The Actuarial Society of Finland
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Articles of the Association
- unofficial translation
1§ The name of the Association is Suomen Aktuaariyhdistys ry, in Swedish Finlands Aktuarieförening rf, and its domicile is Helsinki. The purpose of the Association is to
- promote sciences related to insurance, primarily actuarial mathematics
- promote the professional skills of actuaries by organizing lectures and discussion events
- to give, on request or otherwise, statements on issues related to its purpose
2§ Members of the Association are
- honorary members,
- full members and
- supporting members.
Full members are categorized as FASF-members or other full members.
It is a task of General Meeting of the Association to admit a member.
On the proposal of the Board, a person who has rendered special services to the Association or insurance industry may be elected as honorary member.
An actuary is elected as FASF-member if the actuary has been qualified by Ministry of Social Affairs and Health (SHV). An actuary is elected as FASF-member also if the actuary is a fellow member in any such actuarial association with which the Actuarial Society of Finland has mutually agreed upon recognition of its fellow members and who has at least three years’ practical experience from which at least one year in Finland or who has knowledge of the Finnish legislation and Finnish insurance industry to the extent that the Actuarial Examination Board considers to be sufficient enough. The FASF-member shall agree on conforming to the Code of Conduct for Actuaries as agreed by the General Meeting of the Association on the proposal of the Board. The FASF-category of the Association corresponds to the full membership class as meant by Groupe Consultatif des Associations d'Actuaires des Pays des Communautés Européennes. FASF-member may in international contexts use together with his/her name a title "Fellow of the Actuarial Society of Finland" and to use corresponding initials FASF.
On the proposal of the Board and recommended by two members, an actuary or a person who is well familiar with actuarial sciences may be elected as other full member. If desired, also FASF-member is entitled to let his/her category be transferred to a category other full member.
On the proposal of the Board, an insurance company of affiliated company or person may be elected as supporting member.
Full members and supporting members shall pay a membership fee, amount of which shall be approved by the Annual General Meeting for one year at a time. From members of International Actuarial Association (IAA) the Association may collect higher fees than from other members. From other full members the Association does not collect membership fees from any calendar year when the member is 65 or over. Also from other members that have become members of the Association before 1973 the membership fee is not collected. An honorary member is exempt from membership dues.
Members of the Association shall perform professional services with integrity, skill and care. He/she shall fulfill his/her professional responsibility to his/her client or employer and shall not act against public interest. Members shall act in a manner to uphold the reputation of the actuarial profession and the Association.
2a§ A member whose SHV-qualification has been cancelled by Ministry of Social Affairs and Health is transferred to a category of other full member.
A member who has been in arrears in payment of membership fee for more than six months is considered as being resigned unless the General Meeting of the Association justifies otherwise.
2b§ The Association has an Ethics Committee. The Committee consists of board members of the Association. The quorum of the Committee is the same as that of the Board of the Association.
The Ethics Committee deals with complaints against members of the Association. If the Ethics Committee considers that the member of the Association has violated the rules of the Association or the Code of Conduct for Actuaries, the Committee has the right to give a notice or propose the member of the Association to be expelled. The Association may decide also on suspending the member.
A committee member whose interests are or may be in conflict with the matter described in paragraph 2 may not take part in the decision-making of the matter in the Committee. If the Committee does not have a quorum any more after this, the Board appoints independent members of the Association to substitute the discharged members during the proceedings.
Before decision-making the Ethics Committee shall give the parties a fair hearing and let them present a representation, unless the Committee considers the complaint groundless without further examination and informs the complainant of this decision. Otherwise the Committee shall serve forward the decision and the reasoning in writing to the parties in concern and to the person who sent the complaint to the Committee. The decision has to be given within six months from the complaint. If the Committee considers that the decision is of principle importance, then the Committee may publish the decision and reasoning in a General Meeting of the Association, however, not the name of the related member. The parties involved may refer the decision of the Ethics Committee to a General Meeting of the Association in order to be settled in the meeting.
3§ The Board consists of Chairman, Vice Chairman and Secretary and three other members, all elected by Annual General Meeting. The board members are elected for a period of three years; re-election is allowed once. Two of the board members shall resign annually in turn. Unless the Annual General Meeting decides otherwise, at least one of the board members shall have the qualification as prescribed by law to carry out actuarial function and besides board members shall represent well different domains of insurance industry. The Board constitutes a quorum when at least three members are present, one of them either the Chairman or Vice Chairman. The Board decides with a simple majority of votes. In case of a tie, the vote of the Chairman shall be decisive. The Board that is summoned by the Chairman is responsible of the day-to-day business, prepares the matters in the agenda of the Genral Meetings and carries out the decisions.
The Chairman conducts the proceedings in the meetings of the Board and the General Meetings of the Association, except in the Annual General Meeting, signs the minutes and signs the name of the Association in its statements. In case the Chairman is prevented from attending his/her duties, his/her place shall be taken by Vice Chairman.
Two members of the Board or one Board member and one member of the Association as appointed by the Board have the right to sign the name of the Association.
Secretary shall keep the minutes in the General Meetings of the Association and the Board, manage finances, keep accounts and administrate archive and write statements and summons in writing the members on behalf of the Board to a General Meeting of the Association and informs of the matters to be dealt with in the meeting.
4§ The General Meeting of the Association is summoned by the Board at least twice a year or when at least one tenth of the members entitled to vote demand in writing a
General Meeting for the handling of a matter notified by them.
Each member has one vote in the General Meeting of the Association.
The General Meeting decides with a simple majority of votes, unless otherwise described in these articles. In case of a tie, the vote of the Chairman shall be decisive, except in elections and ballots the resolution shall be cast by drawing lots.
If one of the members requests, election of the Board members or admittance as member of the Association or expulsion from the Association a secret ballot shall be carried out.
5§ The tasks of the Annual General Meeting held by the end of February are
- to adopt annual report of the Board,
- to adopt annual accounts and auditors’ report,
- to ratify the financial statements and to grant discharge from liability to the Board members and other accountable persons,
- to decide on the fees to the members of the Board and Auditors,
- to elect the Board members for those having turn to resign,
- to elect two auditors and two deputy auditors,
- to adopt annual report, annual accounts and auditors’ report of the Board of The Foundation for Promotion of the Actuarial Profession,
- to elect on nomination by the Federation of Finnish Insurance Companies the Board new members of The Foundation for Promotion of the Actuarial Profession,
- to elect one KHT-auditor who together with the auditor of the Association audits the accounts of The Foundation for Promotion of the Actuarial Profession; besides this to elect a deputy auditor for him/her and
- to approve the membership fees for full and supporting members; the membership fee may differ depending on the membership category and also physical and legal supporting members
6§ The books are closed at the end of each calendar year. Before the end of January the Board shall give the accounts and the annual report to the auditors who shall give their auditors’ report within one week.
7§ A decision concerning the amendment of these articles shall be made in two Meetings of the Association, the second one at least one month from the first one and in the second by a absolute majority representing at least three fourths (3/4) of the members in the meeting.
The same decisions are required in case of dissolution of the Association. The remaining assets shall be transferred to a registered association or foundation that is considered to best promote the actuarial mathematics in our country.
Updated: 10 Apr 2008
