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Code of Conduct
The Code of Conduct governs the professionalism of members of the Actuarial Society based on the following main principles:
- Professional accountability to the Actuarial Society of South Africa.
- The demonstration of ethical behaviour.
- The application of specialist , up-to-date knowledge and expertise
Code of Conduct – Who to Contact?
With a lot of market abuse and corporate scandals in SA over the last few years we remind members of the requirements of the Code of Conduct, including that any member who becomes aware of a prima facie contravention of the Code must report it to the Society.
Should you wish to lodge a complaint against a member of the Society, be uncomfortable with a situation you are finding yourself in or you want a sounding board on a professional issue, please contact the ASSA office.
Contact: imahomed@actuarialsociety.org.za
Disciplinary Procedure
The Disciplinary Procedure outlines the steps to be followed in the event of a complaint about the conduct by a member of the Actuarial Society. members are expected to whistle blow suspected professional misconduct when they become aware of this.
ASSA Founding Documents
The ASSA Constitution and By-laws governs the interest of the Society to watch over and protect the interest of the profession.
Guidance Notes
Guidance Notes consists out of: Standards Of Practice (SAP), Actuarial Practice Notes (APN) and Information Notes (IN)
Guidance Notes as the Standards of Practice builds on the principles of professionalism.
Standards of Actuarial Practice (SAPs), Advisory Practice Notes (APNs) and Information Notes (INs) are issued by Council to assist members in carrying out their professional responsibilities.
Difference between SAPs | APNs and INs
Standards of Actuarial Practice – SAPs
SAPs are standards that all members must adhere to and is build on the principles of professionalism.
A material breach of the SAP will in itself be grounds for a complaint under the applicable ASSA disciplinary procedures and will amount to strong prima facie evidence of unprofessional conduct.
A member choosing to depart from a strict interpretation of a SAP is strongly advised to disclose and justify any such departure in their report.
Actuarial Practice Notes – APNs
APNs provide advice to members to guide them in their relevant area of practice.
Failure to comply with an APN will not in itself constitute grounds for a complaint under the applicable ASSA disciplinary procedures. However, the Disciplinary Committee investigating an allegation of unacceptable or unprofessional conduct will take into account the extent to which a member complied with an APN in this category.
It is recommended that any departure from an APN be disclosed.
Information Notes – INs
An IN is an educational document that provides information on current or emerging practices in relation to a practice area. It is not intended to prescribe requirements or provide formal actuarial guidance. It serves to familiarise members with approaches that might be taken and to demonstrate how the actuarial profession might approach the topic. An IN does not impose any obligation on any member to promote or apply the practices described. It is not a definitive statement as to what constitutes generally accepted practice in the area under discussion and the language used is not directive.
Practicing Certificates
A Practising Certificate is set up to certify that an actuary meets certain requirements to practice in a specific area in a South African context, with specific reference to requirements for statutory purposes. These certificates are required for:
- The statutory actuary of long-term insurers
- The valuator of retirement funds (defined benefit and defined contribution)
- Members for tribunal in terms of section 15K of the Pension Funds Act
- Valuators of friendly societies
- Healthcare actuaries
- The statutory actuary of short-term insurers
Practising Certificates will only be issued (or renewed) for applicants who are employed by Registered Service Providers (RSP), or if they themselves have been registered as such.
Below is the required information for applications and requirements for practicing certificates per practice area:
Practice Certificates Applications, Renewals and Requirements:
Life Insurance
Healthcare
Short Term Insurance
Retirement Funds
Micro-Insurance
Submit applications to: nseptember@actuarialsociety.org.za