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Old 06-06-2019, 04:18 PM
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Default "CAS Credentials Approved by NAIC..."

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
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