• root
  • April 8, 2019
  • news
The Actuarial Society of Kenya (TASK) has completed training and professional development to the staff of the Seychelles Financial Services Authority (FSA) in actuarial science and analysis. The August long training session was initiated in November last year after the Seychelles FSA entered into a Memorandum of Understanding (MoU) with TASK to provide a framework of cooperation and coordination between the two entities and facilitate the exchange of information. This MoU was signed by Ms Jennifer Morel, the CEO of the FSA and Mr Ezekiel Macharia, the Chair of the Actuarial Academy Committee. Seychelles FSA, as per the Insurance Act 2008 as well as the Financial Services Authority Act 2013, is responsible for the supervision and regulation of the insurance industry. In order to effectively implement risk based supervision in the insurance industry, actuarial development is a requirement. The availability of this skillset is lacking in the Seychelles. The MoU sought to address this problem by both developing the profession in, and providing it to, the Seychelles. Kenya was selected in view that it is home to the largest number of credentialed actuaries in East Africa and has, in addition, formed an Actuarial Academy. Part of the team responsible for the successful semester include Mukami Njeru, Ezekiel Macharia, Mr. Gary Jupiter, Holly Bakke, Martha Kelly and Edward Sia. Key outcomes during the month-long initiative includes:
  • Understanding of skills gap in the FSA and Seychelles Industry – Insurance & Pensions
  • Improved understanding of Actuarial Reporting requirements
  • Drafting Key Guidelines on Actuarial Reporting Requirements
  • Understanding of Risk and Capital adequacy Assessment
  • Requirements for an Own Risk and Solvency Assessment
  • (ORSA) framework
  • Basic Own Risk and Solvency Assessment Modelling
  • Draft MOU with Unisey and initiation of the journey towards creating a CAA course
Going forward TASK will design CAA course with University of Seychelles, Support FSA on any interim guidelines, perform assessment of staff in the next 12 months and, manage risk of attrition and ensure skills transfer.

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