Code of Conduct



The code of conduct of the Estonian Actuarial Society (hereinafter EAS) complies with the principles of internationally accepted code of conduct that is advanced by the Actuarial Association of Europe (AAE) 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 when performing professional services as well as in wider contexts. The Code gives intended users of professional services confidence that they are carried out professionally and with due care. 

This Code is obligatory to every member of EAS (in this Code: a full member, an associated member or a student member). Knowing the Code belongs to the list of professional responsibilities of the actuary. 



Regarding the Principles set out below: 

General: All actuaries are expected to comply with Principle 1 in the performance of their work and in other contexts where their conduct could reasonably be considered to reflect on the actuarial profession. 

Professional services: All actuaries are expected to comply with Principles 2 – 5 in relation to professional services that they perform (whether on a paid or unpaid basis). 

Other work: In relation to work performed other than professional services (whether on a paid or unpaid basis), actuaries should exercise professional judgement to determine whether and to what extent it is appropriate to comply with the spirit and intent of Principles 2 – 5, taking into account the reasonable expectations of the intended user(s) of the work, the nature of the work, any other Code or standards that apply to the work and any other relevant factors. 

Support roles: It is recognised that actuaries might act in a support role in which another person carries ultimate responsibility for the work performed. Actuaries in support roles are expected to comply with the Code, though it is reasonable to expect that any assessment of their conduct by reference to the Code would have regard to such factors as their level of responsibility in relation to the matter and the extent of their relevant work experience. 

Spirit and intent of the Code: The Code is not an all-encompassing description of behaviours that should be adopted or avoided. Actuaries are expected to observe the spirit and intent of the Code, rather than interpret it only in a purely literal way. 

Consistency with legal and regulatory requirements: Nothing in this Code is intended to require an actuary to act in breach of legal or regulatory requirements. If there is an inconsistency between this Code and legal and/or regulatory requirements, the legal and/or regulatory requirements shall prevail. “Legal requirements” here does not extend to the provisions of agreed contracts. 

Departures from the Code: An actuary is expected to follow the actions indicated in this Code, unless to do so would produce a result or outcome that would be inappropriate or potentially misleading. If, in the performance of professional services, the indicated action is not followed, the actuary should disclose that fact to the intended user(s) of the professional services and provide the reason for not following the indicated action. 



The terms below are defined for use in this Code: 

Actuary – A member of EAS.  

Intended User – Any legal or natural person (usually including the client) for whose use the actuary provides the results of professional services. 

Client – The party who engages the provider of professional services. An actuary’s client may be that actuary’s employer. 

Professional judgement – The judgement of the actuary, based on actuarial (or other relevant) training and experience. 

Professional services –  

  • All services provided by an actuary that relate to a pension scheme/fund, insurance/reinsurance/financial services entity or financial transaction; and  

  • All other services provided by an actuary that are based upon actuarial considerations. 



1. Integrity 

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

2. Competence and Care 

An actuary must perform professional services competently and with care. 

3. Compliance 

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

4. Impartiality 

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

5. Communication 

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



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 intent of the Code, rather than interpret it only in a purely literal way. 

1. Integrity 

1.1. An actuary must perform professional services with integrity, skill and care. Subject to any legal, regulatory and professional requirements, an actuary should fulfil the actuary’s professional responsibility to the client. 

1.2. An actuary should not act in a manner that is likely to damage the reputation of the actuarial profession, whether in the performance of work or in other contexts in which conduct could reasonably be considered to reflect on the actuarial profession. 

1.3. An actuary must not provide, or knowingly be associated with the provision of information, nor engage in advertising or business solicitation, that the actuary knows or ought to know is materially false or misleading, contains statements or information furnished recklessly or omits or obscures information required to be included and as a result is materially misleading. If an actuary becomes aware that the actuary has been associated with such information, the actuary should take steps to be disassociated from the information. This provision does not preclude an actuary from performing work based on: 

- assumptions or methodology prescribed by the client or another party, provided that, if the actuary does not support the assumptions or methodology, the actuary discloses that fact to the intended user; or 

- assumptions or methodology prescribed under legal, regulatory or professional requirements. 

1.4. An actuary should show respect and should co-operate with others serving the actuary’s client. 

1.5. Subject to any legal, regulatory or professional reporting obligations, an actuary must respect the confidentiality of information received. 

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

2. Competence and Care 

2.1. An actuary should perform professional services carefully, thoroughly and in a timely manner. 

2.2. An actuary must perform specific 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. 

2.3. Before communicating the results of professional services performed, the actuary should ensure that, to the best of the actuary’s knowledge and reasonably held belief, the results are free from material error. 

2.4. An actuary should agree with the client the nature and scope of the actuary’s responsibilities before commencing delivery of professional services. 

3. Compliance 

3.1. An actuary must act in a manner than fulfils the actuarial profession’s responsibility to the public by observing applicable technical and professional standards in work. An actuary must take into account any Guidance Notes and Standards of Practice approved by EAS. 

3.2. An actuary is subject to the 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 must 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 must not perform professional services involving an actual or potential conflict of interest or involving bias or perceived bias on the part of the actuary, unless the actuary’s ability to act in an impartial manner is unimpaired and there has been full disclosure to the client of the actual or potential conflict or bias. 

4.2. An actuary should disclose to the client, in writing and in a timely manner, all sources of income related to any assignment carried out for the client (expect that, where the client is the actuary’s employer, there is no requirement to disclose renumeration paid by the employer). 

5. Communication 

5.1. An actuary must communicate the results of professional services in a timely manner and in a style and format that is appropriate to the particular circumstances, having regard to the need to convey the implications of any analysis and advice included in the communication in a manner that is comprehensible to the intended user(s). 

 5.2. Unless the actuary judges it disproportionate (in which event, departure from these requirements does not create a requirement for disclosure), an actuary should, in communicating the results of professional services: identify that the actuary is the source of the communication; 

- identify that the actuary takes responsibility for the results, subject (if applicable) to any stated caveats; 

- state the capacity in which the actuary is acting; 

- identify the intended user(s) of any analysis and advice included in the communication; 

- state the scope and purpose of the work; 

- indicate to what extent and how supplementary information and explanation can be obtained from the actuary or another party. 

Approved by general meeting, 06.2021