Who are the Nigerian Actuarial Society?
The Nigerian Actuarial Society (NAS) is the professional organization for actuaries in Nigeria. It was established in1986for the advancement of the actuarial knowledge and standards in Nigeria. NAS became a full member organization of the International Actuarial Association in 2018.
NAS focus at the moment is to bring together actuarial professionals practicing in Nigeria within a professional umbrella, regulate the code of conduct, liaise with relevant regulators and other stakeholders, be a voice for the profession in Nigeria, improve the local image of the profession and provide relevant assistance to its members, including trainings.
Does the NAS offer Actuarial Exams?
Currently, NAS does not conduct actuarial exams. However, NAS is available to guide you through the process of taking the actuarial exams with other IAA recognized bodies that are offering actuarial examinations. NAS may from time to time organize tutorials to assist members through their qualification journey.
How do I become a member of NAS?
You can become a member of NAS by sending in a formal application and paying the membership subscription applicable to your membership class.
What are the membership categories in NAS?
The NAS has 4 membership categories-
- Fellows: A person shall be admitted as a Fellow member if he/she has been awarded a Fellow status by one of the associations which NAS Council has given Recognition Status to. Fellows are authorized to sign financial statements, give actuarial opinion and certification.Fellows are authorized to append to their name the initials “FNAS”. All fellowship admission have to be approved by Council.
- Associates: A person shall be admitted as an Associate member if he/she has been awarded an Associate status by one of the associations which NAS Council has given Recognition Status to. Associates are entitled to attend meetings of NAS, join in discussions, vote in meetings and participate on committees. Associates are authorized to append to their name the initials “ANAS”.
- Analyst: A person shall be admitted as an Analyst member if he/she has passed at least any 4 papers within the professional actuarial course programme of any one of the associations which NAS Council has given Recognition Status to. Analysts shall be entitled to attend meetings of NAS, join in discussions, and vote in meetings. Analysts are not authorized to append any NAS initials to their name and are not authorized to sign statements that involve the making of an actuarial opinion.
- Students: A person shall be admitted as a student member if he/she has an interest in pursuing a professional career in actuarial science. Students shall be entitled to attend meetings of the NAS and join in discussions. Students are not authorized to append any NAS initials to their name and are not authorized to sign statements that involve the making of an actuarial opinion or certification.
Which associations have been given recognition status by NAS?
The following associations have been approved by NAS Council for Recognition Status.
- Institute and Faculty of Actuaries, UK;
- The Society of Actuaries, USA;
- The Casualty Actuarial Society, USA;
- The Canadian Institute of Actuaries; and
- The Actuarial Society of South Africa.
Other institute can be added from time to time following approval by NAS Council bearing in the mind the cross recognition amongst the associations listed above.
How do I pay my membership subscription and what happens if I do not pay?
Request a subscription invoice by sending an email to email@example.com and make payment to the NAS bank account that will be contained in the subscription notice. Please note that some employers would be willing to make this payment on behalf of its employees, within its professionalism development/training budget, so it may be worth asking your employer. Non-payment of subscriptions after they are due could result in being delisted from the NAS membership database.
When does my next subscription become due?
Membership subscriptions are due on the 1st of January every year and a window of 3 months is allowed for payments. There may be surcharges if payments are not made within the 3 months window.
What are the requirements for signing financial statements in Nigeria and how does my NAS membership assist?
The Financial Reporting Council (FRC) has legislative right to license all professionals signing the inputs to a financial statement. To sign a financial statement as an actuary, you will need to be a fellow of the NAS. Consequently, the NAS will issue an introductory letter of you to the FRC for issuance of the FRC certificate
How much is the subscription fees?
The subscriptions for 2019 are shown below:
What are the benefits of NAS membership?
Benefits of being a member of the NAS includes exclusive access to most NAS events for free (Non-members will be required to pay a fee);training and continuous professional development opportunities; ethics of the profession requires all practicing members to comply with local regulations relating to the profession; opportunities for networking, peer reviews and mentorship opportunities, etc
I have not written/passed any Actuarial Exam before, do I qualify to be a member of NAS?
You do not have to have passed any actuarial exam to become a member of NAS. NAS membership is open to all persons who have either commenced taking actuarial exams or an interest in pursuing an actuarial career. Our student members at a minimum will need to have passed their Senior Secondary School exams (or equivalent).