Feel free to comment on how my headline exaggerates, but first read:
The Society of Actuaries (SOA) will begin offering an exam track in general (property-casualty) insurance in 2013, ensuring that the SOA is providing options covering all actuarial disciplines to earning the Fellow of the Society of Actuaries (FSA) designation.
The SOA Board of Directors at its March 2012 meeting approved the creation of the new track after determining that including general insurance education will help fulfill the strategic vision for the SOA as a leading global provider of actuarial education.
- The CAS looked pretty bad in applying for approval of its coursework for the enterprise risk management certification standard (CERA). Actuarial organizations worldwide applied for the designation. To my knowledge, only one had to modify its request – the CAS. I blogged about it here.
- The 2011 exam sittings did not show the CAS in a favorable light. More here.
The success of the SOA’s gambit lies, I think, in the actuarial opinion. Right now, by law, a property-casualty opinion on loss reserves must be certified by either a member of the CAS or
A member in good standing of the American Academy of Actuaries who has been approved as qualified for signing casualty loss reserve opinions by the Casualty Practice Council of the American Academy of Actuaries. (Source: 2011 practice note, p. 11.)
Without that standing, the SOA designation would be weak. What good is a designation, if it doesn’t confer any power? I would guess the SOA has either already struck a deal with the AAA that its general insurance track will fulfill this requirement or is confident it will be able to do so.