SOA CPD Requirement–Frequently Asked Questions (FAQs)

Certification of Compliance (Section D)

 

C1. How can I show I've complied with the CPD Requirement?

Each year you will be asked to certify if you fulfilled the CPD Requirement, beginning year end 2010. Certification will be done electronically, with an option for certification in writing. In addition, you need to keep a personal log of CPD credits (see FAQs R1, R2, R3 and R4).

C2. What will the electronic certification look like?

We have not determined the final form of the electronic certification. The following is a sample of how it could look (example is for the CPD period 2014-2015):

  • I certify that I have fulfilled the SOA Continuing Professional Development Requirement for the period 2014-2015 by meeting one or more of the following:
    • the Basic Requirement provisions of Section B
    • the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States
    • the Canadian Institute of Actuaries' Qualification Standard - Requirements for Continuing Professional Development
    • Category 1 or 2 of the CPD Scheme of the Faculty of Actuaries and Institute of Actuaries
    • the Continuing Professional Development Standard of the Institute of Actuaries of Australia
  • I certify that I have not fulfilled the SOA CPD Requirement for the period 2014-2015.

The electronic compliance mechanism will let members check more than one box to indicate how they fulfilled the requirement because the SOA CPD Requirement allows members to combine the Basic Requirement Standard and alternative compliance provisions on a good-faith basis. See Section C3.

C3. How long will I have to certify compliance?

The exact length of the certification period has not yet been determined, but it will open several months before December 31, and extend after December 31, and into the following year to give members ample time to certify compliance for that cycle.

C4. What is the difference between complying with the requirement and fulfilling the requirement?

To comply with the requirement, you certify as of December 31 of each year whether you fulfilled the requirement. You fulfill the requirement by earning 60 units of CPD credit under the Basic Requirement Provisions of Section B or fulfilling one of the Alternative Compliance Provisions of Section C.

C5. What if I don't fulfill the CPD Requirement?

If you fail to fulfill the CPD Requirement, the membership directory will show your compliance status for that CPD cycle as "Non-compliant." (See FAQ C6) In addition, you must inform anyone relying on your actuarial expertise that you did not fulfill the SOA CPD Requirement. This may include your employer and clients (See FAQs NC1, NC2 and NC4).

If you don't fulfill the CPD Requirement, you won't lose your credential. There is no impact on any of your member rights for failure to fulfill the Requirement.

C6. How will compliance be shown in the membership directory?

The membership directory will be altered to include a heading to indicate your SOA Continuing Professional Development Requirement compliance. Under that line, your compliance status will be shown for the most recent CPD cycle.

Example: Michelle Member meets the SOA CPD Requirement for the first cycle by meeting the alternative compliance provisions of Section C (by meeting the CIA Qualification Standard). She lets the SOA know that she fulfilled the requirement. For 2011, her listing in the membership directory shows:

Example 1

Example: Mike Member was not able to complete his SOA CPD Requirement for the cycle ending Dec. 31, 2012. Starting in 2013, his listing in the membership directory shows:

Example 2

Mike is able to meet the alternative compliance provisions of Section C (the U.S. Qualification Standard for 2011 and 2012) by May 13, 2013. This completes his SOA CPD Requirement for the 2011-2012 cycle. He immediately lets the SOA know that he has fulfilled the Requirement for the 2011-2012 cycle and within a few days his membership directory listing is changed to read as follows:

Example 3

C7. What if I don't comply (if I fail to let the SOA know whether I fulfilled the requirement)?

If you fail to let the SOA know that you fulfilled the requirement, then the SOA will have to list your status as "Non-compliant" in the membership directory in the following year.

C8. What if I don't want to be listed in the membership directory?

Members must be listed in the membership directory; the minimum listing is name, designations and SOA Continuing Professional Development Requirement status. No additional employer or contact information must be shown. This is to ensure that a member of the public (including a professional employer), who checks on the CPD compliance status of an SOA member, is able to find the information easily.

C9. Can the SOA "revoke" my credential if I fail to fulfill the CPD requirement?

You will not lose your SOA credential for failing to fulfill the CPD requirement. You will have to notify users of your actuarial services, and the membership directory will show your compliance status as "Non-compliant." Please note that making a false statement about a credential would violate the actuarial Code of Professional Conduct and could be cause for disciplinary action.

C10. I've met the provisions of one of the alternative compliance standards. As long as I follow the reporting procedures the other organization requires, have I complied with the SOA CPD Requirement?

No. You have to let the SOA know that you've fulfilled the SOA Requirement by meeting the alternative compliance standard. If you fail to let the SOA know you've fulfilled the requirement, your compliance status will be listed as "Non-compliant" in the membership directory during the following year, even though you've earned the necessary credits.

C11. What happens if I misrepresent my CPD Requirement status to someone (e.g. demonstrating that I have complied with the Requirement when I have not)?

As with any misrepresentation of your credential, you could be subject to disciplinary action.