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Old 08-28-2019, 06:53 PM
Josh Peck Josh Peck is offline
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Default ASA Vs ACAS Legally is there a difference

Hi,

I just had an interview with a startup P&C insurance company and they were interested in hiring me for one of their first actuarial roles.

I currently work in life and was wondering if there would be any issue with me attaining my ASA rather than my ACAS from a legal standpoint. I ask this because I am close to attaining my ASA.
Furthermore, legally, does an ASA or ACAS actually mean anything.
I've heard it means you can sign off on people's work, but is this legally required? And if so, what types of things does a company require having an actuarial designation to do?

Thanks
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Old 08-28-2019, 08:16 PM
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Colymbosathon ecplecticos Colymbosathon ecplecticos is offline
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Furthermore, legally, does an ASA or ACAS actually mean anything.
I've heard it means you can sign off on people's work, but is this legally required?
Here's a hint: The fact that you don't know the answers to these questions suggests that maybe you aren't qualified.

The good news is that you had the common sense to ask.
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Old 08-29-2019, 12:04 AM
Josh Peck Josh Peck is offline
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Here's a hint: The fact that you don't know the answers to these questions suggests that maybe you aren't qualified.

The good news is that you had the common sense to ask.
That's okay, but cant you at least answer the question...
I mean in reality these exams literally teach you nothing even remotely useful and no one ever really explains their legal purpose
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Old 08-29-2019, 01:24 AM
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I mean in reality these exams literally teach you nothing even remotely useful

and

no one ever really explains their legal purpose
Both of these statements are incorrect, at least with respect to CAS exams. I canít help you with the profound ignorance of the first one, but I can recommend you investigate both the NAIC's websites as well as the online regulations of any state where you might be working.
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Old 08-29-2019, 07:21 AM
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That's okay, but cant you at least answer the question...
I mean in reality these exams literally teach you nothing even remotely useful and no one ever really explains their legal purpose
I've used knowledge I gained from every exam I've taken on the job, especially the uppers.
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Old 08-29-2019, 07:22 AM
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Both of these statements are incorrect, at least with respect to CAS exams. I canít help you with the profound ignorance of the first one
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Old 08-29-2019, 08:31 AM
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wow
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Old 08-29-2019, 08:42 AM
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In order to sign statements of actuarial opinion and other regulatory documents for a P&C insurer you must obtain ACAS + Exam 7. Recently the NAIC approved the FSA-GI Track as qualified to sign opinions however the vast majority of that requires P&C insurers to get on board with actually trusting an FSA versus and ACAS/FCAS.

I would be extremely worried if about joining this start-up if they also don't know or didn't tell you what requirements you'd need. Though to be fair they could always just hire a consultant to do the regulatory stuff if they don't have a properly credentialed staff actuary.
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Old 08-29-2019, 09:24 AM
Josh Peck Josh Peck is offline
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I've used knowledge I gained from every exam I've taken on the job, especially the uppers.
May be the CAS exams are different, but the SOA seems to be wildly incompetent, and the exams have just been hoops to jump through
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Old 08-29-2019, 09:24 AM
Josh Peck Josh Peck is offline
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Originally Posted by fjcostanzo View Post
In order to sign statements of actuarial opinion and other regulatory documents for a P&C insurer you must obtain ACAS + Exam 7. Recently the NAIC approved the FSA-GI Track as qualified to sign opinions however the vast majority of that requires P&C insurers to get on board with actually trusting an FSA versus and ACAS/FCAS.

I would be extremely worried if about joining this start-up if they also don't know or didn't tell you what requirements you'd need. Though to be fair they could always just hire a consultant to do the regulatory stuff if they don't have a properly credentialed staff actuary.
Thank you
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