Responsible actuary

An actuary deals with the measurement and management of risk and uncertainty.

In Denmark we differentiate between responsible actuaries and actuaries.

Responsible actuaries are regulated by 2005/36/EC. All life-insurances companies in Denmark are required to employ a responsible actuary and the credentials required to occupy such position is specified in the Executive Order on Responsible Actuary – see below.

The second group – actuaries – does not require any specific credentials. Although all actuaries occupying positions in the financial sector in Denmark have a Master’s degree in Actuarial Mathematics. This group is not regulated by 2005/36/EC and will not be discussed further.  

How to apply?

No application is required for responsible actuaries, although the Danish FSA must receive notification of the appointment of a responsible actuary by the board of directors of the life-insurance company.

Furthermore if you intent to seek a position as a responsible actuary in a life-insurance company situated in Denmark, make sure you fulfill the requirements stated in the Executive Order on Responsible Actuary section 3.  This includes supplementary courses in Danish insurance law and insurance accounting and full-time practical actuarial work from a licensed company or ATP for no less than six years. 

Please see the full requirements in the executive order mentioned.  

Temporary or occasional pursuit

The same requirements apply for both temporary and permanent service providers.

Establishing a business

The same requirements apply for both temporary and permanent service providers.

Requirements for non EU citizens and businesses

The same requirements apply as for EU citizens and businesses.

Fee

No fee required.

Who to contact for questions?

Danish Financial Supervisory Authority
Århusgade 110
DK - 2100 Copenhagen Ø
Phone: (+45) 33558282
Fax: (+45) 33558200
Email: finanstilsynet@ftnet.dk
Web: www.finanstilsynet.dk

Contact person: Simon Overballe-Nielsen, (+45) 33558331, son@ftnet.dk

Public registers and databases

No public registers and/or databases exist for responsible actuaries. Although if you wish to find more information about actuaries in Denmark please visit the website for The Danish Society of Actuaries: www.aktuarforeningen.dk/index.php?lang=en

Legal basis in Danish law

The legal basis for responsible actuaries:

 

The Financial Act art. 108.

(https://www.finanstilsynet.dk/~/media/Lovgivning/Oversat-lovgivning/Acts/CAct885_2011-pdf.pdf?la=en)

 

 

Executive Order on Responsible Actuary

(http://www.finanstilsynet.dk/~/media/Lovgivning/Oversat-lovgivning/Executive-orders/1089_2011-pdf.pdf?la=en)

 

Executive Order on Responsible Actuary in Company Pension Funds

(http://www.finanstilsynet.dk/~/media/Lovgivning/Oversat-lovgivning/Executive-orders/1014_2009-pdf.pdf?la=en)

 

No legal basis exists for actuaries in general.

Legal basis in EU directive(s) on the mutual recognition of professional qualifications

2005/36/EC, Title III, Chapter I (General system for the recognition of evidence of training).