According to the Insurance Supervision Law, the Insurance Supervision Agency (ISA) shall revoke the license for working as a certified actuary, if an actuary fails to comply with the rules for the actuarial profession.
According to the Rulebook on the rules for the actuarial profession, among others, the certified actuaries are obliged to keep, improve and expand the knowledge and skills, and to develop their personal and professional qualities that are necessary to perform tasks (continuing professional development- CPD). In this Rulebook are prescribed the criteria for CPD.
MAA “Actuary” based on the Rulebook on the rules for the actuarial profession published by ISA, brought its internal Rulebook for continuing professional development, which:
- introduces mandatory continuing professional development for each member of the Association as an individual (regular or associate) indicating the importance of the CPD;
- defines minimal requirements for CPD;
- defines the role, purpose and tasks of the Commission for CPD.
According to this Rulebook, the regular/associate members of the MAA “Actuary” are obliged to fulfill the minimal number of CPD hours for formal and non-formal CPD. The fulfillment of the provisions of this Rulebook, for each member, is checked by the Commission for CPD formed within MAA “Actuary”. If a member fails to comply with the Rulebook, the Commission undertake respective actions.