Ordinance No. 31 of 02.08.2006 on Conditions and Procedures for the Actuarial Exam and Recognition of Competence

ORDINANCE NO. 31 of 02.08.2006 on the conditions and procedures for conducting the exam and recognizing the competence of a responsible actuary, for recognizing competence acquired outside the Republic of Bulgaria, for the form of the actuarial certification, the form and content of the actuarial report and the statements under the Insurance Code which the responsible actuary certifies, as well as for the form and mandatory content of the annual actuarial report under the Social Security Code (Title amended - State Gazette, No. 66 of 2013, effective from 09.09.2013; amended, No. 83 of 2018, effective from 19.11.2018) Published - State Gazette, No. 71 of 01.09.2006; amended and supplemented, No. 51 of 03.06.2008; amended and supplemented, No. 66 of 26.07.2013, effective from 09.09.2013; amended and supplemented, No. 54 of 01.07.2014; amended, No. 38 of 20.05.2016, effective from 20.05.2016; amended, No. 6 of 19.01.2017, effective from 19.01.2017; amended and supplemented, No. 83 of 09.10.2018, effective from 09.10.2018; amended and supplemented, No. 41 of 21.05.2019; amended and supplemented, No. 81 of 15.09.2020; amended, No. 48 of 08.06.2021; amended and supplemented, No. 60 of 20.07.2021; amended and supplemented, No. 23 of 22.03.2022; amended, No. 101 of 20.12.2022, effective from 01.01.2023; amended and supplemented, No. 70 of 20.08.2024; amended, No. 20 of 11.03.2025, effective from the date of introduction of the euro in the Republic of Bulgaria; amended, No. 51 of 24.06.2025, effective from 01.07.2025; amended, No. 65 of 08.08.2025, effective from 08.08.2025; amended and supplemented, No. 43 of 12.05.2026 Adopted with Decision No. 62-N of 2.VIII.2006 of the Commission for Financial Supervision.

Chapter One GENERAL PROVISIONS

Art. 1. (Amended - State Gazette, No. 66 of 2013, effective from 09.09.2013; supplemented, No. 83 of 2018, effective from 19.11.2018.) (1) This Ordinance regulates the conditions and procedures for conducting the exam and recognizing the competence of a responsible actuary by the Commission for Financial Supervision, hereinafter referred to as "the Commission". (2) This Ordinance also determines the requirements for the covered curriculum in higher mathematics. (3) (Amended - State Gazette, No. 66 of 2013, effective from 09.09.2013.) In accordance with this Ordinance, the competence of a responsible actuary in the field of insurance, acquired outside the Republic of Bulgaria, is recognized, as well as the competence of a responsible actuary in the field of supplementary pension insurance, acquired in a Member State. (4) (Amended - State Gazette, No. 66 of 2013, effective from 09.09.2013.) This Ordinance determines the form of the actuarial certification and the form and content of the actuarial report and the statements which the responsible actuary certifies in accordance with the requirements of the Insurance Code (IC). (5) (New - State Gazette, No. 83 of 2018, effective from 19.11.2018.) This Ordinance determines the form and mandatory content of the annual actuarial report under Art. 123, para. 1, item 5 of the Social Security Code (SSC).

Art. 2. (Amended - State Gazette, No. 66 of 2013, effective from 09.09.2013.) The competence of the responsible actuary may be:

1. (Amended - State Gazette, No. 66 of 2013, effective from 09.09.2013.) full - when it covers competence simultaneously in the field of insurance and supplementary pension insurance;
2. (Amended - State Gazette, No. 66 of 2013, effective from 09.09.2013.) partial - when it covers competence in one or several of the fields: general insurance, life insurance, and supplementary pension insurance.

Art. 3. (Amended and supplemented - State Gazette, No. 51 of 2008; amended, No. 66 of 2013, effective from 09.09.2013; amended and supplemented, No. 54 of 2014; amended, No. 43 of 2026.) (1) (Amended and supplemented - State Gazette, No. 51 of 2008.) Persons who wish to have their competence as a responsible actuary recognized take an exam before an examination commission determined by the Commission or before a professional organization of actuaries. (2) (New - State Gazette, No. 54 of 2014; amended, No. 43 of 2026.) The exam before the Commission consists of a basic module and three specialized modules - "Life Insurance", "Risk Models and General Insurance", and "Pension Insurance". The exam modules may be taken separately or in combination with each other - at the choice of the applicant, while complying with the requirements under Art. 4, para. 4. (3) (Supplemented - State Gazette, No. 51 of 2008; amended, No. 66 of 2013, effective from 09.09.2013; previous para. 2, No. 54 of 2014.) The requirement for a successfully passed exam under para. 1 for recognizing the competence of a responsible actuary in the field of insurance does not apply when the person has competence as a responsible actuary, acquired outside the Republic of Bulgaria and recognized by the Commission in accordance with Chapter Three. (4) (Supplemented - State Gazette, No. 51 of 2008; previous para. 3, No. 54 of 2014.) The requirement for a successfully passed exam under para. 1 for recognizing the competence of a responsible actuary in the field of supplementary pension insurance does not apply when the person has competence as a responsible actuary, acquired in a Member State and recognized by the Commission in accordance with Chapter Three.

Chapter Two CONDUCTING THE EXAM AND RECOGNITION OF COMPETENCE OF A RESPONSIBLE ACTUARY

Section I Admission to the Exam before the Commission (Title - supplemented, No. 51 of 2008)

Art. 4. (Amended - State Gazette, No. 51 of 2008; supplemented, No. 66 of 2013, effective from 26.07.2013; amended and supplemented, No. 54 of 2014; amended, No. 83 of 2018, effective from 09.10.2018; amended, No. 41 of 2019; fully amended, No. 23 of 2022; amended and supplemented, No. 43 of 2026.) (1) A person who has completed higher education with an educational and qualification degree not lower than "Bachelor" is admitted to the exam. (2) (Amended - State Gazette, No. 43 of 2026.) For admission to the exam before the Commission, an application is submitted according to the form in Appendix No. 26. (3) The application under para. 2 contains:

1. the name and unified civil number (personal number, personal number of a foreigner, or date and place of birth) of the person;
2. an electronic address and an address for correspondence with the person;
3. the exam modules that the person wishes to take;
4. data on the series and number of the higher education diploma held by the applicant with an awarded educational and qualification degree not lower than "Bachelor"; for a higher education diploma from a foreign higher education institution, the number of the certificate of recognition of the acquired higher education, entered in the register for academic recognition kept by the National Center for Information and Documentation (NCID), is also indicated. (4) (Amended - State Gazette, No. 43 of 2026.) The applicant may indicate taking:
5. the basic module together with one or more specialized modules;
6. the basic module, without taking a specialized one, if a specialized module of an exam conducted by the Commission was successfully passed;
7. one or more specialized modules, without taking the basic module, when: a) the basic module of an exam conducted by the Commission was successfully passed; b) partial competence has been recognized. (5) To the application under para. 2, a certified copy of the diploma for completed higher education in the country is attached, if the same was completed before 1.01.2012. When the diploma is not issued by a higher education institution in the country and the certificate of recognition of the education is not entered in the register for academic recognition kept by NCID, a certified copy of the certificate of recognition is attached to the application. (6) (Amended - State Gazette, No. 43 of 2026.) Applications under para. 2 are submitted within one month from the date of announcement of the decision under Art. 9, para. 4 on the internet page of the Commission. Applications submitted outside the specified period are not considered.

Art. 5. The Commission may request other data and documents if they are necessary for making a decision on admission to the exam.

Art. 6. (Amended and supplemented - State Gazette, No. 54 of 2014; supplemented, No. 83 of 2018, effective from 09.10.2018; amended and supplemented, No. 41 of 2019; fully amended, No. 23 of 2022; amended and supplemented, No. 43 of 2026.) The Commission refuses admission to the exam if it establishes that:

1. (Amended - State Gazette, No. 43 of 2026.) the applicant has submitted incorrect data or documents with false content;
2. (Amended - State Gazette, No. 43 of 2026.) the requirements under Art. 4, para. 4 are not met;
3. documents or information under Art. 4, paras. 3 and 5 are not submitted.

Art. 7. (Amended - State Gazette, No. 51 of 2008; amended, No. 66 of 2013, effective from 26.07.2013; amended and supplemented, No. 83 of 2018, effective from 09.10.2018; amended and supplemented, No. 81 of 2020; amended, No. 51 of 2025, effective from 01.07.2025; amended and supplemented, No. 43 of 2026.) (1) (Amended - State Gazette, No. 51 of 2008; supplemented, No. 83 of 2018, effective from 09.10.2018; amended, No. 43 of 2026.) The Commission decides on the application for admission to the exam within 30 days from its submission, and when additional data and documents have been requested - within 14 days from their receipt, respectively from the expiration of the period under para. 2. (2) (Repealed - State Gazette, No. 51 of 2008; new - State Gazette, No. 83 of 2018, effective from 09.10.2018.) When the submission of additional data and documents is necessary, the Commission sends a message and sets a period for their provision, which cannot be shorter than 3 working days. (3) (Amended - State Gazette, No. 66 of 2013, effective from 26.07.2013; amended, No. 83 of 2018, effective from 09.10.2018; amended and supplemented, No. 81 of 2020; amended, No. 51 of 2025, effective from 01.07.2025; supplemented, No. 43 of 2026.) When submitting an application for admission to the exam for recognition of competence as a responsible actuary, persons pay the corresponding fee according to Ordinance No. 76 of 12.06.2025 on the fees collected by the Commission for Financial Supervision (State Gazette, No. 51 of 2025).

Section II Exam before the Commission (Title - supplemented, No. 51 of 2008)

Art. 8. (Amended and supplemented - State Gazette, No. 66 of 2013, effective from 26.07.2013; amended, No. 83 of 2018, effective from 09.10.2018; amended, No. 65 of 2025, effective from 08.08.2025; amended and supplemented, No. 43 of 2026.) (1) (Amended and supplemented - State Gazette, No. 66 of 2013, effective from 26.07.2013.) The conduct of the exam for recognition of competence as a responsible actuary is organized by the Commission not less than once every two years. (2) The exam may be conducted in parts over two or more consecutive days. (3) (New - State Gazette, No. 43 of 2026.) The exam is written and anonymous. (4) (Amended - State Gazette, No. 66 of 2013, effective from 26.07.2013; amended, No. 83 of 2018, effective from 09.10.2018; amended, No. 65 of 2025, effective from 08.08.2025; previous para. 3, No. 43 of 2026.) Persons who have been admitted to the exam in accordance with Section I and have paid the corresponding fee according to Ordinance No. 76 of 12.06.2025 on the fees collected by the Commission for Financial Supervision have the right to take the exam.

Art. 9. (Amended - State Gazette, No. 66 of 2013, effective from 26.07.2013; amended, No. 48 of 2021; amended, No. 43 of 2026.) (1) The exam is conducted by an examination commission consisting of at least three members. (2) Only the following may be members of the examination commission:

1. responsible actuaries with full competence recognized by the Commission;
2. habilitated teachers of actuarial science, insurance, statistics, economics, and investments;
3. employees of the Commission with suitable professional qualifications and experience. (3) The composition of the examination commission and the procedure for its work are determined by a decision of the Commission, which announces it on its internet page. (4) Within one month from the announcement of the decision under para. 3, the Commission, upon proposal of the examination commission, determines by decision the date or dates for conducting the exam and the requirements regarding its thematic scope, the procedure for its conduct, as well as the rules for assessment. (5) The Commission publishes the decision and the information under para. 4 on its internet page no later than 4 months before the date of the exam, respectively before the first date of the exam - when the exam is conducted in parts. These circumstances may also be announced in another suitable manner.

Art. 10. (Amended and supplemented - State Gazette, No. 66 of 2013, effective from 26.07.2013; amended, No. 48 of 2021; repealed, No. 43 of 2026).

Art. 11. (Supplemented - State Gazette, No. 83 of 2018, effective from 09.10.2018; repealed, No. 43 of 2026).

Art. 12. (Amended and supplemented - State Gazette, No. 43 of 2026.) (1) The results of the exam are recorded in a protocol with an assessment according to the assessment rules. The protocol is signed by all members of the examination commission. The assessments are final and not subject to review. (2) (Amended - State Gazette, No. 43 of 2026.) The results of the exam are announced in accordance with Art. 9, para. 5 within 14 days from the date of conducting the exam, respectively from the last date of conducting the exam - when the exam is conducted in parts. (3) (Supplemented - State Gazette, No. 43 of 2026.) Within 5 working days from the announcement of the results under para. 1, persons who have not successfully passed the exam for recognition of competence as a responsible actuary may submit a request to the Commission to familiarize themselves with the results of the check of their written work. The Commission sets a schedule for familiarizing with the results for the persons who submitted the request and notifies them of the date and time at the electronic address indicated in the application. (4) Persons familiarize themselves with the results of the check of their written work in person in the presence of a member of the examination commission and an official from the administration of the Commission, determined by order of the Chairman of the Commission.

Section III Recognition of Competence of a Responsible Actuary Who Has Successfully Passed the Exam before the Commission (Title - supplemented, No. 51 of 2008)

Art. 12a. (New - State Gazette, No. 54 of 2014; amended and supplemented, No. 23 of 2022; amended and supplemented, No. 43 of 2026.) (1) (Amended - State Gazette, No. 23 of 2022.) For recognition of full competence as a responsible actuary, the candidate must:

1. meet the requirements under Art. 122i, para. 2, items 1-6 and para. 5 of the SSC and Art. 97, para. 2, items 1-6 and item 8 of the IC;
2. (Amended - State Gazette, No. 43 of 2026.) have successfully passed the four modules of the exam specified in Art. 3, para. 2. (2) (Amended - State Gazette, No. 23 of 2022.) For recognition of partial competence as a responsible actuary, the candidate must:
3. meet the requirements under Art. 122i, para. 2, items 1-6 and para. 5 of the SSC, respectively under Art. 97, para. 2, items 1-6 and item 8 of the IC;
4. (Amended - State Gazette, No. 43 of 2026.) have successfully passed the basic and at least one of the specialized modules under Art. 3, para. 2. (3) (Amended - State Gazette, No. 43 of 2026.) Upon successful passing of only the basic module, the candidate may take the exam in accordance with Art. 8, para. 1 on one or more of the specialized modules for recognition of partial or full competence. Upon successful passing of one or more specialized modules, the candidate may take the exam in accordance with Art. 8, para. 1 on the basic module for recognition of partial or full competence. (4) When partial competence has been recognized, the person who wishes to have full competence as a responsible actuary or competence in another field recognized may take the chosen modules at any conduct of the exam in accordance with Art. 8, para. 1.

Art. 12b. (New - State Gazette, No. 23 of 2022; amended, No. 43 of 2026.) (1) (Amended - State Gazette, No. 43 of 2026.) For recognition of full or partial competence after successfully passing the exam in accordance with Art. 12a, para. 1, item 2, respectively Art. 12a, para. 2, item 2, the person submits an application according to the form in Appendix No. 27. (2) The application under para. 1 contains:

1. the information under Art. 4, para. 3, items 1 and 2;
2. data on the series and number of the higher education diploma held by the applicant with an awarded educational and qualification degree "Master" or educational and scientific degree "Doctor", with a covered curriculum in higher mathematics according to para. 6; for a higher education diploma from a foreign higher education institution in the country, the number of the certificate of recognition of the acquired higher education, entered in the register for academic recognition kept by NCID, is also indicated. (3) To the application under para. 1, the following are attached:
3. a document certifying that the person has not been convicted of an intentional crime of a general nature, when the application is submitted by a person who is not a Bulgarian citizen;
4. a declaration that the person has not been a member of a management or supervisory body or an unlimitedly liable partner in a company for which insolvency proceedings have been opened, or in a company terminated due to insolvency if creditors remain unsatisfied, during the last 3 years before the initial date of insolvency determined by the court;
5. a declaration that the person has not been declared insolvent and is not in insolvency proceedings;
6. a declaration that the person has not been deprived of the right to hold a position of material responsibility;
7. a certified copy of the diploma for completed higher education with an awarded educational and qualification degree "Master" or educational and scientific degree "Doctor", with a covered curriculum in higher mathematics according to para. 6; for a diploma from a foreign higher education institution, a legalized translation of the diploma into Bulgarian is also attached; for a diploma from a foreign higher education institution, for which the certificate of recognition of the education is not entered in the register for academic recognition kept by NCID, a certified copy of the certificate of recognition is also attached;
8. other documents at the applicant's discretion to prove the covered curriculum;
9. evidence that the person has at least three years of experience as an actuary in national insurance institutions, actuary of an insurer, reinsurer, health insurance company, pension insurance company, in bodies exercising supervision over the activities of these persons, or as a habilitated teacher of insurance or actuarial science. (4) When the applicant has recognized partial competence as a responsible actuary, only the documents under para. 3, items 1-4 are attached to the application. In this case, the number and date of the decision by which partial competence was recognized are indicated in the application. (5) The Commission may request other data and documents if they are necessary for making a decision on recognizing competence. (6) The required curriculum in higher mathematics includes:
10. not less than 180 academic hours of lectures and exercises in higher mathematics or 8 credits according to the European Credit Transfer and Accumulation System (ECTS), or
11. not less than 90 academic hours of lectures and exercises curriculum in statistics or insurance mathematics or 4 ECTS credits, together or separately, and not less than 90 academic hours of lectures and exercises in higher mathematics or 4 ECTS credits.

Art. 12c. (New - State Gazette, No. 23 of 2022.) The Commission refuses recognition of competence as a responsible actuary if:

1. the applicant has been convicted of an intentional crime of a general nature;
2. the applicant does not have completed higher education under Art. 122i, para. 2, item 5 of the SSC and Art. 97, para. 2, item 5 of the IC, the acquired higher education in a foreign higher education institution is not recognized in accordance with the Ordinance on State Requirements for Recognition of Acquired Higher Education and Completed Periods of Training in Foreign Higher Education Institutions (State Gazette, No. 69 of 2000), or the curriculum in higher mathematics is not covered according to Art. 12b, para. 6;
3. the declarations submitted by the applicant do not certify the corresponding circumstances under Art. 12b, para. 3, items 2-4;
4. the evidence submitted under Art. 12b, para. 3, item 7 does not certify the professional experience required by law for recognition of competence as a responsible actuary;
5. it establishes that the applicant has submitted incorrect data or documents with false content;
6. less than 3 years have passed since the entry into force of the decision on withdrawal of competence as a responsible actuary on the basis of Art. 122i, para. 4 of the SSC and the applicant requests recognition of partial competence in the field of supplementary pension insurance;
7. the requirements of Art. 97, para. 2, item 8 of the IC are not met and the applicant requests recognition of partial competence in the field of general insurance and/or life insurance;
8. the applicant has not successfully passed the exam for the corresponding modules under Art. 3, para. 2;
9. documents or information under Art. 12b, paras. 2, 3, or 5 are not submitted.

Art. 13. (Amended - State Gazette, No. 66 of 2013, effective from 26.07.2013; amended, No. 83 of 2018, effective from 09.10.2018; amended and supplemented, No. 23 of 2022; amended, No. 51 of 2025, effective from 01.07.2025; amended, No. 43 of 2026.) (1) (Amended - State Gazette, No. 23 of 2022.) The Commission recognizes full or partial competence as a responsible actuary to persons for whom the conditions under Art. 12a, para. 1, respectively Art. 12a, para. 2, are met. (2) (New - State Gazette, No. 23 of 2022.) When the requirements of Art. 97, para. 2, item 8 of the IC are not met, but the applicant meets the requirements of Art. 122i, para. 2, items 1-6 and para. 5 of the SSC and Art. 12, para. 2, item 2, the Commission recognizes partial competence in the field of supplementary pension insurance. (3) (New - State Gazette, No. 23 of 2022.) When the applicant has requested recognition of full competence before the expiration of 3 years from the entry into force of the decision on withdrawal of competence as a responsible actuary on the basis of Art. 122i, para. 4 of the SSC and meets the requirements of Art. 97, para. 2, items 1-6 and item 8 of the IC and Art. 12, para. 2, item 2, the Commission recognizes partial competence in the field of general insurance and/or life insurance. (4) (New - State Gazette, No. 23 of 2022; amended, No. 43 of 2026.) The Commission decides on the application for recognition of competence as a responsible actuary within one month from its submission, and when additional data and documents have been requested - within one month from their receipt, respectively from the expiration of the period under para. 3. (5) (New - State Gazette, No. 23 of 2022.) When the submission of additional data and documents is necessary, the Commission sends a message and sets a period for their provision, which cannot be shorter than 3 working days. (6) (Amended - State Gazette, No. 66 of 2013, effective from 26.07.2013; amended, No. 83 of 2018, effective from 09.10.2018; previous para. 2, supplemented, No. 23 of 2022; amended, No. 51 of 2025, effective from 01.07.2025.) The Commission enters into the register under Art. 30, para. 1, item 20 of the Law on the Commission for Financial Supervision persons with recognized competence as a responsible actuary within 7 days from the submission of a document certifying the payment of the due fee for the issuance of a certificate according to Ordinance No. 76 of 12.06.2025 on the fees collected by the Commission for Financial Supervision (State Gazette, No. 51 of 2025), respectively within 7 days from the payment of the due fee electronically.

Section IIIa Recognition of Competence of a Responsible Actuary Who Has Successfully Passed the Exam before a Professional Organization of Actuaries (New - State Gazette, No. 51 of 2008)

Art. 13a. (New - State Gazette, No. 51 of 2008; amended, No. 66 of 2013, effective from 09.09.2013; amended, No. 83 of 2018, effective from 19.11.2018; amended, No. 41 of 2019; amended, No. 43 of 2026.) (1) (Amended - State Gazette, No. 66 of 2013, effective from 09.09.2013; amended, No. 83 of 2018, effective from 19.11.2018; amended, No. 41 of 2019.) An exam for acquiring competence as a responsible actuary in the Republic of Bulgaria within the meaning of Art. 97, para. 2, item 7 of the Insurance Code and Art. 122i, para. 2, item 7 of the SSC may also be organized by a professional organization of actuaries, which is a non-profit legal entity registered in the Republic of Bulgaria and is a full member of the International Actuarial Association established in 1895, with headquarters in Canada. (2) When conducting the exam under para. 1, the professional organization of actuaries notifies the Commission of the conditions under which the exam is conducted, including the thematic scope of the exam, the procedure for its conduct, as well as the rules for assessment. (3) (Amended - State Gazette, No. 43 of 2026.) The notification under para. 2 is made no later than four months before the date of the start of the exam program. The Commission may within two months from the notification give mandatory instructions for making changes in the submitted documents and conditions under which the exam is conducted, if it deems that they do not correspond to those under Art. 9, para. 4, with respect to...