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Licensing Process


According to the Insurance Law, the National Bank of Serbia is responsible for issuing authorizations for performing the tasks of a certified actuary.

The National Bank of Serbia prescribed the following conditions for persons who want to acquire title of certified actuary:
  1. resides in the territory of the Republic of Serbia;
  2. is 18 or older and fully capable for work;
  3. holds a university degree in economics, mathematics, mechanical and electrical engineering, and similar: second level studies - master academic studies, and/or basic studies lasting minimum four years pursuant to regulations applicable until the entry into force of the Law on Higher Education ("RS Official Gazette", No 76/2005, 97/2008 and 44/2010);
  4. has at least three years of work experience on actuarial tasks, as defined by the law, in insurance companies or in a body charged with the supervision of the insurance industry;
  5. has not been pronounced a security measure by the court or issued a protective measure prohibiting the conduct of activity
  6. has not been sentenced for criminal acts against property or industry to a prison sentence longer than three months;
  7. has not had the authorization to perform the tasks of a certified actuary revoked;
  8. has passed the professional exam for acquiring the title of certified actuary that includes the following modules:
    • Module 1: Basics of the application of actuarial mathematics in the field of insurance, pension schemes and investments;
    • Module 2: Risk management models and non-life insurance;
    • Module 3: Life and health insurance;
    • Module 4: Pension schemes and modeling;
    • Module 5: Investments and financial reporting.
 
More information on the requirements for obtaining the title of certified actuary can be found in NBS’s Decision on the Conditions for Acquiring the Title of Certified Actuary.