Regulatory Alerts2004-12-13
FMA Circular on Professional Qualifications for Responsible Actuaries and Deputies under VAG 1978
The Financial Market Authority (FMA) establishes the mandatory educational and experiential standards for appointing responsible actuaries and their deputies under the Insurance Supervision Act. Candidates must hold a university diploma in mathematics or technical mathematics, complete specified coursework in insurance and financial mathematics as well as insurance law and business, and demonstrate at least three years of relevant practical experience within the preceding decade. The circular also outlines required documentation for appointment notifications and recognizes alternative pathways, such as prior service as a responsible actuary or membership in the Actuarial Association of Austria, as sufficient qualifications.
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