The Assembly of the Slovenian Association of Actuaries, at its 5th and 2nd regular meetings held in Ljubljana on 5 December 2003 and 12 October 1999, respectively, adopted the following amendments to the Statute, which was adopted pursuant to Articles 8 and 9 of the Associations Act (Official Gazette of the Republic of Slovenia No. 60 of 20 October 1995) by the Constitutional Assembly in Kranj on 30 January 1997.


STATUTE OF THE SLOVENIAN ASSOCIATION OF ACTUARIES


I. General provisions



The Slovenian Association of Actuaries (hereinafter referred to as: Association) is a voluntary, independent, non-profitable association of persons that are active in the research field of the actuarial profession in the insurance, banking, and similar fields, or that at their work somehow come into contact with that field.

The name of the Association is: Slovensko aktuarsko društvo.

The name of the Association in English is: Slovenian Association of Actuaries.

The name of the Association in German is: Slowenischer Aktuarverein.

The registered office of the Association is: Železna cesta 14, Ljubljana.

The Association is active in the territory of the Republic of Slovenia




The Association is a legal entity governed by the Civil Law jurisdiction.

The Association is represented by its President and representative, respectively.

The Association uses its timber and sign of distinction.

The dimensions of timber and sign are determined by the Managing Committee.

The Association can co-operate with other organisations in the Republic of Slovenia that operate in the actuarial field and contribute to development of its and related activities.

The Association can act independently or join international associations and foreign organisations with similar objectives and goals.


II. Aims and tasks of the Association



The Association has been established with the aim of enhancing and contributing to:

• Development and assertion of the actuarial profession in the insurance, banking, and related activities;
• Improvement of professional skills of actuaries and unification of practical application of actuarial disciplines and to assertion and enhancement of research and scientific work in the actuarial field.




The tasks of the Association are predominantly:

• Adoption and execution of the Code of Professional Conduct;
• Training of actuaries by organising lectures, conferences, seminars, and other forms of education and vocational training in conformance with the regulations of that field;
• Co-operation at preparation of regulations dealing with the actuarial profession and actuaries, first of all at creation of conditions for obtaining the professional title of Actuary and Appointed Actuary;
• Publishing of the Association’s gazette “Aktuarski obzornik” – (“The Actuary”) and other professional publications dealing with the actuarial field conforming to current regulations regulating that segment;
• Collecting home and foreign professional literature / publications and organising / setting up of the Association’s professional library;
• Co-operation with insurance and re-insurance institutions and with all other institutions interested in applying and developing the actuarial profession;
• Co-operation with related domestic and foreign associations and institutions;
• Participation in establishing an international examination centre.




Work of the Associations and its bodies is public.

The Association informs its members by / through:

• Granting the right to its members of having an insight to minutes / protocols of the Association’s bodies;
• Association’s gazette “Aktuarski obzornik – The Actuary”;
• Means of public information.

The Association keeps the public informed on its work by organising round-table discussions and press conferences, and by inviting representatives of interested bodies, institutions, organisations and the mass media to its sessions.

The President of the Association is responsible for ensuring the public nature of the Association's activities and for providing accurate information on its activities.


III. Full members, associated members and members of honour



Members of the Association are full members, associated members and members of honour.

Any person fulfilling the statutory conditions as stated in Article 7 of this Statute can become a full member of the Association.

Any person fulfilling the statutory conditions as stated in Article 8 of this Statute can become an associated member of the Association.

Any person fulfilling the statutory conditions as stated in Article 11 of this Statute can become a member of honour of the Association.

Membership in the Association is voluntary.

The same membership terms apply to non-residents.




Detailed conditions for full membership are set out in "The Rules on Criteria for Full Membership in the Association", which are adopted by the Assembly with a two-thirds (2/3) majority.

A person applying for full membership must have at least three years' experience in the actuarial profession and the expertise prescribed by the Groupe Consultatif with regard to full members.

Compliance with the full membership criteria as set out in the Rules on Criteria for Full Membership in the Association is determined by the Actuarial Commission.

The Actuarial Commission has a minimum of five and a maximum of seven members.

The Actuarial Commission is elected by the Assembly for a two-year term of office.

Full members of the Association and experts in the actuarial and insurance professions can be elected into the Actuarial Commission.

The Actuarial Commission's activities are regulated by its Rules of Procedure, which are adopted by the Assembly.

The Actuarial Commission prepares a report on each applicant for full membership and submits it to the Assembly.




A person who has been practically and/or scientifically engaged with the actuarial profession for at least one year may become an associated member of the Association.




A person wishing to become a full or associated member of the Association must present a written application to the Managing Committee, together with a statement and proof of fulfilling the criteria from Article 7 or Article 8 of this Statute, and a statement that he or she applies for full or associated membership in the Association, that he or she will abide by the Statute and the Code of Professional Conduct and that he or she will regularly pay the membership fee.




The rights and obligations of full members are in particular to:

• Follow the Statute and other Acts of the Association;
• Act in accordance with the Code of Professional Conduct;
• Vote and to be elected into bodies of the Association;
• Pay the membership regularly;
• Be active in all activities of the Association;
• Pass motions and suggestions / initiatives for the Association’s work;
• Be informed of the program and financial / material business of the Association.
• Meet the provisions of the Rules on Continuing Professional Development (CPD).

An associated member has all the rights from Par. 1 except the right of voting and to be elected into the Association’s bodies.




A member or other person having merits for the work of the Association, development of the actuarial profession and science and its application, can become a member of honour of the Association. Members of honour of the Association are appointed by the Association’s Assembly on the Managing Committee’s motion.

Members of honour are not obliged to pay the membership fee. They may take decisions in the Association’s bodies only if they are full members of the Association.




Mmbership in the Association ceases with:

• Voluntary resignation from the Association;
• Cancellation from the membership due to non-payment of the membership fee for over 2 years; the member is cancelled from the Association by the Managing Committee upon previous notice;
• Suspension from the Association;
• Death of the member;
• Non-compliance with the provisions of the Rules on Continuing Professional Development (CPD).

A member leaves the Association voluntarily if he sends a written note to the Managing Committee of his resignation.

An Arbitration Court of Honour decides on the expel of a member by issuing a decree. The decree must comply to the Discipline Regulation of Proceedings.


IV. Bodies of the Association



The Association has the following bodies:

• Assembly
• Managing Committee
• Supervisory Committee
• Arbitration Court of Honour
• President of the Association




Assembly

The Assembly is the supreme body of the Association and consists of all full members.

The Assembly can be regular or irregular. A regular Assembly is convened by the Managing Committee once a year, whereas an irregular Assembly is summoned upon the Managing Committee’s decision or upon the demand of one third (1/3) of the full members of the Association. The Managing Committee is obliged to convene an irregular Assembly within 30 days from receipt of the demand for summon. Should the Managing Committee not convene the irregular Assembly within the prescribed period it shall be called by the demanding party who shall present the agenda with matching materials/documents. The irregular Assembly shall discuss and decide only upon the matter it has been called for.

The Assembly is presided by the President of the Association, and by the Vice-president during absence of the President.

Minutes shall be taken from the work of the Assembly to be signed by the President of the working presidency, the keeper of the minutes, and two attestors.

The keeper of the minutes and both attestors shall be named by the Assembly.




The Assembly has a quorum and reaches valid decisions if attended by over one third (1/3) of its full members.

If it is not attended by over one third (1/3) of the full members, it reaches valid decisions after one hour has passed from the official opening, provided at least 10 full members are present.

If even after one hour from the official opening of the Assembly less than 10 full members are present, the Assembly shall be re-summoned in the following 30 days at the latest.




The Assembly reaches resolutions and decisions by ordinary majority of votes of all full members present.

As a rule, the Assembly makes decisions by direct voting, however, full members can opt for a ballot method of voting at the Assembly meeting itself.




The Assembly is competent for:

• Decision on the agenda;
• Adoption of amendments and supplements to Statute and other Acts of the Association;
• Adoption of Code of Professional Conduct;
• Adoption of financial plan and Yearly Balance;
• Election and release of the President and Vice-president of the association, members of the Managing and Supervisory Committee, and President and members of the Arbitration Court of Honour;
• Approving full and associated members, appointment of members of honour;
• Resolving on claims against decisions of the Managing Committee, Supervisory Committee, and Arbitration Court of Honour;
• Adoption of work program;
• Determining the membership fee;
• Decision about the Association’s joining local and foreign organisations of the kind;
• Taking decisions on other issues;
• Taking decisions on other matters being proposed by the members and bodies of the Association;
• Deciding about purchase and selling of real assets;
• Final decision on expel of a member;
• Decision taking about cessation of the Association;
• Adopting the Rules on Continuing Professional Development (CPD);
• Adopting the Rules on Criteria for Full Membership in the Association;
• Electing the Actuarial Commission;
• Electing the Continuing Professional Development Commission;
• Adopting the Rules of Procedure of the Actuarial Commission.




Managing Committee

The Managing Committee is the executive body of the Association executing organisational, professional technical and administrative works, and conducting/managing the Association’s activities between two sessions of the Assembly according to program and decisions as adopted by the Assembly.

The Managing Committee is responsible for its work to the Assembly.

The Managing Committee is composed of at least 3 and the most 5 members. It is composed of the President of the Association being simultaneously president of the Managing Committee, Vice-president and Secretary. The Managing Committee can also have a member responsible for public relations and a member responsible for international relations and education.

The period of office / mandate of the members of the Managing Committee is 4 years.

The sessions of the Managing Committee are summoned and conducted by the President of the Managing Committee and by the Vice-president in his absence.

The Managing Committee shall meet upon requirement but at least twice a year.

The Managing Committee takes resolutions if attended by at least three members. Valid decisions are taken by a majority of votes present.

The Managing Committee:
• Summons the Assembly;
• Provides for implementation of the Association’s work program;
• Prepares drafts of the Association’s acts;
• Prepares draft of the Code of Professional Conduct;
• Prepares draft of financial plan and Yearly balance;
• Provides for financial and material operating of the Association;
• Manages the Association’s property;
• Establishes and releases the Association’s commissions;
• Prepares proposals of approvals for membership and other acts to be decided by the Assembly;
• Fulfils other tasks from the Association’s acts and tasks additionally imposed to it by the Assembly.

For implementation of individual tasks, the Managing Committee can appoint a Commission. The tasks, number of members and President of the Commission shall be determined / defined by the Managing Committee. Only members of the Association can be members of the Commission. The Commissions are responsible for its work to the Managing Committee. Exceptionally, the Association may ask exterior collaborators to collaborate at Commission’s work.



Supervisory Committee

The Supervisory Committee has a President and 2 members.

The members of the Supervisory Committee cannot be simultaneously members of the Managing Committee. They may participate on Managing Committee’s sessions, however with no right of resolving.

The members of the Supervisory Committee elect a President among them who shall conduct the Committee’s work.




The Supervisory Committee shall monitor the Managing Committee’s work and work of other Association’s bodies, it controls financial operations of the Associations, and once a year it reports to the Assembly on its findings and observations.

The Supervisory Committee has quorum should the session be attended by at least three members. It reaches valid decisions by the majority of votes present.

The period of office of the Supervisory Committee’s members is 4 years.




President of the Association

The President of the Association represents and acts on behalf of the Association at the state’s and other bodies and organisations in the country and abroad.

The President of the Association provides for implementation of the Statute, decisions of the Assembly, and Managing Committee of the Association.

The President of the Association is elected by the Assembly for the period of 4 years.

The President is responsible for work of the Association in compliance with the Statute and legal order of the Republic of Slovenia. For his work, he is responsible to the Assembly of the Association.




Secretary of the Association

The Secretary of the Association, who is elected by the Assembly for the period of 4 years, shall provide for implementation of professional / technical and administrative work and for co-ordination between the bodies of the Association.

He is responsible for his work to the Assembly and to Managing Committee of the Association.




Arbitration Court of Honour

The members of the Arbitration Court of Honour are elected by the Assembly for the period of 4 years. It is composed of 3 members who elect the President of the Arbitration Court of Honour from themselves. The Arbitration Court of Honour shall meet upon request on the grounds of written demands from the part of the members or bodies of the Association.

The Arbitration Court of Honour conducts the procedure and pronounces disciplinary measures according to the Disciplinary Regulation of Proceedings.

The disciplinary infringements to be treated by the Arbitration Court of Honour are as follows:

• Infringements of the Statute provisions;
• Unconcerned and light-minded acceptance and execution of accepted assignments and functions within the Association;
• Non-commitment of decisions imposed by the Association’s bodies;
• Acts that in any way harm the reputation of the Association.

The disciplinary measures declared by the Arbitration Court of Honour after the procedure has been held according to the Disciplinary Regulation of Procedures are as follows:

• Admonition;
• Public admonition;
• Expel from the Association.

The damaged party is entitled to appeal against the decision issued by the Arbitration Court of Honour with the Assembly of the Association as a second step organ.


V. Financing



The Association acquires means for its operation through:

• Membership fee;
• Presents and legacies and contributions from donors;
• Organising of training;
• Public funds and other sources.

The surplus of income exceeding costs must be spent by the Association for performing of its operations and tasks, respectively.

Upon decision of the Managing Committee, a member of the Association can be reimbursed for a demanding and comprehensive professional work in the amount of his actual costs.

Sharing of the property between the members of the Association is void and null.

The Association disposes with movable and immovable property that has been entered into the Association’s Inventory Book as its property.

Financial and material documents are signed by the President and Secretary of the association.

The movable property can be acquired or sold on the grounds of the Managing Committee’s decision only. The immovable / real estate property may be acquired or sold on the grounds of the Assembly’s decision only.

The Association disposes with financial means according to program and annual financial plan to be adopted by the Assembly. On regular Assembly, each year the members discuss and adopt the Yearly Balance Sheet.

The financial and material operations must be in compliance with current regulations from this field.

The Treasurer keeps record on financial and material operations in compliance with the Regulations of Procedures on Financial and Material Operations defining the Association’s method of keeping records and presenting reports on the data of financial / material operations of the associations that should comply with the accountancy standards for associations.

The Association has its own account at the Agency of the Republic of Slovenia for Monetary / Payment Transactions, Control and Information.

In compliance with current regulations from the field of Labour Law, the Association can employ a financial expert for assistance at dealing with financial/ material matters.


VI. Cessation of the Association



The Association ceases to exist if decided so by the Assembly, according to Law itself, or if the number of members does not reach 10 members in total.

In case of cessation of the Association the Association’s property shall be transferred to Slovensko zavarovalno združenje (SZD – Slovenian Insurance Association), Železna cesta 14, Ljubljana.

The budget assets shall be returned to budget.


VII. Provisional and final Provisions



The Statute shall enter into force when adopted by the Constitutional Assembly and shall be applied on the day the Association is entered into the Association Register.

The amendments to the Statute adopted by the 5th regular Assembly of the Association shall enter into force on January 2004.

All members of the Association who on the day of adoption of this Statute have the regular member status shall automatically become associated members.




Last edited: 22.5.2006