The Meaning of Your Membership 

Membership in the American Academy of Actuaries indicates that you recognize yourself as a member of a profession, a profession that holds itself to high standards of conduct, practice, and qualification, and a profession that strives to serve the public as well as ourselves. The Academy’s work in professionalism and public policy provides valuable benefits to every member of our profession. We maintain our individual reputations for being impartial, nonpartisan, unbiased and professional by collectively being impartial, nonpartisan, unbiased and professional in all the policies, procedures, and culture that the Academy embodies in its work.



Professionalism

Your membership reflects the profession’s self-regulatory structure that is housed at the Academy. Through important professionalism resources, bodies, and activities, the Academy enhances the value of the accreditation and professional independence of the actuarial profession.

Academy membership also provides you with the ability to support and maintain the high level of professionalism we expect of each other:



And, in 2017, professionalism committees at the Academy have been hard at work, describing and defining how professionalism principles can be applied in various situations.


The Academy and the Web of Professionalism

In a four-part series in Contingencies that culminated in 2017, Academy Past President Tom Wildsmith explored the infrastructure of actuarial professionalism and how the Academy is instrumental in supporting that infrastructure and the U.S. actuarial profession. Wildsmith terms this infrastructure a “web of professionalism,” and the series explores how the Academy developed these foundational documents and bodies to provide the professionalism framework for the profession.
 


Professionalism in Action

In his own four-part series in Contingencies, Academy President Bob Beuerlein examined the idea that professionalism—the commitment to a high level of personal integrity and ethical conduct, as well as compliance with the profession’s standards of conduct, qualification, and practice—can help the actuary to navigate ethical and other challenges that arise in the workplace. Each actuary’s dedication to professionalism will help him or her to respond to such challenges, while reinforcing the public’s trust in the profession as a whole. Public trust is the linchpin of the self-regulation that the actuarial profession enjoys.

The series began with a foundational discussion of the importance of modeling good professionalism behavior in the workplace, and then explored actuary-to-actuary communications and cooperation, the role of professionalism in new and emerging practice areas, and professionalism and the resolution of ethical dilemmas in the workplace.

The Committee on Qualifications continues to answer specific questions and provide guidance on existing qualification standards and their applicability to emerging areas of practice. This year the COQ updated its FAQ on qualifications regarding long-term care policies.




Public Policy

The Academy is dedicated to assuring that public policy is developed amid the sound application of objective actuarial principles. In 2017, Academy work groups offered policymakers and regulators actuarial perspectives on:
 
  • Casualty issues including flood insurance, risk-based capital, and price optimization
  • Health issues including potential reforms of the Affordable Care Act market stabilization, long-term care, and Medicare and Medicaid funding
  • Life issues including longevity risk, lifetime income, and principle-based reserving
  • Pension issues including measurement of plan funded status, Social Security solvency, and multiemployer plans solvency
  • Risk management and financial reporting issues including own-risk and solvency assessment (ORSA) reporting, international capital standards, and international financial reporting standards

Academy volunteers are invited to testify before congressional committees and state and federal regulatory bodies, assuring that the actuarial perspective is a part of these important conversations. The Academy’s credibility on public policy issues reflects on and to its members.
 
And the Academy makes sure that members are kept informed of how state and federal legislation and regulations will affect their daily work, through practice-specific and cross-practice alerts, through StateScan, a portal that highlights state legislation and regulation across the country that may be of interest to practicing actuaries, and HealthCheck, PBA Perspectives, Retirement Account, and our newest publication, Casualty Quarterly.


 


Resources

As a member of the Academy, you can be proud of the breadth of educational opportunities and public-facing initiatives undertaken in 2017.

As part of its mission to serve the public, the Academy released or revised several new tools of significant interest to the public at large in 2017, including:

The Actuaries Climate Index™ (ACI) is an educational tool designed to help inform actuaries, public policymakers, and the general public about climate trends and some of the potential impacts of a changing climate on the United States and Canada. The index is an objective measure of observed changes in extreme weather and sea levels.
 

PBR in Practice”—The Academy has been the technical architect behind principle-based reserving (PBR), helping to shape PBR into the valuation standard for life insurance issued after Jan. 1, 2017, in the 46 states that have passed standard valuation PBR-enabling legislation. The Academy has assembled materials to assist actuaries and regulators as the United States moves into the implementation phase of PBR for life insurance.
Publications 
The actuarial profession is constantly challenged to maintain currency—and Academy membership provides you access to informative and insightful membership publications to help you stay abreast of the latest trends in all areas of actuarial practice, not just the area in which you practice.


Contingencies
, the award-winning bimonthly magazine of the U.S. actuarial profession, offers diverse perspectives and innovative ideas across all practice areas.

Actuarial Update, the monthly newsletter that covers the many public policy and professionalism news and issues that arise each month, highlighting Academy activities in these areas.
 
And every Friday, This Week compiles a week’s worth of news, updates, events, and media coverage in one convenient, easy-to-read publication.


Webinars, Seminars, and Events
Members can participate in numerous educational events, ranging from webinars on essential fundamentals to in-depth, hands-on seminars for more experienced actuaries. Topics span all practice areas and a wide variety of subjects relating to public policy and professionalism. In addition, members have access to a library of archived webinars; reviewing the materials can provide no-cost continuing education credits.



Renew Your Membership

Don’t miss out on all these valuable member resources—and make sure you can share in the professionalism and public policy mission of the Academy. Renew your membership today.

To pay your dues without logging in, simply click the link in the email from Bob Beuerlein that brought you to this page. To review and modify your membership information before paying your dues, go to the members-only page of the Academy website. Log in with your user ID and password, and follow the instructions to pay your dues.