Actuaries association wants input

Pichet Jiaramaneetaweesin, president of the association, said yesterday that some clauses needed to be clarified because the bill might have an impact on the scope of actuaries’ work.

For example, actuaries will be required to work "full-time", but the definition of that is unclear, as some actuaries are not full-time employees of insurance companies. The meaning of "full-time" should be "full-time responsibility".

The draft bill also does not specify the qualifications of actuaries, leaving the OIC to consider the qualifications by itself.

However, the current insurance law states that actuaries in life insurance must pass a series of five examinations before being upgraded to FSA (Fellow of the Society of Actuaries) status. Actuaries not in life insurance must pass a series of five exams and have five years of experience.

The association will discuss with the OIC certain qualification of actuaries, especially those in non-life insurance, as they are not subject to FSA status.

The association considers that in the end, all actuaries in Thailand should able to attain FSA status, the highest level in this career, but the process should be long-term.

Overseas, actuaries progress through three levels – general practice, associate and fellow. The environment here is different, so Thailand should take time to upgrade actuaries to FSA.

The association will propose to the OIC that actuaries be trained at the intermediate level before moving on to be associates and fellows.

The association wants its proposal included in the organic law of the draft bill.

The association is drawing up a strategy to prepare for the Asean Economic Community. The strategy will focus on good governance and a code of conduct because actuaries must balance the interests of the company and the interests of stakeholders, including consumers.

Under the strategy, the association plans to transform itself into a federation, Pichet said.