Committee on Qualifications Submits Response to NAIC JQA Subgroup

January 3, 2014
The Committee on Qualifications (COQ) responded on Jan. 3 to the National Association of Insurance Commissioners’ (NAIC) Joint Qualified Actuary Subgroup’s (JQA) request to submit comments regarding the definition of a “qualified actuary.” During the NAIC Fall Annual Meeting last month the three NAIC actuarial task forces gave the JQA the charge to “Recommend a uniform definition of ‘qualified actuary’ for life, health and property/casualty appointed actuaries signing prescribed NAIC Statements of Actuarial Opinion, identifying any differences that should remain between lines of business.” In response, the COQ recommended that any definition of a “qualified actuary” for signing NAIC Statements of Actuarial Opinion should include a reference to qualifications under the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States.