Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > Property - Casualty / General Insurance
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions


Reply
 
Thread Tools Search this Thread Display Modes
  #1  
Old 06-06-2019, 05:18 PM
Candidate X's Avatar
Candidate X Candidate X is offline
Member
CAS
 
Join Date: Oct 2015
Posts: 275
Default "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
Reply With Quote
  #2  
Old 06-06-2019, 05:25 PM
Candidate X's Avatar
Candidate X Candidate X is offline
Member
CAS
 
Join Date: Oct 2015
Posts: 275
Default

I'm assuming the "minor" syllabus changes that were promised to the NAIC will be added to Exam 6-US?
Reply With Quote
  #3  
Old 06-06-2019, 05:38 PM
redearedslider's Avatar
redearedslider redearedslider is offline
Member
CAS
 
Join Date: Oct 2015
Posts: 13,993
Default

for FSA-GI
__________________
Quote:
Originally Posted by Abraham Weishaus View Post
ASM does not have a discussion of stimulation, but considering how boring the manual is, maybe it would be a good idea.
Reply With Quote
  #4  
Old 06-06-2019, 05:49 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 90,462
Blog Entries: 6
Default

Also:
http://www.actuarialoutpost.com/actu...d.php?t=340803
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #5  
Old 06-06-2019, 06:15 PM
nonactuarialactuary nonactuarialactuary is offline
Member
Non-Actuary
 
Join Date: May 2008
Posts: 2,226
Default

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)?
Reply With Quote
  #6  
Old 06-06-2019, 11:53 PM
AbedNadir's Avatar
AbedNadir AbedNadir is offline
Member
CAS SOA
 
Join Date: Mar 2014
Studying for FCAS
Posts: 2,638
Default

so if a Canadian FCAS with exam 6C goes to the US he isn't a qualified actuary?
__________________
Reply With Quote
  #7  
Old 06-07-2019, 12:14 AM
Schroeder's Avatar
Schroeder Schroeder is offline
Member
CAS AAA
 
Join Date: Dec 2001
Location: Next Door to Charlie Brown
Posts: 300
Default

Quote:
Originally Posted by AbedNadir View Post
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.
Reply With Quote
  #8  
Old 06-07-2019, 08:37 AM
MightySchoop's Avatar
MightySchoop MightySchoop is offline
Member
CAS AAA
 
Join Date: Aug 2009
Location: Insula Primalis
Posts: 7,220
Default

Quote:
Originally Posted by Candidate X View Post
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.
__________________
Dare to believe you can survive
Reply With Quote
  #9  
Old 06-07-2019, 10:58 AM
Ryan54673's Avatar
Ryan54673 Ryan54673 is offline
Member
CAS
 
Join Date: Aug 2014
Posts: 128
Default

Quote:
Originally Posted by Schroeder View Post
For purposes of signing a reserve opinion for an NAIC annual statement, that is correct.
This is upsetting. Do the grandfathering rules apply here?
__________________
ACAS ē 7 8 9
Reply With Quote
  #10  
Old 06-07-2019, 11:31 AM
Candidate X's Avatar
Candidate X Candidate X is offline
Member
CAS
 
Join Date: Oct 2015
Posts: 275
Default

Quote:
Originally Posted by MightySchoop View Post
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
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 12:54 AM.


Powered by vBulletin®
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.21556 seconds with 9 queries