All around the world, the CAS is making inroads and, in the process, forging alliances and cementing friendships. In the following pages, the Actuarial Review shines a spotlight on some of the Society’s activities over the past few months.

The Casualty Actuarial Society has recently completed negotiations for a mutual recognition agreement with the Institute of Actuaries of India (IAI). The IAI joins the Institute and Faculty of Actuaries in the U.K. and the Actuaries Institute in Australia as organizations with which the CAS has mutual recognition agreements.

Mutual recognition is a bilateral agreement whereby a Fellow of the CAS may be granted Fellowship in another actuarial organization, subject to terms of the negotiated agreement. In turn, an actuary achieving Fellowship in the other mutually recognized actuarial organization can be granted Fellowship in the CAS.

The IAI, the sole professional membership organization for all actuaries practicing in India, confers the designation of FIAI on its Fellows, which is the designation required by statute in some situations to perform actuarial work. The IAI requires individuals to successfully complete its examination and other requirements to become Fellows. The CAS Education Policy Committee reviewed the current education and examination system of the IAI for property and casualty actuarial practice and deemed it of acceptable rigor, based on the CAS high standards.

The agreement with IAI specifies that an IAI Fellow must meet a number of requirements in his or her application in order to be recognized as a CAS Fellow. These include:

• Attaining FIAI designation by examination with examinations conducted in November 2000 or later, and completing the general insurance specialization within the examination system.
• Successfully completing the professionalism requirements as prescribed by the CAS.
• Demonstrating completion of at least a three-year period of substantive practical property and casualty actuarial work experience within the six-year period immediately prior to the application.
• Disclosing any public disciplinary sanctions imposed by an actuarial organization of which he or she is a member.

A CAS Fellow who wishes to be recognized by the IAI as a Fellow must:

• Attest that he or she wishes to pursue the actuarial profession in India or to advise on Indian business.
• Demonstrate completion of at least a three-year period of substantive practical property and casualty actuarial work experience within the six-year period immediately prior to the application.
• Successfully complete the professionalism course conducted by the IAI.
• Disclose any public disciplinary sanctions imposed by an actuarial organization of which he or she is a member.

Those admitted as Fellows have the same rights, duties and obligations as other Fellows of the organizations, including being subject to professional codes of conduct, standards of practice and disciplinary procedures.

Granting the FCAS designation to an IAI Fellow does not confer practice rights on the IAI Fellow. In the United States, the American Academy of Actuaries promulgates qualification standards for actuaries who issue actuarial opinions broadly or who sign prescribed statements of actuarial opinion specifically. The qualification standards address requisite knowledge, experience and continuing education.

The application form for IAI Fellows to apply for mutual recognition with the CAS is available on the CAS website in the membership section. CAS Fellows who wish to apply for mutual recognition with the IAI may contact the IAI through its website.