Destin Africa 24 Main Story
The Actuarial Society of Kenya Celebrates 25 Year Anniversary The society has been at the forefront of promoting the actuarial profession in Kenya and Eastern African region at large By Jennifer Nyawira
T
he founding of The Actuarial Society of Kenya (TASK) in 1993 has not only seen the growth of the actuarial profession, but has spearheaded the recognition of actuaries in the market.
According to Cyrille Nabutola, Secretariat of TASK, the professional body aims at promoting and strengthening the actuarial profession in Kenya, East and Central Africa, and the world at large. “Our mandate is to bring together all the actuarial professionals in the market with the objective of promoting and developing the profession.” Officially launched in 2005 by practicing actuaries in Kenya, TASK is a full member of the International Actuarial Association (IAA), the worldwide association of professional actuarial associations.
Objectives TASK has a number of objectives among them; a) To elevate the status and promote the advancement and best interests of the actuarial profession in Kenya; (b) To unite members of the actuarial profession in Kenya into one general body; (c) To play an active role in actuarial education and training and the development of local actuarial expertise; (d) To develop and uphold the highest professional standards and guidance for its
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Cyrille Nabutola, Secretariat of TASK.
members in relation to the practice of the actuarial profession and secure for them such professional standing as may assist them in the discharge of their duties; (e) To promote knowledge and research in all matters relevant to actuarial science and its application in Kenya and in the East and Central African region; (f) To promote and improve the education of present and future financial consumers and raise public interest issues; (g) To consider the actuarial aspects of legislation, existing and proposed, and to take such action as considered desirable; (h) To establish links with groups or Societies in any part of the world with similar objects to those of the Society; (i) To do all such other lawful things as are incidental or conducive to the attainment of the above objects. Membership The Society has grown rapidly over the years and today, it boasts of 461 members
grouped into four categories – fellows, associates, students and university students. Fellows are fully qualified actuaries. He/ she is a Fellow of a Full Member society of the International Actuarial Association. Currently, there are 56 fellows who are based within and outside Kenya, including South Africa. 46 fellows are Kenyans by nationality. Kenya holds the second highest number of fellows in Africa, from South Africa. “The significant improvement has come through the initiative of the Insurance Regulatory Authority (IRA) that has been sponsoring at least five students to pursue Master of Science Degree in Actuarial Management at the Cass Business School, United Kingdom,” says Nabutola. The program helps students to get exemptions for their professional exams. Associates form the second category. These are members who have completed
