8. What qualification standards apply for an actuary issuing Statements of Actuarial Opinion (SAOs) in more than one area of practice?
Section 4.1 provides information for actuaries wishing to become qualified in an area different from their current area of practice. Furthermore, Section 2.3 contains extensive detail on qualification for actuaries issuing opinions in more than one area of practice at the same time. There are significantly different requirements detailed for three different possibilities: opinions based on skills that can be learned in multiple areas of practice (Section 2.3.1), opinions that blend elements of multiple areas of practice (Section 2.3.2), and opinions issued by the same actuary in distinct and non-overlapping areas of practice (Section 2.3.3).
It is important for the actuary to carefully consider these paragraphs when determining whether he or she is qualified under the specific circumstances. Some professional judgment is often required, as circumstances are frequently not clear-cut. After reviewing the text of the U.S. Qualification Standards and these FAQs, an actuary still having difficulty making such a determination may submit a question directly to the Committee on Qualifications.
There are also different Specific Qualification Standards for actuaries providing NAIC Annual Statement opinions in multiple practice areas, such as life and property-casualty. Please see FAQs 19-22 for more information about specific qualification standards.
Last updated December 2014