The Association of Actuaries and Financial Analysts (AAFA) was founded in August, 1998 on the basis of the Association of Statisticians of Georgia. On a voluntary basis, AAFA comprises actuaries and financial analysts, also persons whose activities support establishment and development of the profession of actuaries and financial analysts. AAFA is the first actuarial association in Transcaucasia. It has also been a member of the International Actuarial Association since 2000.
Popularization/development of actuaries and financial analyst’s profession in Georgia and setting up professional standards has been among the main issues of the association since the very first day. To implement its goals, the association periodically held training-courses attended by its members and other interested persons, since autumn, 2005. According to the actuarial certifying scheme, individuals meeting qualification standards set up and established by the association were given professional certificates. Issued certificates are of the following four types:
- Life and pension insurance „a“ category certificate;
- General insurance „a“ category certificate;
- Life and pension insurance „b“ category certificate;
- General insurance „b“ category certificate;
There are appropriate qualification criterion for each type of certificate. The association preliminarily announces terms for applicants of each type of certificate.
Besides, AAFA set up ethic code for actuaries which is used as an ethical behaviour manual for the actuaries accredited by AAFA.
From time to time, seminars in insurance mathematics are held to advance basics of mathematics for the future actuaries. These seminars are led by high qualified specialists with proper practical skills.
On the earlier stage of establishment, AAFA was financed by Eurasian fund to promote recognition of the actuarial profession. With the help of this source, association released several educational brochures, newspaper articles and TV programs.
It should be noted, that in 2007 AAFA was selected by Georgian Government as a consultant of insurance premium calculation for the state insurance program implemented by USAID support. The program covered transmission of vulnerable and elderly people insurance to private sector by the state and was connected with a healthcare reform started in 2007.
Recommended tariff scheme of state insurance program in 2008-2009 was worked out by the members of Association of Actuaries and Financial Analysts.
Future action plan of the Association of Actuaries and Financial Analysts implies the following:
- To continue popularization of actuaries and financial analysts profession;
- To restore actuaries certifying program;
- To start issuing periodical release.