FSA Track Changes and Transition Rules for 2023 – Individual Life and Annuities (ILA)
Transition Rules
The changes and hour reductions are provided below. Candidates will complete the track by successfully passing all six elements required from either the current or the new requirements columns. For example, a candidate may complete the first three rows of the current requirements and the remaining rows from the new requirements. All combinations are acceptable as long as one requirement in each row is accomplished.
There is a one-to-one transition of exam/module credits. If a candidate has credit for items in the current requirements column, that candidate has transition credit for the items in the same row of the new requirements column.
The ILA track will reduce from 12 hours to 10 hours by removing material from the Life Financial Management and Life Product Management exams. Material is added to the Life ALM and Modeling exam. There are no changes to the modules in the ILA track.
| ILA Transition Rules | ||||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
Summary of syllabus changes:
The ILA track includes three Fellowship exams: Life Product Management (LPM), Life ALM & Modeling (LAM), and Life Financial Management (LFM).
Life Product Management (LPM) Exam - 5 hours to 3 hours
The asset and portfolio management topics were moved to the LAM exam, and additional readings beyond core material were removed for the non-guaranteed elements and emerging underwriting topics. Within topics, non-core or very lengthy readings were dropped. The number of pages in the readings has been reduced in proportion to the reduction in exam hours.
Life ALM & Modeling (LAM) Exam - 2 hours to 3 hours
The asset and portfolio management topics were added from LPM; otherwise, the LAM syllabus did not change. The number of pages in the readings has been increased in proportion to the increase in exam hours.
Life Financial Management (LFM)-US Exam - 5 hours to 4 hours
Readings on old U.S. GAAP requirements and multiple study notes on Long Duration Targeted Improvements were removed, and new textbook readings were added for updated U.S. GAAP requirements. Readings on illustration regulations, Sarbanes-Oxley, Model Audit Rule, and rating agencies were removed from the syllabus. In addition, multiple readings in excess of core material were removed for U.S. taxation, life and variable annuity principle-based reserving requirements (VM-20 and VM-21), captives, and economic capital topics. The number of pages in the readings has been reduced in proportion to the reduction in exam hours.
Life Financial Management (LFM)-Canada Exam - 5 hours to 4 hours
Several CIA Educational Note readings related to pre-IFRS 17 requirements and CALM were removed. The pre-IFRS 17 and IFRS 17 learning objectives were combined into one learning objective. In addition, readings were removed on illustration requirements, as well as some readings in excess of core material related to mortality and expense valuation topics. The number of pages in the readings has been reduced in proportion to the reduction in exam hours.