In Mexico, certain high-impact actuarial work, such as valuing an insurer's reserves or issuing an opinion on a pension plan, may only be signed by a certified actuary. Technical certification is granted by the Colegio Nacional de Actuarios (CONAC), and the regulators (the CNSF and CONSAR) require it and keep a register of authorized actuaries.
The starting point: CONAC certification
CONAC professional certification attests that the actuary has mastered a specific practice area and meets the technical and ethical standards. It is the foundation the regulators then recognize. CONAC certifies by practice area:
Certification requires a cédula profesional (professional license), professional experience, passing the CONAC certification exam and a commitment to continuing education and the Code of Ethics.
Certification before the CNSF (insurance and surety)
The Comisión Nacional de Seguros y Fianzas (CNSF, National Insurance and Surety Commission) requires insurers' actuarial work to be signed by accredited actuaries. The framework is set out in the Ley de Instituciones de Seguros y de Fianzas (LISF, Insurance and Surety Institutions Law, arts. 201 and 210) and in Title 31 of the Circular Única de Seguros y Fianzas (CUSF, Single Insurance and Surety Circular).
The CUSF distinguishes two main signing roles, depending on the work:
| CUSF chapter | Role | What they sign or opine on |
|---|---|---|
| 31.1 | Actuary who prepares and signs | Technical notes, actuarial methods for establishing and valuing technical reserves, the valuation of technical reserves and the Dynamic Solvency Test (PSD). |
| 31.2 | Independent actuary | Opinion on the condition and adequacy of the institution's technical reserves (an external, independent opinion). |
In addition, signing authority is granted by line of business (life, property and casualty, pensions, health, surety): an actuary may sign only in the areas in which they are certified. So "how many certifications there are" depends on the line of business and the type of signature, and the CNSF itself publishes the current list of actuaries and their areas.
Requirements for registering with the CNSF
- Actuarial cédula profesional issued by the SEP (Ministry of Public Education).
- Current certification from the professional college (CONAC) recognized by the SEP or accreditation of knowledge before the CNSF under Title 31 of the CUSF.
- Résumé and evidence of professional experience.
- Proof of membership in the relevant association or college (where applicable).
- Two recent passport-size color photographs.
Registration with CONSAR (pension plans)
The Comisión Nacional del Sistema de Ahorro para el Retiro (CONSAR, National Retirement Savings Commission) regulates private pension plans. Actuaries who issue opinions on and register pension plans must be authorized and listed in SIREPP (Electronic Register of Pension Plans).
Requirements for actuaries before CONSAR
- At least 5 years of experience in actuarial consulting.
- Recent experience (last 3 years) in valuing contingent employee benefit liabilities, supported by certificates.
- Current professional certification in the valuation of employee benefit and pension liabilities, issued by: (a) an actuarial college that is a member of the IAA, namely CONAC, (b) a college registered with the SEP and qualified to certify, or (c) the Society of Actuaries (SOA).
- Ability to give an opinion on plan design and its effect on the expected replacement rate.
In summary
| CNSF | CONSAR | |
|---|---|---|
| Scope | Insurance and surety | Pension and retirement plans |
| Framework | LISF (201, 210) · CUSF Title 31 | CONSAR regulations · SIREPP |
| What is signed | Technical notes, reserves, PSD, adequacy opinion | Opinion on and registration of pension plans |
| Base certification | CONAC (by line of business) or CUSF accreditation | CONAC / IAA college / SOA plus experience |
Related: Actuarial science and the SEP · CONAC · Practice areas