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The actuaries of a number of life assurance companies established the Institute of Actuaries in London on the 8th of July 1848. The Institute of Actuaries was the oldest actuarial professional body in the world. In July 1884, the Institute of Actuaries was granted a royal charter. The royal charter confirmed the institute's role and the right ...
The Institute and Faculty of Actuaries came into being on 1 August 2010 as a result of the merger of the Institute of Actuaries (established in 1848) and the Faculty of Actuaries in Scotland (established in 1856) after voting members of both bodies voted to merge their respective organisations in a ballot held on 25 May 2010. [1]
The Faculty of Actuaries was one of two actuarial bodies in the UK, the other was the Institute of Actuaries, which was a separate body in England, Wales and Northern Ireland. While the Faculty of Actuaries and the Institute of Actuaries were separate institutions, they worked very closely together, and the professional qualifications and ...
Actuaries in South Africa are served by the Actuarial Society of South Africa (ASSA). Until 2010, the requirement to qualify as an actuary in South Africa was to pass the exams hosted by the UK bodies. Starting in 2010, a South African actuarial qualification hosted by ASSA has replaced this arrangement.
Marjorie Ngwenya is a British-born, Zimbabwean-raised actuary. In June 2016, she was appointed president-elect of UK’s Institute and Faculty of Actuaries (IFoA). [1] She was the first black African, the youngest (under 40) and third woman to hold this position.
Wesley S. B. Woolhouse (1809–1893), English, co-founder of the Institute of Actuaries; James Joseph Sylvester (1814–1897), English; Ole Jacob Broch (1818–1889), Norwegian, founded Christiania almindelige gjensidige Forsørgelsesanstalt, Scandinavia's first life insurance company
The IAA is the continuation of the Comité Permanent des Congrès d’Actuaires, established in 1895, as an association of individuals.It was renamed the IAA in 1968. At the 26th International Congress of Actuaries, held in Birmingham on 7–12 June 1998, the General Assembly of the International Actuarial Association restructured itself.
Actuaries also design and maintain products and systems. They are involved in financial reporting of companies' assets and liabilities. They must communicate complex concepts to clients who may not share their language or depth of knowledge. Actuaries work under a code of ethics that covers their communications and work products. [27]