EWMI NEWS:
JULY 2009
STRENGTHENING THE ACTUARIAL PROFESSION IN EURASIA

For the past two years, EWMI’s Partners for Financial Stability Program (PFS) has worked with the Actuarial Society of Kazakhstan (ASK) to further develop their professional capacity and establish a multi-tiered program to expand and improve their capacity to provide actuarial training. As a result of EWMI’s support, ASK has become a leader in actuarial professional education in the region and has recently introduced actuarial professional development programs in Azerbaijan and Kyrgyzstan.

In coordination with the PFS program, Kazakhstan experts traveled to Azerbaijan in 2008 to help develop an actuarial certification program and deliver a series of introductory training programs. As a result, 33 people passed their qualification exams and received a preliminary license from the Ministry of Finance. In June, the project entered into its second stage of advanced professional development and trained over 30 actuaries in risk modeling techniques. Three more courses will be offered which will lead to full licensing under Azerbaijan insurance regulations.

With EWMI’s assistance, ASK has also initiated a similar program in Kyrgyzstan, which began in April with a three-week first level training course and qualification exam. Additional training courses are scheduled for the fall.

In addition to this regional training work, EWMI’s PFS program continues to support ASK’s efforts to provide services to the Kazakhstan market. In September 2009, the Actuarial Society of Kazakhstan is hosting the 2nd Annual Summer Actuarial School which will bring together experts from the Eurasia region, offer lectures on advanced actuarial topics and provide a discussion forum on the pressing current issues in risk management and modeling. ASK is also launching an analytical center which will provide professional research and development services for the local market. The Center’s first project will focus on the revision of the mortality table for the insurance industry.

EWMI's Partners for Financial Stability (PFS) Program is funded by USAID and promotes regional and global integration of financial systems through the sharing of experience and supporting cooperation.