Licence to carry out the tasks of a certified actuary

The condition to acquire a licence to carry out the tasks of a certified actuary is also a passed test of professional knowledge required to carry out the tasks of a certified actuary.

A person who proves at least two years' work experience in actuarial services and knowledge of the sets stated below is deemed to have professional knowledge required to carry out the tasks of a certified actuary:

1. economics;

2. probability, statistics and econometry;

3. economics of times series ad panel data;

4. stochastic processes and stochastic modelling;

5. actuarial mathematics;

6. investment evaluation models;

7. evaluation of derivative financial instruments;

8. measuring, modelling and managing risks;

9. empirical finance;

10. financial institutions accounting;

11. general insurance;

12. life insurance;

13. pension insurance;

14. social security law;

15. public finance.

The required scope of knowledge for an individuals et is prescribed by the Insurance Supervision Agency.

Evidence

Applicants for a certified actuary show suitable knowledge of the sets by submitting evidence of exams passed in subjects that encompass the contents of the prescribed sets of knowledge.

Evidence referred to in the previous paragraph must include:

- a certificate from the institute which confirms that exams have been carried out within the study programme;

- a certificate from the institute which confirms that the applicant has passed the exams;

- a list of contents or knowledge for each exam passed included in an individual subject (approved syllabus);

- completed forms to prove the required knowledge in the subject from the syllabus.

Legal basis

• Insurance Act (ZZavar-1)
• Decision on knowledge required from actuarial function holders and certified actuaries

Applicants for the acquisition of a licence to carry out the tasks of a certified actuary must not be unconditionally convicted res judicata of a criminal offence against property and the economy to at least three months.

Evidence

Certificate of no criminal record

Legal basis

• Insurance Act (ZZavar-1)
• Decision on knowledge required from actuarial function holders and certified actuaries

The Insurance Supervision Agency withdraws a licence to carry out the tasks of a certified actuary:

1. if the licence has been acquired by stating false information;

2. if the certified actuary has been unconditionally convicted res judicata of a criminal offence against property and the economy to at least three months ;

3. if the certified actuary seriously violates the rules of the actuarial profession.

Together with the decision on the withdrawing of a licence, the Insurance Supervision Agency may also state that the licence will not be withdrawn if the certified actuary does not commit another violation for which a licence may be withdrawn (hereinafter referred to as ‘conditional withdrawal of a licence’) during a period determined by the Insurance Supervision Agency which must not be shorter than six months and longer than three years (hereinafter referred to as ‘period of probation’). The period of probation commences on the date the decision on the withdrawing of a licence becomes final.

The Insurance Supervision Agency revokes the conditional withdrawal of a licence and withdraws a licence if the certified auditor commits another violation for which a licence may be withdrawn during a period of probation.

The Insurance Supervision Agency must inform the insurance company for which the person whose licence has been withdrawn carries out the tasks of a certified actuary on the withdrawal of a licence to carry out the tasks of a certified actuary.

Evidence

An applicant for a certified actuary proves that a licence to carry out the tasks of a certified actuary has not been withdrawn by submitting a statement which confirms that the aforementioned licence has not been withdrawn.

Legal basis

• Insurance Act (ZZavar-1)
• Decision on knowledge required from actuarial function holders and certified actuaries