| CPD Declaration Form | Professional Conduct Code (PCC) | Disciplinary Procedures | 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 By-Laws, professional standards and actuarial guidance notes.

ASHK By-Laws
ASHK By-Law (1) : Due Process for the Issuing and Amending of Disciplinary Procedures, Professional Standards, Professional Conduct Codes and Actuarial Guidance Notes
To align with the revised Articles, due process was amended to cover the issuance and amendment of Disciplinary Procedures and Professional Conduct Codes in addition to Professional Standards and Actuarial Guidance Notes. This was approved at the ASHK Extraordinary General Meeting & Annual General Meeting on 12 December 2018 and came into operation on 1 January 2019.
ASHK By-Law (2) : Continuing Professional Development ("CPD")

The ASHK Council called an Extraordinary General Meeting (EGM) on 21 January 2016 to seek members' approval on the adoption of new CPD requirements.  The proposed resolutions as set out in the EGM Notice have been duly passed by way of poll.  This CPD By-Law therefore serves as the new CPD requirements starting from calendar year 2016 and applies to all non-retired Fellow and Associate members of the ASHK.

Fellows with a statutory role in Hong Kong (e.g. Appointed Actuary, Pensions Actuary, General Insurance Reserve signing Actuary and Key Person in a Control Function as defined under Section 13AE(12) of the Insurance Ordinance): Other Fellows and Associates:
  • At least 30 hours per calendar year, including:
    • At least 20 hours must relate to the member’s main practice area (of which at least 10 hours should be gained at external events while at least 6 hours must be Hong Kong specific); and
    • At least 2 hours must relate to professionalism
  • At least 20 hours per calendar year, including:
    • At least 15 hours must relate to the member’s main practice area; and
    • At least 1 hour must relate to professionalism.




 















In addition, Institute and Faculty of Actuaries (IFoA)'s Regulation Board has recognised the ASHK's CPD Scheme as equivalent to the IFoA's CPD arrangements and added our Scheme to their list of recognised International Actuarial Association bodies in Schedule 5 of the IFoA's 2018/2019 CPD Scheme.

Casualty Actuarial Society (CAS) has deemed that the requirements for ASHK Fellows with a statutory role in Hong Kong are consistent with the CAS CE Benchmark Provisions and thus are included as Recognised National Standards, effective 27 September 2018.  That is, CAS members who are ASHK Fellows with a statutory role in Hong Kong may now designate those CPD standards to be in compliance with the CAS CE Policy.  The relevant CAS announcement can be found here.
 

CPD Declaration Form


All Fellow and Associate members are required to submit an annual CPD declaration.  Submission methods include:

•  Online submission by accessing  the Member Login Area on the ASHK website and completing the declaration there (Click the “CPD Record” > “Declaration” webpages and follow the “To submit declaration” instructions);

•  Alternatively, the duly completed declaration form [note: signature in the form must be handwritten] should be sent to ASHK Office by mail, fax or email.

Please ensure that the annual CPD declaration is submitted by 31 December of each calendar year.

Download: 2018 CPD Declaration Form;
                2019 CPD Declaration Form

 

•  Frequently Asked Questions (Updated in March 2019)
Professional Conduct Code (PCC)


Professional Conduct Code (Effective from 1 June 2017)

Disciplinary Procedures

Disciplinary Procedures (Effective from 1 January 2019)
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) (Revised on and effective  23 December 2015): This standard applies to the preparation of actuarial certificates as required under Sections 15(e), 31(2) and 32(2)(b) of the Ordinance, as stipulated in section 2 of the Occupational Retirement Schemes (Preparation of Actuarial Certificates) Rules (Cap. 426 sub leg. H) and in accordance with Section 2 of the Occupational Retirement Scheme (Periodic Certification of Registered Defined Benefit Schemes) Rules (Cap. 426 sub leg. I).
Actuarial Guidance Notes (AGN)
 
AGN 3:
 
Additional Guidance for Appointed Actuaries (Revised on 23 October 2002)
Actuarial Guidance Note - Supplement to AGN 3 Additional Guidance for Appointed Actuaries 
(Effective 1 January 2013)
Actuarial Guidance Note - Second Supplement to AGN 3 - Additional Guidance for Appointed Actuaries - Additional Guidance for Determination of the Valuation Interest Rate
(Effective 17 November 2014)
AGN 4: Outstanding Claims in General Insurance Note on Professional Practice (Effective from 1 January 2017)
AGN 5: Principles of Life Insurance Policy Illustrations (Effective from 17 June 2013)
AGN 6: Continuing Professional Development (Following a review by the Professional Matters Committee, and a decision by Council on 19 Nov 2013, AGN 6 has been withdrawn)
AGN 7: Dynamic Solvency Testing (Effective from 31 December 2016)
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 (Following a review by the Life Insurance Committee, and a decision by Council on 21 Feb 2011, AGN 8 has been withdrawn)
AGN 9: Actuarial Guidance Note - Best Estimate Assumptions (Effective 1 April 2016)
Appendix A to AGN 9 - Participating and Universal Life Business Benefit Illustration Assumptions
(Effective 1 April 2016)
 
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