Transmittal Memorandum |
a |
| Section 1 |
Introduction |
1 |
| 1.1 |
Duty of Qualification |
2 |
| 1.2 |
Purpose of Qualification Standards |
2 |
| 1.3 |
General and Specific Qualification Standards |
2 |
| 1.4 |
Structure of Qualification Standards |
2 |
| 1.5 |
Periodic Assessment |
3 |
| |
| Section 2 |
General Qualification Standard |
4 |
2.1 |
Basic Education and Experience Requirement |
4 |
| |
2.1.1 Enrolled Actuary Exemption |
5 |
| |
2.1.2 Basic Education and Experience Requirement Must Only Be Met Once |
5 |
| |
2.1.3 Changes in Practice or Application |
5 |
| 2.2 |
Continuing Education
Requirement |
5 |
| |
2.2.1 Background |
5 |
| |
2.2.2 Continuing Education Requirement in General |
5 |
| |
2.2.3 Effective Date and Transition |
6 |
| |
2.2.4 Initial Year of Applicability |
6 |
| |
2.2.5 Coordination with Specific Qualification Standards |
6 |
| |
2.2.6 Practicing in More than One Area of Actuarial Practice |
6 |
| |
2.2.7 Relevant Continuing Education |
6 |
| |
2.2.8 Applicability to Enrolled Actuaries |
7 |
| |
2.2.9 Additional Guidance |
7 |
| 2.3 |
Actuaries Issuing Statements of Actuarial Opinion in More than One Area of Actuarial Practice |
7 |
| |
2.3.1 Statements of Actuarial Opinion Involving Skills That Can Be Learned in More Than One Area of Actuarial Practice |
7 |
| |
2.3.2 Statements of Actuarial Opinion That Blend
Elementsof Two or More Areas of Actuarial Practice |
8 |
| |
2.3.3 Statements of Actuarial Opinion in Two or More Distinct Areas of Actuarial Practice |
8 |
| 2.4 |
Statements of Actuarial Opinion Issued by More
Than One Actuary |
8 |
| |
| Section 3 |
Specific Qualification Standards |
9 |
| 3.1 |
Basic Education Requirement |
9 |
| |
3.1.1 Successful Completion of Examinations |
9 |
| |
| |
3.1.1.1 Statement of Actuarial Opinion,
NAIC Life and A&H Annual Statement |
|
9 |
| |
| |
3.1.1.2 Statement of Actuarial Opinion,
NAIC Property and Casualty Annual Statement |
|
9 |
| |
| |
3.1.1.3 Statement of Actuarial Opinion,
NAIC Health Annual Statement |
|
10 |
| |
3.1.2 Alternative Basic Education |
10 |
| 3.2 |
Experience Requirement |
10 |
| 3.3 |
Continuing Education Requirement |
10 |
| |
| Section 4 |
Changes in Practice and Application |
11 |
| 4.1 |
Changes in Areas of Actuarial Practice |
11 |
| |
4.1.1 General Qualification Standard |
11 |
| |
4.1.2 Specific Qualification Standard |
11 |
| 4.2 |
Changes in Application |
11 |
| 4.3 |
Emerging or Non-Traditional Areas of Actuarial Practice |
11 |
| |
| Section 5 |
Acknowledgment of Qualification |
12 |
| |
| Section 6 |
Recordkeeping Requirements |
13 |
| 6.1 |
Continuing Education Recordkeeping Requirements |
13 |
| 6.2 |
Substaining Compliance |
13 |
| |
| Appendices |
|
Appendix 1 |
Examples of Statements of Actuarial Opinion |
1A |
| Appendix 2 |
Sample Alternative Basic Education Statement (Specific Qualification Standard) |
7A |
|
Appendix 3 |
Procedures for the Adoption of Qualification Standards by the American Academy of Actuaries |
8A |
| Appendix 4 |
Guidelines for Determining When Specific Qualification Standards Should Be Developed |
13A |
| Appendix 5 |
Sample Continuing Education Recordkeeping Form |
14A |
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