Банкеръ Weekly

Briefs

ASSOCIATION OF ACTUARIES TO BE SET UP

Actuaries of insurance and pension companies and of private health care funds will set up an assoication. The constituent assembly is scheduled for Tuesday (February 26), Angel Terziev from the Committee of Actuaries at the Bulgarian Association of Companies for Voluntary Pension Insurance told the BANKER weekly. The new association will inherit the Bulgarian Association of Acturaies, established in 1994, whose activities, however, have been frozen for quite a long time.About fifty professionals in this sphere are presently working for private companies and state institutions - the National Insurance Institute and the two controlling bodies on the insurance market (the agencies for social and general insurance). According to effective legislation, only licensed actuaries are authorized to certify these companies' actuary reports and other documents. The ten actuaries of social insurance companies, registered so far, will have to file by March 13 documents for getting a licence. The deadline was fixed by the State Agency for Insurance Supervision in December 2001. New applications will be considered during two one-month sessions throughout the year, the regulations stipulate.According to the founders of the new association, the actuaries' potentialities have not been used well so far. We could help the government by our analyses for the demographic processes mainly, but in a financial aspect as well, in order to know what the State should expect in the years to come. We would like to strengthen our influence on the state institutions and this will be one of our targets, Mr. Terziev said.

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