Membership / Notices to Members

New NAIC Continuing Education Tracking Requirements for Appointed Actuaries

The National Association of Insurance Commissioners (NAIC) is amending the 2020 Property Casualty Annual Statement Instructions to include new requirements for property casualty appointed actuaries. The new requirements are a result of an NAIC independent consultant’s recommendations that procedures be implemented to bolster verification of a property casualty appointed actuary’s continued competency to sign statements of actuarial opinions for NAIC annual statements.

Per the NAIC, a property casualty appointed actuary will need to annually attest to having met the continuing education (CE) requirements under Section 3, Specific Qualification Standards of the U.S. Qualification Standards for issuing Actuarial Opinions. Appointed actuaries were encouraged to attest to meeting the CE requirements in 2019; it is now required for 2020.

Additionally, if chosen for review, the appointed actuary will need to log additional NAIC information in their 2020 Continuing Education Log. The log should include categorization of specific continuing education for property casualty appointed actuaries as approved for use by the NAIC’s Casualty Actuarial and Statistical Task Force, following a property casualty appointed actuary job study overseen by the NAIC and that included members of the American Academy of Actuaries, Casualty Actuarial Society, and Society of Actuaries. The NAIC-approved categories are accessible on the NAIC’s website via the CASTF’s webpage.

Fellows and Associates of the CAS who are appointed actuaries for property casualty annual statement filings, or those desiring to be appointed actuaries, can fulfill the two requirements as follows:

  • Selecting the new attestation option of “I have complied – NAIC Statement of Actuarial Opinion,” which is now available on the My Compliance Status section of the CAS website.
  • Continuing education logging through completion of the following:
    • A self-created continuing education log to include the USQS continuing education requirements and coverage of the categories approved by the NAIC’s Casualty Actuarial and Statistical Task Force; or
    • An optional excel spreadsheet prepared jointly by the CAS and the SOA that includes USQS continuing education requirements and coverage of the categories approved by the NAIC’s Casualty Actuarial Statistical Task Force.

The CAS will continue to randomly review a percentage of continuing education logs for members who have attested their compliance according to the CAS continuing Education Policy. This process will not change for appointed actuaries. You will only need to submit your CE log if selected and contacted by the CAS.

The CAS and the SOA will provide an annual consolidated report, devoid of any individual information, to the NAIC identifying the types and subject matter of continuing education being obtained by appointed actuaries. If you have any questions regarding this announcement, please send an email to the CAS Administrative and Customer Service department at ACS@casact.org.