SOA CPD Requirement–Frequently Asked Questions (FAQs)

Non-Compliance

 

NC1. Do I need to inform anyone if I fail to fulfill the CPD requirement?

Yes. You must inform anyone currently relying on your actuarial expertise that you failed to fulfill the SOA CPD Requirement. This may include your employer. See Precept 12 of the actuarial Code of Professional Conduct.

NC2. Do I have to tell my employer if I don't fulfill the CPD Requirement?

That depends. If your employer relies on your actuarial expertise, then you have to let your employer know you did not meet the SOA CPD Requirement. You may have to notify your employer (or client) even if you are in a non-traditional role, or work for a non-traditional employer. It depends on the nature of your job duties.

NC3. Will the membership directory indicate if I have fulfilled the CPD Requirement?

Yes. The membership directory will reflect whether you have fulfilled the requirement, by listing your status as either "Compliant" or "Non-compliant." If you do not certify compliance the membership directory will list your status as non-compliant (see FAQ C6). Members who are eligible for dues reduction due to retirement will be shown as "Retired." The SOA will provide guidance on its Web site and in other formats regarding the "Compliant" and "Non-compliant" status.

NC4. If I'm a consultant, and I have clients currently relying on my actuarial expertise, do I have an obligation to let them know that I did not fulfill the SOA CPD Requirement?

Yes.

NC5. How will anyone know what "Compliant," "Non-compliant" or "Retired" means?

The SOA will publish on its Web site and in other formats information regarding the meaning of "Compliant," "Non-compliant" and "Retired" as published in the membership directory. The description will clearly note that "Non-compliant" status denotes the non-fulfillment of the CPD Requirement and does not relate to qualification to practice or to membership status or rights. We expect that over time the marketplace will understand what the terms "Compliant" and "Non-compliant" mean.

NC6. If the membership directory lists my CPD Requirement status as "Non-compliant" how can I get it changed to "Compliant"?

The membership directory status can be changed from "Non-compliant" to "Compliant" as soon as a member completes the cycle of CPD and notifies the SOA. This can be done mid-year as soon as you have fulfilled a cycle of CPD. You may also use alternative compliance to meet the CPD Requirement.

Example: Bill Member, FSA, does not earn sufficient CPD credits as of Dec. 31, 2011. In 2012 the membership directory is changed to note his CPD Requirement status as "Non-compliant." Bill earns sufficient credits by May 15, 2012, such that he has 60 units of CPD credit for the 2011 and 2012 calendar years. As of May 15, 2012, Bill notifies the SOA and shortly thereafter the membership directory shows his CPD Requirement status as "Compliant."

NC7. The membership directory shows my status as "Non-compliant" and I can't figure out how to change it. What can I do?

Contact the SOA Customer Service department. You can reach SOA Customer Service by phone at 888.697.3900 between the hours of 8 a.m. and 5 p.m. Central Standard Time or e-mail at customerservice@soa.org.

NC8. I understand that the SOA CPD Requirement is a membership requirement (Section A.2) but I've attended presentations on CPD where I've been told that compliance is a choice and I would keep my SOA designation (and be designated "Non-compliant") if I decide not to comply. I don't understand how that is possible (these seem to be contradictory statements).

The SOA CPD Requirement is a membership requirement because you are subject to it based on membership in the SOA (holding an ASA, FSA and/or CERA credential). However, you don't lose your credential, or your membership in the SOA, if you elect not to comply. You may elect not to comply, as long as you agree to fulfill the conditions of non-compliance. First, the membership directory record will disclose your "Non-compliant" status (Section A.2.d). Second, you are required to inform anyone relying on your actuarial expertise that you have not met the SOA CPD Requirement (Section A.2.e). You would violate the provisions of membership, and risk disciplinary action, including revocation of your SOA credential, if you falsely attested compliance or if you did not inform anyone relying on your actuarial expertise that you did not meet the SOA CPD Requirement.