Under the revised standards, what does the "grandfather" clause for basic education and experience mean for actuaries?

An actuary who met the basic education and experience (BEE) requirements to issue Prescribed Statements of Actuarial Opinion in a particular area of practice prior to Jan. 1, 2008 (i.e., under the old standards) continues to meet the basic requirements for that area of practice after Dec. 31, 2007, under the new standards. This applies whether or not the actuary issued any PSAOs in 2007.

An actuary who was unqualified, under the BEE requirements, to issue PSAOs in 2007 (i.e., under the old standards) must meet the new BEE requirements under the revised Qualification Standards to issue SAOs. Actuaries who begin issuing SAOs in a new area of practice after Dec. 31, 2007 must also meet the new BEE requirements in the revised Qualification Standards for that practice area.