FSA 2025 – NAIC Decision
By Anthony Cappelletti
General Insurance Insights, June 2025
The syllabi for all the courses under the revised fellowship pathway are now available in the FSA Course Catalog. It was published in May so that candidates will have ample time to make an informed decision on what courses they will take on their path to becoming an FSA.
In the previous edition of this newsletter, Stuart Klugman, SOA senior staff fellow, outlined our recommendation to the NAIC’s Casualty Actuarial and Statistical Task Force (CASTF) about how one can meet the education requirements to sign the Statement of Actuarial Opinion (SAO) for a U.S. Property/Casualty (P/C)[1] insurer. Recall that our recommendation was that one would need credit for all four GI courses being offered:
- GI 101 — Ratemaking and Reserving
- GI 201 — Financial, Regulatory, and Legal
- GI 301 — Further Topics in General Insurance
- GI 302 — General Insurance in the United States
CASTF has informed the SOA that they have accepted our recommendation. An FSA who earns credit for all four GI courses will fulfill the NAIC education requirements necessary for signing the P/C SAO[2].
Of the previous requirements, a fellow was required to have credit for the following to meet the NAIC’s education requirements for signing a U.S. general insurance company’s SAO:
- GIA Module
- FERL Module
- GI INT
- GI RR
- GI FREU
- GI ADV
The issue that needed to be addressed is which exams and courses are required when someone becomes an FSA with a combination of GI track exams and modules under the previous pathway and GI courses under the revised pathway.
We have recommended to CASTF that an FSA must fulfill the following requirements to have met the education requirements to sign the P/C SAO under transition:
- GI RR or GI 101
- GI INT and FERL module or GI 201
- GI ADV and GIA module or GI 301
- GI FREU or GI 302
We anticipate that CASTF will make a decision on this recommendation between now and July.
Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries, the editors, or the respective authors’ employers.
Anthony Cappelletti is a staff fellow at the Society of Actuaries. Anthony can be contacted at acappelletti@soa.org.
Endnotes
[1] The SOA refers to Property/Casualty (P/C) insurance as general insurance (GI). The term GI is used in many countries. Additionally, some countries use the term non-life (NL) insurance. These terms all refer to the same practice area.
[2] Note that this is only one part of the requirements to sign the P/C SAO. There are also requirements for continuing education and experience.