Continuous professional development

PROFESSIONAL STANDARD 1

CONTINUING PROFESSIONAL DEVELOPMENT (CPD)

  1. INTRODUCTION

1.1. Application

This Professional Standard sets out the minimum requirements for the Continuing Professional Development (CPD) that Members of the Bulgarian Actuarial Society must satisfy.

  1. 2 .Classification

This Professional Standard has been prepared in accordance with BAS CPD Strategy.

All Members of the Bulgarian Actuarial Society must comply with this Professional Standard unless they are exempted in writing by BAS from clause 4.7. Non-compliance with this Professional Standard by a Member of BAS may lead to penalties under the BAS’ Disciplinary regulations.

  1. 3. Purpose

The purpose of the Continuing Professional Development (CPD) is to guarantee that all BAS Members maintain, improve and expand their knowledge and skills, and develop the personal and professional qualities needed for the provision of Professional Services.

2. COMMENCEMENT DATE

This Professional Standard applies from 01.01.2009.

3. DEFINITIONS

“Actuary” means a full or an associated BAS Member

“Professional conclusions” has the meaning defined in the BAS Professional Ethics code.

“Continuing Professional Development” or “CPD” consists of activities that have the objective to maintain, improve and expand the knowledge and skills and to develop the personal and professional qualities needed for the provision of Professional Services for the BAS Members.

“Company” means a firm or a company in which an actuary works, provides service or is either manager or partner.

“Society” or “BAS” means the Bulgarian Actuarial Society.

“Member” means an associated or a full member of BAS.

“Professional service” means the service provided by a BAS Member in his or her capacity of a professional-actuary including actuarial conclusions. Professional service includes also any service provided pro bono.  

4. CONTINUING PROFESSIONAL DEVELOPMENT (CPD)

4.1. CPD

The Members have a constant duty to develop and maintain their professional knowledge and skills. CPD is an important component in the process of keeping Members’ activities complying with the Code of the Professional Ethics and Professional Standards of BAS.

4.2. CPD requirements

Every Member of BAS must have completed either 40 CPD points for one calendar year or 80 CPD points on aggregate over two consecutive calendar years, provided that at least 20 points are completed in each of those calendar years.

A Member who joins the Society during the course of a year must meet the requirements for CPD on a pro rata basis for that calendar year.

The Members are expected to exceed the requirements set out in clause 4.2.1, especially in the cases when Members’ practical working scope is more than one.

Every Member must undertake CPD in one or more of the following:

  • general actuarial techniques;
  • actuarial or other methods and approaches appropriate for a Member’s particular practice area(s) or new field(s) of operation;
  • in the business environment in which the actuary practises;

The commercial activities would be considered and accepted as CPD activities according to clause 4.5 only if they lead to the improvement and expanding of the knowledge and skills, and personal and professional qualities needed for the provision of the Professional Services from BAS Member.

4.3. CPD activities

CPD requirements can be met in a wide variety of ways. Below are listed some examples of CPD activities. Other activities meeting the requirements of this Professional Standard could also be appropriate, in particular for Members working out of the traditional practical areas. The Appropriate CPD activities include but are not confine to:

  • Attending local or national actuarial seminars, meetings or workshops;
  • Attending international actuarial seminars or workshops;
  • Attending courses organized by Actuarial Associations, the Universities or other Organizations;
  • Attending events organized by other professions relating to the Actuary;
  • Attending the appropriate trade conferences and seminars;
  • Attending courses and groups(discussion) organized by the employer;
  • Participating in self-dependent or group investigations;
  • Participating in national working groups or technical committees including permanent or temporary committee of Bulgarian Actuarial Society;
  • Participating in international technical committees;
  • Teaching or tutoring other actuaries or/and actuarial students;
  • Organizing or evaluating actuarial exams;
  • Courses for obtaining additional qualifications including membership in other appropriate professional organizations;
  • Preparing reports, publishing professional articles or books;
  • Organizing or conducting professional discussions or presentations for BAS colleagues, clients or bigger audience at conference or seminars;  
  • Self-accomlishment – by reading technical or professional literature (journals, books);
  • Participating in actuarial discussion groups via internet;
  • Working on different actuarial subjects/ topics in wide variety of areas.

4.4. Personal judgement

CPD needs differ among Members and across the career of an individual. Therefore each Member must exercise their judgment regarding the activities that they undertake to develop their personal and professional skills, and each Member must decide what activities can be recorded as CPD in accordance with this Professional Standard.

4.5. CPD records

Every Member is required to maintain a personal records for his/her CPD points. Sufficient detail must be recorded to demonstrate the nature of the activity to enable the Society to verify compliance with this Professional Standard. Such CPD records must be retained for five years following the end of the period to which they relate.

Every member is required to record the details of their CPD activities in a manner that is consistent with the detail contained in Appendix A.

A member is required to confirm compliance with this Professional Standard as part of the annual membership renewal process, unless exempted under clause 4.7.

4.6. Monitoring

The Society will monitor Members’ CPD records periodically. The Members are required to provide their CPD record in written or electronic form within 14 days of receipt of a request from the Society or such other reasonable time as agreed by the Society. The Society will send a request in written form or by an e-mail.

Any records provided to the Society will not be disclosed to other parties, except as necessary to conduct an investigation of a Member’s compliance with this Professional Standard or as part of a disciplinary procedure of the Society.

If, during examination of a Member’s CPD records, the Society has concerns about the adequacy of these records, it will seek additional information from that Member and provide them with a reasonable opportunity to fully document their records.

4.7. Exceptions

Every Member of BAS who is not providing a Professional Service or is either retired or has special circumstances may apply to the Board of managers in writing for an exemption from the requirement of this Professional Standard.

The Board of managers will consider the application and will notify the Member in writing if the exemption application has been approved and of any conditions attached to that exemption.

This Professional Standard was accepted during the annual BAS general meeting on 15.12.2008.

APPENDIX A: CPD record form

Name:

Period starting:

Period ending:

DateEvent/Activity (including name of provider or source)Detailed description of CPDCPD Hours