NATIONAL ACTUARIAL AUTHORITY

The National Actuarial Authority (NAA) is an independent administrative authority based in Athens. It was formed by art. 9 of L. 3029/2002 and its purpose is connected exclusively with the social and occupational insurance at all levels.

It is managed by a five-member Board of Executive Directors.

COMPETENCIES

NAA’s competencies, according to its founding law, pertain to the first and second pillars of insurance and can be briefly described as follows:

• Studying the social security system in the framework of long-term economic and financial planning to ensure its social reciprocity, its viability, and its actuarial balance.

• Following-up the results of all insurance organizations, of social or occupational form, and of every other relevant insurance organization that is supervised by any Ministry.

• Expressing opinion on the prospects of the financial viability of insurance organizations under foundation, of social or occupational form, and actuarially controlling them annually.

• Collecting, organizing, processing, and evaluating the technical, financial, accounting, demographic, and other relevant data concerning all insurance organizations, of social or occupational form, that are supervised by any Ministry.

• Determining the specifications of the actuarial studies of the first and the second pillar of insurance.

• Cooperating with the corresponding authorities of other countries or with international and European institutions, as well as the participation in the activities of such authorities and institutions.

CONTROL 

The NAA enjoys full administrative and operational independence. Only on legality issues of its actions and disciplinary faults of its members it is controlled by the current competent Minister of Employment and Social Protection.