5. If an actuary residing in the U.S. issues Statements of Actuarial Opinion (SAOs) relied on solely by Principals in other countries, must that actuary comply with the requirements of the U.S. Qualification Standards (USQS)?
Question
5. If an actuary residing in the U.S. issues Statements of Actuarial Opinion (SAOs) relied on solely by Principals in other countries, must that actuary comply with the requirements of the U.S. Qualification Standards (USQS)?
The USQS applies to actuaries providing SAOs in the United States. Under Precept 2 this means the actuary “renders actuarial services” in the United States. If an actuary renders actuarial services outside the U.S., he or she must comply with the qualification requirements in the country where his or her SAOs are “being rendered” under Precept 2 of the Code of Professional Conduct. If that country has no qualification standards, the actuary must still comply with Precept 2 of the Code, which states that an actuary shall perform Actuarial Services only when qualified to do so.
Last updated December 2014
Last updated December 2014
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