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BUILDING A GLOBAL ACTUARIAL PROFESSION 22 nd – 24 th April, 2004, Dubrovnik

Sixth International Professional Meeting of Leaders of the Actuarial Profession and Actuarial Educators in Central and Eastern Europe. BUILDING A GLOBAL ACTUARIAL PROFESSION 22 nd – 24 th April, 2004, Dubrovnik. Actuarial role = very important role: Strong Pillars (incl. actuary) :

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BUILDING A GLOBAL ACTUARIAL PROFESSION 22 nd – 24 th April, 2004, Dubrovnik

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  1. Sixth International Professional Meeting of Leaders of the Actuarial Profession and Actuarial Educators in Central and Eastern Europe BUILDING A GLOBAL ACTUARIAL PROFESSION 22nd – 24th April, 2004, Dubrovnik

  2. Actuarial role = very important role: Strong Pillars (incl. actuary): Actuarial activities Internal control Board of directors (responsibility) Supervisory board (independence)

  3. History – brief overview: Amendment No. 101/2000 Coll. of the Insurance Act No. 24/1991 Coll.: - Article No. 12a „Actuary“ 1): - Introducing the term „Actuary“ - Duties of the insurer - Requirements for Actuary 1) see also annex No. 1 to this presentation

  4. Current situation: Insurance Act No. 95/2002 Coll.: - Article No. 37 „Appointed (responsible) actuary“ 1): - Duties of insurer (actuary role) - Requirements for actuary - List of Actuaries 1) see also annex No. 2 to this presentation

  5. Current situation (continuation): Insurance Act No. 95/2002 Coll.: - Article No. 37 „Appointed (responsible) actuary“: - Actuarial examinations - Duties of Actuary (fit&proper) - Actuarial report

  6. Actuary's Duties vs. Rights: Duties: - in deficiencies of the insurer actuary suggests solutions for corrections - Actuary's informational duties to the FMA - Actuary submits to the FMA actuarial report

  7. Actuary's Duties vs. Rights: Rights: - to refuse to confirm correctness of determination of insurance rates and their adequacy, technical provisions and their placement, calculation of solvency, use of applied actuarial methods - to obtain all relevant information regarding actuarial activities

  8. Actuary's Responsibility vs. Independence: Responsibility: - determination of insurance rates and their adequacy - determinations of technical provisions and their placement - calculation of solvency and of minimum solvency ratio

  9. Actuary's Responsibility vs. Independence: Responsibility: - distribution of yields from financial placements on behalf of insured in life insurance - use of actuarial methods - checking the situation of the insurer - Actuarial reporting

  10. Actuary's Responsibility vs. Independence: Independence: Actuary must be independence (not member) of - Supervisory board - Board of directors because of conflict of interests 1) !!! 1) see also article No. 40 of annex No. 2 to this presentation

  11. Examination process: Actuary is not only insurance mathematician but he must have strong knowledge about whole financial market ! - examination of an actuary consists of an examination of the knowledge - examination consists of an oral and a written part - handouts (synopsis, themes) of examination are published by the FMA through its website - examination takes place at least once during a calendar year

  12. Examination process: - examination is arranged by the FMA or a juristic person entrusted by the FMA - examination is not public and takes place before an examination committee (commission) consisting of five members - committee consists of chairman, the deputy chairman and the other three members of the committee whose are appointed and recalled by the General Director of the FMA

  13. Examination process: - committee consists of insurance market expert, academic community representatives as well as one Finance Ministry representative and FMA employee, they were proposed by Slovak Actuaries Association - 46 from total 67 applicants passed actuarial examination - 33 actuaries are registered in a list of actuaries which is kept by the FMA

  14. Thank you for your attention ! In case of the other questions, please contact us: Júlia Šteflíková General Director of the FMA Vazovova 2 813 18 Bratislava Slovak Republic e-mail: jsteflikova@uft.sk http://www.uft.sk tel.: +421 / 2 / 57 268 302 fax: +421 / 2 / 57 268 300

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