POSITION OF INSURANCE ACTUARIES IN LEGAL SOURCES IN SERBIA

In this paper, the provisions of the following legal acts are analysed: the Law on Insurance, the Decree on the Manner of Acquiring the Title of Certified Actuary, and the Decision on the Conditions for Acquiring the Title of Certified Actuary. The first chapter deals with the position of a certified actuary in an insurance company whereas the second chapter views the position of a certified actuary from a broader perspective. The third chapter analyses general and special conditions for examination procedure in acquiring the title of a certified actuary, and particularly item 12 of the Decision on the Conditions for Acquiring the Title of Certified Actuary. From the full analysis of the provisions of the aforementioned legal sources, the author drew five conclusions and, for each of them, he made suggestions for the future law on insurance the passing of which is announced in 2014. In the first conclusion, the author advocates the formulation of rules of actuarial profession, sound business practices and business ethics, in accordance with the law, which would bridge the legal gap in the Law on Insurance. The other conclusion included the suggestions to formulate the rule according to which an insurance company would be obliged to employ a certified actuary as well as the rule according to which the certified actuary would be elected at the Company General Meeting. In the third conclusion, it was proposed that the future law on insurance should stipulate clear conditions and unambiguous criteria for special election of a legal entity registered for conduct of actuarial activities and special election of a certified actuary. The fourth conclusion proposes that the future law on insurance should stipulate the legal basis for establishment of the Chamber of Certified Actuaries. This conclusion also includes concrete suggestions for public authorities which, initially, could be transferred onto a newly-formed Chamber of Certified Actuaries of Serbia. In the fifth conclusion, it is concluded that item 12 of the Decision on the Conditions for Acquiring the Title of Certified Actuary regulates an unequal position of candidates in the course of taking examination for acquiring the title of a certified actuary and thus, it is suggested that item 12 of the Decision is deleted from the legal system of Serbia.

Key words: certified actuary; insurance company; acquiring title of certified actuary.