The Actuarial Society of Kenya (TASK) is in the process of drafting a bill, titled the Actuaries Bill, with the main objective of enhancing the regulation and professionalism of actuaries practicing in Kenya. The intention thereafter is for the Bill to be taken through Parliament for enactment. The TASK Council believe that once the bill is enacted that the following, though not limited, will be achieved:
- Localized regulation of actuaries – Provision of local actuarial guidelines that take into consideration the dynamics of the Kenyan market.
- Actuaries’ Discipline – Administration of a process through which actuaries in Kenya are disciplined locally for professional misconducts committed in Kenya.
- Quality of actuarial training in Kenya – Support the Commission of University Education (CUE) by providing guidelines that CUE may adopt for the purpose of accreditation of actuarial courses in Kenyan universities.
- Government Policies (Big 4 Agenda and Vision 2030) – Application of the unique skills of actuaries in risk management and business advisory to support the government in implementation of its policies.
In drafting the bill, the TASK Council continues to engage key stakeholders who consume the services of actuaries or engage with actuarial resources in one way or another and will undertake public participation before finalisation.
The TASK Council held a one-day workshop on 22nd November 2019 at Silver Spring Hotel to discuss and review the draft bill in detail.