U.S. Qualification Standards: Request for Comments and Suggestions

In May 2013, the American Academy of Actuaries’ (Academy) Committee on Qualifications announced that it would undertake a review of the US Qualification Standards to consider whether potential revisions should be proposed. The Committee invited comments from the other US actuarial organizations and from members of the profession. Society of Actuaries (SOA) leaders encouraged individual SOA members to submit their comments to the Committee on Qualifications and, after soliciting input from SOA Sections, developed a comment letter reflecting the organizational view of the SOA. Members are encouraged to review the SOA’s response.

The SOA has previously asked the Committee on Qualifications to revise the Specific Qualification Standards pertaining to NAIC Property & Casualty Annual Statements. We want those Qualification Standards to recognize that the new General Insurance exams administered by the SOA will satisfy the basic education requirements for actuaries who are deemed qualified to sign the NAIC’s property and casualty statements of actuarial opinion. We have reiterated this request in our comment letter.

We are aware that the CAS does not support our requested revision. In a letter dated June 13, the CAS suggested that the Qualification Standards should not be revised in the manner we requested, until the SOA can “demonstrate for a number of exam cycles that each of their planned exams meet [sic] the rigorous standards embodied in the CAS exams…” The SOA has also submitted a supplemental letter to the Committee on Qualifications, responding to the position urged by the CAS.