The American Academy of Actuaries’ Board of Directors has approved the release of an exposure draft of the “Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States” (USQS). This document, developed by the Academy’s Committee on Qualifications, is intended to revise the Qualification Standards (including Continuing Education Requirements) for Actuaries Issuing Statements of Actuarial Opinion in the United States that was effective Jan. 1, 2008. The comment deadline for the exposure draft is Oct. 30, 2020.
During 2019, the National Association of Insurance Commissioners (NAIC) amended the instructions and definitions related to the qualifications for an Appointed Actuary signing Statements of Actuarial Opinion for Property and Casualty Annual Statements to reflect the addition of the Society of Actuaries specialty track in general insurance. As a result of the change, the Board of the American Academy of Actuaries instructed the Committee on Qualifications to review and recommend any appropriate changes in the language related to the specific qualifications standards for Statements of Actuarial Opinion for Property and Casualty Annual Statements, and to consider whether any other changes should be recommended given the passage of time since promulgation of the USQS in 2008, such as those provisions related to the International Actuarial Association (IAA). The existing qualifications standard contained some language related to the IAA that had become outdated. Some additional language, intended to clarify and not to change the USQS with respect to Enrolled Actuaries members subject to the USQS when doing non-ERISA work, is also exposed for comment.
The Transmittal Memorandum describes the significant changes proposed for revision and asks for comments from Members of Actuarial Organizations Governed by the Qualification Standards of the American Academy of Actuaries and all interested parties, including the public.
Information on how to submit comments can be found here.