Actuaries are professionals who use data analysis technology to identify, predict and manage risks, and play an important role in insurance operations, risk and strategic management, and social security fields.

In order to strengthen the construction of actuarial professionals, promote the healthy development of actuarial undertakings in China, and better meet the needs of high-quality development of China's insurance industry, according to the "Insurance Law" and the relevant provisions of the national vocational qualification system, The China Banking and Insurance Regulatory Commission and the Ministry of Human Resources and Social Security have studied and drafted the "Actuary Professional Qualification Provisions (draft for comments)" and the "Actuary Professional Qualification Examination Implementation Measures (draft for comments)" (hereinafter referred to as the "Qualification Provisions" and "Implementation Measures"), and recently solicited opinions from the public.

It is clear in the Qualification Regulations that the professional qualification of actuary in China includes two levels: quasi-actuary and full actuary, and the qualification of quasi-actuary is the prerequisite for obtaining the qualification of full actuary. The actuary level is set up in seven professional categories: life insurance, non-life insurance, health insurance, social insurance and pension plan, financial risk management, asset management, and data science to meet the demand for actuarial talents in various fields in China.

At the same time, the "Qualification Provisions" and "Implementation Measures" have optimized the registration conditions and exam Settings of the professional qualification examination for actuaries. First, from the registration conditions, the "Qualification Regulations" is clear, with a university undergraduate (including undergraduate study) or above education or degree personnel can register for the exam. Second, from the examination subjects, the "implementation Measures" stipulate that China's quasi-actuary examination subjects are 5; The actuary examination is divided into 7 professional categories, all of which are 1 public subject, 3 professional subjects, and 1 elective subject. Third, from the corresponding to the title, the personnel who have obtained the professional qualification of quasi-actuary, if they meet the relevant conditions such as the working years of the title of intermediate economist, can correspond to the title of intermediate economist; Persons who have obtained the professional qualification of actuary, if they meet the relevant conditions such as the working years of senior economist title, may participate in the evaluation of senior economist title.

The "Implementation Measures" stipulate that the Chinese Association of Actuaries (hereinafter referred to as the Association of Actuaries) is responsible for the implementation of the professional qualification examination for actuaries, and the examination centers are in principle set up in colleges and universities in cities above the prefectural level and the designated schools for the college entrance examination, and the examination is conducted once in the second quarter and the fourth quarter of each year.

The Qualification Provisions stipulate the conditions for applying for the professional qualification Certificate for actuaries. The requirements for the quasi-actuary level include: passing the quasi-actuary level 5 subject exams; Attend and complete relevant legal and regulatory education, professional ethics education; Bachelor degree or above.

The requirements of the actuary level include: obtaining the professional qualification certificate of the quasi-actuary level; Passed a total of 5 subject examinations of public, professional and elective exams required by the corresponding professional category of the actuary level; More than 5 years of actuarial or financial related practical experience; Attend and complete professional ethics education; Bachelor degree or above. If the conditions are met, the Association of Actuaries will issue a certificate of the corresponding level supervised by the CBRC and the Ministry of Human Resources and Social Security.

In terms of perfecting and regulating the actuary professional qualification management system, the Qualification Provisions put forward that the actuary professional qualification certificate shall implement the registration service system; Actuaries should regularly complete the continuing education of actuarial profession, constantly update professional knowledge, improve professional quality and professional ability; The Association of Actuaries is responsible for establishing the integrity files of the actuary professional qualification holders, and providing relevant information inquiry services to the society; For actuaries who violate laws and regulations, rules and regulations of the actuarial industry and professional ethics, the Association of Actuaries will cancel their registration, withdraw their professional qualification certificate and announce it to the public.

It is worth noting that the actuary qualification certificate obtained before the implementation of the Qualification Provisions has the same effect as the actuary professional qualification certificate obtained in accordance with the requirements of the new provisions. For the examination subjects that have passed in 2017 and before, the Association of Actuaries will formulate the subject conversion rules, which will be announced and implemented after filing with the CBRC.

Managing Editor: Yuan Hao