Responsible Insurance Actuary - conditions for registration

1. 5. 2014 | Source: Point of Single Contact (PSC) Czech Republic

This document contains the conditions for entry into the list of responsible insurance actuaries and the requirements of the registration application.

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Conditions for granting a licence

Requirements for entry into the list:

  1. Probity
  2. University degree
  3. Qualification to perform the function of a responsible insurance actuary

Application requirements

Requirements of the application for entry into the list:

  1. Proof of probity – a trustworthy natural person refers to a natural person that is fully qualified to undertake acts in law
    • 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 (condition of probity)
    • who fulfils the conditions for performing the function of a statutory body or other body in a legal entity according to the special law
  2. Document on completion of university education in the field of mathematics and at least three years of experience as an actuary
  3. 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 based in Canada

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.

Requirements connected to the provision of services by a provider from a different Member State

EU citizens must fulfil the same requirements (proof of probity, qualifications and experience) as Czech citizens.

Further information on the licence proceedings

Type of licence

  • Entry into the list of responsible insurance actuaries administered by the Czech National Bank

Respective authority

  • Czech National Bank

Control and supervisory bodies

  • Czech National Bank

Procedure for granting a licence

  • 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 within the deadline of the Administrative Code.

Application clearing deadline

  • Entry into the list within 2 months from delivery of the written application by the natural person

Permit validity term

  • Entry into the list within 30 days from delivery of the written application by the natural person

Validity period of the licence

  • Unlimited (only the deletion from the register is possible – death, serious or repeated violation of the obligations defined by law, or if the requirements stipulated by law are no longer fulfilled)

Combined proceedings (recognising qualifications and granting authorisation)

  • One of the requirements for entry into the list is the submission of a document on professional qualification and experienceIn the proceedings, the institute of start of authorisation by passing of a term will be applied.

Authorisation granted by expiration of deadline period

  • These proceedings are subject to the rule that a licence shall be automatically granted upon expiry of the deadline period.

Legal regulation

  • Act No. 277/2009 Coll., Act on insurance and the amendment of certain related laws (Insurance Act)

Current Community regulations

European directives stipulate the insurer’s obligation to have certain calculations (technical reserves, solvency) verified by an insurance actuary:

  • European Parliament and Council Directive 2002/83/EC dated 5 November 2002 on life insurance – Clause 27(4)(a)(i)
  • European Parliament and Council Directive 2003/41/EC dated 3 June 2003 on the activities of employee pension insurance institutions and their supervision – Clause 15(4)

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