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emptiness
02-05-2003, 09:05 AM
Hi, everybody

I'm thinking of doing health insurance model plan (product development) for PD. My questions:

(1) In the model plan for US, it's stated that up to 3 products in the given list can be selected for gaining more in-depth knowledge. However, must my project (which involves designing the health product) involve all three that I have chosen?

(2) What does the Product Development CD-ROM contain? Would it be useful for developing health products? I heard it's quite basic.

(3) SOA has stated that the timeframe for PD completion is 25 months to allow a person to attend up to 3 annual meetings that are held at around the same time every year. Does the 25-month period then only apply to the timeframe for which all PD units are gained and that the executed plan can be submitted later than 25 months? An example is that a person attended SOA Spring Meeting in 2001, 2002 and 2003. Since the 25-month period begins in May/June 2001, his PD period is deemed to end in May/June 2003. After attending this, he would of course need some time to prepare the executed plan. That might be a bit tight considering the cessation of PD period in the same month as the last meeting.


Hope you can answer my queries. Thanks.

actuari
02-05-2003, 11:48 AM
This is the CD-ROM outline. You can get it from SOA PD section. As for the 25 months, I would ask SOA.


A LOOK AT PRODUCT DEVELOPMENT
1. Overview
This CD Rom explores the various aspects of the product development process, as outlined below, for individual life and annuity products
2. Design and Pricing
Objectives
Statutory Measures
GAAP Measures
Macro Pricing
Other Methods
Product Considerations
Assumptions
Related Readings
3. Market Forces
USA
Canada
Common Forces
Related Readings
4. Process
Strategic Framework
Concept Development
Design and Implementation
Implementation and Introduction
Monitoring and Evaluation
5. Case Study
Design a new variable life product for a new entrant to the variable market that meets both competitive and profitability goals

Slam64
02-05-2003, 12:14 PM
My company is pulling in the purse strings and wants me to look for cheaper alternatives to attending meetings.

This is certainly one of them, but since I am focusing on Health-Product Development, I am not sure 12 credits focusing primarily on life/annuities is realistic.

Any thoughts from people that have actually encountered this situation?

Me
02-05-2003, 12:29 PM
About the 25 months... I think you're basically supposedto have your executed plan completed before you attend the last seminar. Then you can write up your summaries for the sessions you attended within a couple of days and send everything in with a very quick turnaround. This also assumes your advisor has gone over everything except those last few summaries ahead of time.

mayreeh
02-05-2003, 01:57 PM
Non-SOA approved credits. In house seminars. You get 3 credits for preparing one and 1 credit for attending.

Cheap. Quick. Not as easy as it sounds, but better than waiting around for a meeting or trying to figure out how to make the CD ROM work for you.

Minerva
02-06-2003, 09:15 PM
Hi, everybody


(3) SOA has stated that the timeframe for PD completion is 25 months to allow a person to attend up to 3 annual meetings that are held at around the same time every year. Does the 25-month period then only apply to the timeframe for which all PD units are gained and that the executed plan can be submitted later than 25 months? An example is that a person attended SOA Spring Meeting in 2001, 2002 and 2003. Since the 25-month period begins in May/June 2001, his PD period is deemed to end in May/June 2003. After attending this, he would of course need some time to prepare the executed plan. That might be a bit tight considering the cessation of PD period in the same month as the last meeting.


Hope you can answer my queries. Thanks.

They want the whole thing submitted quickly - if it's over the 25 months (for writing / reviewing time) you need to ask for a waiver. :(

emptiness
02-07-2003, 10:49 AM
Thanks, guys. Your replies really help! Thinking of submitting the initial plan by next week. Think I'm probably one of the late ones : )

annabel lee
02-07-2003, 01:40 PM
With the changes in the ASA requirements (http://www.soa.org/eande/asa_requirements.html) that allow students to complete PD as one of their six "exams" -- does that mean that we can now do more than 15 credits before acceptance of the initial plan without needing a special dispensation from the SOA?

emptiness
02-08-2003, 02:31 AM
I believe they mean that. The example given quoted 15-25 units from examination options.

However, I'm not sure how they'll go about it. Does that mean the candidate files his/her PD plan before passing C1-8? This is because the units credited would have to be relevant to the focus of the plan. Suppose 25 units were credited for CFA and then later, upon passing C1-8, the candidate switches focus away from investment/finance. What happens then?

Axsuetarian
02-10-2003, 02:55 PM
Yeah, does anyone know how this affects those that want to submit their initial plan before completing 1-8. Do they 1) allow you to do more credits before submitting your initial plan, or 2) allow you to submit your initial plan before completing 1-8?

Thanks!

Axsuetarian
02-11-2003, 03:24 PM
C'mon, someone must know!

annabel lee
02-11-2003, 03:29 PM
well, today they turned down my request to complete 17 credits before filing. (They did suggest I re-submit the request with more information.) They also pointed out that the new rules haven't gone into effect yet, so it's not like a carte blanche for us to do more credits before filing. They don't know the effective date yet.

Axsuetarian
02-17-2003, 10:50 AM
Anyone know the answer to my question (2 posts up)

thanks