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General (Section A)
G1. When will the SOA CPD Requirement take effect?
The CPD Requirement will take effect in 2009. The first two-year cycle will begin Jan. 1, 2009, and the first report of CPD compliance will be for the cycle ending Dec. 31, 2010.
G2. What am I required to do to meet the SOA CPD Requirement during 2008?
Nothing. The CPD requirement is not effective until Jan. 1, 2009.
G3. I am already subject to another requirement (e.g. the U.S. Qualification Standard, the CIA Qualification Standard, the U.K. CPD Scheme or the IAAust Standard). Do I have to comply with the SOA CPD Requirement?
Yes. But, all four of the standards listed are acceptable alternative compliance standards (the SOA accepts compliance with that standard as compliance with the SOA CPD Requirement). See Section C and FAQs AC1, AC2, AC3, AC4, AC5, AC6, AC7 and AC8.
G4. I just completed my ASA, but I'm still taking exams. Do I still have to comply?
Yes. You are subject to the CPD Requirement starting on January 1 of the year after you earn your first designation (generally your ASA or CERA). You must start earning credits that following year, and certify compliance the year following that.
Example: Katie Member earns her CERA in 2010. She would be subject to the CPD Requirement on Jan. 1, 2011. She would need to start to earn credits in 2011. Her first certification of compliance would be for the two-year cycle ending Dec. 31, 2012.
G5. My SOA credential was earned through mutual recognition (with the Faculty of Actuaries, Institute of Actuaries, or the Institute of Actuaries of Australia). Do I still have to comply with the SOA CPD Requirement?
Yes. All SOA members must comply. You don't have to start earning credits until the year after your credential is granted by mutual recognition. You are able to use Categories 1 or 2 of the U.K. CPD Scheme or the IAAust CPD Standard (as applicable) as a method of alternative compliance (See Section C).
Example: Joe Member is a Fellow of the Institute of Actuaries; his SOA FSA was granted through mutual recognition in 2008. Joe must begin to comply with the SOA CPD Requirement as of Jan. 1, 2009. He can, if he elects, comply with Category 1 or 2 of the U.K. CPD Scheme each year as a method of alternative compliance. He will have to certify compliance for the two-year cycle ending Dec. 31, 2010.
Example: Elizabeth Member is a Fellow of the Institute of Actuaries of Australia and earns her SOA FSA through mutual recognition in 2012. She must begin to comply with the SOA CPD Requirement as of Jan. 1, 2013. She can, if she elects, comply with the IAAust CPD Standard as a method of alternative compliance. She will have to certify compliance for the two-year cycle ending Dec. 31, 2014.
G6. I dropped my SOA membership and am applying to be reinstated. How does the CPD Requirement affect me?
Members who are reinstated become immediately subject to the CPD Requirement as soon as they are reinstated. Reinstated members must report their CPD compliance status on the December 31 immediately following reinstatement. In addition, if the member reinstates after CPD compliance reporting has begun (after 2010), the membership directory of the reinstated member will show that member's status as "Non–compliant" unless the member is able to demonstrate compliance at the time of reinstatement. Reinstated members will be able to be reinstated as "Compliant" with the SOA CPD Requirement if they are able to demonstrate that they have completed a full cycle of CPD at the time of reinstatement (See Section A2(f)).
Example: Steven Member applies for and is reinstated as an SOA member in 2009. Steven must immediately begin to earn CPD credits and would be required to report his compliance with the Requirement beginning with the cycle ending Dec. 31, 2010.
Example: Lauren Member drops her SOA membership in 2007 and applies for reinstatement in 2011. She is given the option to reinstate "Non–compliant" or if she can demonstrate that she completed one full cycle of CPD she may reinstate as "Compliant." Lauren is able to demonstrate that she earned 60 units of CPD during the past two years to meet the Basic Requirement Provisions of Section B and is reinstated "Compliant" during 2011. Lauren will also have to certify compliance with the CPD Requirement on Dec 31, 2011 and every year thereafter.
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