Treatment of Regulatory Material

Yes, the SOA will continue to offer Canadian-specific content via our new courses and their accompanying exams as we have successfully done for decades. We remain committed to providing this education for those working with Canadian products and regulations.

The CIA sets their own requirements for the FCIA designation. Please contact the CIA for more information.

We will continue to have regulatory material available. We are making adjustments to ensure our courses are relevant to our FSA candidates regardless of location. Depending on practice area, there will be opportunities to learn about local products (U.S., Canadian, international) and how their pricing and reserving are influenced by local regulations.

FSAs will continue to be qualified to sign General Statements of Actuarial Opinion (as defined in the U.S. Qualification Standards). Additional education will be required to sign Specific Statements (i.e., NAIC Annual Statements). For those wanting to become an appointed actuary or work in valuation, a standalone optional regulatory certificate will be offered. The SOA is collaborating with regulatory bodies to develop the certificates. 

No. The certificate is outside the FSA requirements and does not lengthen the pathway to fellowship. The certificate will likely be completed later in an actuary’s career when the material is timelier and more relevant.  

In the U.S., the SOA is working with regulatory bodies to ensure that there is education available that meets the U.S. Specific Qualification Standard.

International candidates will have options that were not available in the prior structure. Life and Annuity candidates can choose ILA 201-I, which emphasizes IFRS and international regulatory regimes. Candidates for Retirement Benefits will not find any mention of local products in either RET 101 or RET 201. Candidates for General Insurance will see that GI 101 is still free of country-specific content, while GI 201 has significantly less U.S. regulatory material than the current FREU exam.

The SOA does not currently have regulatory content that is country specific outside of the U.S. and Canada.

FSAs earned under the prior structure do not need to take any additional courses. They must continue to meet the requirements for signed statements.

No. The regulatory certificates are outside the fellowship pathway, as the material lends itself to a different method of assessment and would not be comparable to a course.

In conjunction with required coursework, the SOA’s regulatory certificates will fulfill the Basic Education requirement in Section 3.1.1 of the U.S. Specific Qualification Standards (USQS_2021). The basic education requirement needs to be met only once. The LHQS may be used to meet continuing education requirements or to partially fulfill the Alternative Basic Education requirement in section 3.1.2 of the SQS.