Actuaries in Slovenia

The profession of Actuary in Slovenia is defined

* by Law:

The profession of Appointed Actuary is defined in Insurance Act and in its sub-laws. Namely, the Insurance Act in its Article 73, paragraph 1 to 5 specifies:

(1) An appointed actuary shall be a person holding an authorisation to perform the tasks of appointed actuary to be granted by the Agency for Insurance Supervision.

(2) The Agency for Insurance Supervision shall grant an approval to perform the tasks of appointed actuary if the following conditions are met:

1. the applicant has passed a proficiency examination which tests the expertise required to perform the tasks of appointed actuary;

2. the applicant has not been given a final non-suspended prison sentence of at least three months for a criminal offence against property and the economy.

(3) The minister responsible for finance shall lay down the conditions for acquiring and testing the expertise required to perform the tasks of appointed actuary.

(4) The Agency for Insurance Supervision shall withdraw authorisation to perform the tasks of appointed actuary in the following cases:

1. if the authorisation was obtained by stating false data;

2. if the appointed actuary has been given a final non-suspended sentence of at least three months for a criminal offence against property and the economy;

3. if the appointed actuary severely violates the rules of the actuarial profession.

(5) The Agency for Insurance Supervision shall be obliged to inform the insurance companies for which the person from whom the authorisation was withdrawn performs the tasks of appointed actuary of the withdrawal of the authorisation.

* by the Supervisory Authority:

The Agency for Insurance Supervision has issued the sub-law “Decision on the conditions for acquiring and examining the expertise for performing the tasks of an Appointed Actuary”. More about this…

* by the profession

The Professional Conduct Standards identify the professional and ethical standards with which an actuary must comply whenever perform actuarial profession. The annotations provide additional explanatory and advisory material to actuaries on how the rules have to be interpreted and applied.


The role of Appointed Actuary in Slovenia

The Insurance Act specifies that every company which is authorised to perform insurance operations is obliged to appoint an Appointed Actuary. If the company fails in appointment due to whatever reason, the Appointed Actuary shall be appointed directly by the Agency for Insurance Supervision.

The role of Appointed Actuary is defined in the Insurance Act. According to the Article 76, Paragraph 1, the role is defined as follows:
An Appointed Actuary shall be obliged to examine whether premiums are calculated and technical provisions set aside in accordance with the regulations, and whether they are calculated and/or set aside so as to ensure the long-term meeting of all the insurance undertaking’s obligations arising from the insurance contracts.

The official name for Appointed Actuary in Slovenian language is:

“Pooblasceni aktuar ”

Statutory Roles

According to the Insurance Act, Article 76, Paragraphs 3 and 4, the statutory role is defined as follows:

An Appointed Actuary shall be obliged to submit to the supervisory and management boards, together with the opinion on the annual report, a report on the findings of the Appointed Actuary with regard to the supervision carried out in the preceding year pursuant to the first paragraph hereunder (cited above). The said report must, in particular, include the reasons for issuing a favourable opinion, an opinion with a reservation and/or the negative opinion of an Appointed Actuary on the financial statements.

If it is established by an Appointed Actuary in performing the tasks referred to in the first paragraph hereunder (cited above) that the premiums have not been calculated and the technical provisions not set aside in accordance with the regulations and actuarial standards, and/or they are calculated or set aside in such a way that the long-term meeting of the insurance undertaking’s obligations arising from the above-mentioned insurance contracts is threatened, he/she shall be obliged to immediately report to the management board of the insurance undertaking. If the management board fails to take into consideration the Appointed Actuary’s report in an appropriate manner, the Appointed Actuary shall be obliged to immediately inform the Agency for Insurance Supervision accordingly.

The agreements (contracts) with

* the Profession:

Whenever performing actuarial services, an actuary must obey general principles and standards of insurance legislation. The general principles might imply also actuarial methods that are covered in the legislation. At present, there are no additional special Guidance Notes issued on any area of actuarial work.

In addition, whenever performing actuarial services, the actuary must comply with The Professional Conduct Standards (adopted by Slovenian Association of Actuaries), that specify the professional and ethical standards.

* the Supervisory Authority:

The Agency for Insurance Supervision is authorised to grant/withdraw the approval (licence) to/from a person to perform the tasks of an Appointed Actuary. Beside this relation, there are no other agreement (contracts).

The Appointed Actuary reports to :

* the supervisory board of the company,
* the management board of the company, and to
* the Agency for Insurance Supervision.