Actuarial Society of the Philippines Overview
PRESENTATION
DURING THE IAA MEETING
ON OCTOBER 10, 2011
IN KUALA LUMPUR
BY:
EVANGELINE CRISOSTOMO
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ACTUARIAL SOCIETY OF THE
PHILIPPINES (ASP)
ASP Then and Now
Formally established in
1961 by those who
studied abroad
It was initially a club of
less than 10
Fellows- 64
Associates- 55
Affiliates- 124
TOTAL- 243
Unit 819 Cityland 10 Tower 2
HV dela Costa St. Salcedo
Village, Makati City
Fax No.: 814-0824
actuarial@hotmail.com
9/17/2024
2
Actuarial work as employee of
- life insurance company
YES
- health care organisation or company
YES
- general insurance company
NONE
- national social security scheme
YES
- complementary pension scheme
YES
- investment company
YES
- regulator or government department
YES
-
Other
YES
Consulting actuary, working mainly in
- life insurance
YES
- health care
YES
- general insurance
YES
- social security
YES
- complementary pension schemes
YES
- Investment
YES
-
Other
YES
9/17/2024
3
ASP is the only national association of actuaries in the Philippines
a professional code of conduct
play an active role in educating actuaries
initial technical education
country-specific education in applications of actuarial science
professionalism education
continuing professional development (continuing education)
Professional Development Seminars
Fellows Forum on Standards of Practice and New Regulations
Annual Convention and Quarterly Business Meetings
SOA Review Sessions
ASP Exam Review Sessions
consulted by government or by regulatory bodies
ASP membership is recognised by the Insurance Law and the Insurance
Commission, Philippine Regulatory Commission, Securities and Exchange
Commission
School Career Talk
Participation in Life Insurance Consciousness Week
Contribution to Insurance Philippines Magazine
Advertisement of Annual Convention
9/17/2024
4
INSURANCE CODE OF THE PHILIPPINES
(excerpt)
Title 6 :
ACTUARIES
Section 335. No life insurance company shall be licensed to do business
in the Philippines nor shall any life insurance company doing business in
the Philippines be allowed to continue doing such business
unless they shall engage the services of an actuary duly accredited with
the Commissioner who shall, during his tenure of office,
be directly responsible for the direction and supervision of all actuarial
work connected with or that may be involved in the business of the
insurance company.
9/17/2024
5
Section 336. Any person may be officially accredited by the
Commissioner to act as any actuary in any life insurance company or in
any mutual benefit association authorized to do business in the
Philippines upon application therefor and the payment of the
corresponding fee hereinafter prescribed,
Provided that: (1
) he is a fellow of good standing of the Acturial Society
of the Philippines at the time of his appointment and remains in such
good standing during the tenure of his engagement
;
or (2) in the case of one
who is not a fellow of the Actuarial Society of
the Philippines, he meets all the requirements of the said Society for
accreditation as a fellow of the Society
, and has been given permission
by the pertinent government authorities in the Philippines to render
services in the Philippines, in the event that he is not a citizen of the
Philippines.
No certificate of registration issued under this title shall be valid after
the thirtieth day of June of the year following its issuance unless it is
renewed. (As amended by Presidential Decree No. 1455)
9/17/2024
6
The Actuarial Society of the Philippines (ASP)
Mission Statement
We are the internationally recognized
organization of actuarial professionals
in the Philippines. We are committed
to the standards of our profession,
upholding the highest levels of
integrity and competence.
As acknowledged experts in
assessing risks and measuring their
financial outcomes, we take pride in
providing technical services to our
stakeholders. As responsible
members of society, we take a stand
on issues that affect the public good.
We are a caring organization that
provides a forum for the
professional growth, social
development and self-regulation
of our members. We value
mentoring as necessary to
strengthen our Society and to
continuously upgrade the
expertise of our members.
We shall responsibly carry out
these affirmations to foster the
important role of the Actuarial
Society of the Philippines in the
larger global community.
9/17/2024
7
The ASP administers a series of self study courses & examinations
leading to Associateship and Fellowship qualifications.
Principles Underlying the Examination System
are as follows:
T
o provide an understanding of fundamental mathematical concepts and
how they are applied;
To provide the picture of the socio-demographic, political, legal, and
economic environments within which financial arrangements operate;
To expose to a broad range of techniques, their applications and limitations;
To expose to a broad range of relevant actuarial practice;
To develop the sense of inquisitiveness where traditional methods and
practice do not appear to work effectively.
Both the course of readings and the manner of administering examinations
are continually studied and revised amidst advances in technology and
changes in the environment
9/17/2024
8
Requirements for Admission as an
Associate of ASP
at least 18 years of age, upon nomination by two Fellows of the ASP in
good standing
Have satisfied the Associateship Education & Examination
Requirements prescribed by the Board of Governors.
1.
Passed the
Associateship Examinations
of the SOA
SOA Exam P
Probability
SOA Exam FM
Financial Mathematics
SOA Exam MFE
Actuarial Models – Financial Economics
Segment
SOA Exam MLC
Actuarial Models – Life Contingencies Segment
SOA Exam C
Construction and Evaluation of Actuarial Models
2.
have satisfied Validation by Educational Experience (VEE) for three
topics: Applied Statistics, Corporate Finance and Economics.
3.
have attended the Associateship Admission Course given by the ASP.
9/17/2024
9
Requirements for Admission as a
Fellow of the ASP
Any Associate of the ASP, at least 21 years of age, nominated by two
Fellows of the ASP in good standing
holder of a university degree with at least 24 units of actuarial-related
subjects;
has worked in the Philippines in the actuarial field for at least one year;
has completed the fellowship education and examination requirements, the
Fellowship Admission Session, and any additional requirements prescribed
by the Board of Governors.
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Course No.
Topic
Course 1:
Development, Pricing & Distribution Of Life Insurance, Preneed &
Annuity Products
Course 2:
Investments & Finance, Valuation of Assets & Liabilities, Insurance & Pre-Need Accounting
Course 3:
Solvency & Risk Management For Insurance & Preneed Companies, Selection of Risks,
Reinsurance, Law & Taxation of Insurance & Pre Need Companies
Course 4:
Social Insurance, Group Insurance & Health Care Systems & Employee Benefit Plans
9/17/2024
10
References to publications:
PASP Proceedings, Actuarial Society of the Philippines
TSA Transactions, Society of Actuaries of North America
RTSA Reports Transactions, Society of Actuaries,
Reports of Mortality and Morbidity Experience
RSA Record, Society of Actuaries
PCCA Proceedings, Conference of Consulting Actuaries
PCIA Proceeding, Canadian Institute of Actuaries
AAA American Academy of Actuaries
ASB Actuarial Standards Board
9/17/2024
11
9/17/2024
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The Actuarial Society of the Philippines (ASP) was established in 1961 and has grown to become the only national association of actuaries in the Philippines. ASP members work in various sectors such as life insurance, health care, and social security. The society plays a crucial role in educating actuaries, promoting professionalism, and providing continuing professional development opportunities. ASP is recognized by regulatory bodies and actively contributes to the insurance industry in the Philippines.
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Presentation Transcript
ACTUARIAL SOCIETY OF THE PHILIPPINES (ASP) PRESENTATION DURING THE IAA MEETING ON OCTOBER 10, 2011 IN KUALA LUMPUR BY: EVANGELINE CRISOSTOMO F E L L O W - A C T U A R I A L S O C I E T Y O F T H E P H I L I P P I N E S F E L L O W - L I F E M A N A G E M E N T I N S T I T U T E U S A F E L L O W - I N S T I T U T E O F C O R P O R A T E G O V E R N A N C E M A S T E R I N B U S I N E S S A D M I N I S T R A T I O N ( U N I V E R S I T Y O F T H E P H I L I P P I N E S ) M A S T E R I N P U B L I C A D M I N I S T R A T I O N ( H A R V A R D U N I V E R S I T Y ) D O C T O R A T E I N P U B L I C A D M I N I S T R A T I O N ( C A N D I D A T E - U P )
ASP Then and Now 2 Formally established in 1961 by those who studied abroad Fellows- 64 Associates- 55 Affiliates- 124 TOTAL- 243 It was initially a club of less than 10 Unit 819 Cityland 10 Tower 2 HV dela Costa St. Salcedo Village, Makati City Fax No.: 814-0824 actuarial@hotmail.com 9/17/2024
Actuarial work as employee of - life insurance company YES - health care organisation or company YES - general insurance company NONE - national social security scheme YES - complementary pension scheme YES - investment company YES - regulator or government department YES -Other YES Consulting actuary, working mainly in - life insurance YES - health care YES - general insurance YES - social security YES - complementary pension schemes YES - Investment YES -Other YES 3 9/17/2024
ASP is the only national association of actuaries in the Philippines a professional code of conduct play an active role in educating actuaries initial technical education country-specific education in applications of actuarial science professionalism education continuing professional development (continuing education) Professional Development Seminars Fellows Forum on Standards of Practice and New Regulations Annual Convention and Quarterly Business Meetings SOA Review Sessions ASP Exam Review Sessions consulted by government or by regulatory bodies ASP membership is recognised by the Insurance Law and the Insurance Commission, Philippine Regulatory Commission, Securities and Exchange Commission School Career Talk Participation in Life Insurance Consciousness Week Contribution to Insurance Philippines Magazine Advertisement of Annual Convention 4 9/17/2024
INSURANCE CODE OF THE PHILIPPINES (excerpt) Title 6 : ACTUARIES Section 335. No life insurance company shall be licensed to do business in the Philippines nor shall any life insurance company doing business in the Philippines be allowed to continue doing such business unless they shall engage the services of an actuary duly accredited with the Commissioner who shall, during his tenure of office, be directly responsible for the direction and supervision of all actuarial work connected with or that may be involved in the business of the insurance company. 5 9/17/2024
Section 336. Any person may be officially accredited by the Commissioner to act as any actuary in any life insurance company or in any mutual benefit association authorized to do business in the Philippines upon application therefor and the payment of the corresponding fee hereinafter prescribed, Provided that: (1) he is a fellow of good standing of the Acturial Society of the Philippines at the time of his appointment and remains in such good standing during the tenure of his engagement; or (2) in the case of one who is not a fellow of the Actuarial Society of the Philippines, he meets all the requirements of the said Society for accreditation as a fellow of the Society, and has been given permission by the pertinent government authorities in the Philippines to render services in the Philippines, in the event that he is not a citizen of the Philippines. No certificate of registration issued under this title shall be valid after the thirtieth day of June of the year following its issuance unless it is renewed. (As amended by Presidential Decree No. 1455) 6 9/17/2024
The Actuarial Society of the Philippines (ASP) Mission Statement We are the internationally recognized organization of actuarial professionals in the Philippines. We are committed to the standards of our profession, upholding the highest levels of integrity and competence. As acknowledged experts in assessing risks and measuring their financial outcomes, we take pride in providing technical services to our stakeholders. As responsible members of society, we take a stand on issues that affect the public good. 7 We are a caring organization that provides a forum for the professional growth, social development and self-regulation of our members. We value mentoring as necessary to strengthen our Society and to continuously upgrade the expertise of our members. We shall responsibly carry out these affirmations to foster the important role of the Actuarial Society of the Philippines in the larger global community. 9/17/2024
The ASP administers a series of self study courses & examinations leading to Associateship and Fellowship qualifications. 8 Principles Underlying the Examination System are as follows: To provide an understanding of fundamental mathematical concepts and how they are applied; To provide the picture of the socio-demographic, political, legal, and economic environments within which financial arrangements operate; To expose to a broad range of techniques, their applications and limitations; To expose to a broad range of relevant actuarial practice; To develop the sense of inquisitiveness where traditional methods and practice do not appear to work effectively. Both the course of readings and the manner of administering examinations are continually studied and revised amidst advances in technology and changes in the environment 9/17/2024
Requirements for Admission as an Associate of ASP 9 at least 18 years of age, upon nomination by two Fellows of the ASP in good standing Have satisfied the Associateship Education & Examination Requirements prescribed by the Board of Governors. 1. Passed theAssociateship Examinations of the SOA SOA Exam P Probability SOA Exam FM Financial Mathematics SOA Exam MFE Actuarial Models Financial Economics Segment SOA Exam MLC Actuarial Models Life Contingencies Segment SOA Exam C Construction and Evaluation of Actuarial Models 2. have satisfied Validation by Educational Experience (VEE) for three topics: Applied Statistics, Corporate Finance and Economics. 3. have attended the Associateship Admission Course given by the ASP. 9/17/2024
Requirements for Admission as a Fellow of the ASP 10 Any Associate of the ASP, at least 21 years of age, nominated by two Fellows of the ASP in good standing holder of a university degree with at least 24 units of actuarial-related subjects; has worked in the Philippines in the actuarial field for at least one year; has completed the fellowship education and examination requirements, the Fellowship Admission Session, and any additional requirements prescribed by the Board of Governors. Fellowship Examinations Topic Development, Pricing & Distribution Of Life Insurance, Preneed & Annuity Products Investments & Finance, Valuation of Assets & Liabilities, Insurance & Pre-Need Accounting Solvency & Risk Management For Insurance & Preneed Companies, Selection of Risks, Reinsurance, Law & Taxation of Insurance & Pre Need Companies Course 4: Social Insurance, Group Insurance & Health Care Systems & Employee Benefit Plans Course No. Course 1: Course 2: Course 3: 9/17/2024
11 References to publications: PASP Proceedings, Actuarial Society of the Philippines TSA Transactions, Society of Actuaries of North America RTSA Reports Transactions, Society of Actuaries, Reports of Mortality and Morbidity Experience RSA Record, Society of Actuaries PCCA Proceedings, Conference of Consulting Actuaries PCIA Proceeding, Canadian Institute of Actuaries AAA American Academy of Actuaries ASB Actuarial Standards Board 9/17/2024
THANK YOU 12 9/17/2024
