Actuary is a representative of one of the smallest professions in the world, where there are only a few dozen truly valuable professionals. They are engaged in the so-called insurance mathematics, and also know the theory of actuarial calculations.
Field of activity of actuaries
The calculations carried out by representatives of this profession relate to the formation of reserves of insurance premiums for types of insurance on a long-term basis, as well as the determination of the amount of redemption and reduced payments. The activities of actuaries also include loans under life insurance contracts and forthcoming retirement benefits.
Thus, people who work as actuaries usually find themselves high-paying positions in two areas - insurance and investment business, where it is simply vital to assess the distribution of cash flows. In insurance, actuaries are involved in developing detailed methodology and calculating insurance rates; making calculations for the formation of a fund of insurance premiums under long-term contracts; determination of the amount of insured amounts and loans under contracts in the field of insurance. Actuaries working in the information business specialize in the development and further application of valuation models of risk instruments, as well as in the calculation of investment reserves.
Russian actuaries
In the Federal legislation of the Russian Federation, there is a separate law dated 02.11.2013 No. 283-FZ with the title "On actuarial activities in the Russian Federation", which defines this profession. Moreover, the specialty "responsible actuary" is singled out separately, information about which must be entered in the official unified register. The same law also defines the following concepts "actuarial activity" and "object of actuarial activity". At the same time, the main regulator of their activities, according to No. 283-FZ, should be the Central Bank of the Russian Federation.
The same law also determines that the activities of the body that develops insurance rates are subject to mandatory assessment of actuaries; non-state pension funds; insurers and mutual insurance companies.
The non-profit organization "Guild of Actuaries" also operates in Russia, which is the successor of the International Actuarial Association or IAA and publishes its own magazine "Actuarium". The Association of Professional Actuaries is already functioning under the authority of this association (it has been operating since October 31, 2013). Members of the latter specialize in pension insurance and interact with the Actuarial Committee of the National Association of Non-State Pension Funds (NAPF).
