The new IAE Code of Conduct is governed by five basic principles:
- Integrity: the actuary must act honestly and with the highest standards of integrity.
- Competence and diligence: the actuary must perform professional services competently and diligently.
- Regulatory compliance: the actuary must comply with all relevant legal, regulatory and professional requirements.
- Objectivity and impartiality: the actuary must not allow prejudice, conflicts of interest or the undue influence of third parties to override his professional judgment.
- Communication: The actuary must be able to convey the implications of any analysis and advice in a way that is understandable to their clients.
The new text, which is applicable to all actuaries within the European Union, standardizes the rigor of the actuary profession in Europe, by applying it to actuaries in 35 European countries.
This Code establishes the key principles of conduct, being the actuaries themselves who must ensure first-hand the spirit and intention of the Code, which goes far beyond a mere literal interpretation.
The new code that comes into force applies to all those professional services provided by an actuary in relation to managing entities of pension plans and funds, insurance and reinsurance companies, and financial services entities, as well as to all those professional acts based on criteria Actuarial, such as an assessment of the Auto Scale or ERM risk management, among others.
