According to the Law on insurance supervision in Republic of Macedonia:

  • Certified actuary shall be a person holding a license to work as a certified actuary by the Insurance Supervision Agency;
  • The certified actuary shall be independent and autonomous in the performance of its work and shall be responsible for the established activities;
  • In order to obtain a license to work as a certified actuary, the person has to meet the following requirements:
    • to have completed a four year higher education VII/1 or to have studied according to the Bologna Declaration and has 240 credits according to the European Credit Transfer System (ECTS);
    • to have passed professional examination necessary to work as a certified actuary;
    • to have at least one year working experience in the field of insurance or insurance supervision;
    • not to have performed a function of a person with special rights and liabilities in the insurance company or other legal entity over which a bankruptcy procedure has been opened; and
    • not to be previously ceded the license to work as a certified actuary.
  • Besides the provisions referred to in the previous paragraph, the person that has passed a professional examination for performance of activities as a certified actuary abroad, may obtain a license to work as an authorized actuary in the Republic of Macedonia, should it meet the following requirements:
    • the qualification of the person is according to standards not lower than the standards requested in accordance with this Law; and
    • the person has successfully passed the exam that ensures that it has the corresponding knowledge of the laws and practice in the Republic of Macedonia necessary to work as a certified actuary in the Republic of Macedonia;
    • The Insurance Supervision Agency shall in detail prescribe the manner and procedure for recognition of qualifications for an actuary obtained abroad.
  • The Insurance Supervision Agency shall adopt a decision for revoking the license for work as a certified actuary, if:
    • the license is obtained by stating false data:
    • the person no longer meets the requirements referred to in previous paragraphs; and
    • the person has violated the rules of the actuary profession;