\u00a0\u00a0\n\t\t<\/p>\n<\/li>\n
\n\t\t\tAll other services provided by an actuary that are based upon actuarial considerations.\u00a0\n\t\t<\/p>\n<\/li>\n<\/ul>\n
\n\t\u00a0\n<\/p>\n
\n\tPRINCIPLES\u00a0\n<\/p>\n
\n\t1. Integrity\u00a0\n<\/p>\n
\n\tAn actuary\u00a0must\u00a0act honestly and with the highest standards of integrity.\u00a0\n<\/p>\n
\n\t2. Competence and Care\u00a0\n<\/p>\n
\n\tAn actuary\u00a0must\u00a0perform professional\u00a0services\u00a0competently and with care.\u00a0\n<\/p>\n
\n\t3. Compliance\u00a0\n<\/p>\n
\n\tAn actuary\u00a0must\u00a0comply with all relevant legal, regulatory and professional requirements.\u00a0\n<\/p>\n
\n\t4. Impartiality\u00a0\n<\/p>\n
\n\tAn actuary\u00a0must\u00a0not allow bias, conflict of interest or the undue influence of others to override professional judgement.\u00a0\n<\/p>\n
\n\t5.\u00a0Communication\u00a0\n<\/p>\n
\n\tAn actuary\u00a0must\u00a0communicate appropriately and meet all applicable reporting standards.\u00a0\n<\/p>\n
\n\t\u00a0\n<\/p>\n
\n\tAMPLIFICATION OF PRINCIPLES\u00a0\n<\/p>\n
\n\tThe following information, which forms part of the Code, is included in order to elaborate on how actuaries are expected to interpret and apply the principles.\u00a0\n<\/p>\n
\n\tThis information is not exhaustive. An actuary is expected to apply professional judgement as and when\u00a0necessary\u00a0to ensure that he\/she observes the spirit as well as the\u00a0intent\u00a0of the Code, rather than interpret it only in a purely literal way.\u00a0\n<\/p>\n
\n\t1. Integrity\u00a0\n<\/p>\n
\n\t1.1. An actuary\u00a0must\u00a0perform professional services with integrity, skill and care.\u00a0Subject to any legal, regulatory and professional requirements,\u00a0an actuary\u00a0should\u00a0fulfil the actuary\u2019s\u00a0professional responsibility to the\u00a0client.\u00a0\n<\/p>\n
\n\t1.2. An actuary\u00a0should not\u00a0act in a manner that\u00a0is likely to\u00a0damage\u00a0the reputation of the actuarial profession,\u00a0whether\u00a0in the performance of work or in other contexts in which conduct could reasonably\u00a0be considered to reflect on the actuarial profession.\u00a0\n<\/p>\n
\n\t1.3.\u00a0An actuary must not provide, or knowingly be associated with the provision of\u00a0information, nor engage in advertising or business solicitation, that the actuary knows or ought to know is\u00a0materially false or misleading, contains statements or information furnished recklessly or omits or\u00a0obscures information required to be included and as a result is materially misleading. If an\u00a0actuary becomes aware that the actuary has been associated with such information, the actuary\u00a0should take steps to be disassociated from the information. This provision does not preclude an\u00a0actuary from performing work based on:\u00a0\n<\/p>\n
\n\t\u2013\u00a0assumptions or methodology prescribed by the\u00a0client\u00a0or another party, provided that, if the actuary does not support the assumptions or methodology, the actuary discloses that fact to the intended user; or\u00a0\n<\/p>\n
\n\t\u2013\u00a0assumptions or methodology prescribed under legal, regulatory or professional requirements.\u00a0\n<\/p>\n
\n\t1.4. An actuary\u00a0should show respect\u00a0and\u00a0should\u00a0co-operate with others serving the actuary\u2019s client.\u00a0\n<\/p>\n
\n\t1.5.\u00a0Subject to any legal, regulatory or professional reporting obligations,\u00a0an actuary\u00a0must\u00a0respect the confidentiality of information received.\u00a0\n<\/p>\n
\n\t1.6. When an actuary is asked to take on professional services previously provided by another actuary, the actuary\u00a0must\u00a0consider whether it is appropriate to consult with the previous provider to establish whether there might be any\u00a0professional\u00a0reason not to take on the new responsibility.\u00a0\n<\/p>\n
\n\t2. Competence and Care\u00a0\n<\/p>\n
\n\t2.1. An actuary should perform\u00a0professional services carefully, thoroughly and in a timely manner.\u00a0\n<\/p>\n
\n\t2.2. An actuary\u00a0must\u00a0perform\u00a0specific\u00a0professional services only if:\u00a0\n<\/p>\n
\n\t\u2013\u00a0the\u00a0actuary is competent and appropriately experienced to do so, or\u00a0\n<\/p>\n
\n\t\u2013\u00a0the\u00a0actuary is acting on the advice of an individual who has the appropriate level of relevant knowledge and skill and the client\u00a0is aware that this is the case, or\u00a0\n<\/p>\n
\n\t\u2013\u00a0the\u00a0actuary is acting under the direct supervision of another actuary who is taking professional responsibility for the work.\u00a0\n<\/p>\n
\n\t2.3. Before communicating the results of professional services performed, the actuary should ensure that, to the best of the actuary\u2019s knowledge and reasonably held belief, the results are free from material error.\u00a0\n<\/p>\n
\n\t2.4.\u00a0An actuary should agree with the\u00a0client\u00a0the nature and scope of the actuary\u2019s responsibilities before commencing delivery of professional services.\u00a0\n<\/p>\n
\n\t3. Compliance\u00a0\n<\/p>\n
\n\t3.1. An actuary\u00a0must act in a manner than fulfils the actuarial profession\u2019s responsibility\u00a0to the public by\u00a0observing applicable technical and professional standards in work.\u00a0An\u00a0actuary\u00a0must\u00a0take into account any Guidance Notes and Standards of Practice approved by EAS.\u00a0\n<\/p>\n
\n\t3.2. An actuary\u00a0is subject to the\u00a0disciplinary procedures prescribed in the House Rules of EAS. An actuary has the right to appeal any judgment in accordance with these rules. An actuary\u00a0must\u00a0accept and obey the decisions made by the Disciplinary Court of EAS or the decisions made by the appeal procedure.\u00a0\n<\/p>\n
\n\t4. Impartiality\u00a0\n<\/p>\n
\n\t4.1. An actuary\u00a0must\u00a0not perform professional services involving an actual or potential conflict of interest\u00a0or involving bias\u00a0or perceived bias on the part of the actuary, unless the actuary\u2019s ability to act in an impartial manner is unimpaired and there has been full disclosure\u00a0to the\u00a0client\u00a0of the actual or potential conflict\u00a0or bias.\u00a0\n<\/p>\n
\n\t4.2. An actuary\u00a0should\u00a0disclose to the client, in writing and in a timely manner, all sources of income related to any assignment carried out for the client\u00a0(expect that, where the\u00a0client\u00a0is the actuary\u2019s employer, there is no requirement to disclose renumeration paid by the employer).\u00a0\n<\/p>\n
\n\t5.\u00a0Communication\u00a0\n<\/p>\n
\n\t5.1.\u00a0An actuary must communicate the results of professional services in a timely manner and in a style and format that is appropriate to the particular circumstances, having regard to the need to convey the implications of any analysis and advice included in the communication in a manner that is comprehensible to the intended user(s).\u00a0\n<\/p>\n
\n\t\u202f5.2.\u00a0Unless the actuary judges it disproportionate (in which event, departure from these requirements does not create a requirement for disclosure), an actuary should, in communicating the results of professional services:\u00a0identify that the actuary is the source of the\u00a0communication;\u00a0\n<\/p>\n
\n\t\u2013 identify that the actuary takes responsibility for the results, subject (if applicable) to any stated caveats;\u00a0\n<\/p>\n
\n\t\u2013\u00a0state\u00a0the capacity in which the actuary is acting;\u00a0\n<\/p>\n
\n\t\u2013 identify the\u00a0intended user(s)\u00a0of any\u00a0analysis and advice\u00a0included\u00a0in the communication;\u00a0\n<\/p>\n
\n\t\u2013 state the scope\u00a0and purpose\u00a0of the work;\u00a0\n<\/p>\n
\n\t\u2013\u00a0indicate to what extent and how\u00a0supplementary information and explanation\u00a0can be obtained from the actuary or another party.\u00a0\n<\/p>\n
\n\tApproved by general meeting, 06.2021<\/em>\n<\/p>\n \n\t\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":" \u00a0 PURPOSE\u00a0 The code of conduct of the Estonian Actuarial Society (hereinafter EAS) complies with the principles of internationally accepted code of conduct\u00a0that is advanced by the Actuarial Association of Europe (AAE)\u00a0and it has been approved by the general meeting …<\/p>\n","protected":false},"author":101,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"class_list":["post-15","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/sisu.ut.ee\/aktuaar\/wp-json\/wp\/v2\/pages\/15","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sisu.ut.ee\/aktuaar\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/sisu.ut.ee\/aktuaar\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/sisu.ut.ee\/aktuaar\/wp-json\/wp\/v2\/users\/101"}],"replies":[{"embeddable":true,"href":"https:\/\/sisu.ut.ee\/aktuaar\/wp-json\/wp\/v2\/comments?post=15"}],"version-history":[{"count":1,"href":"https:\/\/sisu.ut.ee\/aktuaar\/wp-json\/wp\/v2\/pages\/15\/revisions"}],"predecessor-version":[{"id":110,"href":"https:\/\/sisu.ut.ee\/aktuaar\/wp-json\/wp\/v2\/pages\/15\/revisions\/110"}],"wp:attachment":[{"href":"https:\/\/sisu.ut.ee\/aktuaar\/wp-json\/wp\/v2\/media?parent=15"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}