CAS Announces Syllabus for New International Actuarial Exam
The Casualty Actuarial Society (CAS) is expanding the pathway options to its actuarial credentials with the introduction of the new, more general Exam 6-International, which joins three other exams focused on regulation and financial reporting systems in specific jurisdictions: Exam 6-United States, Exam 6-Canada, and Exam 6-Taipei.
The primary topics that will be addressed through the new international exam include principles underlying the regulation of insurance, the assessment of solvency, financial reporting, and reinsurance accounting, according to the just-released Syllabus.
Exam 6-International, which will be offered beginning with the Fall 2021 exam sitting, is for candidates who may not spend their career working within the North American market. It is especially suited for candidates who do not want to be encumbered by US and Canadian regulations that may not be relevant for their careers.
“The CAS is making an investment in support of our global community by offering a new exam that is more applicable to the global practitioner,” said CAS CEO Victor Carter-Bey.
The exam will prepare candidates with the skills and knowledge to become experts in international standards and regulation, along with emerging areas of global practice, which will be applicable across the international marketplace. For example, the exam will specifically address the IAIS regulatory framework, the regulation of microinsurance, the Solvency II framework, ORSA, and IFRS 17. The exam will focus specifically on the responsibilities of an actuary as defined by various standards of practice, regulations, and insurance laws for financial reporting.
Mainstream government and industry programs, including Islamic insurance instruments, China’s insurance regulatory system, and North American programs will also be addressed through the new exam.
“With our growing international presence, this new exam was developed to meet the needs of our employers and future members in Asia, South America, and Europe,” explained CAS President Jessica Leong.
The Syllabus for the exam includes the learning objectives that describe what candidates should be able to do in actual practice related to each topic, with readings that support the learning objectives. Candidates are expected to use the readings cited in this Syllabus as their primary study materials, and full citations for the texts, articles, and other materials are provided. Sources of readings include the Insurance Bureau of Canada, International Actuarial Association, and the International Association of Insurance Supervisors. In addition, a set of supplemental readings are provided for candidates who may be interested in further exploration of exam topics on their own.
The exam will be offered through computer-based testing at Pearson Professional Centers worldwide between October 23-29, 2021. Registration will open in June, with a registration deadline of October 1. Additional details will be available through the Exam 6-I webpage on the CAS website. Questions about the exam may be submitted to the CAS Administrative and Customer Support department at ACS@casact.org.