Qualified Actuary
Should any reference to qualification standards for making a SAO be updated from what is in COPLFR to more closely follow the new guidelines from the NAIC?
Page 13
https://content.naic.org/sites/default/files/inline-files/Regulatory Guidance 2019 10-25-19_0.pdf
The CAS references these new requirements by specifying you need to complete Exam 7 along with an ACAS to complete an SOA. Certainly the old definition was much more concise...
Comments
Interesting. I see the publication date is Oct 25, 2019, which is after the current version of the syllabus was released. This situation has arisen before, where the syllabus isn't consistent with the current standards.
The general policy seems to be that providing an answer on the exam based on the syllabus material is always acceptable, even if the syllabus is not based on current information. But if you happen to know the current information, that is also acceptable. One problem however is that the graders may not know the current information themselves so you would be well-advised submit a written statement to the exam committee immediately following the exam to alert them.
The safest course of action is to answer based on the syllabus. Nonetheless, thanks for pointing this out. I suspect this might be updated for 2020 Fall.
Is the answer in the Examiner's report to the definition of qualified actuary outdated in 2016 Fall #22 part a, just like 2013 Fall #27 part a and 2016 Spring #20? In other words, I should answer as you summarized in your manual, right?
(i) SAO education & experience
(ii) AAD (Accepted Actuarial Designation)
(iii) member of professional actuarial body
Thanks
Yes, that's correct, and I'm assuming your 3 bullet points were summarized. If you were asked this on the exam, you should provide a little more detail for (i) and (iii). Bullet point (ii) is enough as you wrote it above. (This is from section 2.1.2 of the COPLFR source text.)
I also see that I forgot to mark 2016.Fall Q22 as "outdated" so I will go back and do that.