1. INSURANCE INSTITUTE OF ROMANIA
Name of Qualification Master program of Actuarial Techniques Certificate of Vocational Training in Insurance
Educational background Bachelor degree, preferable in Mathematics, Fi-
nance, Economics
High school degree
Occupational background Not necessary Not necessary
For what field of work does this edu-
cation qualify graduates?
In Romania there is a compulsory requirement for
the actuaries working in insurance to have a certain
certification in order to act as registered actuaries,
signing the official reports required by the supervi-
sor. Graduates can offer consultancy services/ actu-
arial services also in public institutions on the statis-
tics department but also in the field of private pen-
sions and banking sector.
Insurance intermediaries need to have such a certif-
icate in order to be allowed to sell insurance prod-
ucts. The graduates are registered at the regulator
and receive also an ID for selling (RAF code)
Vocational knowledge and skills Mathematical, econometrics knowledge necessary
for actuaries’ tasks and soft skills concerning com-
munication and feedback
Technical knowledge concerning insurance products
and legislation in insurance, soft skills concerning
selling the products
Duration of the education The Institute is offering two years program in part-
nership with the Bucharest University of Economic
Studies a master program that offers abilities need-
ed by the participants in order to complete their as-
signments as actuaries.
50 hours

2. Name of Qualification Master program of Actuarial Techniques Certificate of Vocational Training in Insurance
How are the examinations carried
out?
The examinations are done in writing and some-
times on computers for applicative subjects. There
are modules
Written examinations, multiple-choice questions at
the Institute of Insurance Management founded by
the regulator, based on which the graduate receives
a certificate and an ID.
Recognition of the education / quali-
fication by companies in the national
insurance market
The diploma is recognized by the entire market, as a
service offered by the Institute and also by the regu-
lator, based on an agreement signed between the
Institute and the Financial Supervisory Authority.
The diploma offers the possibility to enrol in the Na-
tional Register of Actuaries and recognized in the
application process for the Romanian Association of
Actuaries.
Recognized by the Financial Supervisory Authority.
General remarks The master program is strongly supported by the
Romanian Association of Actuaries, whose mem-
bers are offering tutorials during the 2 years program
and participate as observers for the examinations
The program can be offered by different companies,
authorized by the Financial Supervisory Authority –
either in-class /e-learning programs. The certificate
is required to act as intermediary in insurance indus-
try.

3. Name of Qualification Certificate of CPD Training for Insurance man-
agers
Certificate of CPD Training for Insurance agents
Educational background Bachelor degreee High school degree
Occupational background Not necessary Not necessary
For what field of work does this edu-
cation qualify graduates?
Each 2 years, insurance managers need to have
such a certificate in order to be allowed to coordi-
nate teams in insurance.
Each 3 years, insurance intermediaries need to have
such a certificate in order to be allowed to sell insur-
ance products any longer. The graduates are regis-
tered at the regulator and maintain also the ID for
selling (RAF code)
Vocational knowledge and skills Technical knowledge concerning insurance products
and legislation in insurance, human resource man-
agement, team management
Technical knowledge concerning insurance products
and legislation in insurance, soft skills concerning
selling the products
Duration of the education 35 hours 20 hours
How are the examinations carried
out?
Written examinations, multiple-choice questions at
the Institute of Insurance Management founded by
the regulator, based on which the graduate receives
a certificate and an ID.
Written examinations, multiple-choice questions at
the Institute of Insurance Management founded by
the regulator, based on which the graduate receives
a certificate and an ID.
Recognition of the education / quali-
fication by companies in the national
insurance market
Recognized by the Financial Supervisory Authority. Recognized by the Financial Supervisory Authority.
General remarks The program can be offered by different companies,
authorized by the Financial Supervisory Authority –
either in-class /e-learning programs. The certificate
is required to act in insurance industry.
The program can be offered by different companies,
authorized by the Financial Supervisory Authority –
either in-class /e-learning programs. The certificate
is required to act as intermediary in insurance indus-

4. Name of Qualification Certificate of CPD Training for Insurance man-
agers
Certificate of CPD Training for Insurance agents
try.