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-   -   "CAS Credentials Approved by NAIC..." (http://www.actuarialoutpost.com/actuarial_discussion_forum/showthread.php?t=340931)

Candidate X 06-06-2019 05:18 PM

"CAS Credentials Approved by NAIC..."
 
https://www.casact.org/press/index.c...articleID=4425

CAS Credentials Approved by NAIC as Meeting New Standards for Qualified Actuaries

06/06/2019 ó

The National Association of Insurance Commissioners (NAIC) recently completed an assessment of the CASís educational credentialing materials against new minimum educational standards to define a qualified actuary. The assessment included the NAICís development of about 100 objective knowledge statements and CASís mapping of our educational materials to the minimum standards. The NAIC concluded that CAS designations, under specific terms noted below, are assessed as NAIC Accepted Actuarial Designations for the 2019 Statement of Actuarial Opinion instructions:
ēFCAS with successful completion of Exam 6-US
ēACAS with successful completion of Exam 6-US and Exam 7

The assessment was made under the agreement that the CAS will make minor identified changes to the CAS syllabus by January 1, 2021. These changes include adding coverage of three Actuarial Standards of Practice and two Statements of Standard Accounting Practice, as well as a more through discussion of ORSA. The CAS has committed to making the changes, which will be announced as they are incorporated into the syllabus, along with other syllabus changes the CAS makes as part of its ongoing effort to maintain a rigorous and relevant credentialing program.

The positive outcome of the assessment reinforces the CASís 100+ year track record in setting the standard in educating and credentialing property/casualty actuaries. The assessment will remain effective until a new assessment is conducted, which is expected to occur in 5-10 years or upon significant modification to the CAS syllabus. Because CAS credentialing exams utilize the practical experience of actuaries for the development of exam content relevant in actual practice, the CAS is well-positioned to continually update our syllabus to best prepare actuaries for the future while meeting the NAICís definition of a qualified actuary.

The CAS thanks the NAIC for its time and efforts in undertaking the assessment and appreciated the NAIC noting that, ďThe CAS and its members have been generous with their time and expertise, and the work product reflects it.Ē

The CAS especially thanks the members of the NAIC Task Force who worked with the NAIC on the assessment. Members of the NAIC Task Force included:

Sarah McNair-Grove, Task Force Chair

Eric Blancke
Jeanne Crowell
Brian Fannin
Scott Merkord
Chris Nyce
Jason Russ
Fran Sarrel
Thomas Struppeck
Ken Williams
Ashley Zamperini

Candidate X 06-06-2019 05:25 PM

I'm assuming the "minor" syllabus changes that were promised to the NAIC will be added to Exam 6-US?

redearedslider 06-06-2019 05:38 PM

:popcorn: for FSA-GI

campbell 06-06-2019 05:49 PM

Also:
http://www.actuarialoutpost.com/actu...d.php?t=340803

nonactuarialactuary 06-06-2019 06:15 PM

This seems to formalize the requirement that you need ACAS + Exam 7 to sign an opinion. From the publicís POV though, thereís no way to differentiate an ACAS with Exam 7 from an ACAS without Exam 7 for people that got their ACAS designation after 2011 (or whatever year the change was). Has this ever come up before? If an ACAS tries to sign an opinion for a company, how would the public verify that theyíre qualified vs. unqualified if that ACASís exam 7 status isnít published anywhere. After additional topics are added to Exam 6 for the 2021 change, will ACAS alone once again be sufficient for opinions (as it used to be prior to 2011)?

AbedNadir 06-06-2019 11:53 PM

so if a Canadian FCAS with exam 6C goes to the US he isn't a qualified actuary?

Schroeder 06-07-2019 12:14 AM

Quote:

Originally Posted by AbedNadir (Post 9639756)
so if a Canadian FCAS with exam 6C goes to the US he isn't a qualified actuary?

For purposes of signing a reserve opinion for an NAIC annual statement, that is correct.

MightySchoop 06-07-2019 08:37 AM

Quote:

Originally Posted by Candidate X (Post 9639451)
I'm assuming the "minor" syllabus changes that were promised to the NAIC will be added to Exam 6-US?

ORSA probably belongs with the rest of the ERM topics on exam 7, especially if Canadian insurers are subject to a similar requirement. (are they?)

The SSAP and ASOP coverage will probably be rolled into Exam 6-US, though I think some of the SSAP coverage could probably be moved to OC2.

But, I am not a member of the syllabus committee.

Ryan54673 06-07-2019 10:58 AM

Quote:

Originally Posted by Schroeder (Post 9639758)
For purposes of signing a reserve opinion for an NAIC annual statement, that is correct.

This is upsetting. Do the grandfathering rules apply here?

Candidate X 06-07-2019 11:31 AM

Quote:

Originally Posted by MightySchoop (Post 9639786)
ORSA probably belongs with the rest of the ERM topics on exam 7

Ugh! How about a new OC3 for ERM? Exam 7 is already a beast - I'd say even more so than 6US. We already have 6 hour exams that you only are given 4 hours to sit for... but that's a separate discussion for a different forum, I know

As referenced above, I wonder what the NAIC will require regarding the SOA's GI track


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