9. If an actuary is qualified to issue Statements of Actuarial Opinion (SAOs) in an emerging area that later becomes the subject of a Society of Actuaries specialty track, must he or she then meet the specialty track requirements in the General Qualificat
Question
9. If an actuary is qualified to issue Statements of Actuarial Opinion (SAOs) in an emerging area that later becomes the subject of a Society of Actuaries specialty track, must he or she then meet the specialty track requirements in the General Qualification Standard (Section 2.1) to remain qualified?
An actuary needs to meet the Basic Education and Experience (BEE) requirements only once. If an actuary is currently qualified to issue SAOs in a particular area that has no specialty track, and if the BEE requirements subsequently change (for example, a specialty track is added at some point after the actuary first became qualified to issue such SAOs), the actuary need not meet the Section 2.1 requirements again to be qualified in that area of practice (Section 2.1.2). If an actuary provides SAOs in a new or emerging field not yet recognized by the profession as a practice area and develops experience in that area, and that area subsequently becomes recognized by the profession with formal requirements, the actuary is already deemed qualified under Section 2.1. However, an actuary should consider whether specific qualifications have developed or whether regulatory requirements or other laws further regulate the new or emerging practice area.
Last updated December 2014
Last updated December 2014
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