The NCFM Regulation on actuarial activity came into force.
The corresponding resolution of the National Commission for Financial Market (NCFM) was published on Friday in Monitorul Oficial and came into force. The document regulates the implementation of actuarial activities. Actuary - an individual or an employee of a legal entity who provides the services of an actuary specialized in assessing financial risks using actuarial methods (statistical, mathematical and economic). He/she must hold a qualification certificate issued by the supervisory authority. The actuary is independent and autonomous in the conduct of his/her activities and may hold office and perform duties for no more than three insurers / reinsurers. According to the regulation, the actuarial function is performed based on the decision of the insurer / reinsurer's management body). An actuary can provide his/her services as an employee of an insurer / reinsurer on the basis of an employment contract; as an actuary on the basis of a service agreement; by engaging the services of an actuary on the basis of an agreement with a legal entity providing actuarial services. In this case, the legal entity providing actuarial services must have a contractual employment relationship with a certified actuary authorized to act as an actuary within the insurer / reinsurer, and responsibility for the exercise of rights and fulfillment of obligations related to the actuarial function is borne by the actuary appointed by the legal entity, and not by the legal entity. The regulation also spells out the requirements for an actuary, his/her rights and obligations, as well as the special rights and obligations of the supervisor, insurer / reinsurer and actuary.// 23.11.2020 — InfoMarket.
