THE ACTUARIES

BILL 2019
Institute of Actuaries of Kenya (IAK)
 THE BILL

Handy snapshot:

Establishment of the
Institute of Actuaries of
Kenya (IAK), as a legal
entity.

IAK replaces TASK (The

Actuarial Society of Kenya),
effective after Gazettement.
 IAK STRUCTURE

INSTITUTE OF ACTUARIES OF
KENYA(IAK)

COUNCIL

REGISTRAR
(CEO)

GENERAL DISCIPLINARY
MEMBERS COMMITTEES COMMITTEE
 MEMBERS

a)Fellows, FIA(K)
• Is a Fellow of a professional body that is approved by the council and
has at least one year local experience.
• Has voting rights.
b) Associate Members, AIA(K)
• Is an Associate of a professional body approved the council.
• Has voting rights.
c) Standard Members
• Holds a degree, post graduate or one related to Actuarial Science and is
pursuing a course of study for professional Actuarial examinations.
• No voting rights.
d) Affiliate Members
• Is not a citizen of Kenya nor an ordinarily resident of Kenya, but intends
to reside in Kenya for the purpose of carrying out a specific actuarial
assignment.
• Is a practising actuary in the country of origin.
 THE COUNCIL OF THE INSTITUTE

Governs the Institute

• Composition
• Principal Secretary (finance matters), or a person chosen by him.
• Chief Executive Officer of IRA.
• Chief Executive Officer of RBA.
• Six members, (from which the Chairperson of the council is elected),
elected by members of the Institute on a 2-year term service, and
eligible for re-election for 2 consecutives terms maximum.
• Registrar (Secretary to council meetings, and has no right to vote).
• Powers
• Administer assets and funds of the institute in a manner that promotes
the best interests of the institute.
• Receive gifts, donations, grants, money or equipment and make proper
disbursements.
*The• Enter into associations
chairperson also serveswith
for other persons,
a 2-year bodies
term, and or organisations
is eligible for re-election
for 2 within or outside
consecutive Kenya
terms for proper
maximum. fulfilment
He/she of a
must be the purposes
Fellow of theofInstitute
the .
 REGISTRA
R

Is appointed by the council through a competitive recruitment process.

• Qualifications
• Holds an undergraduate degree in actuarial science or related field.
• Registered as a member of the institute.
• Meets the requirements of chapter six of the constitution.
• Functions
• CEO of the institute and is responsible for day to day management of
affairs and staff of the institute.
• Secretary to and ex-official member of the council. Has no right to
vote.
• In-charge of the register of the members of the Institute.
• Custodian of the common seal.
 DISCIPLINARY COMMITTEE

• The committee is in charge of disciplinary matters concerning members of the

Institute.
• Composition
• Chairperson elected by members of the institute.(must be a fellow of the
institute)
• 3 members of the Institute elected by members of the Institute.
• 1 person who is not an actuary (appointed by the Cabinet Secretary).
• Dishonest Practices
• Impersonation of registered members.
• Fraudulent registration.
• Pretence to be an actuary or assumption of a false qualification level.
• Professional misconduct.
 PROFESSIONAL MISCONDUCT

Code of conduct violation .

Failure to declare conflict of interest to the client .

Gross negligence while performing professional duties .

Disclosure of client information to third parties without the client’s consent or

following legal procedures .

Impersonation .

Abuse of client’s trust .

Violation of client rights .

Incompetence in rendering actuarial services .

Submitting actuarial reports, yet not licensed.

 THE
REGISTER
Contains the names of members of the Institute and details such as date of
entry, address, qualifications, class of membership and nationality.

Published in the Gazette at the beginning of each practising year.

Removal from register:

• Request submitted in writing asking for removal from the register,

accompanied by an affidavit proving the individual has no criminal or
disciplinary proceedings.
• Cancellation, or withdrawal of the qualification.
• Professional misconduct.
• Failure to renew practising licence within 3 months from the date of
expiry.
• Death.
 ACTUARIAL PRACTICE LICENSE
NO LICENSE, NO • Or proof of Insurance cover for any losses
PRACTICE resulting from incompetence

• Apply within 6 months after the publication date of

the Actuaries Bill in the Gazette.
• Certificate of Continuing Professional Development
(CPD) issued by the Institute.
Application • Prescribed fee.
process • Any other requirements, as will be requested by the
Institute, e.g. Huduma number.
• License given within 14 days of application.
• License expires at the end of a year from the date of
issue.
• Licensee is convicted of an offence.
Circumstances
that may result to • Licensee is found guilty of professional misconduct.
cancellation of • False declaration made in the application process.
practising • The licensee ceases to be qualified for the issuance
of licence.
 DISCIPLINARY ACTION

Undergo
further Fines/Imprisonm Suspension
Warnin training under Expulsio
ent for 2 years for 2 years n
g an actuary for maximum
maximum
2 years
maximum
KES
1,000,000

KES
100,000

KES KES
20,000

KES
10,000