5. If an actuary residing in the U.S. issues Statements of Actuarial Opinion (SAOs) relied on solely by Principals in other countries, must that actuary comply with the requirements of the U.S. Qualification Standards (USQS)?

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Read more about 5. If an actuary residing in the U.S. issues Statements of Actuarial Opinion (SAOs) relied on solely by Principals in other countries, must that actuary comply with the requirements of the U.S. Qualification Standards (USQS)?

The USQS applies to actuaries providing SAOs in the United States. Under Precept 2 this means the actuary “renders actuarial services” in the United States. If an actuary renders actuarial services outside the U.S., he or she must comply with the qualification requirements in the country where his or her SAOs are “being rendered” under Precept 2 of the Code of Professional Conduct.

4. To what extent do the U.S. Qualification Standards (USQS) cover non-actuarial services performed by actuaries?

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4. To what extent do the U.S. Qualification Standards (USQS) cover non-actuarial services performed by actuaries?

Read more about 4. To what extent do the U.S. Qualification Standards (USQS) cover non-actuarial services performed by actuaries?

The USQS apply only to actuaries who issue Statements of Actuarial Opinion (SAOs) in the United States. Appendix 1 outlines examples of SAOs and non-SAOs. If an actuary does not issue any SAOs, then the USQS do not apply (Appendix 1).

Last updated December 2014

3. Is it possible for an actuary to lose his or her actuarial credential from one or more of the five U.S.-based actuarial organizations by issuing a Statement of Actuarial Opinion (SAO) without meeting the U.S. Qualification Standards (USQS)?

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3. Is it possible for an actuary to lose his or her actuarial credential from one or more of the five U.S.-based actuarial organizations by issuing a Statement of Actuarial Opinion (SAO) without meeting the U.S. Qualification Standards (USQS)?

Read more about 3. Is it possible for an actuary to lose his or her actuarial credential from one or more of the five U.S.-based actuarial organizations by issuing a Statement of Actuarial Opinion (SAO) without meeting the U.S. Qualification Standards (USQS)?

By issuing an SAO without meeting the USQS, an actuary may violate Precept 2 of the Code of Professional Conduct (Code). Violating the Code could ultimately lead to a recommendation of discipline taken by the Actuarial Board for Counseling and Discipline and the actuary’s member organizations, including public reprimand, suspension, or expulsion from the appropriate actuarial organizations, causing an actuary to lose his or her credential.

Last updated December 2014

53. I have a question about the U.S. Qualification Standards (USQS) that isn’t addressed here. Where can I get an answer?

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53. I have a question about the U.S. Qualification Standards (USQS) that isn’t addressed here. Where can I get an answer?

Read more about 53. I have a question about the U.S. Qualification Standards (USQS) that isn’t addressed here. Where can I get an answer?

If you have a question about the USQS, please forward your specific question to the Committee on Qualifications of the American Academy of Actuaries. Some questions take more time than others to answer and depend upon the availability of volunteers. We will try to answer all questions within two weeks of their submission. See http://www.actuary.org/content/qualification-standards-1.

Last updated December 2014

52. Is there still a process for becoming an “approved provider” of continuing education under the U.S. Qualification Standards (USQS)?

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52. Is there still a process for becoming an “approved provider” of continuing education under the U.S. Qualification Standards (USQS)?

Read more about 52. Is there still a process for becoming an “approved provider” of continuing education under the U.S. Qualification Standards (USQS)?

No. This provision has been eliminated from the current version of the USQS. Therefore, it is up to the individual actuary to determine whether an event he or she attends constitutes “relevant CE” under the USQS, rather than relying on a statement from the CE provider.

Last updated December 2014

46. Can 3 hours of organized continuing education (CE) about professionalism count as meeting the professionalism requirement and also count as 3 hours of the 6 organized hours required?

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46. Can 3 hours of organized continuing education (CE) about professionalism count as meeting the professionalism requirement and also count as 3 hours of the 6 organized hours required?

Read more about 46. Can 3 hours of organized continuing education (CE) about professionalism count as meeting the professionalism requirement and also count as 3 hours of the 6 organized hours required?

Yes. CE time can be counted toward multiple requirements as long as it meets the conditions for each of the requirements. Actuaries must still have a minimum of 30 CE hours annually (Sections 2.2.2, 2.2.6, 2.2.7, and 3.3).

Last updated December 2014

45. What kinds of continuing education (CE) are considered professionalism CE hours under the U.S. Qualification Standards (USQS)?

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45. What kinds of continuing education (CE) are considered professionalism CE hours under the U.S. Qualification Standards (USQS)?

Read more about 45. What kinds of continuing education (CE) are considered professionalism CE hours under the U.S. Qualification Standards (USQS)?

Professionalism CE involves such topics as actuarial discipline, actuarial communication, the Code of Professional Conduct, actuarial standards of practice (ASOPs), and qualification standards.

40. Do webinars and e-learning, such as Society of Actuaries’ online modules, count as “organized activities”? Suppose an “actuarial community” held a conference call, with two presenters and live interaction among the actuaries on the call. Does this con

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40. Do webinars and e-learning, such as Society of Actuaries’ online modules, count as “organized activities”? Suppose an “actuarial community” held a conference call, with two presenters and live interaction among the actuaries on the call. Does this constitute an “organized activity”?

Read more about 40. Do webinars and e-learning, such as Society of Actuaries’ online modules, count as “organized activities”? Suppose an “actuarial community” held a conference call, with two presenters and live interaction among the actuaries on the call. Does this con

The participation in live webinars that include participation of actuaries from different organizations would be considered an organized activity under the USQS, because actuaries from other organizations are participating in the question-and-answer part of the webinar. Recorded webinars and self-study through e-modules would be considered an “other activity” since they do not include the potential for real-time interaction of the actuary with other actuaries or professionals.

39. How much of the continuing education (CE) is required to be an “organized activity”?

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39. How much of the continuing education (CE) is required to be an “organized activity”?

Read more about 39. How much of the continuing education (CE) is required to be an “organized activity”?

At least 6 CE hours per year must be from “organized activities” that involve interaction with actuaries or other professionals working for different organizations (Sections 2.2.2 and 2.2.7).

Last updated December 2014

31. What continuing education (CE) topics would be considered “business and consulting skills”?

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31. What continuing education (CE) topics would be considered “business and consulting skills”?

Read more about 31. What continuing education (CE) topics would be considered “business and consulting skills”?

Section 2.2.7 describes what topics, if they are also relevant, might count as business and consulting skills. Technical skills improvement courses and software training may count as general business as long as they are relevant. Relevant CE categorized as business and consulting skills is limited to 3 hours per year (Section 2.2.7 and 2.2.9).

Last updated December 2014