CAS Signs Mutual Recognition Agreement with Institute of Actuaries of Australia
By Caitlin S. Jennings

Former CAS President Stephen P. D'Arcy signed a Mutual Recognition Agreement with the Institute of Actuaries of Australia (IAAust) in September 2005. A ceremony recognizing the agreement was held in November 2005 at the President's Forum in Brazil with current CAS President Paul Braithwaite, and IAAust President Andrew Gale. The contract is a reciprocal agreement between CAS and IAAust whereby a member of one organization can become a member in the other, subject to certain requirements.

CAS accepts mutual recognition of other actuarial organizations once it has been determined that the organization's admission process is comparable in rigor and difficulty to the CAS admissions process. The IAAust is one of three organizations that the CAS board recently identified as meeting the conditions for mutual recognition.

CAS president Paul Braithwaite (right) looks on as the Insitute of Actuaries of Australia President Andrew Gale signs our mutual recognition agreement at the President's Forum held in Brazil in November 2005

This agreement will benefit the CAS by facilitating CAS members' ability to practice in Australia. It will also increase the attractiveness of CAS exams to Australian candidates because they will be able to take the CAS examinations to obtain their property/casualty education while also gaining admission into their local actuarial organization using their FCAS designation. Perhaps most importantly, mutual recognition improves CAS's visibility and influence as an active player in the global actuarial community.

Under the agreement, an FCAS can apply for Fellowship status in the IAAust after having lived in Australia for six months (obtaining relevant professional experience), passed a recognized professionalism course, successfully completed IAAust's courses and professional development requirements, and disclosed any disciplinary sanctions brought against them. A similar process is required of IAAust Fellows wishing to be recognized by the CAS.