NAIC Approves SOA GI Track for Qualified Actuary Education
June 12, 2019
The National Association of Insurance Commissioners (NAIC) informed the SOA that it has completed its review of our general insurance (GI) Fellowship specialty track. The NAIC concluded that the SOA’s GI track is an NAIC Accepted Actuarial Designation, meeting NAIC standards of a qualified actuary in general insurance, pending some modest and agreed-upon updates to the curriculum. These changes have already been made and are in place for the SOA’s Fall 2019 exams.
As part of its review, the NAIC developed 91 knowledge statements that indicate what an appointed actuary needs to know and be able to do. After a thorough review of our educational material, the NAIC has concluded that with some modest additions to the curriculum, the SOA would be fully compliant with these knowledge statements. As noted above, we made the changes we believe are required to address these issues, and they are in place for exams beginning with the Fall 2019 sitting. Additionally, the SOA fully supports the NAIC’s stated intention to re-review all NAIC accepted GI actuarial education programs every five to ten years, as this is a best practice in formal education.
We worked closely with the NAIC throughout this process and were impressed with their thoroughness and dedication to this effort. We especially thank and congratulate our education volunteers and staff for their work to reach this point. Our Fellowship track in General Insurance was introduced in 2013 as part of our strategic commitment to offer a global comprehensive education syllabus covering all actuarial disciplines. Since then, our volunteers and staff have developed a program of education in general insurance and supported the many candidates pursuing this credential, while also supporting our response to the NAIC review. As the NAIC noted in its assessment letter, “The SOA and its members have been generous with their time and expertise, and the work product reflects it.”
Like all SOA Fellowship tracks, the GI track prepares aspiring actuaries to meet the needs of regulators, employers and the public and to be successful in today’s rapidly changing business environment. We are committed to continuously strengthening our curriculum to ensure that members and candidates always remain at the forefront of actuarial knowledge.
Note: For more information about the GI track visit https://www.soa.org/general-ins/