ONGOING Projects

Webinar for the Actuarial Association in Montenegro 

Topic: Introduction to ERM and the role of the actuarial profession

Date: 11 October 2021 (to be confirmed)

Background Information

In Montenegro, the insurance regulation is Solvency I regime. As part of the EU accession process, the regulator has recently drafted a new insurance law and preparatory guidelines on the system of governance, based on the EU Solvency II Directive. As most of the insurance companies in the market belong to EU based insurance groups, they already perform certain calculations and reporting in accordance with S II. However, the market lacks knowledge, expertise and best practices concerning the transition to the new regulatory regime. The Actuarial Association of Montenegro wishes to contribute by organizing seminars on risk management. They are intended to introduce the concept of risk management in general, the function of enterprise risk management in risk-based regulatory regimes such as S II, and the role of the actuary in that process.

 

The Actuarial Association of Montenegro was established in 2018 and became an associate member of the International Actuarial Association in 2020. It currently has 24 full members. In Montenegro, the regulator prescribes the conditions for the actuarial certification, and awards a ‘certified actuary’ credential upon successful completion of their professional exams program and working experience.   

The webinar is for members from the Actuarial Association of Montenegro, professionals working in insurance industry and various public institutions. Invitations will also be sent to actuarial associations in the Balkan region. The course will be conducted in English.