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Congratulations to actuarial students who have reached the next stage in training
 

Results of the actuarial exams held between April and July 2012 mean that more young student actuaries have completed parts of their training.

The Turkish rules covering the actuarial profession recognise those who have completed the first part of the actuarial exams as being “Actuarial Interns” (Stajyer Aktüer) and those who have successfully passed all subjects in the second part as “Assistant Actuaries” (Yardımcı Aktüer). Full qualification is granted to those who complete the third part and satisfy the work experience requirements.

Notices published on the Treasury’s website last week announced that these young colleagues of mine in the profession had achieved these milestones:

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If you are preparing for actuarial exam 2.2 I have a copy of “Neill” in my cupboard!
 

The Treasury has published a list of the actuarial exams and the topics to be included in the syllabus for 2012. For each subject, recommended textbooks are given. Sadly a reflection on the development of actuarial training here, most of them are in English (the main exceptions to this are subjects 1.2 (basic economics) and 2.1 (accounting and financial reporting).

Registered users of this site can access a translation of the exam syllabus here.

An “old friend”, the textbook I used for Life Contingencies back in 1988 (probably around the time some of the candidates for the Turkish exam were born) for the Institute of Actuaries’ exams, appears on the list for exam 2.2 (life insurance mathematics). When first designing a year-one course for my masters students at Bahçeşehir University I brought it with me to Turkey, and I have a copy gathering dust in a cupboard.

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Don't launch a takeover the middle of March
 

Why not? Because it will be impossible to find an actuary in Turkey during the middle two weekends of the month, for we will all be in training!

Mirroring the requirements for CPD around the world, the regulations governing our Actuarial Registration and Practicing Certificates require 5 days of training over 2 years.

 

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Congratulations to Bahçeşehir students
 

The Treasury has just published the results of Level 1 of the 2011 Actuarial Exams, which were held between the 18th and 26th June in Ankara and Istanbul.

Congratulations to my former students from the Masters class at Bahçeşehir University who have passed and chalked up another notch in their journey to become a qualified actuary:

Basic Insurance and Economics: (45 candidates passed) Alper SEVİNÇ, Pınar ATASOY and Sercan GÜLER

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Ethical Turkish Actuaries
 

At its Annual General Meeting last month the Turkish Actuarial Association amended its byelaws. Members also voted unanimously to accept a set of Ethical Standards.

Designed to regulate the way members of the profession carry out their professional duties, these ethical standards reflect the high level of responsibility carried by actuaries. Actuaries are trusted by governments, public and private financial institutions, their employers, their clients and customers, and the general public. In carrying out their professional obligations they aim to reach the highest professional standards, to justify the faith put in them, and to protect the reputation of the profession.

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Turkey's First "Stajyer Aktüer"
 

The Treasury has announced the results of the most recent actuarial examinations, and as a result 8 young actuarial students have won the right under the new Actuarial Regulations to use the title Aktüer Stajyer (Actuarial Intern).

29 students passed the exam in Financial Mathematics.

21 passed Probability and Statistics.

23 entrants were successful in Basic Insurance and Economics

and 26 passed the Maths exam.

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Actuarial Association: new Executive Council for 2009/10
 

The Actuarial Association of Turkey has once again chosen Ömür Şengün to be its Director.

At their Annual General Meeting, held on 28 March, the Actuarial Association voted on its five member executive council.

At its first meeting, held today, the council divided the roles between themselves as follows:

Director:                       Ömür Şengün

Assistant Director:        Ayşe Sezik Türükölmez

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Number of Turkish Actuaries reaches 105!
 

The Treasury has added 13 names to the list of qualified actuaries in Turkey (Aktüer Sicili). This is probably the last such addition to the list, as the requirements for qualification as an actuary change with effect from January 2008, when a new examination system will be introduced.  The number of actuaries on the list now stands at 105.

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Actuarial exam syllabus for 2012
 

 REPUBLIC OF TURKEY TREASURY

SCOPE OF THE ACTUARIAL EXAMINATIONS FOR 2012

When defining the principles underlying the actuarial examinations to be set in accordance with the “Actuarial Regulations” that were published in the Official Gazette number 26614, dated 15 August 2007, and which have been in force since 1 January 2008, the generally accepted principles defined in the EU and other countries for the professional quality of actuaries were applied. In line with this, the scope of the examinations has been set with regard to the scope of international examinations.

The scope of the Actuarial Exams for 2012 is set out by subject below. Books shown under “Some Useful Resources” given for each examination are listed in order of their relevance.

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Sectoral Announcement concerning the actuarial report to be prepared covering health insurance
 

  From the Treasury                  8/4/2014

 
SECTORAL ANNOUNCEMENT CONCERNING THE ACTUARIAL REPORT TO BE PREPARED COVERING SICKNESS AND HEALTH INSURANCE
(2014/10)
 
In the Regulations for Private Health Insurance published in the Official Gazette number 28800 on 23/10/13, subsection 2 of article 13 entitled “the requirement to employ a health professional and the actuarial report” directs that,
 
“The actuary sends a report to the Insurance Information and Monitoring Centre on the company’s activities relating to private health insurance prepared with effect from the year end in accordance with the methodology and principles laid down by the Treasury... 
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Health insurance: content of company actuary's report
 

The regulations covering private health insurance which were issued on 23 October 2013 included provisions for the Treasury to outline the contents of an annual actuarial report on their company’s activities in the health branch.

Two days ago the Treasury issued sectoral announcement no 2014/10 which contains the format of this report. Just in time, because the first reports for the year end 2013 were due to be sent to the Insurance Information and Monitoring Centre by the end of April (a little under three weeks away!). But actuaries can heave a small sigh of relief: the last paragraph of the sectoral announcement provides for a deadline of the end of June for the 2013 reports, with the April deadline applying for future years.

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Support for Soma victims from the Actuarial Association of Turkey
 

All of Turkey was plunged into grief by the tragedy in the mine at Soma in Manisa province earlier this month. On 13th May, 301 miners lost their lives as a result of a fire.
 

Families of those who died are entitled to compensation. “Destekten yoksun kalma tazminat” is a benefit common in Turkey, paid to the financial dependents of someone who dies in an accident. The amount to be paid depends on the income of the deceased and their age at death; it requires an actuary to calculate and certify the capitalised value of the loss of future income.

Members of the Actuarial Association of Turkey are offering their support to the widows and orphans in the Soma tragedy by carrying out these calculations free of charge.

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New board of management for the Actuarial Society
 

 At their AGM held in the Milli Reasürans Conference Hall on 16 March 2016, Turkey’s Actuarial Society elected a new board.

President for the coming year is Orhan Emre Çelik
 
Vice President is Ayşe Seda Ekizoğlu
 
Cenk Yalçın will fulfill the role of Secretary, Çağkan Başer that of Treasurer and Aslı Sönmez will oversee PR and Education.
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