INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 25, 2014 No. 3392-U

About requirements to standards and rules of self-regulatory organizations of actuaries, the code of professional ethics

This Instruction based on Item 3 of part 2 of article 8 of the Federal Law of November 2, 2013 No. 293-FZ "About actuarial activities in the Russian Federation" (The Russian Federation Code, 2013, No. 44, Art. 5632; 2014, No. 30, the Art. 4219) establishes requirements to standards and rules of self-regulatory organizations of actuaries, the code of professional ethics.

Chapter 1. Requirements to standards and rules of self-regulatory organization of actuaries

1.1. Standards and rules of self-regulatory organization of actuaries shall conform to the following requirements:

contain the provisions directed to non-admission (management) of conflict of interest of members of self-regulatory organization of actuaries, her workers and members of permanent collegiate organ of management of self-regulatory organization of actuaries;

contain requirements to procedure and the techniques of implementation of actuarial activities, mathematical models used when carrying out actuarial estimation;

contain the provisions which are not allowing implementation by members of self-regulatory organization of actuaries of activities to the detriment of other subjects of business or professional activity;

contain the provisions directed to the prevention and non-admission of unfair competition, making of the actions doing moral harm or damage to the customer, the Bank of Russia, other interested persons, their goodwill, the actions causing damage of goodwill of the member of self-regulatory organization of actuaries or goodwill of self-regulatory organization of actuaries;

to be developed taking into account types of activity of subjects to obligatory actuarial estimation and to include the terms used when implementing actuarial activities, the principles of actuarial activities and procedure for disclosure by actuaries of results of actuarial activities;

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