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  #1  
Old 09-30-2009, 05:30 PM
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MountainHawk MountainHawk is offline
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Default Post 2011 ACAS Loss of Practice Rights

Some discussion on this in the FEM threads, but it seems like it deserves its own thread.

From what I understand, the basic timeline is:

1) CAS investigated making changes to their exam system
2) Effective 1/1/2008, AAA updated the qualification standards.
3) The CAS finalized their 2011 Basic Education Changes .
4) The Casualty Practice Council decided that ACAS no longer would meet the requirements of the qualification standards, and instead you would have to be ACAS + Advanced Reserving to sign the SAO on Loss Reserves.


What are your thoughts on this? Should the material be rearranged slightly to change this back? Is this fine? Will this cause issues down the road for ACAS from the pre-2011 days?
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Old 09-30-2009, 05:34 PM
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Darkness Falls Darkness Falls is offline
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Are there lots of career ACAS? Doesn't seem to hold the same place ASA does and at the very least for Canada I fail to see what the purpose of keeping it is.
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Old 09-30-2009, 05:36 PM
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MountainHawk MountainHawk is offline
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Quote:
Originally Posted by Darkness Falls View Post
Are there lots of career ACAS? Doesn't seem to hold the same place ASA does and at the very least for Canada I fail to see what the purpose of keeping it is.
Yes, there are quite a few career ACAS.
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Old 09-30-2009, 05:55 PM
tommie frazier tommie frazier is offline
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http://www.casact.org/admissions/reports/travel2008.pdf

see page 20. they estimate that 80-85% of new ACAS's do not reach FCAS. on the whole, then there is roughly 25% of CAS members who are currently ACAS. so enough of them. there is no compelling reason to discard the designation. people like it.
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Old 09-30-2009, 06:08 PM
tommie frazier tommie frazier is offline
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http://www.casact.org/about/governan.../031008min.pdf

Feeling of the Syll Comm was that the ACAS in 2011 system met IAA standard for fully qualified. no discussion of AAA requirements mentioned in the minutes here.

http://www.casact.org/about/governan.../061508min.pdf

restated that the Syllabus Committee felt it was within the IAA standard. (no further investigation, just restated that was the original belief)

http://www.casact.org/about/governan.../091608min.pdf

AAA asked if the new ACAS is in fact NAIC stat opinion ready.

**
Darkness Falls and MH asked about career ACAS's and the impact:

Quote:
Originally Posted by september 2008 BoD mintues
About 20% of NAIC signers today hold the ACAS credential, with an average of 17.6 years experience. There are fewer than ten NAIC signers with less than five years of post-ACAS experience.

Last edited by tommie frazier; 09-30-2009 at 06:15 PM.. Reason: separation between quotes for diff thoughts
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  #6  
Old 09-30-2009, 06:13 PM
tommie frazier tommie frazier is offline
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http://www.actuarialoutpost.com/actu...&postcount=110
Quote:
Originally Posted by me
the redesign had been done without consulting the AAA folks
Quote:
Originally Posted by cubs1908
The CAS is represented on the AAA, so I find that hard to believe. Assuming you are correct, that is a big problem.
However, assuming you are incorrect, then all things point to the first step in eliminating ACAS.
hope that helps sort out if I was correct or not.
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Old 09-30-2009, 06:17 PM
tommie frazier tommie frazier is offline
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so, as you read it, the concern was mainly on the IAA for mutual recognition purposes and not on the AAA's qualification standards.
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Old 09-30-2009, 06:37 PM
PhildeAssociate PhildeAssociate is offline
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Dear AO,

The only reason the 2011 education redesign happened was because some folks from the UK and IAA wanted to remove exams and put in the Actuarial Control Cycle.

It's only one step towards reducing the actuarial credential to being worthless. As you can see, it only took 2 years before they tried to remove all the preliminaries.

Regards,

PhildeAssociate

Last edited by PhildeAssociate; 09-30-2009 at 06:47 PM..
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Old 09-30-2009, 08:01 PM
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Quote:
Originally Posted by MountainHawk View Post
What are your thoughts on this? Should the material be rearranged slightly to change this back? Is this fine? Will this cause issues down the road for ACAS from the pre-2011 days?
Correct me if I am mistaken but for someone to obtain their ACAS in the pre-2011 system, they would have had to take exams 5, 6, and 7.

Now according to the CAS document on the conversion (http://www.casact.org/cms/files/Publ...July2009_1.pdf)...
"Exam 6 (Old System) = Half Exam on Basic Reserving + Exam on Advanced Reserving, Reinsurance, and ERM"

So essentially anyone who passed exam 6 under the old system will automatically have the "+ Advanced Reserving" part of the requirement to sign SAO on Loss Reserves and thus the change won't affect any of the pre-2011 ACAS's.
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Old 09-30-2009, 08:02 PM
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Yup UCSDKID
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