Actuarial Society of Hong Kong

Professional Conduct Code (PCC) | Professional Standards (PS) | Actuarial Guidance Notes (AGN)

To maintain a high level of professionalism among members, the ASHK regulates actuarial practice of members by issuing professional standards and actuarial guidance notes.

A due process for development of professional standards and actuarial guidance notes was approved as a By-Law of the ASHK in December 2004. This minimizes the time length for passing of professional standards and actuarial guidance notes and puts the ASHK operations more in line with international practices.

The codes of conduct for members are currently:

Professional Conduct Code (PCC)

• Professional Conduct Code (Effective from 1997)
• Guidance on Professional Conduct

Professional Standards (PS)

▪ Professional Standard 1 (PS1) (Issued on 14 April 1993): This standard relates to the statutory duties of an actuary in relation to life insurance companies. In particular it is for:

• actuaries appointed pursuant to Section 15 of the Insurance Companies Ordinance of Hong Kong;
• the actuary as a director or in any other position of authority in relation to an insurance company;
• the actuary as an external advisor or assessor.

▪ Professional Standard 2 (PS2) (Issued on 2 September 1994): This standard applies to the preparation of actuarial reports and actuarial certificates following actuarial reviews required under Sections 31, 32, 33, 35 and 36 of the Occupational Retirement Scheme ordinance of Hong Kong.

Actuarial Guidance Notes (AGN)

• AGN 3: Additional Guidance for Appointed Actuaries (Revised on 23 October 2002)
• AGN 4: Outstanding Claims in General Insurance Note on Professional Practice
• AGN 5: Principles of Life Insurance Policy Illustrations
• AGN 6: Continuing Professional Development (Issued on 29 March 2001)
• AGN 7: Dynamic Solvency Testing (Issued on 9 December 2004)

• AGN 8:

Process for Determining Liabilities under the Guidance Note on Reserving Standards for Investment Guarantees as issued by the Office of the Commissioner of Insurance (Issued on 26 July 2002)

Visitors : 582448