Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > General Actuarial
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions

Browse Open Actuarial Jobs

Life  Health  Casualty  Pension  Entry Level  All Jobs  Salaries


General Actuarial Non-Specific Actuarial Topics - Before posting a thread, please browse over our other sections to see if there is a better fit, such as Careers - Employment, Actuarial Science Universities Forum or any of our other 100+ forums.

Reply
 
Thread Tools Search this Thread Display Modes
  #881  
Old 08-18-2015, 01:16 PM
jas66Kent jas66Kent is offline
Member
SOA
 
Join Date: May 2012
Location: London
Favorite beer: Corona :)
Posts: 22,626
Default

Sounds pretty interesting.
Reply With Quote
  #882  
Old 08-18-2015, 02:38 PM
Beach Bum Beach Bum is offline
Member
CAS AAA
 
Join Date: Dec 2005
Location: Currently away from an Ocean
Favorite beer: Alpha King
Posts: 1,989
Default

Session Coordinator(s): Anthony E. Cappelletti, FSA, FCAS, FCIA

Me thinks he never actually took a CAS upper level exam.
Reply With Quote
  #883  
Old 08-18-2015, 02:58 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 90,920
Blog Entries: 6
Default

Quote:
Originally Posted by Beach Bum View Post
Session Coordinator(s): Anthony E. Cappelletti, FSA, FCAS, FCIA

Me thinks he never actually took a CAS upper level exam.


Then how did he get FCAS?

I think you mean he never took an FSA exam, and that's probably correct.

https://soa.org/About/Contact-Us/con...s-details.aspx

Quote:
Anthony Cappelletti
Staff Fellow, General Insurance
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #884  
Old 08-18-2015, 03:05 PM
jas66Kent jas66Kent is offline
Member
SOA
 
Join Date: May 2012
Location: London
Favorite beer: Corona :)
Posts: 22,626
Default

So he used the FCAS waiver to get his FSA.
Reply With Quote
  #885  
Old 08-18-2015, 03:23 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 90,920
Blog Entries: 6
Default

I am pretty sure that is the case.

From his actuarial directory listing:

Quote:
Designations
FCIA 1999
FCAS 1999
FSA 2013
and I don't see him in actuarial-lookup.com

http://actuarial-lookup.com/
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #886  
Old 08-18-2015, 03:33 PM
EddieC's Avatar
EddieC EddieC is offline
Member
AktŁerler Derneği
 
Join Date: Oct 2006
Posts: 21,350
Default

Anthony is a staff actuary at the SOA, brought in by Bradley Smith back in 2012. That hire was announced in Smith's address:
https://www.soa.org/About/History/ab...en-speech.aspx

Just because of how awesome that speech was, here's a little excerpt where Smith talks about the necessity of the GI venture, and announces these hires:

Quote:
My Fellowship in the Society of Actuaries is my most valuable professional and economic asset. It is the asset from which all other financial and professional assets emanate. I am sure that upon reflection many, if not all of you, would agree it is your most valuable professional and economic asset also. We have all paid a high price for obtaining and maintaining our SOA issued credentials. Consequently, the primary responsibility of SOA leadership and staff is to protect and enhance the value of SOA credentials.

Earlier this year the board of the SOA approved the development of a general insurance - casualty insurance education and examination track. This track will be designed to provide the basic education necessary to perform the attestation function and issue statements of actuarial opinion in the general insurance/casualty insurance specialty.

The question I hear from many existing SOA members is: “That’s great, but why should I care?”

An under-appreciated aspect of globalization is the massive migration of rural poor to urban middle class, now underway in the developing nations. I would maintain that “developing nations” is a misnomer as these countries are nearly fully developed in their urban areas. They are considered “developing” primarily because of the substantial albeit diminishing proportion of their population that remains rural poor.

What do newly middle class individuals do?
They buy things. Cars, homes, furniture and insurance to protect them from the loss of these assets. Eventually they will buy life insurance, disability insurance and provide for their retirement but, initially, they buy property and casualty insurance. This is why general insurance is the fastest growing area of insurance in these developing countries and there is an increased demand for actuaries trained in property and casualty insurance principles.

Over the past five years, as part of my commercial responsibilities as Chairman of Milliman and as a presidential officer of the Society of Actuaries, I have traveled extensively around the world. I have met with CEOs of insurance companies and government officials responsible for the development and regulation of their insurance industries. I have traveled to China multiple times. China has been and continues to be transformed by the migration of its rural poor to urban middle class. Each time I go to Beijing or Shanghai, I am amazed at the growth since my last visit 6 to 12 months earlier. The traffic in Beijing is horrendous, primarily because they cannot build roads fast enough to absorb the increased number of cars. The Chinese auto insurance industry has been permanently damaged by ignorant competitors that have underpriced and under-reserved their products. Because of the fantastic growth in business, they have been able to mask, willingly or unwillingly, their lack of profitability.

This creates a dilemma for the educated companies. Should they charge a fundamentally sound premium and risk losing market share or should they meet their uneducated competitor’s price and hope the competitor goes out of business before they do?

This situation was allowed to occur because there was no significant domestic actuarial profession supported by a strong regulatory regime that required companies to hold adequate reserves. It represents a significant setback and a permanent loss of capital for the Chinese insurance industry. Similar circumstances exist in developing countries around the world.

As part of my commercial responsibilities I met with the minister of finance responsible for the regulation of insurance and banking in Saudi Arabia. I invited Greg Heidrich, Executive Director of the SOA, and Ken Guthrie, Managing Director of Education for the SOA, to sit in on the meeting. The insurance industry in Saudi Arabia is growing very quickly. It is currently dominated by casualty and health carriers. There is currently only one qualified actuary in The Kingdom, along with one student. What was supposed to be a 30 minute courtesy visit turned into a 90-minute-plus substantive discussion on how best to develop the actuarial profession in The Kingdom.

If the SOA is to continue to be the premier professional organization in the world it must provide education, research and credentialing in all actuarial disciplines. This need was a primary reason for my invitation to all U.S. based actuarial organizations, including the Casualty Actuarial Society, to seriously consider consolidation. Unfortunately, the CAS quickly rejected our invitation. Three times, very publicly, despite being asked only once.

Given their emphatic rejection, the SOA had to develop this capability organically and has begun to do so. It has committed to developing a curriculum and offering its first general insurance/casualty exam in the fall of 2013.

Are there risks in making this commitment? Of course.

We had to find individuals with the appropriate expertise who were willing to help us develop the curriculum. Fortunately, many extremely qualified individuals, including actuarial professors and experienced professionals from around the world, have stepped up to this challenge. They want to be on the ground floor of what they believe will be the premier platform for the education and examination of general insurance/casualty actuaries in the world.

Recently, the SOA has hired 2 Staff Fellows to help lead this effort. Scott Lennox and Anthony Cappelletti are both Fellows of the CAS and the Canadian Institute of Actuaries with nearly 25 years of experience.

Scott’s also an ASA, and his background includes both general insurance and life insurance pricing. He’s also been a University of Waterloo instructor and contributor to two general insurance textbooks. Even before joining the SOA staff, Scott has been a member of the GI curriculum committee.

Anthony’s background has been with both consulting firms and carriers.

Job One for both Scott and Anthony is the design, development, implementation and management of the general insurance track. In time, they will also work on professional development offerings for SOA members.

With Scott and Anthony joining the Education staff and with the leadership of excellent volunteers, we are very well positioned to develop a top-notch general insurance product.
I that speech so much
Reply With Quote
  #887  
Old 08-18-2015, 04:01 PM
jas66Kent jas66Kent is offline
Member
SOA
 
Join Date: May 2012
Location: London
Favorite beer: Corona :)
Posts: 22,626
Default

I do agree with him regarding P&C in emerging markets. The life industry in those places is laughably small. Hmm.....could make for an interesting long-term paper in regards to the development of life insurance in emerging markets.
Reply With Quote
  #888  
Old 08-18-2015, 07:37 PM
r. mutt's Avatar
r. mutt r. mutt is offline
Member
 
Join Date: May 2002
Location: Extreme fever swamps of the left
Posts: 10,436
Default

Quote:
Originally Posted by EddieC View Post
I that speech so much
My god, that's a gem.
__________________
Bruce
Reply With Quote
  #889  
Old 08-18-2015, 09:50 PM
Quick Slant Quick Slant is offline
Member
 
Join Date: Nov 2009
Posts: 692
Default

Quote:
Originally Posted by Malcolm View Post
I stumbled across this recently, and I don't remember this coming up before in this thread(my apologies if I've been ninja'd on this - it's not really a recent development):
http://www.naic.org/documents/commit...ction_list.pdf

Links to many of the requested items can be found on this page (in the right pane):
http://www.naic.org/committees_c_catf.htm



Looks like the NAIC CATF wants to make a decision/recommendation on this by July 1...

Any word from the NAIC?
Reply With Quote
  #890  
Old 08-18-2015, 11:41 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 90,920
Blog Entries: 6
Default

There's this June 30 letter:
http://www.naic.org/documents/commit...ponse_to_c.pdf

Quote:
.....
To evaluate the Society of Actuaries’ (SOA) general insurance educational track the Task Force needs to know if the track
conforms to the specifications in the U.S. qualification standards and whether the resulting education sufficiently prepares an
actuary to sign an Actuarial Opinion. The Task Force has one initial concern: While the standards established by the
American Academy of Actuaries (Academy) seem sufficient in regard to experience and continuing education requirements,
the qualification standards lack detail regarding what a basic education entails. We believe this may be a result of only having
one U.S. P/C actuarial educational body (the Casualty Actuarial Society) in the past. The Task Force finds the issue regarding
basic education specificity should be addressed later and separately from the above charge.

The Task Force would like to conduct an independent review of the SOA’s general insurance educational track. The Task
Force’s focus would be on the evaluation of the SOA’s educational track and the examination system as a whole, especially
to gain comfort with the reliability and consistency of the basic educational system. An independent review would be a
valuable tool to determine whether the SOA general insurance education can or cannot produce actuaries qualified to sign
P/C Actuarial Opinions. The Task Force considered an independent review over the past year but was unable to obtain a
commitment from the NAIC to fund the review. Though the Task Force believes a review funded by the NAIC would avoid
any question concerning the independence of the review process, the Task Force realized it would be expedient to look at an
alternative funding source. The SOA has volunteered to fund the study and would work with the Task Force to keep the study
as independent as possible. A benefit from SOA funding would be that the study could begin more quickly than if NAIC
funds the study. The Task Force believes it needs to complete the independent study of the examination system before it can
determine if Fellows completing the SOA general insurance track are qualified to sign P/C Actuarial Opinions.

Currently, the Academy’s Casualty Practice Council (CPC) reviews requests from non-CAS-educated actuaries to determine
whether the actuary meets the qualifications to sign the statement on casualty loss reserves. In order to be a Qualified
Actuary, basic education is one piece of the qualification requirements, along with experience and continuing education. The
Task Force believes it would be informative to receive reports from the CPC regarding its review of Fellows completing the
SOA general insurance track.

The Task Force makes the following recommendations and would like your approval to proceed along this path:

1. The NAIC can continue to rely on the CPC to review individual Fellows completing the SOA general insurance
track and should request periodic reports from the CPC as to the general results of these reviews. The Task
Force should commence work on the content of these reports immediately. The content of these reports will be
delineated by the Task Force but subject to the CPC’s ability to provide them.

2. The Task Force should obtain an independent review of the SOA general insurance educational track and
examination system to verify that the resulting education sufficiently prepares an actuary to sign Actuarial
Opinions for NAIC’s P/C financial statements. The Task Force should begin work immediately to provide the
needed information for an RFP to obtain an independent review of the SOA general insurance track and requests
the NAIC issue an RFP. The Task Force recommends accepting the SOA's offer to fund this review but, as an
alternative, NAIC may want to consider funding the review itself. The targeted completion date is March 31,
2016.

3. The Task Force may need to collect additional information. Upon consideration of the information gathered by
the Task Force over the course of addressing this charge, the Task Force should evaluate the current definition
of Qualified Actuary in the P/C Annual Statement Instructions and modify it as needed. The Task Force’s
targeted date for completion of this evaluation is three months after the completion of the independent review.

4. In the Task Force’s charge to provide a recommendation regarding the SOA general insurance educational track,
the July 1 deadline should be extended to three months after the completion of the independent review.
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 02:16 PM.


Powered by vBulletin®
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.30780 seconds with 12 queries