Section 1. Academy leadership and volunteers

This is the Academy

The American Academy of Actuaries is the voice of U.S. actuaries on public policy and professionalism issues. It represents the U.S. profession both domestically and internationally.

The Academy provides reliable, independent actuarial expertise on public policy issues to Congress, state legislatures, other policymakers, regulators, and the public.

The Academy also develops and maintains standards of qualification to practice as an actuary. In addition, the Actuarial Standards Board (ASB) and the Actuarial Board for Counseling and Discipline (ABCD) are entities established within and supported by the Academy. They operate independently in establishing standards, providing counseling, and/or recommending discipline.

The Academy’s work is governed by three primary groups: the Board of Directors, the Executive Committee, and the Council of U.S. Presidents.

Academy committees and task forces are appointed annually, the period running from the close of one annual meeting to the opening of the next.

2009 Membership Statistics

Academy Membership
Membership as of November 30, 2008 16,486
Membership as of November 30, 2007 15,778

Academy Membership by Employment
(As of November 30, 2008)

Academy's Vision and Mission

Vision
The vision of the American Academy of Actuaries is that financial security systems in the United States be sound and sustainable, and that actuaries be recognized as preeminent experts in risk and financial security.

Mission
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.

Academy structure and governance

The American Academy of Actuaries is a national organization formed in 1965 to bring together, in a single entity, actuaries of all specializations within the United States. A major purpose of the Academy is to act as a public information organization for the profession. Academy committees regularly prepare testimony for Congress, provide information to congressional staff and senior federal policymakers, comment on proposed federal and state regulations, and work closely with the National Association of Insurance Commissioners and state officials on issues relatedto insurance and other forms of risk financing. The Academy establishes qualification standards for the actuarial profession in the United States and houses two operationally independent boards: The Actuarial Standards Board promulgates standards of practice for the profession, and the Actuarial Board for Counseling and Discipline helps to ensure that high standards of professional conduct are met.

Academy Board of Directors

Dave K.Sandberg
President

The Academy Board

establishes the Academy's goals and priorities.
elects Academy officers.
approves the budgets for the Academy, the ASB, and the ABCD.
considers professionwide policy issues relevant to the Academy's goals and the profession's goals.
reviews and, when appropriate, approves interim policy and administrative actions made by the Executive Committee.
initiates bylaw changes.

Board composition

The Board of Directors [1] has 28 members: the 11-person Executive Committee, nine regular directors, and eight special directors.

The Executive Committee [2] is composed of the Academy's 11 officers (president, president-elect, immediate past president, secretary, treasurer, and the six vice presidents)
Nine regular directors.
Eight special directors: the presidents and presidents-elect of the American Society of Pension Professionals and Actuaries, the Casualty Actuarial Society, the Conference of Consulting Actuaries, and the Society of Actuaries.

Public policy practice councils

As the public policy arm of the U.S. actuarial profession, the Academy provides independent, objective analysis to policymakers and regulators. Academy members use their actuarial expertise to contribute to the public debate on major issues ranging from Social Security solvency to terrorism insurance.

The Academy’s public policy efforts—papers and testifying before Congress and state legislatures to actuarial analysis of the impact of regulations and working with the National Association of Insurance Commissioners (NAIC)—are supported by the Casualty Practice Council, Health Practice Council, Life Practice Council, Pension Practice Council, and Risk Management and Financial Reporting Council. The Academy’s senior health fellow and senior pension fellow help represent the Academy on public policy issues.

The Academy also provides an actuarial perspective on key issues by sponsoring Capitol Hill briefings for congressional staff and policymakers. The Hill briefings have covered such varied topics as Social Security reform, asbestos liability, retirement security, and the Medicare prescription drug benefit. The Hill briefings reflect an increased emphasis on the public policy debate at the national level. Similarly, members have been called upon to testify on numerous occasions about pension funding and medical liability reform issues. At the same time, Academy volunteers continue to work extensively on state insurance issues with the NAIC, the National Conference of Insurance Legislators, rule-making bodies such as the Federal Accounting Standards Board and the Governmental Accounting Standards Board, and interested parties such as the American Institute of Certified Public Accountants and the AARP. International issues have also moved into the foreground in recent years.

To assist Academy members and staff involved in public policy activities, the Board of Directors adopted the “Guidelines for Making Public Statements” in 1982. The guidelines were updated most recently in 2007 to cover public statements made in an international context. The Academy’s public statements include issue briefs, monographs, and comment letters, as well as other types of comment and analysis.

Vision and Strategic Direction

The Academy is the primary source of impartial expertise and practical advice on public policy issues regarding financial security and management of risk.
Strategic Directions

Educate public policymakers and the general public on aspects of issues relating to financial security and actuarial soundness to promote the public good.
Advocate for public policy outcomes that are actuarially sound.
Advocate on behalf of the actuarial profession in order to promote and protect the profession and to increase the influence of the Academy and the actuarial profession in the creation of public policy that affects the profession.
Advocate on behalf of the actuarial profession for sound public policy outcomes to increase the recognition, appreciation, and use of actuaries in new areas of practice.

Click HERE [3] to view all the committees

Casualty Practice Council

The Casualty Practice Council oversees the Academy's public policy work on property/casualty issues. The Academy vice president for casualty issues heads the council and serves on the Academy Executive Committee and Board of Directors.

The council manages the work of its committees, task forces, and work groups, which are listed here.

Casualty Practice Council [4]

Actuarial Soundness Task Force [5]
Committee on Property and Liability Financial Reporting [6]
- » Opinion Seminar Subcommittee [7]
- » Law Manual Subcommittee [8]
P/C Extreme Events Committee [9]
- » Mass Torts Subcommittee [10]
- » Flood Insurance Subcommittee [11]
- » Natural Catastrophe Subcommittee [12]
- » Terrorism Risk Insurance Subcommittee [13]
P/C Financial Soundness/Risk Management Committee [14]
P/C Products, Pricing, and Market Committee [15]
- » Automobile Insurance Subcommittee [16]
- » Medical Professional Liability Subcommittee [17]
- » Property and All Other Lines Subcommittee [18]
- » Workers' Compensation Subcommittee [19]
Property and Casualty Risk-Based Capital Committee [20]
Casualty Loss Reserve Seminar Planning Committee [21]
Task Force on the Credit Crisis [22]
Emerging Issues Task Force [23]
Casualty Communications Task Force [24]
Deferred Tax Asset Bridge Work Group [25]

Life Practice Council

The Life Practice Council oversees the Academy's public policy work on life insurance issues. The Academy's vice president for life issues heads the council and serves on the Academy Executive Committee and Board of Directors.

The council manages the work of its committees, task forces, and work groups, which are listed here.

Life Practice Council [26]

Life Financial Reporting Committee [27]
Life Products Committee [28]
- Annuity Illustration Work Group [29]
- Contingent Annuity Work Group [30]
- Life Illustrations Work Group [31]
- Nonforfeiture Improvement Work Group [32]
- Life Settlements Consumer Guide Work Group [33]
- Government Mandates Work Group [34]
Life Financial Soundness/Risk Management Committee [35]
- Life Valuation Subcommittee [36]
  - Annuity Reserve Work Group [37]
    - Deposit Fund Subgroup [38]
  - Life Reserves Work Group [39]
    - Variable Universal Life Subgroup [40]
    - Asset Subgroup [41]
  - Life Reinsurance Work Group [42]
  - Life Principle-based Approach Practice Note Work Group [43]
  - Reserve Principles Work Group [44]
  - Variable Annuity Reserve Work Group [45]
- Life Capital Adequacy Subcommittee [46]
  - C 3 Life and Annuities Work Group [47]
  - Economic Scenario Implementation Work Group [48]
  - Economic Scenario Work Group [49]
  - Invested Asset Work Group [50]
  - Duration Blanks Work Group [51]
- PBA Strategy Task Force [52]
- Modeling Efficiency Work Group [53]
- PBA Website Work Group [54]
Life Experience Subcommittee [55]
Life Public Interest Task Force [56]
Tax Work Group [57]

Joint with another Council

Health Practice Council

The Health Practice Council oversees the Academy's public policy work on health issues, including Medicare. The Academy's vice president for health issues heads the council and serves on the Academy Executive Committee and Board of Directors.

The council manages the work of its committees, task forces, and work groups, which are listed here.

Health Practice Council [60]

Senior Health Fellow: Cori Uccello
ASB Liaison: Robert Cosway
Professionalism Liaison: Geoffrey Sandler

Committee on Federal Health Issues [61]
- » Medical Malpractice Liason: David Axene
- » Federal Long-Term Care Task Force [62]
- » Individual and Small Group Market Task Force [63]
- » Disease Management Work Group [64]
- » Health Care Quality Work Group [65]

Health Care Reform Implementation
- »Exchanges Work Group [66]
  - Actuarial Value Subgroup [67]
- »Medical Loss Ratio Subgroup [68]
- »Premium Review Subgroup [69]
- »Rate Review Practice Note Work Group [70]
- »Risk Sharing Work Group [71]
Committee on State Health Issues [72]
- » Academy/SOA Cancer Claim Cost Tables Work Group [73]
- » State Long-Term Care Task Force [74]
- » Health Care Receivables Factors Work Group [78]
- » Academy/SOA Long-Term Disability Work Group [79]
- » Medicare Supplement Work Group [80]
- » Medicaid Work Group [81]
- » Medicare Part D RBC Subgroup [82]
- » Health Solvency Work Group [83]
- » State Health Principle-based Work Group [84]
- » Stop-Loss Work Group [85]
Health Practice Financial Reporting Committee [86]
Medicare Steering Committee [87]
Joint Committee on Retiree Health [88]
Health Practice International Task Force [89]
Deferred Tax Asset Bridge Work Group [25]

Pension Practice Council

The Pension Practice Council oversees the Academy's public policy work on pension and Social Security issues. The Academy's vice president for pension issues heads the council and serves on the Academy Executive Committee and Board of Directors.

The council manages the work of its committees, task forces, and work groups, which are listed here.

Pension Practice Council [90]

Pension Accounting Committee [91]
Social Security Committee [92]
Pension Committee [93]
- » Multiemployer Plans Subcommittee [94]
- » Public Plans Subcommittee [95]
Joint Academy/SOA Pension Finance Task Force [96]
Joint Program Committee for the Enrolled Actuaries Meeting [97]
Joint HP/PPC Committee on Retiree Health [98]
PPC Forward Thinking Task Force [99]

Risk Management and Financial Reporting Council

The Risk Management and Financial Reporting Council oversees the Academy's work on domestic and international financial reporting and risk management issues. It also coordinates Academy work affecting multiple areas of actuarial practice and serves as a liaison to public policy-makers, the financial community, and insurance industry representatives on these issues.

Risk Management and Financial Reporting Council [100]

Life Settlements Investments Work Group [101]
Financial Regulatory Reform Task Force [102]
Financial Reporting Committee [103]
International Accounting Standards Task Force [104]
Solvency Committee [105]
- » Deferred Tax Asset Bridge Work Group [58]
- » Reinsurance Subcommittee [106]
ERM Committee [107]
Risk Classification Work Group [108]

Council on Professionalism

The Council on Professionalism oversees the Academy's work on professionalism issues. The council manages the work of its committees, task forces, and work groups, which are listed here.

The Academy's vice president for professionalism heads the council and also serves on the Board of Directors and the Executive Committee.

Committee on Actuarial Public Service [109]
Committee on Professional Responsibility [110]
Committee on Qualifications [111]
Council on Professionalism [112]
Joint Committee on the Code of Professional Conduct [113]
Life and Health Qualifications Seminar Committee [114]

Academy History and Background

“From the halls of Congress and state capitols to regulatory and professional bodies such as the NAIC, FASB, and the IAA, the Academy represents the interests of all U.S. actuaries. As a member of the Academy, you are demonstrating a personal commitment to responsible actuarial practice, professionalism, and sound public policy.”

—Dan McCarthy, Academy past president

FOR MANY YEARS, the actuarial profession in North America consisted of four organizations: the Casualty Actuarial Society (CAS), the Conference of Actuaries in Public Practice, the Fraternal Actuarial Association, and the Society of Actuaries (SOA). In 1964, these organizations recognized the need for a single inclusive body that would represent qualified American actuaries of all specialties. They approved the creation of a new organization.

The American Academy of Actuaries was born Oct. 25, 1965, as an unincorporated association serving the actuarial profession in the United States. In 1966, it became a corporation under the Illinois General Not For Profit Corporation Act. The Academy’s first president was Henry F. Rood—the actuary who had first formally proposed the creation of such an organization in 1958, when he was SOA president. The Academy initially shared administrative facilities with the SOA in Chicago; then, in January 1976, the Academy moved its headquarters to the nation’s capital, where it remains.

Today, the Academy serves as the voice of American actuaries on public policy and professionalism issues, representing the U.S. actuarial profession at the state, federal, and international levels. It provides independent, objective actuarial expertise on public policy issues to legislators, regulators, policymakers, and others, and it develops and maintains professional standards.

The Academy started out with 1,427 charter members, automatically offering membership to all U.S. residents who were fellows (or the equivalent) of the four existing American actuarial organizations. Today, the Academy has nearly 17,500 members (data as of August 2011)—most of the actuaries in North America. They include consultants, corporate executives, regulators, university professors, government officials, and retirees. Their areas of practice range from pensions and financial reporting to casualty, life, and health insurance.

Vision & Mission [115]
Leadership [116]
Councils [117]
Legal Recognition [118]
Membership Requirements [119]
Code of Professional Conduct [120]
Qualification Standards [121]
Standards of Practice [122]
- Learn more about the Actuarial Standars Board (ASB) [123]
Counseling and Discipline [124]
Joint Activities [125]

Historical Notes on the Founding of the American Academy of Actuaries

Read a fascinating history [126] of the events beginning in 1948 that led to the founding of the American Academy of Actuaries in 1965. (Historical notes compiled by Walter L. Rugland, MAA, FSA, FFAA, and published by the Academy in June 1986.)

Past Officers of the Academy

Click here for a list [127] of past Academy officers, including presidents, dating back to 1965.

Links:
[1] http://www.actuary.org/node/3047
[2] http://www.actuary.org/node/3048
[3] http://www.actuary.org/committees/dynamic/list
[4] http://www.actuary.org/../../committees/dynamic/CASUALTYCOUNCIL
[5] http://www.actuary.org/../../committees/dynamic/ACTUARIALSOUNDNESS
[6] http://www.actuary.org/../../committees/dynamic/COPLFR
[7] http://www.actuary.org/../../committees/dynamic/OPINIONSEMINAR
[8] http://www.actuary.org/../../committees/dynamic/PCMANUAL
[9] http://www.actuary.org/../../committees/dynamic/EXTREME
[10] http://www.actuary.org/../../committees/dynamic/MASSTORT
[11] http://www.actuary.org/../../committees/dynamic/FLOODSUBCTE
[12] http://www.actuary.org/../../committees/dynamic/CATSUBCTE
[13] http://www.actuary.org/../../committees/dynamic/TRIA%20SUBGROUP
[14] http://www.actuary.org/../../committees/dynamic/SOUNDNESS
[15] http://www.actuary.org/../../committees/dynamic/PCPRODUCTS
[16] http://www.actuary.org/../../committees/dynamic/AAAAUTO
[17] http://www.actuary.org/../../committees/dynamic/AAAMEDMAL
[18] http://www.actuary.org/../../committees/dynamic/PROPALLOTHER
[19] http://www.actuary.org/../../committees/dynamic/AAAWC
[20] http://www.actuary.org/../../committees/dynamic/PCRBCCTE
[21] http://www.actuary.org/../../committees/dynamic/CLRS
[22] http://www.actuary.org/../../committees/dynamic/CREDITCRISIS
[23] http://www.actuary.org/../../committees/dynamic/CPCEMERGING
[24] http://www.actuary.org/../../committees/dynamic/CCTF
[25] https://www.actuary.org/cvweb/cgi-bin/committeedll.dll/Info?committeecd=DTABRIDGE
[26] http://www.actuary.org/../../committees/dynamic/LPC
[27] http://www.actuary.org/../../committees/dynamic/LFRC
[28] http://www.actuary.org/../../committees/dynamic/LPRC
[29] http://www.actuary.org/../../committees/dynamic/AIS
[30] https://w/committees/dynamic/CAIWG
[31] http://www.actuary.org/../../committees/dynamic/IWG
[32] http://www.actuary.org/../../committees/dynamic/NFIWG
[33] http://www.actuary.org/../../committees/dynamic/LIFESETTLEMENT
[34] http://www.actuary.org/../../committees/dynamic/MANDATES
[35] http://www.actuary.org/../../committees/dynamic/SVL2
[36] http://www.actuary.org/../../committees/dynamic/LVS
[37] http://www.actuary.org/../../committees/dynamic/ARWG
[38] http://www.actuary.org/../../committees/dynamic/DFS
[39] http://www.actuary.org/../../committees/dynamic/ULWG
[40] http://www.actuary.org/../../committees/dynamic/VULSG
[41] http://www.actuary.org/../../committees/dynamic/ASSETSG
[42] http://www.actuary.org/../../committees/dynamic/REINSURANCE%20WG
[43] http://www.actuary.org/../../committees/dynamic/LPBAPN
[44] http://www.actuary.org/../../committees/dynamic/RESERVEPRINCIPLES
[45] http://www.actuary.org/../../committees/dynamic/VARWG
[46] http://www.actuary.org/../../committees/dynamic/LCAS
[47] http://www.actuary.org/../../committees/dynamic/C3WG
[48] http://www.actuary.org/../../committees/dynamic/ESIWG
[49] http://www.actuary.org/../../committees/dynamic/EGWG
[50] http://www.actuary.org/../../committees/dynamic/IAWG
[51] http://www.actuary.org/../../committees/dynamic/DBWG
[52] http://www.actuary.org/../../committees/dynamic/PBASTF
[53] http://www.actuary.org/../../committees/dynamic/MEWG
[54] http://www.actuary.org/../../committees/dynamic/PBAWEBWG
[55] http://www.actuary.org/../../committees/dynamic/LIFEEXPERIENCE
[56] http://www.actuary.org/../../committees/dynamic/LPCPITF
[57] http://www.actuary.org/../../committees/dynamic/TAXWG
[58] http://www.actuary.org/../../committees/dynamic/DTABRIDGE
[59] http://www.actuary.org/../../committees/dynamic/LITF
[60] http://www.actuary.org/../../committees/dynamic/HEALTHCOUNCIL
[61] https://www.actuary.org/cvweb/cgi-bin/committeedll.dll/Info?committeecd=federalhealth
[62] http://www.actuary.org/../../committees/dynamic/LTCTF
[63] http://www.actuary.org/../../committees/dynamic/MEDMARKETSTF
[64] http://www.actuary.org/../../committees/dynamic/DISEASEMGMT
[65] http://www.actuary.org/../../committees/dynamic/QUALITYWG
[66] http://www.actuary.org/../../committees/dynamic/HCREXCHANGES
[67] http://www.actuary.org/../../committees/dynamic/HCRACTVALUE
[68] http://www.actuary.org/../../committees/dynamic/HCRMLR
[69] http://www.actuary.org/../../committees/dynamic/HCRPREMREVIEW
[70] http://www.actuary.org/../../committees/dynamic/RATEREVIEWPN
[71] http://www.actuary.org/../../committees/dynamic/HCRRISKSHARE
[72] http://www.actuary.org/../../committees/dynamic/STATEHEALTH
[73] http://www.actuary.org/../../committees/dynamic/CCCTV
[74] http://www.actuary.org/../../committees/dynamic/STATELTC
[75] http://www.actuary.org/../../committees/dynamic/JLTCVWG
[76] http://www.actuary.org/../../committees/dynamic/LTCPB
[77] http://www.actuary.org/../../committees/dynamic/LTCPNUPDATE
[78] http://www.actuary.org/../../committees/dynamic/HEALTHRECEIVABLE
[79] http://www.actuary.org/../../committees/dynamic/GLTDWG
[80] http://www.actuary.org/../../committees/dynamic/MEDSUPWG
[81] http://www.actuary.org/../../committees/dynamic/MEDICAID
[82] http://www.actuary.org/../../committees/dynamic/HRBCSUBGROUP
[83] http://www.actuary.org/../../committees/dynamic/HEALTHSOLVENCY
[84] http://www.actuary.org/../../committees/dynamic/HEALTHPB
[85] http://www.actuary.org/../../committees/dynamic/SL
[86] http://www.actuary.org/../../committees/dynamic/HPFRC
[87] http://www.actuary.org/../../committees/dynamic/MEDICARESTEERING
[88] http://www.actuary.org/../../committees/dynamic/RETIREEHEALTHCOM
[89] http://www.actuary.org/../../committees/dynamic/HEALTH%20INTERNATION
[90] http://www.actuary.org/../../committees/dynamic/PENSIONCOUNCIL
[91] http://www.actuary.org/../../committees/dynamic/PENSIONACCT
[92] http://www.actuary.org/../../committees/dynamic/SOCIANINS
[93] http://www.actuary.org/../../committees/dynamic/PENSIONCOM
[94] http://www.actuary.org/../../committees/dynamic/MULTIEMP
[95] http://www.actuary.org/../../committees/dynamic/PUBLICPLANS
[96] http://www.actuary.org/../../committees/dynamic/JOINTAAASOAPEN
[97] http://www.actuary.org/../../committees/dynamic/JOINTEAMEETING
[98] https://www.actuary.org/cvweb/cgi-bin/committeedll.dll/Info?committeecd=retireehealthcom
[99] http://www.actuary.org/../../committees/dynamic/PPCFORWARD
[100] http://www.actuary.org/../../committees/dynamic/FRCOUNCIL
[101] http://www.actuary.org/../../committees/dynamic/LSINVESTMENTS
[102] http://www.actuary.org/../../committees/dynamic/FINREGTF
[103] http://www.actuary.org/../../committees/dynamic/FREPORTING
[104] http://www.actuary.org/../../committees/dynamic/IASTF
[105] http://www.actuary.org/../../committees/dynamic/RISKMGTSOLVENCY
[106] http://www.actuary.org/../../committees/dynamic/REINSURANCESUB
[107] http://www.actuary.org/../../committees/dynamic/ERM%20SUBCOMMITTEE
[108] https://committees/dynamic/RISKCLASSIFICATIONPW
[109] http://www.actuary.org/../../committees/dynamic/COAPS
[110] http://www.actuary.org/../../committees/dynamic/COPR
[111] http://www.actuary.org/../../committees/dynamic/COQ
[112] http://www.actuary.org/../../committees/dynamic/PROFCOUNCIL
[113] http://www.actuary.org/../../committees/dynamic/CODECOMMITTEE
[114] http://www.actuary.org/../../committees/dynamic/LHSEMINARCTE
[115] http://www.actuary.org/../../content/vision-mission
[116] http://www.actuary.org/../../content/academy-leadership
[117] http://www.actuary.org/../../committees/dynamic/list
[118] http://content/academy-legal-recognition
[119] http://www.actuary.org/../../category/site-section/inside-academy/academy-membership
[120] http://www.actuary.org/../../content/actuarial-code-conduct
[121] http://www.actuary.org/../../content/qualification-standards
[122] http://www.actuary.org/../../content/actuarial-standards-practice-asops
[123] http://www.actuarialstandardsboard.org/
[124] http://www.abcdboard.org/
[125] http://www.actuary.org/../../content/international-0
[126] http://www.actuary.org/../../content/academy-maaa-historical-notes-1986
[127] http://www.actuary.org/../../content/officers-academy