CAS Makes Advancement in Global Recognition for Its Designations
CAS is pleased to announce that a waiver of the requirement to pass Hong Kong’s Insurance Intermediaries Qualifying Examination (IIQE) has been granted for Fellows of Casualty Actuarial Society (FCAS).
Based on an in-depth study, including the syllabus of education for FCAS and other relevant circumstances, the Insurance Authority of Hong Kong reached a decision to grant – on an exceptional basis – an exemption to all holders of FCAS from the requirements to pass the following IIQE papers:
- Principles and Practice of Insurance Examination
- General Insurance Examination
- Long Term Insurance Examination
- Investment-linked Long Term Insurance Examination
- Travel Insurance Agents Examination
In other words, FCAS holders are granted full exemption from all five IIQE papers.
Upon learning of the waiver for FCAS, CAS President Jessica Leong commented, “I am pleased to see the development in Hong Kong, as it is further evidence of the rigor, integrity, and relevance of the CAS education and examination system. This development marks another step in the building of the CAS’s global presence and recognition.”
Given that changes to GL23: Guideline on “Fit and Proper” Criteria for Licensed Insurance Intermediaries under the Insurance Ordinance (Cap.41), in which the IIQE exemption lists are stipulated, involve a long legislative procedure and the fact that GL23 has been effective for a relatively short time, the insurance authority adopted an interim solution whereby exemption from the IIQE papers be granted to holders of FCAS. This exemption is given administratively when an FCAS applies to the Insurance Authority (IA) for an intermediary license. Longer term, when GL23 is comprehensively reviewed and updated, FCAS will be added to the IIQE exemption lists therein.