CAS Continuing Education Policy FAQs
As a reminder of the CAS Continuing Education (CE) Policy, which will first apply to actuarial services rendered on or after January 1, 2012, the Actuarial Review is providing this excerpt from the list of Frequently Asked Questions (FAQs) that were published along with the policy last year.
Members are encouraged to review the complete CAS Continuing Education Policy for all of the details on the CE requirements. The policy, along with the complete list of FAQs and responses, is available through the Professional Education section of the CAS Web Site.
Who is subject to the CAS Continuing Education Policy?
All ACAS and FCAS are subject to the CAS Continuing Education Policy.
Who is required to obtain continuing education under this policy?
All ACAS and FCAS members who perform “Actuarial Services” are subject to this requirement. Many of these members are already subject to continuing education requirements issued by a national organization such as the Canadian Institute of Actuaries or American Academy of Actuaries. The coordination of this requirement with other organizations’ requirements is covered in Sections B and C of the CAS Continuing Education Policy. Actuaries not subject to this requirement are those who do not provide actuarial services.
I am the CEO of an insurance company and do no actuarial work, although I am an FCAS. Do I need to comply with the CAS Continuing Education Policy?
Yes. However you would attest to your compliance by indicating that you are Not Currently Providing Actuarial Services under the CE Heading of the CAS membership directory. Actuaries who do not provide Actuarial Services are exempt from meeting the continuing education requirement of the CAS Continuing Education Policy. If you resume providing Actuarial Services at a future date, you will again be required to meet the continuing education requirements of the CAS Continuing Education Policy, as outlined in the provisions of Section D (Transition Rules).
When does the CAS Continuing Education Policy take effect?
The CAS Continuing Education Policy will first apply to Actuarial Services rendered on or after January 1, 2012. ACAS and FCAS members will need to assert compliance with the policy’s CE requirements as of December 31, 2011, in order to provide Actuarial Services during 2012.
It is expected that most members will elect to satisfy the CAS Continuing Education Policy through the National Compliance Provisions outlined in Section B. Those actuaries will need to be in compliance with the continuing education requirements of their national organization as of December 31, 2011, in order to provide Actuarial Services in 2012.
Alternatively, members may elect to satisfy the CAS Continuing Education Policy through the Alternative Compliance Provisions outlined in Section C. Members electing this mode for compliance will be required to obtain the pro rata portion, or 50%, of the standard two-year cycle requirements for each of the CE requirements (total hours, structured activities, etc.) during 2011 in order to provide Actuarial Services in 2012.
If I am a member providing Actuarial Services, what specific actions must I take during 2011 to meet the CAS Continuing Education Policy? In order to continue to provide Actuarial Services during 2012, you must satisfy the continuing education requirements of the CAS Continuing Education Policy, either through the National Compliance Provisions (Section B) or through Alternative Compliance (Section C). You must maintain a log of your continuing education activities and will be required to certify compliance with the CAS Continuing Education Policy as of December 31, 2011, and annually thereafter.
Early in 2011, you should decide the mode by which you will comply with the CAS Continuing Education Policy. If, like most members, you are eligible for and elect to comply with this policy through the National Compliance Provisions of Section B, you should immediately begin complying with the continuing education requirements of the national organization by which you are electing to comply with the CAS Continuing Education Policy. For example, the American Academy of Actuaries has an annual 30 credit hour continuing education requirement, with a limited carry-forward provision.
Under Section C (Alternative Compliance), 2011 will be the first year of the first two-year rolling cycle. By the end of the second year (2012) you must obtain 60 credit hours of continuing education. By the end of the first year (2011), you must have completed a pro rata portion, or 50%, of the continuing education required in the first cycle.
What records must I keep to be able to prove compliance? What information should be captured on the log? Information to be included in the log must be sufficient to demonstrate compliance with the continuing education requirements of the mode that the actuary selects for compliance. The items to be included in the log are a brief description of the continuing education activity, the date of the activity, the sponsoring organization, the number of credits earned, whether the credit was self-study or structured (organized if using the U.S. Qualification Standards for compliance), and the subcategory for which the credit applies—job relevance, professionalism, or business and management skills.
Details on certifying compliance will be announced later in 2011.