In the early 1900s in the United States, problems requiring actuarial treatment were emerging in sickness, disability, and casualty insurance-particularly in workers compensation, which was introduced in 1911. The differences between the new problems and those of traditional life insurance led to the organization in 1914 of the Casualty Actuarial and Statistical Society of America, with 97 charter members of the grade of Fellow. Dr. I.M. Rubinow, who was responsible for the Society's formation, became its first president. The Society adopted its present name in 1921.
Since the problems of workers compensation were the most urgent, many members played a leading part in developing the scientific basis for that line of insurance.
From its inception the Society has grown constantly, not only in membership, but also in range of interest and in scientific and related contributions to all lines of insurance other than life, including automobile, fire, homeowners, commercial multiple peril, and others.
The more than 5,939 members of the Society are employed by insurance companies, educational institutions, ratemaking organizations, state insurance departments, the federal government, and independent consulting firms.
The Society has three designations of credentialed members:
- Fellows, who are the voting members who have passed all Associate requirements plus exams 7-9
- Chartered Enterprise Risk Analyst (CERA), who are actuaries who meet requirements in ERM in addition to Associate level requirements
- Associates, who have passed exams 1-6, two Online Courses, all VEE requirements and completed the Course on Professionalism
All designations are achieved by successful completion of a series of comprehensive examinations.
A class of CAS membership, Affiliate, serves qualified actuaries who practice in the general insurance field but do not meet the qualifications to become an Associate or Fellow.
An Academic Correspondent program is available for nonmembers who are involved in teaching actuarial science, mathematics, economics, business or related courses and have an interest in the CAS. Other interested nonmembers may enroll in the Subscriber Program. Correspondents and subscribers receive all CAS publications and may attend meetings and seminars.
Successful completion of (or credit for) Exams 1 through 6, the three requirements by Validation by Educational Experience, the two CAS online courses, and successful completion of the CAS Course on Professionalism satisfy the education requirements for Associateship. In addition to the Associateship requirements, successful completion of Exams 7-9 is required for Fellowship, the highest mark of distinction a member can receive. For more information on the examinations, view the Syllabus of Basic Education. Examinations are held in locations around the world.
A quarterly newsletter, Future Fellows, is produced for the benefit of candidates taking CAS exams.
The Casualty Actuarial Society has two general meetings each year, in May and November. Special and joint meetings with other actuarial bodies are occasionally held. Each of the 17 Regional Affiliates holds meetings periodically on topics of interest to Society members.
The CAS recognizes its obligation to provide a variety of continuing education opportunities for its members. Each year, the Society sponsors approximately 15 seminars on a wide range of business, insurance, and actuarial subjects. Continuing education sessions held during the Society's two general meetings provide other educational opportunities. Online courses, webcasts and webinars further supplement the CAS continuing education offerings.
The Society also fosters the professional growth of its members by disseminating actuarial-related information through its many publications. These include:
- Variance: Advancing the Science of Risk
a peer-reviewed journal to disseminate work of interest to casualty actuaries worldwide
contains the formal records of the Society along with the Constitution and Bylaws and a description of the organization's committees
- Actuarial Review
a quarterly newsletter
- Discussion Paper Program
includes papers solicited for discussion at the Society's spring meeting
a nonrefereed journal that contains research from CAS-sponsored seminars and committees and information from other actuarial sources
- Foundations of Casualty Actuarial Science
the definitive reference for the property and casualty actuarial practice
- Syllabus of Examinations
- reference material for examinations
- policy statements
- white papers on current issues
To stimulate original thinking and research within the actuarial profession, the Society annually sponsors prizes for the best papers in response to calls for papers on specific research areas such as ratemaking, reserving, dynamic financial analysis, and reinsurance. The CAS also awards prizes for related research by other organizations.
The Casualty Actuarial Society Trust was established as a nonprofit, tax-exempt organization that can dispense funds donated by members for scientific, literary, or educational purposes.
The Society's governing body is the 18-member Board of Directors. The principal administrative body is the Executive Council, consisting of the president, president-elect, seven vice presidents and Executive Director. The vice presidents are responsible for managing the Society's major activities including education and examinations, continuing education, membership services, research and development, publications, meeting and program planning, international activities, and administration. The Society is supported by a professional staff, with an office in Arlington, Virginia.
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