Code of Conduct


The code of conduct of the Estonian Actuarial Society (hereinafter EAS) complies with the principles of internationally accepted code of conduct and it has been approved by the general meeting of the EAS.

This Code of Professional Conduct states the ethical standards by which the actuary is expected to abide. This Code is obligatory to every member of EAS. Knowing the Code belongs to the list of professional responsibilities of the actuary.

The term “client” means the intended recipient(s) of advice or services provided by an actuary. An actuary’s client may be that actuary’s employer.

PRINCIPLES

1. Integrity

An actuary shall act honestly and with the highest standards of integrity.

2. Competence and Care

An actuary shall perform professional duties competently and with care.

3. Compliance

An actuary shall comply with all relevant legal, regulatory and professional requirements.

4. Impartiality

An actuary shall not allow bias, conflict of interest or the undue influence of others to override professional judgement.

5. Appropriate Communication

An actuary shall communicate appropriately and meet all applicable reporting standards.

AMPLIFICATION OF PRINCIPLES

The following information, which forms part of the Code, is included in order to elaborate on how actuaries are expected to interpret and apply the principles.

This information is not exhaustive. An actuary is expected to apply professional judgement as and when necessary to ensure that he/she observes the spirit as well as the letter of the Code.

1. Integrity

1.1. An actuary shall perform professional services with integrity, skill and care. An actuary shall act with full professional responsibility to the actuary’s client, shall not act against the public interest and valid law.

1.2. An actuary shall act in a manner that will uphold the reputation of the actuarial profession and shall not provide information that the actuary knows or ought to know is false or misleading.

1.3. An actuary shall perform professional services with courtesy and shall co-operate with others serving the actuary’s client.

1.4. An actuary shall respect the confidentiality of information received.

1.5. When an actuary is asked to take on professional services previously provided by another actuary, the actuary shall consider whether it is appropriate to consult with the previous provider to establish whether there might be any reason not to take on the new responsibility.

2. Competence and Care

2.1. An actuary shall perform professional services only if:

- the actuary is competent and appropriately experienced to do so, or

- the actuary is acting on the advice of an individual who has the appropriate level of relevant knowledge and skill and the client is aware that this is the case, or

- the actuary is acting under the direct supervision of another actuary who is taking professional responsibility for the work.

3. Compliance

3.1. An actuary is responsible for observing applicable technical and professional standards in work. Actuary shall take into account any Guidance Notes and Standards of Practice approved by EAS.

3.2. An actuary shall obey disciplinary procedures prescribed in the House Rules of EAS. An actuary has the right to appeal any judgment in accordance with these rules. An actuary shall accept and obey the decisions made by the Disciplinary Court of EAS or the decisions made by the appeal procedure.

4. Impartiality

4.1. An actuary shall not perform professional services involving an actual or potential conflict of interest, unless the actuary’s ability to act in an impartial manner is unimpaired and there has been full disclosure of the actual or potential conflict.

4.2. An actuary shall disclose to the client, in writing and in a timely manner, all sources of income related to any assignment carried out for the client, other than income paid by that client.

5. Appropriate Communication

 5.1. An actuary shall, in communicating professional work:

- identify that the actuary is the source of the analysis and advice;

- state the capacity in which the actuary is acting;

- identify the client for whom the analysis and advice is intended;

- state the scope of the work;

- state that the actuary is available to provide the client with supplementary information and explanation about scope, methods, data, professional judgements and conclusions.