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Mutual Recognition-At Long Last
CAS, Faculty, and Institute Pass Agreements
By Gareth L. Kennedy, Candidate Representative, CAS Candidate Liaison Committee

It's been a long time coming but at last the CAS and the United Kingdom's Faculty and Institute of Actuaries have executed mutual recognition agreements. The agreements give Fellows of the CAS the opportunity to become a Fellow of either the Institute of Actuaries or the Faculty of Actuaries.

Upon successful application, the Fellow would gain full membership in the Faculty or Institute. The requirements for successful application are:

  • Fellowship attained through the CAS examination process.
  • Desire to proactively pursue an actuarial career in the U.K. or Ireland, or to advise on U.K. and Irish business.
  • Three years' recent practical experience, one year of which was in the U.K. or Ireland.
  • Successful completion of the Institute or Faculty's professionalism course.
  • Disclosure of any previous disciplinary actions by any actuarial body.
  • Successful completion of the U.K. Practice Modular exam in General Insurance.

The requirements for a Fellow of the Institute or Faculty to become a Fellow of the CAS focus on property/casualty experience rather than geographic area of practice. The requirements in this case are:

  • Fellowship attained through the Faculty or Institute's examination process with the specialization in general (property/casualty) insurance.
  • Three years' general insurance actuarial work experience in the last six years.
  • Fulfillment of professionalism requirements as required periodically by the CAS. (Currently, this would mean passing the CAS Course on Professionalism.)
  • Disclosure of any previous disciplinary actions by any actuarial body.

"Mutual recognition was a major change for the CAS, requiring an amendment to the Society's constitution," said Mary Frances Miller, chairperson of the CAS Board of Directors and a key player in negotiating the agreements. "The agreements were carefully crafted to meet the needs of both societies (CAS/Institute and CAS/Faculty) and took more than a year to negotiate. I am honored to be able to sign these agreements prior to the end of my term as Board Chair," said Miller.

The agreements have been passed by the relevant bodies for all three associations. A signing ceremony is planned for summer 2005.

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