Society of Actuaries in Ireland

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The Society of Actuaries in Ireland is the professional body representing the actuarial profession in Ireland.

1 Mission statement
2 History
3 Duties
4 International representation
5 References

[edit] Mission statement

The Society's mission is “to develop the role and standing of the actuarial profession and enhance its reputation, in particular for serving the public interest.”

[edit] History

The Society of Actuaries in Ireland was founded at a meeting in the Russell Hotel, St. Stephen’s Green, Dublin on Wednesday, 3rd May 1972. At that time there were seventeen actuaries, all Fellows of the Institute of Actuaries or of the Faculty of Actuaries, resident in Ireland.

The Society has grown rapidly since that time. In 2003 there are now over 300 Fellow Members of the Society resident in Ireland. In addition, there are more than 140 Fellow Members who are non-resident but have business connections in Ireland. The Society has 19 Associate Members and 5 Honorary Members. There are about 250 Student Members of the Society.

[edit] Duties

The Society:

establishes and maintains professional standards for the protection of the public
provides continuing professional education
creates forums for discussion about contemporary and relevant issues
promotes research and the development of actuarial science, and
makes informed contributions to the debate on issues of public interest

[edit] Council

The Council manages the affairs of the Society. Council is elected by the fellow members.

The Council appoints working committees to undertake, under the direction of the Council, some of the detailed work of the Society. The committees work on current issues in such areas as pensions, life assurance, general insurance, investments, health care, international actuarial issues and the education and training of actuaries.

[edit] Guidance

The Society has a Memorandum on Professional Conduct, with which all members must comply. The Society also issues Guidance Notes to members on specific areas of practice. The Notes are classified as either Practice Standard or Recommended Practice. A Disciplinary Scheme is in place.

[edit] Activities

The Society regularly organises evening meetings at which a member or guest presents for discussion a paper on a topical or academic issue. Seminars are also held from time to time as are working meetings on current issues. Social events include the Annual Ball and an annual Golf outing. The Society publishes a Newsletter, which keeps members informed on current issues, items of news and forthcoming events.

[edit] Education

The Society is not an examining body—most members qualify through the professional examinations and experience requirements of the Institute of Actuaries or the Faculty of Actuaries, both of which are United Kingdom bodies.

[edit] International representation

The Society has very close links with the Institute of Actuaries and the Faculty of Actuaries.

In addition the Society is a member of the Groupe Consultatif Actuariel Europeen. The Groupe Consultatif is a body through which actuarial associations from the various EC countries can discuss and progress matters of mutual interest, in particular relating to EC legislation, working practices and standards of professional behaviour in the various member associations, and training.

Many of the Society's members are also members of the International Actuarial Association.