The rules for obtaining authorization to practice as an actuary in the Act of 22 May 2003. On Insurance Activity (Dz. U. of 2013. Pos. 950 and 1289). In accordance with Art. 158 of this Act, “actuary is an individual performing in terms of insurance and financial mathematics and statistics, entered in the register of actuaries.”.
What are the job properly actuaries? According to the law Actuary: sets out the technical provisions, controls the assets that cover these reserves, calculated solvency margin shall prepare an annual report on the state of the insurance and reinsurance portfolio and determine the value of the assets belonging to the insurance company’s own funds. Each appointment or dismissal of the actuary required to inform the Financial Supervision Commission. In practice, not only actuaries work for insurance companies, but also in many other banks and financial service companies.
Requirements for a candidate for the actuary
What requirements must be met in order to become an actuary? The basic requirement is to have a higher education, and the annual seniority in the field of insurance and financial mathematics and statistics, under the direction of an actuary. Furthermore, the formal requirements are: full legal capacity, the use of public rights and no conviction of an intentional crime against the credibility of documents, a crime against property or as a fiscal offense.
A candidate for the actuary must also pass the exam, but it can be exempt from this requirement. When? If it receives a positive opinion actuary, he worked under the supervision of at least one year, or if you graduated in the last three years of study which the examination committee considered sufficient.
Actuarial Exam
The examination is organized by the Commission Financial Supervision Authority and is held at least twice a year. The nearest date – according to a press KNF – account for 23 March 2015 year. Each time you take the exam costs 350 dollars. What you should be able to pass the exam actuarial? It specifies the Annex to the Regulation of the Minister of Finance dated 20 November 2003. On the scope of the existing actuarial exam topics and methods of conducting these examinations (Journal of Laws of 2003, No. 211, item. 2054). In accordance with Regulation contents of the test includes 4 large thematic blocks, which contain several dozen specific issues. They are:
- life insurance mathematics
- mathematics other life insurance
- probability and statistics
The exam lasts a total of 400 minutes – 100 for each of the four thematic blocks (each block / part of the exam consists of 10 questions test).
Occupation actuary performs a few. According to the register of actuaries in March 2014 years the right to exercise the profession in Poland is only 278 osób.Trud mastering financial mathematics and insurance and related issues is, however, worthwhile. Karierawfinansach.pl service as reported salary of $ 7 800 zł per month (2013) is one of the lowest in the profession. The median salary is 13 900 actuaries zł / mo., And the best earn more than 16 thousand.
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