Responsible Insurance Actuary - licencing step by step
1. 5. 2014 | Source: Point of Single Contact (PSC) Czech Republic
By signing the reports submitted by insurers or reinsurers to the Czech National Bank in relation to the creation of technical reserves and the composition of financial placements, solvency or based on a written request from the Czech National Bank, the responsible insurance actuary confirms the accuracy of the submitted information.
The responsible insurance actuary must be registered in the list administered by the Czech National Bank. The applicant submits the application for entry into the list. If the applicant fulfils all the mandatory conditions, the Czech National Bank will register him/her in the list.
Procedure for obtaining authorisation:
Application for entry into the list of responsible insurance actuaries
- The application has no stipulated requirements, except that it must be in writing (we recommend to use the form "Responsible Insurance Actuary - application for an entry onto the list")
- The natural person must prove his/her probity
- a trustworthy natural person refers to a natural person that is fully qualified to undertake acts in term of legal actions,
- who has not been lawfully convicted of a crime against property, an economic crime or other deliberate criminal offence or whose conviction for such crimes has been obliterated or who for other reasons is seen as never having been convicted in the past 10 years before the date of submitting the application with which the obligation of proving the natural person’s trustworthiness is required according to this law,
- who fulfils the conditions for performing the function of a statutory body or other body in a legal entity according to the special law.
- Document on completion of university education in the field of mathematics and at least three years of experience as an actuary
- Certificate of completed education and qualification to perform the function of a responsible insurance actuary issued by an organisation of insurance actuaries accredited by the International Actuarial Association
- A foreign natural person, with the exception of natural persons who are citizens of a member state, must also submit a permanent residence permit or temporary residence permit in the Czech Republic with a long-term visa.
The Czech National Bank will decide on the registration into the list of responsible insurance actuaries within the deadline of the Administrative Code (30 days).
The business may be conducted after fulfilling all the above stated requirements.
You can write your comments and proposals in the discussion forum.