CBA TAKES MEASURES AIMED AT REGULATION OF ACTUARY ACTIVITY SECTOR
Noyan Tapan
Apr 18 2007
YEREVAN, APRIL 18, NOYAN TAPAN. The Central Bank of Armenia (CBA)
is taking measures aimed at development of methodology and order of
licensing of actuary activity. Hrachia Petrosian, Head of the Actuary
Analysis Office of Nork CJSC, told NT correspondent about it.
According to him, their office, which is the only one in Armenia,
tries to cooperate with insurance companies, taking into account
the work done by the CBA, as the field of actuary activity is in
the process of formation and has not been fully regulated. He said
that the CBA has much to do in terms of substantiating the insurance
tariffs, and the first steps in this direction have already been taken:
insurance companies submit reports to the CBA by presenting them in
the administrative statistical form established by the CBA.
"We are trying to form the market of specialized (actuary) services,
after which we will attempt to provide services in line with certain
standards," the head of Nork’s actuary office said. Particularly, an
attempt is made to cooperate with the CBA for solution of licensing
problems, as well as to act as a third – expert party in the CBA’s
work with insurance companies.
In the words of H. Petrosian, banks will also have a relation to
actuary activity because they will also be interested in working
with independent actuaries for assessment of their activities and
the borrower risk insurance tariffs. He said that all this will
create an opportunity for precedents of consulting organizations’
unification in the actuary activity sector, as well as in the sphere
of lawyer activity.