Standards of Practice

Standards of Practice builds on the principles of professionalism.

Standards of Actuarial Practice (SAPs) and Advisory Practice Notes (APNs) are practice area specific standards and advisory notes. These are issued by Council to assist members in carrying out their professional responsibilities.

Standards of Practice are issued per practice area

Distinction between SAP’s and APN’s

Standards of Actuarial Practice (SAP’s)

SAPs are standards that all members must adhere to. A material breach of the SAP will in itself be ground for a complaint under the 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 his report.

Advisory Practice Notes (APN’s)

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 complaint under the disciplinary procedures. However, the Committee investigating an allegation of 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.

Practising Certificates

Practising 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. Important general notes on the requirements for Practising Certificates: