Actuary

    An actuary is a specialist who deals with calculating the risk and the present value of financial projects especially those which are long-term or uncertain. He is a business professional in the field of insurance mathematics, finance, and statistics. Traditionally, actuarial work is connected with the insurance industry, reinsurance, pension funds and pension plans.

    The origins of the actuarial profession dates back to the turn of the XVIIth and XVIIIth centuries, but it gained significance only in the XIXth century, when its tasks and functions were set out and the first associations of people performing this profession were formed. In Poland, the beginning of the development of this profession dates back to 1920, when the Polish Institute of Actuaries started its activity. This tradition is cultivated by Polish Society of Actuaries, which was established in 1991.

    In Poland, the actuarial profession is regulated by the Act of 11 September 2015 on Insurance and Reinsurance Activity. Under Article 68(3), a person may be entered in the register of actuaries kept by the Polish Financial Supervision Authority (KNF) if they hold a higher education degree, have at least one year of practice in insurance and financial mathematics and statistics under the supervision of an actuary, have passed the actuarial exam, have full legal capacity, enjoy full public rights and have not been convicted of certain intentional or fiscal offences. The actuarial exam is conducted by the Examination Board for Actuaries. It consists of nine parts taken in two sessions: financial mathematics, life insurance mathematics, non-life insurance mathematics, probability and statistics, economics, accounting and financial reporting in insurance companies, insurance and tax law, modelling, and risk management in insurance companies. All parts must be passed within ten years.