Category Archives: USA

Are You an International Actuary?

Actuarial Skills Travel Well but immigration regulations are being updated frequently.

If you are considering moving abroad it is important to ensure that you are aware of the various procedures that need to be followed when applying for international visas and work permits.

To help you we have created a list of  links to the relevant pages of international immigration websites.

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How Do You Set Your Rates? International Societies Join Forces For Survey

The Casualty Actuarial Society, The Institute and Faculty of Actuaries and the Institute of Actuaries of Australia have joined forces to produce a global ratemaking survey.

The goal of the survey is to gain a better understanding of current property/casualty ratemaking practices, techniques and skills throughout the insurance community.

They are keenly interested in responses from actuaries with experience in property/casualty ratemaking, and also  encourage you to share the attached survey with your non-actuarial colleagues involved in the pricing decision-making at your firm.

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An International Profession

The Actuarial Profession is an international profession and the Faculty and Institute of Actuaries has agreements for the mutual recognition of qualifications with the following organisations:

* Actuarial Society of India

* Actuarial Society of South Africa

* Canadian Institute of Actuaries

* Casualty Actuarial Society

* Groupe Consultatif (Europe)

* Institute of Actuaries of Australia

* Institute of Actuaries of Japan

* Society of Actuaries

Additionally, the CERA (Charted Enterprise Risk Actuary) qualification is a truly international qualification which can be awarded by the individual institutes.

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SOA Fellowship Exams to be Twice a Year

As of Autumn 2011, all FSA exams of the American Society of Actuaries will be offered twice a year – in Spring and Autumn.

It is intended that this will increase the exam choice options for candidates and reduce the time needed to qualify.

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USA Healthcare Reform Could Lead to a Rise in Premiums

The American Academy of Actuaries (AAA) has warned that the Healthcare Reform Bill contains language that “precludes data collection and aggregation across companies, limiting competition” potentially leading to a rise in premiums.

In general, as a condition of being licensed, property/casualty insurance companies are required to designate an entity to which they will report data for subsequent analysis.

These analyses of aggregated data serve several purposes and for some types of coverage, any single company’s own data, even for relatively large companies, is often insufficient to determine basic loss costs in multiple markets or to determine reasonable charges. Clarification of the legislation is needed as the bill does not specify what loss data may be collected and it is unclear about what actuarial activities are allowable

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American Actuaries Urge More Long-Term Planning

A New Society of Actuaries (SOA) and Actuarial Foundation Report Identifies Benefits and Gaps with Retirement Planning Software.

Retirement Planning Software and Post-Retirement Risks highlights the need for more long-term retirement planning following the economic downturn. The report focuses on assessing the benefits and gaps with retirement planning software and provides recommendations to refine these tools to help individuals be more prepared for the future.

The report analyses 12 financial planning software programs and finds that s software packages need to better address key planning drivers such as: Longevity, unexpected events and risks, housing, social security and annuities.

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Treaty signing launches new, international qualification

In an agreement reached during last week’s International Actuarial Association meeting in Hyderabad a new qualification of CERA (Chartered Enterprise Risk Actuary) has been launched. The treaty was signed by the following bodies:

  • The Institute of Actuaries of Australia (Australia)
    Canadian Institute of Actuaries / Institut Canadien des Actuaires (Canada)
    Deutsche Aktuarvereinigung e.V. (Germany)
    Institut des Actuaires (France)
    Israel Association of Actuaries (Israel)
    Institute of Actuaries of Japan (Japan)
    Colegio Nacional de Actuarios A.C. (Mexico)
    Het Actuarieel Genootschap (Netherlands)
    Actuarial Society of South Africa (South Africa)
    Svenska Aktuarieföreningen (Sweden)
    Faculty of Actuaries (UK)
    Institute of Actuaries (UK)
    Casualty Actuarial Society (USA)
    Society of Actuaries (USA)

The individual institutes will be able to award the new qualification to members meeting the required educational standards.

The opportunities in the enterprise risk management field are exciting and ERM is seen by many as being a major field of specialty for newly qualified actuaries in the forthcoming years.

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