Regulation on Conditions for Acquiring and Verifying Professional Knowledge for Authorized Actuaries – Unofficial Consolidated Text (NN 48/22, 128/24)

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Croatian Financial Services Supervisory Agency (HANFA), 10000 Zagreb, Franje Račkoga 6, P.O. Box 164, Croatia t: 01 6173 200, f: 01 4811 507, e: info@hanfa.hr, Tax ID (OIB): 49376181407, Registration No. (MB): 02016419, w: www.hanfa.hr

REGULATION ON THE CONDITIONS FOR ACQUIRING AND VERIFYING PROFESSIONAL KNOWLEDGE REQUIRED FOR PERFORMING THE DUTIES OF AN AUTHORIZED ACTUARY (Official Gazette No. 48/22 and 128/24 – Unofficial Consolidated Text)

General Provisions Article 1. This Regulation prescribes the conditions for acquiring and verifying professional knowledge required to obtain authorization to perform the duties of an authorized actuary.

Professional Knowledge Required for Performing the Duties of an Authorized Actuary Article 2. (NN 128/24) (1) Professional knowledge required for performing the duties of an authorized actuary, within the meaning of the Insurance Act and the Pension Insurance Companies Act, is deemed to be held by a person who has completed specialized education in the field of actuarial science, in accordance with the conditions set out in this Regulation. (2) Specialized education in actuarial science referred to in paragraph 1 of this Article includes:

1. successfully passed exams from the following subjects, taken within the postgraduate specialized study of actuarial mathematics at the Faculty of Science (Prirodoslovno-matematički fakultet) of the University of Zagreb: – Probability and Mathematical Statistics – Financial Mathematics – Stochastic Modeling – Economics – Mortality Models – Actuarial Mathematics I – Actuarial Mathematics II – Investment and Asset Management – Life Insurance – Non-Life Insurance – Pension Insurance – Health Insurance and one of the following:
2. completed education program and passed additional exams organized by a professional association of actuaries established in the Republic of Croatia, aligned with international and European actuarial associations' programs, provided that the conditions prescribed by Article 3 of this Regulation are met; or
3. passed additional exams organized by the Croatian Financial Services Supervisory Agency (hereinafter: HANFA), if education and/or exams meeting the conditions of Article 2(2) point 2 are not organized in the Republic of Croatia, for the following exams (Additional Exams), which are aligned with international and European actuarial associations' programs: – Practice of Insurance and Pension Insurance in the Republic of Croatia – Professionalism of the Actuarial Profession – Insurance and Pension Insurance Law in the Republic of Croatia – Accounting for Insurance and Pension Insurance in the Republic of Croatia – Actuarial Modeling and Risk Management – Data and Systems.

Procedure and Conditions for Recognizing Education Programs and Exams Organized by Professional Associations of Actuaries Article 3. (1) To be considered professional knowledge for performing the duties of an authorized actuary within the meaning of Article 2(2) point 2, completed education programs and passed additional exams organized by professional associations of actuaries must meet the following conditions:

1. the professional association of actuaries must have a sufficiently good reputation, meaning no recorded complaints regarding lecturers/examiners' personal conduct, the association's expertise and organizational capacity, its experience in organizing educational programs, and its membership in relevant international or European actuarial associations;
2. the education program and exam content must be continuously aligned with international/European actuarial associations' programs and relevant statutory and sub-statutory regulations;
3. internal procedures ensure that the knowledge verification process and evaluation/grading system are impartial, objective, and conducted under controlled conditions;
4. the professional association of actuaries continuously submits data on persons who successfully passed exams to HANFA for the purpose of determining eligibility for obtaining authorization to perform the duties of an authorized actuary. (2) The education program and exams referred to in paragraph 1 of this Article may be implemented by the professional association after previously submitting evidence to HANFA regarding compliance with conditions in paragraphs 1(1) to (3), provided that HANFA does not raise objections within 15 days. (3) The conditions and methods of cooperation between HANFA and the professional association in organizing educational programs, as well as the methods and conditions for recognizing exams, may be further regulated by agreement among the involved parties. (4) HANFA may invite direct presentation of the educational program and exam administration method, in which case the period referred to in paragraph 2 is calculated from the date of presentation on which HANFA raised no objections. (5) Provisions of Article 8 and Article 12 apply mutatis mutandis to exams conducted by professional associations of actuaries.

Education Program and Verification of Professional Knowledge Organized by HANFA Article 4. If education and/or exams under Article 2(2) point 2 are not organized in the Republic of Croatia, or if the professional association of actuaries does not conduct them in accordance with Article 3 conditions for a period of three years, HANFA will organize the education program and Additional Exams in accordance with this Regulation, publishing a notice on its website at least 60 days prior to implementing the education program or exams.

Education Program Organized by HANFA Article 5. (1) HANFA publishes the application deadline for attending the Education Program on its website. Applications received after the deadline will not be considered. (2) The Education Program includes subjects from Article 2(2) point 3 and is delivered according to the schedule and lecture content determined by HANFA. (3) Attending the Education Program is not a prerequisite for taking the exam. (4) With HANFA's prior consent, other institutions or professional actuarial associations may organize the Education Program or part of it. (5) The Education Program may be conducted online. Article 6. (1) Persons who have applied to attend the Education Program via Online Application on HANFA's website and have previously paid the fee for attending may participate. (2) The content of the Online Application for the Education Program is prescribed in Form AKTUAR-1, which forms an integral part of this Regulation. (3) In case of justified inability to submit the online application, the Candidate may submit an application to HANFA on a modified Form AKTUAR-1 in person or by post. (4) HANFA will publish on its website: – the list of candidates for attending the Education Program (codes from Online Application) – content, schedule, location, and time of holding the Education Program. (5) If insufficient persons apply to attend the Education Program, it will not be conducted; HANFA will notify candidates via its website regarding this and the procedure for refunding paid fees.

Announcement of Exams Article 7. (1) HANFA will organize the conduct of Additional Exams based on estimated market needs, on the basis of expressed interest in taking exams, if education and/or exams under Article 2(2) point 2 are not organized in the Republic of Croatia, or if the professional association of actuaries does not conduct them in accordance with Article 3 conditions. (2) HANFA publishes the application deadline for Additional Exams on its website. Applications received after the deadline will not be considered. (3) HANFA will publish on its website the location and time of taking exams referred to in paragraph 1, as well as other relevant data. (4) HANFA may conduct online taking of Additional Exams.

Conditions for Taking Additional Exams Article 8. (1) Persons who have submitted a request to take exams and paid the fee for taking exams, and attached the following documentation, may participate in Additional Exams:

1. a copy of personal ID or passport; foreign nationals attach a copy of their passport;
2. a copy of diploma, and in case of foreign qualifications, a document on recognition of foreign higher education qualification for employment or continuation of studies issued by the competent authority in the Republic of Croatia, as proof of completed: – pre-undergraduate and undergraduate university study or integrated pre-undergraduate and undergraduate university study or specialist study and specialist postgraduate diploma study, through which at least 300 ECTS points were obtained; or – undergraduate university study, through which high professional qualification was obtained, or specialist undergraduate study of at least four years' duration, through which high professional qualification was obtained;
3. a certificate issued by the Faculty of Science (Prirodoslovno-matematički fakultet) of the University of Zagreb on exams passed as listed in Article 2(1) point 1, or a certificate of successful completion of the postgraduate specialized study in actuarial mathematics at the Faculty of Science, University of Zagreb, with a separate certificate on passed Pension Insurance and Health Insurance; or a certificate from the Faculty of Science, University of Zagreb on equivalence of passed exams with the postgraduate specialized study in actuarial mathematics for persons who successfully completed verification of professional knowledge according to the education program mentioned in Article 2(1) point 1 at another institution;
4. a sworn statement signed by the candidate, notarized within three months, confirming that they have not been finally convicted for criminal offenses listed in Article 24(1) point 7 of the Pension Insurance Companies Act ("Official Gazette" No. 22/14, 29/18, and 115/18) or Article 36(8) of the Insurance Act ("Official Gazette" No. 30/15, 112/18, 63/20, and 133/20);
5. a sworn statement signed by the candidate, notarized within three months, confirming that their authorization to perform duties of an authorized actuary has not previously been revoked in the Republic of Croatia, another EU member state, EEA state, or foreign country, or that they are not prohibited from performing such duties. (2) Documentation prescribed by this Article is submitted in Croatian; copies of documents are notarized or legalized according to laws governing international document legalization and international regulations (Apostille – Hague Convention of October 5, 1961), and foreign language documents are submitted translated by a sworn court interpreter. (3) Submitted documentation is not returned.

Submission of Requests for Taking Exams Article 9. (1) The request to take exams is submitted to HANFA on Form AKTUAR-2, which forms an integral part of this Regulation. (2) Along with the request to take exams, candidates must attach proof of compliance with conditions in Article 8(1); candidates retaking the exam submit statements from Article 8(1) points 4 and 5 if previously submitted statements are older than three months, plus other documentation prescribed by Article 6(1) that differs from previously submitted documentation. (3) HANFA determines the list of candidates meeting conditions for taking exams based on timely applications and publishes it on its website by posting candidate codes from the application. (4) Candidates must present a valid photo identification document when taking the exam. Valid identification documents for Croatian nationals are valid personal ID, passport, or driver's license issued by the Ministry of the Interior; for foreigners, a travel document or other valid document under the Ministry's regulations. (5) The exam period consists of two exam sessions. Candidates may apply for the first or second session; candidates who did not pass in the first session or previous sessions may also participate in the second session.

Fees Article 10. Participants of the Education Program and candidates for taking exams pay fees for attending the Education Program and fees for taking exams, as prescribed by HANFA's regulation governing fee obligations.

Commission Article 11. (1) The Education Program and exam procedure for Additional Exams are conducted by HANFA's Commission for Verification of Professional Knowledge for Performing Duties of an Authorized Actuary (hereinafter: the Commission) when HANFA conducts the education program and exam procedure. HANFA appoints and dismisses the Commission's chairman, deputy chairman, secretary, deputy secretary, and members by decision. (2) The Commission's working method is prescribed by an internal act adopted by HANFA.

Conduct of Exams Article 12. (1) The exam is taken in written form or remotely (online), in Croatian. (2) Use of technical aids, communication, and electronic audio/video devices is prohibited during the exam unless explicitly permitted. (3) If a candidate uses unauthorized aids, disrupts the orderly conduct of the exam, or leaves without prior approval the internet platform for remote exams (online), turns off the microphone and/or camera, or leaves the room where the exam is held, it will be evaluated as failing the exam; or the supervising person will remove them from the room and not allow continuation of solving the exam. (4) A candidate is deemed to have successfully passed the exam if they answered at least 60% of questions correctly on each Additional Exam. (5) Exam success is graded as "passed" or "failed". (6) HANFA will publish on its website within 15 working days from the exam date the list of candidates who passed, by posting candidate codes from the application, and announce an inspection period of at least eight days during which candidates may review their exams. (7) If a candidate believes tasks were not accurately evaluated, they may submit a written petition to HANFA within eight days from the date of publishing the passed candidate list. (8) The Commission will respond to the candidate's petition within eight days of receipt; if justified, the candidate is added to the list of passed candidates. Article 13. (1) HANFA will issue a certificate of passed exams to candidates who pass all or individual Additional Exams organized by HANFA, upon their request. Candidates who passed some exams only retake those not previously passed with HANFA or another entity organizing exams in accordance with this Regulation. (2) Requests for authorization to perform duties of an authorized actuary do not require attaching the certificate from paragraph 1, but must simply state that Additional Exams were passed with HANFA. When submitting the request for authorization, HANFA does not need to receive documentation from Article 8(1) points 1–3 if already held, except in case of data changes. (3) If Additional or other appropriate exams were passed with another entity organizing exams in accordance with this Regulation, the request for authorization must include certificates of exams passed with that entity, statements from Article 8(1) points 4 and 5, and proof of work experience from Article 2(3); other documentation from Article 8(1) is only required if data changes.

Register of Authorized Actuaries Article 14. (1) HANFA maintains a register of persons authorized to perform duties of an authorized actuary on its website. (2) The register from paragraph 1 contains data on the name and surname of the authorized actuary, authorization date; Tax ID (OIB), and data on the body that issued the authorization. Article 15. (1) This Regulation enters into force on the eighth day following publication in "Narodne novine" (Official Gazette). (2) Upon entry into force, the Regulation on Conditions for Acquiring and Verifying Professional Knowledge Required for Performing Duties of an Authorized Actuary ("Official Gazette" No. 67/2020) ceases to apply.

FINAL PROVISIONS Regulation on Amendment of the Regulation on Conditions for Acquiring and Verifying Professional Knowledge Required for Performing Duties of an Authorized Actuary ("Official Gazette" No. 128/2024) entered into force on November 15, 2024. Article 2. This Regulation enters into force on the eighth day following publication in "Narodne novine" (Official Gazette).

Form AKTUAR-1 APPLICATION FOR ATTENDING THE EDUCATION PROGRAM

1. NAME AND SURNAME:
2. Date, place and country of birth:
3. Tax ID (OIB):
4. Professional qualification and occupation:
5. Employer:
6. Residential address:
7. Telephone:
8. E-mail:
9. Candidate Code: (The candidate enters the code by sequentially writing initials of surname and name, followed by two single-digit numbers, and finally three capital letters of their choice; for example, candidate Tomislav Horvat's code could be: HT59AFC)

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Date and signature Attachments to Application:

1. proof of payment for attending the education program.

Form AKTUAR-2 APPLICATION FOR TAKING EXAMS

1. NAME AND SURNAME:
2. Tax ID (OIB):
3. Date, place and country of birth:
4. Professional qualification and occupation:
5. Employer:
6. Residential address:
7. Telephone:
8. E-mail:
9. Candidate Code: (The candidate enters the code by sequentially writing initials of surname and name, followed by two single-digit numbers, and finally three capital letters of their choice; for example, candidate Tomislav Horvat's code could be: HT59AFC)

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Date and signature Attachments to Application:

1. copy of personal ID or passport; foreign nationals submit a copy of their passport, notarized;
2. copy of diploma; in case of foreign qualifications, a document on recognition of foreign higher education qualification issued by the competent authority in the Republic of Croatia. Copies are notarized or legalized according to laws governing international document legalization and international regulations (Apostille – Hague Convention of October 5, 1961), and foreign language documents are submitted translated by a sworn court interpreter;
3. certificate issued by the Faculty of Science (Prirodoslovno-matematički fakultet) of the University of Zagreb on passed exams listed in Article 2(1) point 1, or certificate of successful completion of postgraduate specialized study in actuarial mathematics at the Faculty of Science, University of Zagreb with separate certificates on passed Pension Insurance and Health Insurance; or certificate from the Faculty of Science, University of Zagreb on equivalence of passed exams with postgraduate specialized study in actuarial mathematics for persons who successfully completed verification of professional knowledge according to the education program mentioned in Article 2(1) point 1 at another institution;
4. statement confirming no final conviction for criminal offenses listed in Article 24(1) point 7 of the Pension Insurance Companies Act ("Official Gazette" No. 22/14, 29/18, and 115/18) or Article 36(8) of the Insurance Act ("Official Gazette" No. 30/15 and 112/18), signed and notarized;
5. statement confirming that authorization to perform duties of an authorized actuary has not been revoked in the Republic of Croatia, another EU member state, EEA state, or foreign country, signed and notarized;
6. proof of payment for taking exams.