Code of professional conduct

This Code is an integral part of the By-laws of the Bulgarian Actuarial Association. It is drafted according to the By-laws and the requirements of the Code of professional conduct for the EU member states, developed by the Groupe Consultatif (GC).

According to the By-laws, the members of the Bulgarian Actuarial Association adhere to uniform principles and norms of moral and professional conduct.

Actuaries’ professional responsibility is to be acquainted with and to constantly be informed about the revision of this Code. An actuary should follow the rules of professional  conduct when performing professional services.

Professional loyalty

(1) An actuary shall perform professional services with integrity and in a manner to uphold the reputation of actuarial profession and shall not act against public interests. (C, D; 1, 2)

(2)  An actuary shall avoid publicity that might lead to undue or unfair professional advantage, that cannot be substantiated or that is of misleading nature.  (Q, E; 2)

(3)  An actuary shall perform professional services with integrity, due skill and care. He shall fulfil his professional responsibility to his client of employer. (A, B; 1)

(4)  An actuary shall perform professional services only if hi is competent and appropriately experienced to do so. (I; 4)

Adhering to standards in respect of practice

(5) An actuary is responsible for maintaining applicable practice standards in his professional services or such performed under his management. (J; 5)

(6) An actuary shall take into account any relevant Guidance Notes, issued or endorsed by the Bulgarian Actuarial Society, as well as their character (compulsory, recommendable etc.) (5)

Professional findings

(7) An actuary shall, in communicating his professional findings, show clearly that he is the source of the findings and that he is available to provide the client or employer with supplementary information and explanation of the scope, methods and data. (K; 6)

(8) An actuary shall, in communicating his professional findings, identify the client for whom these findings are made and in what capacity the actuary serves. (L, M; 7)

Disclosure of the sources of remuneration

(9) Any actuary shall disclose, in writing and timely, to his client all sources of income, direct or indirect, that he or his firm may receive related to any professional services on behalf of that client (P; 10)

Conflict of interests

(10) An actuary shall not perform professional services involving any actual or potential conflict of interests, unless the actuary’s ability to act is unimpaired and there has been full disclosure of the actual or potential conflict of interests. (N; 8)

Confidentiality

(11) An actuary shall not disclose any confidential information, obtained while performing professional services for a client or employer, unless authorised to do so by his client or employer or if required by the law. (H; 3)

Tolerance and cooperation

(12)  An actuary shall perform professional services with courtesy and shall cooperate with others serving his client or employer. (F, G; 3)

(13) When an actuary is asked to take on professional services previously provided by another actuary, he shall consider whether it is appropriate with the previous provider of the  professional services to ensure that it is suitable for him to take on this new responsibility. (O; 9)

Disciplinary procedures

(14) An actuary shall be subject to the disciplinary actions prescribed in the Disciplinary Rules and the By-laws of the Bulgarian Actuarial Society and shall be entitled to appeal within the By-laws and the Disciplinary Rules.  An actuary shall  accept any judgement passed or the decision of any appeal procedure. (R, S; 11)

Supplementary provisions

§1. No differentiation is made in this Code between the various categories of actuaries.

§2. In the context of this Code:

1.   “actuary” is any full or associated member of the Bulgarian Actuarial Society.

2.   “client” is the person or the institution employing the services of the actuary or the services of the firm or company, for which the actuary works.

3.   “employer” is any Insurer, Assuror or any other institution that has hired the services of the actuary.

Interim and concluding provisions

§1. The letters in brackets at the end of each paragraph of this Code indicate the concepts referred to in the respective paragraph of the Code of conduct of the Accreditation Committee of the International Actuarial Association.

§2. The figures in the brackets at the end of each paragraph of this Code indicate the number of the article it the Code of professional conduct of actuaries in the EU member states, created by the Groupe Consultatif, which fully or partially contains the provisions of the respective paragraph of this Code.