901.12—Eligibility for enrollment of individuals applying for enrollment before January 1, 1976.
(a) In general.
An individual applying before January 1, 1976, to be an enrolled actuary must fulfill the experience requirements of paragraph (b) of this section and either the examination requirements of paragraph (c) of this section or the educational requirements of paragraph (d) of this section.
(b) Qualifying experience.
Within a 15 year period immediately preceding the date of application, the applicant shall have completed either:
(2)
A minimum of 60 months of responsible actuarial experience, including at least 18 months of responsible pension actuarial experience.
(c) Examination requirement.
The applicant shall satisfactorily complete the Joint Board examination requirement of paragraph (c)(1) of this section or the organization examination requirement of paragraph (c)(2) of this section.
(1) Joint Board examination.
To satisfy the Joint Board examination requirement, the applicant shall have completed, to the satisfaction of the Joint Board, an examination prescribed by the Joint Board in actuarial mathematics and methodology related to pension plans, including the funding requirements of ERISA.
(2) Organization examination.
(i)
To satisfy the organization examination requirement, the applicant shall, before March 1, 1975, have attained by proctored examination one of the following classes of qualification in one of the following organizations:
(F)
A class attained by proctored examination in any other actuarial organization in the United States or elsewhere if the Joint Board determines that the subject matter included in such examination, complexity of questions, and the minimum acceptable qualifying score are at least comparable to proctored examinations administered by any of the above organizations before March 1, 1975; or
(ii)
On or after March 1, 1975, the applicant shall have attained one of the classes of qualification specified in paragraph (c)(2)(i) of this section, the attainment of such qualification having been by proctored examination under requirements determined by the Joint Board to be of not lower standards than the requirements for qualification during the 12 months immediately preceding March 1, 1975.
(d) Qualifying formal education.
Prior to filing an application, the applicant shall have satisfied one of the following educational requirements:
(1)
Received a bachelor's or higher degree from an accredited college or university, such degree having been granted after the satisfactory completion of a course of study in which the major area of concentration was actuarial science, or
(2)
Received a bachelor's or higher degree from an accredited college or university, such degree having been granted after the satisfactory completion of a course of study in which the major area of concentration was mathematics, statistics, or computer science, and shall have successfully completed at least 6 semester hours or 9 quarter hours of courses in life contingencies at an accredited college or university.
(e) Disreputable conduct.
The applicant may be denied enrollment if it is found that he/she, after his/her eighteenth birthday, has:
(3)
Submitted false or misleading information on an application for enrollment to perform actuarial services or in any oral or written information submitted in connection therewith or in any report presenting actuarial information to any person, knowing the same to be false or misleading.