16 | 12 | 2019

The Insurance Law defines an actuary as follows:

“Actuarial tasks, according to this law, are performed by certified actuaries. A certified actuary is a person who is certified by the National Bank of Serbia to perform actuarial tasks. The requirements for acquiring the title of certified actuary are prescribed by the National Bank of Serbia.”

The tasks of a certified actuary, according to the Insurance Law, are:

“A certified actuary gives opinion on:

  • the method of calculation of premium tariffs;
  • whether the technical reserves are formed in accordance with the law;
  • business policy acts in the process of their making, or in the process of their amendment and implementation;
  • financial statements and the annual report of the company;
  • the report on carrying out the policy of coinsurance and reinsurance;
  • whether the mathematical reserve is calculated according to the law;
  • the transfer of insurance portfolio.

The certified actuary calculates the solvency margin, and/or gives opinion on the solvency margin, and performs other actuarial tasks according to the law.”

The position of certified actuary in the company is defined as follows: “The certified actuary is independent and autonomous in performing actuarial tasks. The certified actuary is obliged to perform his activities in accordance with the law, the actuarial profession, best practices and business ethics.”