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  #41  
Old 06-17-2019, 02:33 PM
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Maphisto's Sidekick Maphisto's Sidekick is offline
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Originally Posted by Vorian Atreides View Post
I think the bigger effect to look for first is acceptance of the SOA credential by a major regional or any national insurer.

I think that is where the pressure of competition is going to be really felt.
Essentially, I agree.

Until recent announcements, it was easy to say that the GI track was unlikely to gain traction in the US due to the credential's lack of sufficiency for SAO purposes.

With that roadblock removed, it becomes a question of market acceptance...which begs the question of whether/how the CAS might react...and that is obviously dependent on how the market changes.
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Old 06-17-2019, 02:42 PM
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I think I should also clarify that my comments are wrt the US market.

I think the ironic impact of the NAIC acceptance of the FSA-GI credential will be a bigger international uptake of the credential in countries other than the US/Canada.

That might also be an interesting space to watch the impact on the CAS.
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  #43  
Old 06-18-2019, 05:09 PM
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Speaking of the impact that the GI track will have on P&C actuary credentialing... the way I see it the GI track has two competitive advantages over the CAS track (there are disadvantages as well but I'm just pointing out advantages)

1) For many non-US employers of P&C actuaries often don't care where their credentialing comes from as long as it is internationally accredited. The GI will take less time to complete than the CAS track and it all the same as far as their employer is concerned so it just makes sense. This is what I have gathered from chatting with actuaries on the GI track.

2) For US actuaries that work for companies with multiple lines of insurance, some P&C and some non-P&C, the SOA's GI track makes it a little easier to move around or to straddle lines of business. This is the very reason I have decided to pursue the GI track.

Actuaries in these two situations stand to benefit the most from the NAIC's approval.
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Old 06-19-2019, 09:45 AM
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ITA with the non-US statement, mheasley.

However (at least within a US context), I don't think that having FSA-GI makes it any "easier" to straddle non-GI lines of business than having FCAS.

At least if it does, it'd be due to the similar appearance of the "FSA" designation and I wouldn't call that an "advantage" as it would actually obfuscate the real qualification for an actuary to sign an opinion.

I don't think that a Life Ins company would really benefit--and actually would risk significant harm--from having a GI-specialist reviewing and signing off on their reserves.
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Old 06-19-2019, 11:29 AM
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ITA with the non-US statement, mheasley.
At least if it does, it'd be due to the similar appearance of the "FSA" designation and I wouldn't call that an "advantage" as it would actually obfuscate the real qualification for an actuary to sign an opinion.
Its not just that. I am supervised by both a health FSA and an FCAS. I do work for both of them; on the health side and the P&C side. Have you ever heard of someone getting an FSA in one specialty and then getting an FSA in another specialty after switching disciplines? It doesn't happen. Because if you switch and are supervised by someone who is a "qualified actuary" for a time then you to become a qualified actuary in that field (page d). I don't know how that works with an FCAS who wants to be qualified to do health but the common FSA designation does solve the problem of appearances.
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Old 06-19-2019, 11:36 AM
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Its not just that. I am supervised by both a health FSA and an FCAS. I do work for both of them; on the health side and the P&C side. Have you ever heard of someone getting an FSA in one specialty and then getting an FSA in another specialty after switching disciplines? It doesn't happen. Because if you switch and are supervised by someone who is a "qualified actuary" for a time then you to become a qualified actuary in that field (page d). I don't know how that works with an FCAS who wants to be qualified to do health but the common FSA designation does solve the problem of appearances.
True; but an FCAS can do the same thing with regard to working with another line of business. So I don't see how "switching fields" would be an advantage for an FSA over an FCAS.

But wrt the bolded, I don't see that "solving" the problem of knowing if someone is "qualified" just by looking at the designation. In this regard, working with P&C, FCAS will be a clear winner over FSA without ever having to ask the person a question about their experience or background.
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  #47  
Old 06-19-2019, 12:32 PM
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In this regard, working with P&C, FCAS will be a clear winner over FSA without ever having to ask the person a question about their experience or background.
Good point. It goes both ways. So an FCAS won't have to prove qualifications for P&C and an FSA won't have to prove qualifications for health.

Going back to my original point, if the situation you find yourself in is to practice in two area simultaneously (in my case health and P&C) then which track is going to best serve you? There are three options 1) FSA-health 2) FSA-GI or 3) FCAS. The right choice will differ depending on the specific situation but this decision is a reality some will face. The NAIC decision certainly helps make 2 a more viable option then it previously had been. It may become more common to see FSA-GIs practicing P&C, making it less of a hassle to explain your qualifications. So if it is all the same from a regulation standpoint and an FSA track will get you there quicker then what would you do?
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Old 06-19-2019, 12:38 PM
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Good point. It goes both ways. So an FCAS won't have to prove qualifications for P&C and an FSA won't have to prove qualifications for health.
Isn't your point that the FSA would have flexibility, thus will [continue to] always have to prove qualifications for health? How do you know he's not a Life guy instead? Or now a GI guy?
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Old 06-19-2019, 12:55 PM
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Or ERM?
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  #50  
Old 06-19-2019, 01:30 PM
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Isn't your point that the FSA would have flexibility, thus will [continue to] always have to prove qualifications for health? How do you know he's not a Life guy instead? Or now a GI guy?
I guess that was my original point. Sorry for the pivot. The more I read about this the more I am seeing that flexibility goes both ways. The advantage of flexibility due to "appearance" could change if FSA GIs become more common in the US but that is a long ways off. Regardless, I am still referring to those actuaries in the US that straddle practice areas. I think it is clear that there will be some in this situation that choose the GI track for the reasons I mentioned.

Regardless if you are an FCAS or an FSA you have to state your qualifications in the SAO. Sometimes this comes in the form of a checklist page or a paragraph stating as much. So that's how they know what kind of guy you are. From how I am reading the qualification standards, you can become qualified in any line given the correct years of supervised experience and having the required continued education regardless of the track you studied.

I admit this is all a bit difficult to navigate. Are there other qualification standards other than those issued by the AAA that should be considered?

Last edited by mheasley; 06-19-2019 at 04:40 PM..
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