NAIC Assessment of CAS Educational Program for Qualified Actuary Definition

The National Association of Insurance Commissioners (NAIC) recently informed the CAS that planned revisions to the CAS Syllabus are acceptable and will allow the following NAIC Accepted Actuarial Designations to remain effective:

• FCAS with successful completion of Exam 6-US
• ACAS with successful completion of Exam 6-US and Exam 7

The Syllabus updates include adding coverage of reinsurance to Online Course material, coverage of three Actuarial Standards of Practice and two Statements of Standard Accounting Practice, as well as a more through discussion of ORSA.

The NAIC pronouncement concludes an assessment of the CAS’s educational credentialing materials against new minimum educational standards to define a qualified actuary. The assessment included the NAIC’s development of about 100 objective knowledge statements and CAS’s mapping of educational materials to the minimum standards. The positive outcome of the assessment reinforces the CAS’s 100+ year track record in setting the standard in educating and credentialing property/casualty actuaries.

The NAIC indicated that the designations will remain accepted until a new assessment is performed, which is expected to occur between 2025 and 2030. Because CAS credentialing exams utilize the practical experience of actuaries for the development of exam content relevant in actual practice, the CAS is well-positioned to continually update its syllabus to best prepare actuaries for the future while meeting the NAIC’s definition of a qualified actuary.

The CAS thanks the NAIC for its time and efforts in undertaking the assessment.