Specifically, November 6-9, 2023.
I’ve never had to give an official actuarial opinion on anything. I just send my tps reports up the flag pole & the top brass take the credit for a job, well, done. That changed when Sr VP needed a new yacht & so expenses were cut via layoffs (part of the previous sentence may or may not be true). At many of my subsequent interviews the question was asked “Are you qualified to sign an actuarial opinion?” “Uh, I don’t think so because I don’t really know what that means.”
So, I’ll probably attend this thing. I hear there’s an optional exam at the end. FWIW, I’m one of the ~10% that failed 152, and I got binary scores when I sat for courses 5 & 6 and then ILA-LFV. Reading/hearing words, immediately understanding them, and then regurgitating/demonstrating understanding of them is not my strong point.
That page that I linked to above has this:
Specific Knowledge Requirement of the USQS Specific Qualification Standards
Specific Knowledge Requirement of the USQS Specific Qualification Standards
Actuaries wishing to issue a statement of actuarial opinion under the Specific Qualification Standards (Section 3 of the USQS) must, among other requirements, “be knowledgeable, through examination or documented professional development, of the Law (i.e., statutes, regulations, judicial decisions, and other statements of legally binding authority) applicable to the Statement of Actuarial Opinion.” To meet the additional Specific Qualification Standard, which applies to reserve opinions for the NAIC Annual Statement Blanks, an actuary must obtain, through examination or alternative education, specific knowledge in the following topical areas*
Life and A&H (Blue Blank)
(Covered by Exams ILA-DP-US, ILA-CSP-US)
- Policy forms and coverages
- Investments and valuations of assets, and the relationship between cash flows from assets and related liabilities
- Dividends and reinsurance
- Statutory insurance accounting
- Valuation of liabilities
- Valuation and nonforfeiture laws
Health (Orange Blank)
(Covered by Exams GH-DP, GH-CSP)
- Principles of insurance and underwriting
- Principles of ratemaking
- Statutory insurance accounting and expense analysis
- Premium, loss, expense, and contingency reserves
- Social insurance
I can’t tell if that means I have to pass both the exam at the end of this seminar in addition to Exams ILA-DP-US & ILA-CSP-US or attending just the seminar is sufficient or if I can just say “Of course, I’m qualified. Trust me!”
I think what I’m looking for is help understanding what I need to do in order to officially “issue a statement of actuarial opinion” and encouragement/dis-encouragement for passing the necessary exams to do so.
Regards,
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