2017 2017 Professionali lism in in Practice Course - Bangkok ITT APIRAKTIVONG, FSA, FSAT, CERA, FRM Director, Society of Actuaries of Thailand 28 th November 2017
Polling Question I am a member of the following recognized actuarial associations (select all that apply): a) Institute and Faculty of Actuaries, UK b) Society of Actuaries, USA c) Institute of Actuaries of Australia d) Casualty Actuarial Society, USA e) The Society of Actuaries of Thailand, Thailand f) None of the above Result 2
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Professional Code of Conducts in Thailand The Society of Actuaries of Thailand Office of Insurance Commission International Actuarial Association ➢ YE ➢ YE ➢ YE YEAR - n/a & 2017 YEAR - 2009 YEAR - 2012 & 2015 ➢ CODES ➢ CODES - OIC Actuarial ➢ CODES - International Code of Conduct Standard of Actuarial 1)The Society of Actuaries 1) ประกาศคณะกรรมการก ากับและ Practice (ISAP) of Thailand Code of Professional Conduct ส่งเสริมการประกอบธุรกิจ 1)ISAP1 - General Actuarial Practice 2)TSAP - The International ประกันภัย เรื่อง จรรยาบรรณ Standard of Actuarial 2)ISAP3 - Actuarial แห่งวิชาชีพนักคณิตศาสตร์ Practice in Thai version Practice in Relation to ประกันภัย ตามกฎหมายว่าด้วย by SOAT IAS 19 Employee การประกันชีวิต พ . ศ . 2552 Benefits ▪ TSAP1 2)Regulations complied ➢ PURPOSE - To provide ➢ PURP to the actuary RPOSE SE - To require guidance to actuaries actuaries to adhere to ➢ PURPOSE - To enact the when performing the high standards of actuarial services. professional code of conduct, practice and conduct for actuaries qualifications to the under Thai law. profession. 4
Professional Code of Conducts in Thailand OIC Actuarial Code of Conduct ISAP1 & ISAP3 SOAT Professional Code of Conduct ➢ DEFINITION OF ➢ DEFINITION OF ➢ DEFINITION OF OF ACTUARY OF ACTUARY OF ACTUARY - An individual who has - “ An actuary ” is a person - An individual member been admitted to a clas ass who receives an an actuarial of one of of of the member of membership to which of license from the registrar, li as asso sociations of of the he IAA AA . the Code appli lies by by who complies to the action of of any section 83/1 and section organization having 83/6 of the life adopted the Code . When regulation 1992 … . ” the term “ actuary ” is used without being ➢ QU QUALI ALIFI FICATIONS capitalized, it refers to 1)Graduated from the any individual practicing certified as an actuary, regardless syllabus/subject and of organizational have ≥ 5 years of membership or actuarial/statistical classification. experience. Or Or 2) 2)Fellow members of of SOAT according to the OIC registrar 5
Professional Code of Conducts in Thailand OIC Actuarial Code of Conduct ISAP1 & ISAP3 SOAT Professional Code of Conduct ➢ SC ➢ SC ➢ SC SCOPE/APPLICATION - SCOPE/APPLICATION - An SCOPE/APPLICATION - It An actuary sha shall ll com omply actuary must strictly applies to all all actu actuarial with the Code and is com omply to the notice. ser services s pe performed by an an subject to applicable actu actuary unless an rules of professional element of guidance is ➢ NO. . OF F STATETED conduct or ethical explicitly superseded by CONDUCTS - 7 7 standards that have been another standard such as 1)Professional Integrity promulgated by a a practice-specific 2)Standards of Practice Recognized Actuarial standard or by law. 3)Conflict of Interest Organization. ➢ NO. . OF F STATED 4)Confidentiality CONDUCTS - 2 ➢ NO. 5)Courtesy & Cooperation . OF F STATETD 1)Appropriate Practices CONDUCTS - 11 11 6)Advertising 2)Communication 1)Professional Integrity 7)Communications & Disclosures 2)Qualification Standards 3)Standards of Practice 4)Communication & Disclosure 5)Conflict of Interest 6
Professional Code of Conducts in Thailand OIC Actuarial Code of Conduct ISAP1 &ISAP3 SOAT Professional Code of Conduct ➢ NO. . OF F STATED CONDUCTS - 6)Control of Work Product 7)Confidentiality 8)Courtesy & Cooperation 9)Advertising 10)Titles & Designation 11)Violations of the Code of Professional Conduct Source: https://soat.or.th/en/code-of-conduct https://soat.or.th/download/TSAP-01.pdf 7
Professional Code of Conducts in Thailand – SOAT PRECEPTS SOAT Professional Code of Conduct ➢ 14 14 PRE RECEPTS ✓ PROFE FESSIONAL INTEGRITY ▪ PRE RECEP EPT 1 1 - An Actuary shall act honestly, with integrity and competence, and in a manner to fulfill the profession ’ s responsibility to the public and to uphold the reputation of the actuarial profession. ✓ QU QUALIFICATION STANDARDS ▪ PRE RECEP EPT 2 2 - An Actuary shall perform Actuarial Service only when the Actuary is qualified to do so on the basis of basic and continuing education and experience and only when the Actuary satisfies applicable qualification standards. Source: https://soat.or.th/en/code-of-conduct https://soat.or.th/download/TSAP-01.pdf 8
Professional Code of Conducts in Thailand – SOAT PRECEPTS SOAT Professional Code of Conduct ➢ 14 PRE RECEPTS ✓ STANDARD RDS OF F PRA RACTICE ▪ PRE RECEP EPT 3 3 - An Actuary shall ensure that Actuarial Services performed by or under the direction of the Actuary satisfy applicable standards of practice. . ✓ COMMUNICATIONS AN AND D DI DISCLOSURE RE ▪ PRE RECEP EPT 4 4 - An Actuary who issues an Actuarial Communication shall take appropriate steps to ensure that the Actuarial Communication is clear and appropriate to the circumstances and its intended audience and satisfies applicable standards of practice. ▪ PRE RECEP EPT 5 5 - An Actuary who issues an Actuarial Communication shall, as appropriate, identify the Principal(s) for whom the Actuarial Communication is issued and describe the capacity in which the Actuary serves. Source: https://soat.or.th/en/code-of-conduct https://soat.or.th/download/TSAP-01.pdf 9
Professional Code of Conducts in Thailand – SOAT PRECEPTS SOAT Professional Code of Conduct ➢ 14 14 PRE RECEPTS ✓ COMMUNICATIONS AN AND D DI DISCLOSURE RE ▪ PRE RECEP EPT 6 6 - An Actuary shall make appropriate and timely disclosure to a present or prospective Principal of the sources of all direct and indirect material compensation that the Actuary or the Actuary ’ s firm has received, or may receive, from another party in relation to an assignment for which the Actuary has provided, or will provide, Actuarial Services for that Principal. The disclosure of sources of material compensation that the Actuary ’ s firm has received, or may receive, is limited to those sources known to, or reasonably ascertainable by, the Actuary. Source: https://soat.or.th/en/code-of-conduct https://soat.or.th/download/TSAP-01.pdf 10
Professional Code of Conducts in Thailand – SOAT PRECEPTS SOAT Professional Code of Conduct ➢ 14 14 PRE RECEPTS ✓ CONFLICT OF F INTERE REST ▪ PRE RECEP EPT 7 7 - An Actuary shall not knowingly perform Actuarial Services involving an actual or potential conflict of interest unless: a) the Actuary ’ s ability to act fairly is unimpaired; Code of Conduct: Page 5 b) there has been disclosure of the conflict to all present and know prospective Principals c) whose interests would be affected by the conflict; and d) all such Principals have expressly agreed to the performance of the Actuarial Services by the Actuary. Source: https://soat.or.th/en/code-of-conduct https://soat.or.th/download/TSAP-01.pdf 11
Professional Code of Conducts in Thailand – SOAT PRECEPTS SOAT Professional Code of Conduct ➢ 14 14 PRE RECEPTS ✓ CONTROL OF F WORK RK PRODUCT ▪ PRE RECEP EPT 8 8 - An Actuary who performs Actuarial Services shall take reasonable steps to ensure that such services are not used to mislead other parties. ✓ CONFIDENTIALITY ▪ PRE RECEP EPT 9 9 - An Actuary shall not disclose to another party any Confidential Information unless authorized to do so by the Principal or required to do so by Law. Source: https://soat.or.th/en/code-of-conduct https://soat.or.th/download/TSAP-01.pdf 12
Professional Code of Conducts in Thailand – SOAT PRECEPTS SOAT Professional Code of Conduct ➢ 14 14 PRE RECEPTS ✓ COURTESY Y AN AND COOPERATION ▪ PRE RECEP EPT 10 10 - An Actuary shall perform Actuarial Services with courtesy and professional respect and shall cooperate with others in the Principal ’ s interest. ✓ AD ADVERTISING ▪ PRE RECEP EPT 11 11 - An Actuary shall not engage in any advertising or business solicitation activities with respect to Actuarial Services that the Actuary knows or should know are false or misleading. Source: https://soat.or.th/en/code-of-conduct https://soat.or.th/download/TSAP-01.pdf 13
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