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  #21  
Old 06-12-2019, 01:38 PM
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If the CAS added 71 pages to Exam 7, I don't think I'd notice.
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  #22  
Old 06-12-2019, 02:12 PM
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It seems to me that the FSA-GI should be compared only with ACAS + 7 and not FCAS.
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  #23  
Old 06-13-2019, 09:37 AM
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If the CAS added 71 pages to Exam 7, I don't think I'd notice.
Its not much of a change for the ratemaking and reserving exam either. Most of the pages just replace pages already present in the source material.
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Old 06-13-2019, 09:52 AM
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It seems to me that the FSA-GI should be compared only with ACAS + 7 and not FCAS.
Please correct me if I'm wrong but this is what I think is going on... I think the AAA is the entity that says if an actuary is qualified to do certain work. Usually the AAA takes its cues from the NAIC with regards to the definition of a qualified actuary. However, after a quick search on actuary.org, I don't think the AAA has updated its standards to reflect this change. Once they do, I suppose we will know what an FSA-GI is qualified to do.
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Old 06-13-2019, 09:57 AM
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For purposes of insurance regulations specifically, the NAIC (and/or the various states) is the entity truly in charge.

The NAIC had been outsourcing what constitutes a qualified actuary to the AAA, but it sounds like they've decided to take control. So this may not stop with P&C qualifications.
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Old 06-13-2019, 10:52 PM
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For purposes of insurance regulations specifically, the NAIC (and/or the various states) is the entity truly in charge.
For some.
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Old 06-14-2019, 05:34 AM
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Yes, and neither the Academy nor the NAIC matters in Canada.

Given the thread is about the NAIC & credentials....
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Old 06-14-2019, 09:25 AM
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I would argue that the NAIC is highly influential, but not in charge (as far as P&C goes). State law will still dictate what's done within that state. All NAIC is doing is giving an endorsement of acceptance for FSA-GI for their standards. It's not a requirement for states to accept those credentials.
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Old 06-14-2019, 09:36 AM
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Yes, some states could go in a different direction. (New York, California, Florida are persnickety states, one could say)

But many states don't really care to develop their own technical standards for anything. However, if it's already part of state law, there's not much impetus to change that law, either.
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Old 06-14-2019, 09:57 AM
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Yes, some states could go in a different direction. (New York, California, Florida are persnickety states, one could say)

But many states don't really care to develop their own technical standards for anything. However, if it's already part of state law, there's not much impetus to change that law, either.
Not just state law, but also insurance regulation. State law may simply state "qualified actuary" (which wouldn't necessitate a law change in this case) needs to provide the opinion. The regulation by specify how the commissioner is going to interpret that law . . . and just because the NAIC says they'll accept the FSA-GI doesn't mean that the commissioner (or his/her actuarial advisor) is going to change what they'll accept.
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