Proposed changes to Regulations

The Institute and Faculty of Actuaries (IFoA) entered into a joint venture agreement with the Society of Actuaries (SOA) on 20 October 2016.   As a consequence of that agreement, and the creation of a new company, CAA Global Limited, to administer, develop and promote the CAA qualification globally, the IFoA will close its current Student Actuarial Analyst category of membership to new members.   

Regulation 17A 

In order to facilitate the closure of the IFoA’s Student Actuarial Analyst category of membership to new members, a small procedural amendment to Regulation 17A (Admission Criteria for Student Actuarial Analyst) of the Regulations is required.   As Regulation 17A lays down the substantive admission pre-requisites for Student Actuarial Analysts, which is now a matter for CAA Global Limited, the IFoA requires to time limit the scope of Regulation 17A.   It is considered that 28 February 2017 is an appropriate cut off date. 

This amendment to Regulation 17A is a minor procedural step required to implement the joint venture agreement previously authorised by Council and now entered into.  Council has now approved this amendment and it is now being shared with members before it takes full effect on 28 February 2017.

The change to Regulation 17A is shown in red font below:

"Admission criteria for Student Actuarial Analyst

17A Up to and including 28 February 2017, Student Actuarial Analysts shall normally be admitted if they have passed, or are exempt from, the Module 0 entry test."

Notwithstanding this change, the IFoA’s Student Actuarial Analyst category of membership will continue to exist for the benefit of current Student Actuarial Analysts who took up membership prior to CAA Global Limited becoming operational and will remain a category of membership of the IFoA until such time as there are no residual Student Actuarial Analyst members of the IFoA.