Background Information on Conflict of Interest Policy Acknowledgment and Continuing Education Acknowledgment

The Academy Board of Directors adopted a policy requiring all individuals who serve as members or interested parties of any Academy boards, councils, committees, sub-committees, task forces, and work groups, etc. (collectively “Committee”), to acknowledge annually the existing Conflict of Interest (“COI”) policy set forth below that applies to all individuals who do volunteer work or are interested parties on an Academy committee.

Similarly, in 2011, the Academy Board of Directors adopted a policy that all Academy members who are members of any Academy Committee annually comply with, and attest to compliance with, the continuing education requirements of the U.S. Qualification Standards. It is expected that each such actuary will have completed 30 hours of CE (relevant continuing education, including 6 from organized activities and 3 from professionalism topics) in the year prior to the acknowledgement or as otherwise provided in the U.S. Qualification Standards. Volunteers will be expected to be in compliance by January 1st. And as an Academy member benefit, Academy members can access the Council on Professionalism’s quarterly webcasts dating back to September 2007 and earn professionalism CE credits by reviewing those materials.  Please note that, as described in Section 2.2.7 of the U.S. Qualification Standards, many volunteers may earn CE credits, including organized activity credits, by virtue of serving on an actuarial committee.

Conflict of Interest Policy

The Academy has adopted the following policy to guide its activities on behalf of the actuarial profession and the public:

The American Academy of Actuaries’ mission is to serve the public and the United States actuarial profession.

To accomplish this:

  • As the public voice for the United States actuarial profession, the Academy provides independent and objective actuarial information, analysis, and education for the formation of sound public policy;
  • The Academy provides for the establishment, maintenance, and enforcement of high professional standards of actuarial qualification, practice, and conduct;
  • The Academy advances actuarial practice by informing and educating its members on public policy and professionalism issues and current and emerging practices;
  • The Academy identifies and addresses issues on behalf of the public interest on matters in which actuarial science provides a unique understanding;
  • The Academy increases the public’s understanding and recognition of the value of the actuarial profession; 
  • The Academy provides opportunities for professional development of its members through volunteerism and service to the profession; 
  • The Academy facilitates and coordinates response to issues of common interest among the U.S.-based actuarial associations; and 
  • The Academy coordinates the representation of the U.S. profession globally.

These fundamental purposes of the Academy require it to maintain a high level of professional objectivity and independence from any specific interests of the employers of its members and Interested Parties serving on committees. Therefore, members and Interested Parties who work on such committees must carefully consider and address any situation that may arise with respect to such party’s activity, or the activity of any party working with them, which may call into question their professional objectivity.
Members and Interested Parties should comply with the Code of Professional Conduct whenever they provide services to the Academy, such as serving on an Academy Committee. Members and Interested Parties should familiarize themselves with the paper “Conflicts of Interest When Doing Volunteer Work” published by the Council on Professionalism in 2011, which discusses conflicts of interest. It also suggests possible actions a member or Interested Party might consider taking if such party identifies a possible conflict of interest.
Any question or concern about the possibility of a conflict of interest with respect to any work a member or Interested Party may perform on behalf of the Academy should be addressed to the member supervising the activity or to the Academy’s general counsel.