History of the Chinese Actuarial Profession

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Zhigang Xie, Chine
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Summary:
The Chinese actuarial profession is young but it is developing fast. As in other countries, the origins and development of the actuarial profession in China were driven by the demands of the insurance industry. The statutory responsibilities of the actuarial profession for life insurance were specified in the first version ofthe China Insurance Law in 1995. The scope of the actuarial profession was expanded to the property/casualty and reinsurance areas in 2003. Efforts are being made to expand the scope of the actuarial profession to the pensions and social security areas. For the time being, however, the Chinese actuarial profession is still limited to and concentrated in the insurance industry.The experience of developing the actuarial profession in China has shown thateducation is the foundation, that a legal position and statutory roles areessential, that practice standards are the core and that the organizationalstructure and governance determine the future of the profession.The paper provides a historical perspective on building the actuarial professionin an emerging insurance market.
 
Date: 2 June - Time: 10:30 to 12:00 - Room: 253
Theme: 2.A. The responsibility of the actuary