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					   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



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Actuarial role = very important role:
Strong Pillars (incl. actuary):

- Actuarial activities
- Internal control
- Board of directors (responsibility)
- Supervisory board (independence)


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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


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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


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



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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




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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




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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


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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


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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



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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


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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


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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


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    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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posted:9/27/2012
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