Plain Talk: NAIC Review of General Insurance Track
Schaumburg, IL (July 19, 2017) – Recently, the National Association of Insurance Commissioners (NAIC) sent the Society of Actuaries (SOA) a letter following an independent consultant review of all property-casualty actuarial education pathways available in the U.S. The NAIC’s public letter states that the SOA track lacks the “breadth and depth” necessary in its General Insurance pathway for Fellows to automatically meet requirements to be qualified to sign the NAIC Property-Casualty Statement of Actuarial Opinion in the U.S. The letter offers no information on where the breadth and depth is, in their opinion, lacking or provide a process by which the SOA can address this concern and seek approval after making changes.
It is important to note that this only affects the ability of SOA General Insurance fellows to sign the NAIC (U.S.) Property-Casualty Statement of Actuarial Opinion. It does not otherwise affect their practice rights.
We strongly believe the SOA General Insurance track does, in fact, meet all the requirements of the U.S. Qualification Standards for signing regulatory statements and we are confident in the quality and integrity of our processes for developing these examinations.
At the same time, we take the NAIC’s concerns very seriously and are committed to addressing those concerns. We are meeting with NAIC leaders soon to better understand their concerns and to seek information needed for our follow-up efforts.
We are confident that our history of providing very high-quality actuarial credentialing, along with our proven processes for developing professional education systems, will serve us well in this effort. We are committed to providing strong General Insurance education and credentialing to our candidates anywhere in the world who desire this specialty, and we will take the steps needed to address this matter.
Please contact firstname.lastname@example.org if you have any questions, and we will do our best to address your questions.
Jeremy J. Brown, FSA, MAAA