Graham: Created page with "The following information on the definition of ''qualified actuary'' is very detailed but it's new for the 2020.Fall exam. I would recommend learning it because it's an import..."

2021-01-02T16:48:17Z

Created page with "The following information on the definition of ''qualified actuary'' is very detailed but it's new for the 2020.Fall exam. I would recommend learning it because it's an import..."

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The following information on the definition of ''qualified actuary'' is very detailed but it's new for the 2020.Fall exam. I would recommend learning it because it's an important definition.

Anyway, an actuary normally has to satisfy conditions (i), (ii), (iii) to be considered a ''qualified actuary''. In my own mind, I remember these 3 items as follows:

: '''(i)''' SAO education & experience
: '''(ii)''' AAD ''(Accepted Actuarial Designation)''
: '''(iii)''' member of professional actuarial body

But there is an '''exception''' to (i) & (ii). Even if you don't satisfy (i) & (ii), you can still be a ''qualified actuary'' if:

:{| class='wikitable'
|-
|| you are evaluated by the Academy’s CPC ''(Casualty Practice Council)'' and determined to be a Qualified Actuary for particular lines of business
|}

But there's more ''(sorry, blame the NAIC.)'' The ''exception'' above falls into the category of '''Special Situations''', of which there are two:

# The AA ''(Appointed Actuary)'' is a ''qualified actuary'' by the exception above
# The AA ''(Appointed Actuary)'' is not a ''qualified actuary '''but''' is approved by the domiciliary commissioner.

Then for both of these ''special situations'':

:{| class='wikitable'
|-
|| the company must attach, each year, the approval letter and reference such in the Identification paragraph of the SAO
|}

'''In conclusion, you should know''':

: → what are the 2 special situations
: → when is an approval letter required ''(required in the "special situations")''
: → where in the SAO this letter be referenced ''(must appear in Identification section.)''

Exceptions to Definition of Qualified Actuary - Revision history

Graham: Created page with "The following information on the definition of ''qualified actuary'' is very detailed but it's new for the 2020.Fall exam. I would recommend learning it because it's an import..."