PROCEEDINGS May 15, 16, 17, 18, 2005 - Casualty Actuarial Society

782 REPORT OF THE VICE PRESIDENT—ADMINISTRATIONcertain types of risks facing the CAS, as well as identifying opportunities.2. Establish and maintain standards of qualifications formembership.CAS Admissions Committees and Task Forces pursued anumber of developments. The Task Force on Study Materialsrecommended that the CAS issue an RFP to develop more effectivestudy materials for basic education. In response to therecommendation, the Syllabus Committee issued an RFP for anintegrated study note on catastrophe ratemaking in July 2005 andcontracted with a vendor in November 2005. The committee liaisonwill continue to work with the author to finalize the paperin 2007. This pilot project will help to determine whether theRFP process is appropriate for creating integrated study notes.The CAS also made strides in mutual recognition, executingagreements with the United Kingdom’s Institute of Actuaries andthe Faculty of Actuaries. The mutual recognition agreements giveFellows of the CAS the opportunity to become Fellows of eitherthe Institute of Actuaries or the Faculty of Actuaries. Additionally,members of the U.K. associations also have the opportunityto join the CAS. Following those agreements, the Societyof Actuaries in Ireland (SAI) determined that CAS Fellows wereeligible for Fellowship in the SAI, subject to having at least threeyears of recent and appropriate practical experience, with at leastone of those years working within the Republic of Ireland.In considering a move to a single class of membership, theboard instructed the executive council to establish the Task Forceon FCAS Education. The task force was charged with proposinga set of learning objectives by which the FCAS designationcan be obtained. These learning objectives should result in theability to attain the FCAS designation with less material than thecurrent exam, (i.e., with fewer than the current 9 exams), whilemeeting the requirements of the IAA and being consistent with