The Actuarial Academy of East Africa has completed training and professional development to the staff of the Seychelles Financial Services Authority (FSA) in Actuarial Science and analysis.

The long training session, which took place in 2018, was initiated in after the Seychelles FSA entered into a Memorandum of Understanding (MoU) with AAEA 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.

AAEA, mooted by TASK, is a non-profit institution that will seek to develop the profession in support of East African Community (EAC) financial sector growth.

Still in its early stages of development, the academy has garnered the support of various stakeholders in the financial and education sectors. They include market regulators in the financial services industry, financial institutions, public agencies, international development institutions, insurance associations, members of the International Actuarial Association, regional universities and the EAC secretariat.

The institution is expected to tackle all phases of actuarial development (insurance, pension, investment and banking), support qualification of actuaries and actuarial analysts, provide continuing education, develop specialisation to meet market demands such as reserving and pricing, conduct research, promote professionalism and set best practise in actuarial work.

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 AAEA 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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