Academy President Tom Terry sent an email to Academy members on Oct. 3 reviewing the U.S. Qualification Standards requirements for actuaries who wish to change practice areas. The message seeks to dispel confusion for thousands of Academy members who may have received an email that stated one credential gives an actuary ease of movement from one practice area to another without replacing credentials. “As it applies to the U.S. Qualification Standards (USQS), we do not believe this statement to be correct. The requirements set forth in the USQS are fairly explicit about changing practice areas,” Terry wrote. Read the entire letter here.
The Council on Professionalism has released revised Applicability Guidelines for actuarial standards of practice (ASOPs). The updated edition reflects new and revised ASOPs and is now available for the first time in Excel. The Applicability Guidelines provide actuaries with a nonauthoritative reference as to which ASOPs might apply to them as they perform certain tasks in their actuarial roles. Click here to download the Applicability Guidelines.
The Academy invites feedback from the public, actuaries, regulators, employers, and other interested parties on its draft “U.S. Qualification Standards Attestation.” The proposed form is for actuaries to demonstrate how they meet the U.S. Qualification Standards for signing statements of actuarial opinion (SAOs) in the United States, including in particular the SAOs associated with the National Association of Insurance Commissioners life, health, and property & casualty annual statements. Review/download the draft and submit your feedback.
The Council on Professionalism held its regular early-morning breakfast forum with regulators, discussing “Actuarial Professionalism: Promoting Accountability,” at the National Association of Insurance Commissioners’ (NAIC) Summer 2014 National Meeting in Louisville, Ky., on Aug. 16. At the breakfast, Academy President-Elect Mary D. Miller further discussed the Academy’s new draft attestation template and invited regulators to provide feedback.
Nominations are now open for the Academy's annual member awards. The Robert J. Myers Public Service Award recognizes an actuary for a single noteworthy public service achievement or a career devoted to public service. The Jarvis Farley Service Award is presented annually to an Academy member whose volunteer efforts on behalf of the Academy have made significant contributions to the advancement of the profession. The nominations for each of these awards are due July 3.
This webinar discusses how Precept 13 applies to actuaries and actuarial work, steps to take when faced with a potential Precept 13 situation and issues surrounding compliance with Precept 13, and particular case studies in light of Precept 13 obligations.
The Committee on Qualifications (COQ) responded on Jan. 3 to the National Association of Insurance Commissioners’ (NAIC) Joint Qualified Actuary Subgroup’s (JQA) request to submit comments regarding the definition of a “qualified actuary.” During the NAIC Fall Annual Meeting last month the three NAIC actuarial task forces gave the JQA the charge to “Recommend a uniform definition of ‘qualified actuary’ for life, health and property/casualty appointed actuaries signing prescribed NAIC Statements of Actuarial Opinion, identifying any differences that should remain between lines of business.” In response, the COQ recommended that any definition of a “qualified actuary” for signing NAIC Statements of Actuarial Opinion should include a reference to qualifications under the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States.
The Academy's Council on Professionalism developed the discussion paper—"The Application of Precept 13 of the Code of Professional Conduct" to help actuaries better understand their obligation to take action if they come across actuarial work that appears to materially violate the Code. The paper includes an infographic that provides an overview of the Precept 13 process triggered by knowledge of "an apparent, unresolved, material violation of the Code" and an appendix that features several hypothetical scenarios related to Precept 13 violations.
Panelists Nancy Behrens and Janet Fagan, vice chairpersons of the Actuarial Board for Counseling and Discipline (ABCD), discuss professionalism topics covered in recent “Up to Code” articles in Contingencies magazine. The discussion includes particulars and case studies of Precept 2 of the Code of Professional Conduct, the pros and limitations of peer review in connection with actuarial work, and ABCD considerations in balancing transparency with confidentiality.
In response to a letter submitted by the Society of Actuaries (SOA) to the Committee on Qualifications (COQ) earlier this year, the COQ has sent a letter to the SOA regarding their request that the COQ modify Section 3.1.1.2 of the U.S. Qualification Standards at this time to include a reference to the SOA as a provider of property and casualty exams to meet the basic education requirements to sign the NAIC Property and Casualty Annual Statement actuarial opinion.
Speakers provide a series of vignettes demonstrating how to apply the Code of Professional Conduct and ASOPs with care and skill. Precept 3 and ASOP No. 41, Actuarial Communications, are used to showcase real-life scenarios. Speakers then discuss key takeaways and steps for heightening the level of professionalism in daily work, including documentation and communication.
The Academy’s Committee on Qualifications is pleased to provide a new professionalism tool to help actuaries gain a better understanding of which continuing education requirements apply to them. View the “Which CE Requirements Apply to Me?” infographic.
The Academy sent a letter to the National Association of Insurance Commissioners describing the many ways its mission aligns with regulators and their goals. The letter was sent in response to a request for comments to a discussion draft paper of the Joint Qualified Actuary (A/B/C) subgroup. As the home for actuarial professionalism, the Academy has long worked to serve both the public and the U.S. actuarial profession, describing this mission as “intended to support the objective of regulators to protect and assist the public.”
The Academy hosted a professionalism breakfast for regulators on August 24 to answer regulators’ questions on a range of topics including actuarial standards of practice (ASOPs), the counseling and discipline process, and how to respond to inadequate actuarial work. Academy professionalism representatives also presented to NAIC’s three primary task forces on the U.S. Qualification Standards, recently exposed ASOPs (including those on principle-based reserving and health care filings), and counseling and discipline activities. For more details, see the August 2013 Actuarial Update.