An MRA is a mutual agreement that recognizes the professional qualifications of participating actuaries. The legal challenge in question lies in the fact that the IFoA assigns its qualification as a British stock exchange to European actuaries who, in some cases, have qualified to a lower level through their national qualifications. If you are not eligible for mutual recognition, you can join IFoA as a student and study to become an IFoA Associate or Fellow. The main objective of the CPD and CAF requirements under the Mutual Recognition Agreements (MRRs) is to learn more about the application for accredited membership on the basis of a qualification by an actuarial association that does not have a mutual recognition agreement with the actuactuarial institute, see implementation guidelines. The insurance institute has mutual recognition agreements with the following actuarial associations: actuaries who have obtained their initial scholarship in the last five years have taken a course of professionalism and have completed the equivalent of the CPD. by filling one or more (or an appropriate combination) of the defined means. An applicant who has not met a particular test must meet the specific requirement mentioned in the mutual recognition agreements. CPD Equivalent You must read the agreement that is relevant to the country in which you are qualified to ensure that you meet the criteria. The IFoA is seeking to reshape its relationship with the AEA for reasons, including the UK`s non-registration in the European Union, and a legal challenge in the UK which, according to the IFoA, would mean that it could not participate in a Mutual Recognition Agreement (MRA) with the AAE.
Scholars who have qualified through actuarial associations who have not signed a mutual recognition agreement with the Institute may apply for special consideration for accredited membership.