WASHINGTON — The National Association of Insurance Commissioners (NAIC) completed its assessment of the CAS’s educational credentialing materials against new minimum educational standards to define a qualified actuary. The assessment included the NAIC’s development of about 100 objective knowledge statements and the CAS’s mapping of its educational materials to the minimum standards. On June 6, 2019, the CAS announced the NAIC conclusion assessing CAS designations as NAIC Accepted Actuarial Designations for the 2019 Statement of Actuarial Opinion Instructions, under the following specific terms: (1) FCAS with successful completion of Exam 6-U.S.; (2) ACAS with successful completion of Exam 6-U.S. and Exam 7.
The assessment was made under the agreement that the CAS will make minor identified changes to the CAS syllabus by January 1, 2021. These changes include adding coverage of three Actuarial Standards of Practice and two Statements of Statutory Accounting Principles, as well as a more thorough discussion of ORSA. The CAS will announce the changes as they are incorporated into the syllabus along with other syllabus changes the CAS makes as part of its ongoing effort to maintain a rigorous and relevant credentialing program.
The positive outcome of the assessment reinforces the CAS’s 100+ year track record in setting the standard in educating and credentialing property-casualty actuaries. The assessment will remain effective until a new assessment is conducted, which is expected to occur in 5-10 years or upon significant modification to the CAS syllabus. The CAS develops its credentialing exams using the practical experience of actuaries, thus rendering CAS exam content relevant to actual practice.
The CAS thanks members of its NAIC Task Force: Sarah McNair-Grove, chair; Eric Blancke; Jeanne Crowell; Brian Fannin; Scott Merkord; Chris Nyce; Jason Russ; Fran Sarrel; Thomas Struppeck; Ken Williams; and CAS Admissions Director Ashley Zamperini.