Ordinance No. 31 (2006) on Actuary Qualification Exams, Recognition (incl. foreign), and the Form and Content of Actuarial Certifications, Reports, and Statements under Insurance and Social Security Codes

ORDINANCE No. 31 of 02.08.2006 on the conditions and procedure for conducting an examination and for recognizing the qualification of a responsible actuary, for recognizing qualifications 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 - SG, No. 66 of 2013, in force from 09.09.2013; amended, No. 83 of 2018, in force from 19.11.2018) Promulgated - SG, No. 71 of 01.09.2006; amended and supplemented, No. 51 of 03.06.2008; amended and supplemented, No. 66 of 26.07.2013, in force from 09.09.2013; amended and supplemented, No. 54 of 01.07.2014; amended, No. 38 of 20.05.2016, in force from 20.05.2016; amended, No. 6 of 19.01.2017, in force from 19.01.2017; amended and supplemented, No. 83 of 09.10.2018, in force 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, in force from 01.01.2023; amended and supplemented, No. 70 of 20.08.2024; amended, No. 20 of 11.03.2025, in force from the date of introduction of the euro in the Republic of Bulgaria; amended, No. 51 of 24.06.2025, in force from 01.07.2025; amended, No. 65 of 08.08.2025, in force from 08.08.2025; amended and supplemented, No. 43 of 12.05.2026; amended and supplemented, No. 61 of 03.07.2026, in force from 01.01.2027. Adopted by Decision No. 62-N of 2.VIII.2006 of the Financial Supervision Commission.
Chapter One
GENERAL PROVISIONS
Art. 1. (Amended - SG, No. 66 of 2013, in force from 09.09.2013; supplemented, No. 83 of 2018, in force from 19.11.2018) (1) This Ordinance regulates the conditions and procedure for conducting an examination and for recognizing the qualification of a responsible actuary by the Financial Supervision Commission, hereinafter referred to as "the Commission".
(2) This Ordinance also defines the requirements for covered academic hours in higher mathematics.
(3) (Amended - SG, No. 66 of 2013, in force from 09.09.2013) The qualification of a responsible actuary in the field of insurance, acquired outside the Republic of Bulgaria, as well as the qualification of a responsible actuary in the field of supplementary pension insurance, acquired in a Member State, shall also be recognized in accordance with the procedure of this Ordinance. (4) (Amended - SG, No. 66 of 2013, in force from 09.09.2013) This Ordinance defines 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 - SG, No. 83 of 2018, in force from 19.11.2018) This Ordinance defines 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 - SG, No. 66 of 2013, in force from 09.09.2013) The qualification of a responsible actuary may be:
1. (amended - SG, No. 66 of 2013, in force from 09.09.2013) full - when it covers qualification simultaneously in the field of insurance and supplementary pension insurance;
2. (amended - SG, No. 66 of 2013, in force from 09.09.2013) partial - when it covers qualification in one or more of the fields of general insurance, life insurance, and supplementary pension insurance.
Art. 3. (Amended and supplemented - SG, No. 51 of 2008; amended, No. 66 of 2013, in force from 09.09.2013; amended and supplemented, No. 54 of 2014; amended, No. 43 of 2026)(1) (Amended and supplemented - SG, No. 51 of 2008) Persons who wish to have their qualification as a responsible actuary recognized shall take an examination before an examination commission appointed by the Commission or before a professional organization of actuaries. (2) (New - SG, No. 54 of 2014; amended, No. 43 of 2026) The examination before the Commission consists of a basic module and three specialized modules - "Life Insurance", "Risk Models and General Insurance" and "Pension Insurance". The examination modules may be taken separately or in combination with each other - at the applicant's choice, in compliance with the requirements of Art. 4, para. 4. (3) (Supplemented - SG, No. 51 of 2008; amended, No. 66 of 2013, in force from 09.09.2013; former para. 2, No. 54 of 2014) The requirement for a successfully passed examination under para. 1 for recognizing the qualification of a responsible actuary in the field of insurance shall not apply when the person has the qualification of a responsible actuary acquired outside the Republic of Bulgaria and recognized by the Commission in accordance with the procedure of Chapter Three. (4) (Supplemented - SG, No. 51 of 2008; former para. 3, No. 54 of 2014) The requirement for a successfully passed examination under para. 1 for recognizing the qualification of a responsible actuary in the field of supplementary pension insurance shall not apply when the person has the qualification of a responsible actuary acquired in a Member State and recognized by the Commission in accordance with the procedure of Chapter Three.
Chapter Two
CONDUCTING THE EXAMINATION AND RECOGNIZING THE QUALIFICATION OF A RESPONSIBLE ACTUARY
Section I
Admission to examination before the Commission (Title - supplemented, No. 51 of 2008) Art. 4. (Amended - SG, No. 51 of 2008; supplemented, No. 66 of 2013, in force from 26.07.2013; amended and supplemented, No. 54 of 2014; amended, No. 83 of 2018, in force from 09.10.2018; amended, No. 41 of 2019; entirely 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" shall be admitted to the examination. (2) (Amended - SG, No. 43 of 2026) For admission to an examination before the Commission, an application shall be submitted in accordance with the sample in Annex No. 26. (3) The application under para. 2 shall contain:
1. the names and unified civil number (personal number, personal number of a foreigner or date and place of birth) of the person;
2. email address and correspondence address of the person;
3. the examination modules the person wishes to take;
4. data on the series and number of the applicant's diploma for higher education with an awarded educational and qualification degree not lower than "bachelor"; for a diploma for higher education from a foreign higher education institution, the number of the certificate for recognition of the acquired higher education, entered in the register for academic recognition maintained by the National Center for Information and Documentation (NACID), shall also be indicated.
(4) (Amended - SG, No. 43 of 2026) The applicant may indicate taking:
1. a basic module together with one or more specialized modules;
2. a basic module, without taking a specialized one, if they have successfully passed a specialized module in an examination conducted by the Commission;
3. one or more specialized modules, without appearing for a basic module, when:
a) they have successfully passed a basic module in an examination conducted by the Commission; b) they have been granted partial qualification.
(5) A certified copy of the diploma for completed higher education in the country shall be attached to the application under para. 2, if the same was completed before 01.01.2012. When the diploma is not issued by a higher education institution in the country and the certificate for recognition of education is not entered in the register for academic recognition maintained by NACID, a certified copy of the recognition certificate shall be attached to the application. (6) (Amended - SG, No. 43 of 2026) Applications under para. 2 shall be submitted within one month from the date of announcement of the decision under Art. 9, para. 4 on the Commission's website. Applications submitted outside the specified period shall not be considered. Art. 5. The Commission may request other data and documents if necessary for making a decision on admission to the examination. Art. 6. (Amended and supplemented - SG, No. 54 of 2014; supplemented, No. 83 of 2018, in force from 09.10.2018; amended and supplemented, No. 41 of 2019; entirely amended, No. 23 of 2022; amended and supplemented, No. 43 of 2026) The Commission shall refuse admission to the examination if it finds that:
1. (amended - SG, No. 43 of 2026) the applicant has submitted false data or documents with false content;
2. (amended - SG, No. 43 of 2026) the requirements of Art. 4, para. 4 have not been met;
3. documents or information under Art. 4, para. 3 and 5 have not been submitted.
Art. 7.(Amended - SG, No. 51 of 2008; amended, No. 66 of 2013, in force from 26.07.2013; amended and supplemented, No. 83 of 2018, in force from 09.10.2018; amended and supplemented, No. 81 of 2020; amended, No. 51 of 2025, in force from 01.07.2025; amended and supplemented, No. 43 of 2026) (1) (Amended - SG, No. 51 of 2008; supplemented, No. 83 of 2018, in force from 09.10.2018; amended, No. 43 of 2026) The Commission shall rule on the application for admission to the examination within 30 days of its submission, and when additional data and documents have been requested - within 14 days of their receipt, respectively from the expiry of the period under para. 2. (2) (Repealed - SG, No. 51 of 2008; new - SG, No. 83 of 2018, in force from 09.10.2018) When additional data and documents are required, the Commission shall send a notification and set a deadline for their submission, which cannot be shorter than 3 working days. (3) (Amended - SG, No. 66 of 2013, in force from 26.07.2013; amended, No. 83 of 2018, in force from 09.10.2018; amended and supplemented, No. 81 of 2020; amended, No. 51 of 2025, in force from 01.07.2025; supplemented, No. 43 of 2026) Upon submission of an application for admission to an examination for recognizing the qualification of a responsible actuary, persons shall pay the corresponding fee in accordance with Ordinance No. 76 of 12.06.2025 on the fees collected by the Financial Supervision Commission (SG, No. 51 of 2025).
Section II
Examination before the Commission
(Title - supplemented, No. 51 of 2008)
Art. 8. (Amended and supplemented - SG, No. 66 of 2013, in force from 26.07.2013; amended, No. 83 of 2018, in force from 09.10.2018; amended, No. 65 of 2025, in force from 08.08.2025; amended and supplemented, No. 43 of 2026) (1) (Amended and supplemented - SG, No. 66 of 2013, in force from 26.07.2013) The conduct of an examination for recognizing the qualification of a responsible actuary shall be organized by the Commission at least once every two years. (2) The examination may be conducted in parts over two or more consecutive days. (3) (New - SG, No. 43 of 2026) The examination is written and anonymous. (4) (Amended - SG, No. 66 of 2013, in force from 26.07.2013; amended, No. 83 of 2018, in force from 09.10.2018; amended, No. 65 of 2025, in force from 08.08.2025; former para. 3, No. 43 of 2026) Persons who have been admitted to the examination in accordance with Section I and have paid the corresponding fee in accordance with Ordinance No. 76 of 12.06.2025 on the fees collected by the Financial Supervision Commission shall have the right to appear for the examination. Art. 9. (Amended - SG, No. 66 of 2013, in force from 26.07.2013; amended, No. 48 of 2021; amended, No. 43 of 2026) (1) The examination shall be conducted by an examination commission consisting of at least three members. (2) Members of the examination commission may only be:
1. responsible actuaries with full qualification recognized by the Commission;
2. habilitated lecturers in actuarial science, insurance, statistics, economics, and investments;
3. employees of the Commission with appropriate professional qualification and experience.
(3) The composition of the examination commission and the procedure for its work shall be determined by a decision of the Commission, which shall announce it on its website.
(4) Within one month of the announcement of the decision under para. 3, the Commission, upon proposal of the examination commission, shall determine by decision the date, respectively the dates for conducting the examination and the requirements regarding its thematic scope, the procedure for its conduct, as well as the rules for evaluation.
(5) The Commission shall publish the decision and the information under para. 4 on its website no later than 4 months before the date of the examination, respectively before the first date of the examination - when the examination is conducted in parts. These circumstances may also be announced in another appropriate manner.
Art. 10. (Amended and supplemented - SG, No. 66 of 2013, in force from 26.07.2013; amended, No. 48 of 2021; repealed, No. 43 of 2026).
Art. 11. (Supplemented - SG, No. 83 of 2018, in force from 09.10.2018; repealed, No. 43 of 2026).
Art. 12. (Amended and supplemented - SG, No. 43 of 2026) (1) The results of the examination shall be recorded in a protocol with an evaluation in accordance with the evaluation rules. The protocol shall be signed by all members of the examination commission. The evaluations are final and not subject to review.
(2) (Amended - SG, No. 43 of 2026) The results of the examination shall be announced in accordance with the procedure of Art. 9, para. 5 within 14 days from the date of the examination, respectively from the last date of the examination - when the examination is conducted in parts.
(3) (Supplemented - SG, No. 43 of 2026) Within 5 working days from the announcement of the results under para. 1, persons who have not successfully passed the examination for recognizing the qualification of a responsible actuary may submit a request to the Commission to review the results of the check of their written work. The Commission shall determine a schedule for reviewing the results for the persons who have submitted a request and shall notify them of the date and time at the email address indicated in the application. (4) Persons shall review the results of the check of their written work personally in the presence of a member of the examination commission and an official from the administration of the Commission, appointed by order of the Chairman of the Commission.
Section III
Recognition of qualification of a responsible actuary who has successfully passed an examination before the Commission (Title - supplemented, No. 51 of 2008) Art. 12a. (New - SG, No. 54 of 2014; amended and supplemented, No. 23 of 2022; amended and supplemented, No. 43 of 2026) (1) (Amended - SG, No. 23 of 2022) For recognizing full qualification of a responsible actuary, the candidate must:
1. meet the requirements of 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 - SG, No. 43 of 2026) have successfully passed the four examination modules specified in Art. 3, para. 2.
(2) (Amended - SG, No. 23 of 2022) For recognizing partial qualification of a responsible actuary, the candidate must:
1. meet the requirements of Art. 122i, para. 2, items 1 - 6 and para. 5 of the SSC, respectively Art. 97, para. 2, items 1 - 6 and item 8 of the IC;
2. (amended - SG, No. 43 of 2026) have successfully passed the basic and at least one of the specialized modules under Art. 3, para. 2.
(3) (Amended - SG, No. 43 of 2026) Upon successful completion of only the basic module, the candidate may appear for an examination in accordance with the procedure of Art. 8, para. 1 for one or more of the specialized modules for recognizing partial or full qualification. Upon successful completion of one or more specialized modules, the candidate may appear for an examination in accordance with the procedure of Art. 8, para. 1 for a basic module for recognizing partial or full qualification. (4) In case of recognized partial qualification, a person who wishes to have full qualification as a responsible actuary or qualification in another field recognized may appear for the selected modules at each examination conducted in accordance with the procedure of Art. 8, para. 1. Art. 12b. (New - SG, No. 23 of 2022; amended, No. 43 of 2026) (1) (Amended - SG, No. 43 of 2026) For recognizing full or partial qualification after a successfully passed examination in accordance with Art. 12a, para. 1, item 2, respectively Art. 12a, para. 2, item 2, the person shall submit an application in accordance with the sample in Annex No. 27. (2) The application under para. 1 shall contain:
1. the information under Art. 4, para. 3, items 1 and 2;
2. data on the series and number of the applicant's diploma for higher education with an awarded educational and qualification degree "master" or educational and scientific degree "doctor", with covered academic hours in higher mathematics in accordance with para. 6; for a diploma for higher education from a foreign higher education institution in the country, the number of the certificate for recognition of the acquired higher education, entered in the register for academic recognition maintained by NACID, shall also be indicated.
(3) The following shall be attached to the application under para. 1:
1. 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;
2. a declaration that the person has not been a member of a management or control body or an unlimited partner in a company for which insolvency proceedings have been opened, or in a company terminated due to insolvency, if there are unsatisfied creditors, during the last 3 years before the initial date of insolvency determined by the court;
3. a declaration that the person has not been declared bankrupt and is not in bankruptcy proceedings;
4. a declaration that the person has not been deprived of the right to hold a financially responsible position;
5. 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 covered academic hours in higher mathematics in accordance with para. 6; for a diploma from a foreign higher education institution, a legalized translation of the diploma into Bulgarian shall also be attached; for a diploma from a foreign higher education institution for which the certificate for recognition of education is not entered in the register for academic recognition maintained by NACID, a certified copy of the recognition certificate shall also be attached;
6. other documents at the applicant's discretion to prove the covered academic hours;
7. evidence that the person has at least three years of experience as an actuary in national insurance institutions, an 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 lecturer in insurance or actuarial science.
(4) When the applicant has recognized partial qualification as a responsible actuary, only the documents under para. 3, items 1 - 4 shall be attached to the application. In this case, the number and date of the decision by which partial qualification was recognized shall be indicated in the application.
(5) The Commission may request other data and documents if necessary for making a decision on recognizing qualification.
(6) The required academic hours in higher mathematics include:
1. not less than 180 academic hours of lectures and exercises in higher mathematics or 8 credits in accordance with the European Credit Transfer and Accumulation System (ECTS), or
2. not less than 90 academic hours of lectures and exercises 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 - SG, No. 23 of 2022) The Commission shall refuse to recognize the qualification of 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 procedure of the Ordinance on State Requirements for Recognition of Acquired Higher Education and Completed Periods of Study in Foreign Higher Education Institutions (SG, No. 69 of 2000) or the academic hours in higher mathematics in accordance with Art. 12b, para. 6 are not covered;
3. the declarations submitted by the applicant do not certify the relevant 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 recognizing the qualification of a responsible actuary;
5. it finds that the applicant has submitted false data or documents with false content;
6. less than 3 years have passed since the entry into force of the decision to withdraw the qualification of a responsible actuary on the grounds of Art. 122i, para. 4 of the SSC and the applicant requests recognition of partial qualification in the field of supplementary pension insurance;
7. the requirements of Art. 97, para. 2, item 8 of the IC have not been met and the applicant requests recognition of partial qualification in the field of general insurance and/or life insurance;
8. the applicant has not successfully passed the examination for the respective modules under Art. 3, para. 2;
9. documents or information under Art. 12b, para. 2, 3 or 5 have not been submitted.
Art. 13. (Amended - SG, No. 66 of 2013, in force from 26.07.2013; amended, No. 83 of 2018, in force from 09.10.2018; amended and supplemented, No. 23 of 2022; amended, No. 51 of 2025, in force from 01.07.2025; amended, No. 43 of 2026) (1) (Amended - SG, No. 23 of 2022) The Commission shall recognize full or partial qualification of a responsible actuary for persons who meet the conditions under Art. 12a, para. 1, respectively Art. 12a, para. 2. (2) (New - SG, 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 shall recognize partial qualification in the field of supplementary pension insurance. (3) (New - SG, No. 23 of 2022) When the applicant has requested recognition of full qualification before the expiry of 3 years from the entry into force of the decision to withdraw the qualification of a responsible actuary on the grounds 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 shall recognize partial qualification in the field of general insurance and/or life insurance. (4) (New - SG, No. 23 of 2022; amended, No. 43 of 2026) The Commission shall rule on the application for recognizing the qualification of a responsible actuary within one month of its submission, and when additional data and documents have been requested - within one month of their receipt, respectively from the expiry of the period under para. 3. (5) (New - SG, No. 23 of 2022) When additional data and documents are required, the Commission shall send a notification and set a deadline for their submission, which cannot be shorter than 3 working days. (6) (Amended - SG, No. 66 of 2013, in force from 26.07.2013; amended, No. 83 of 2018, in force from 09.10.2018; former para. 2, supplemented, No. 23 of 2022; amended, No. 51 of 2025, in force from 01.07.2025) The Commission shall officially register persons with recognized qualification as a responsible actuary in the register under Art. 30, para. 1, item 20 of the FSC Act within 7 days of submitting a document certifying the payment of the due fee for issuing a certificate in accordance with Ordinance No. 76 of 12.06.2025 on the fees collected by the Financial Supervision Commission (SG, No. 51 of 2025), respectively within 7 days of paying the due fee electronically.
Section IIIa
Recognition of qualification of a responsible actuary who has successfully passed an examination before a professional organization of actuaries (New. - SG, No. 51 of 2008) Art. 13a. (New. - SG, No. 51 of 2008; amended, No. 66 of 2013, in force from 09.09.2013; amended, No. 83 of 2018, in force from 19.11.2018; amended, No. 41 of 2019; amended, No. 43 of 2026) (1) (Amended - SG, No. 66 of 2013, in force from 09.09.2013; amended, No. 83 of 2018, in force from 19.11.2018; amended, No. 41 of 2019) An examination for acquiring the qualification of 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 its seat in Canada. (2) When conducting an examination under para. 1, the professional organization of actuaries shall notify the Commission of the conditions under which the examination is conducted, including the thematic scope of the examination, the procedure for its conduct, as well as the rules for evaluation. (3) (Amended - SG, No. 43 of 2026) The notification under para. 2 shall be made no later than four months before the start date of the examination program. The Commission may, within two months of the notification, issue mandatory instructions for making changes to the submitted documents and the conditions under which the examination is conducted, if