On additional requirements to the qualification of responsible actuaries and certification procedure

The Bank of Russia issued Ordinance No. 3435-U, dated 6 November 2014, ‘On Additional Requirements to the Qualification of Responsible Actuaries and Certification Procedure of Responsible Actuaries’, registered by the Ministry of Justice of the Russian Federation on 26 December 2014, No. 35430 (hereinafter, the Bank of Russia Ordinance).

In compliance with Paragraph 6 of Article 8.2 of Federal Law No. 293-FZ, dated 2 November 2013, ‘On the Actuarial Activities in the Russian Federation’, the Bank of Russia Ordinance specifies additional requirements to the qualification of responsible actuaries concerning their theoretical background and practical skills in the sphere of actuary calculations. The Ordinance also sets forth the certification procedure of responsible actuaries, which is designed to enable actuaries to confirm their compliance with additional qualification requirements, as well as their readiness to conduct mandatory actuarial estimates based on their knowledge and practical skills in making actuarial calculations.

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29.12.2014 00.00.00