Second Exposure Draft of the U.S. Qualification Standards
The American Academy of Actuaries’ Committee on Qualifications (COQ) has approved the release of a second exposure draft of the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States (USQS). This document is intended to replace the Qualification Standards (including Continuing Education Requirements) for Actuaries Issuing Statements of Actuarial Opinion in the United States that took effect Jan. 1, 2008. The comment deadline for the second exposure draft is Aug. 20, 2021.
The first exposure draft was issued on Sept. 2, 2020, with a comment deadline of Oct. 30, 2020. The COQ received 152 comment letters, indicating that many members of the actuarial profession care strongly about the USQS and the standards they set for individual actuaries. The COQ thanks everyone who submitted comments.
Actuaries did not confine their comments just to the changes set forth in the exposure draft, but took the opportunity to comment on the USQS in total. The comments received were thoughtful, came from actuaries from a variety of practice areas, and covered a wide range of topics, including area of practice, basic education, specialty tracks and examinations, enrolled actuaries, and diversity, equity, and inclusion.
The COQ carefully considered the comments and made changes as reflected in this second exposure draft. The Academy Board of Directors reviewed this draft and provided comments, which were taken into consideration in developing this exposure draft.
The Transmittal Memorandum at the beginning of the second exposure draft describes the significant changes proposed and asks for comments from members of actuarial organizations governed by the USQS and all interested parties, including the public.
How to Submit Your Comments
The Committee accepts comments by electronic means.
- The required form is electronic.
- Please provide section or paragraph references for specific comments.
- Comments will be posted in the order that they are received.
- The Committee plans to post all signed comments received to its webpage to encourage transparency and dialogue. Unsigned or anonymous comments will not be considered by the Committee nor posted to the webpage.
- The comments will not be edited, amended, or truncated in any way.
- Comments will be removed when final action is decided by the Academy to this process such as revising the U.S. Qualification Standards in accordance with Appendix 3 to the U.S. Qualification Standards.
The comments submitted will be accessible to the public. The Academy disclaims any responsibility for the content of the comments posted, which are solely the responsibility of those who submit them.
The comment period closed Aug. 20, 2021.
Comments on the exposure draft may be viewed here.