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 2019/2020 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
Following our announcement on 20 December 2019 about the extension of the 2019 CPD deadline and period to 31 March 2020, the ASHK Council has decided to further defer this deadline and period to 30 June 2020 for all Fellows and Associate members in view of the current evolving COVID-19 health crisis. Health and safety of our members and staff remain our prime concern. Based on the same consideration, the Professional Matters Committee has also decided that it is not feasible to schedule in-person Professionalism Seminars in 2020 Q2 and Q3. We will endeavour to reschedule the Professionalism Seminar in October 2020. We are mindful that members need to earn Professionalism CPD credits to meet their CPD requirement and encourage members to seek such credits from their home actuarial associations in the interim. To assist members in meeting their CPD requirement, the ASHK has launched a series of online CPD webinars. Members are encouraged to register for these events. Kindly note self-learning (which can include private reading of updates on Hong Kong insurance regulations for instance) can also count towards their ASHK CPD credits for Hong Kong-specific actuarial matters. Members are required to record their CPD activities and such records must be capable of being subject to independent audit.
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.
▪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).