Professionalism News and Events

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. (January 03, 2014)
The Academy’s professionalism breakfast on Dec. 15 at the fall meeting of the National Association of Insurance Commissioners was the setting for the Academy’s ongoing dialogue with regulators on professionalism topics. The breakfast provided both an open discussion forum for specific topics raised by regulators and a presentation led by Academy members and staff, followed by more informal meetings with regulators. Agenda items included Committee on Qualifications activities and the opportunity to develop Specific Qualification Standards; a call for regulator feedback on Specific Qualification Standards like PBR, ACA, etc.; release of the Academy’s Precept 13 discussion paper; and discussion of a series of regulator-only webinars on professionalism throughout 2014. (December 23, 2013)
At the fall NAIC meeting, LATF requested assistance from the Academy’s Committee on Qualifications (COQ). John Morris, Chairperson of the COQ, accepted the two charges: 
1) Recommend to the Principle-Based Reserving Implementation (EX) Task Force whether to require actuarial certification for each actuarial responsibility (e.g., NAIC staff, regulators, appointed actuaries, etc.) in PBR. Consider guidance developed by the Appointed Actuary (A/B/C) Subgroup of the actuarial task forces.
2) Determine whether specific continuing education requirements should be established for PBR actuaries and whether those should be regulatory requirements or actuarial professional requirements. (December 20, 2013)
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. (December 19, 2013)
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. (December 03, 2013)
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 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. (November 01, 2013)
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. (October 31, 2013)
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. (October 30, 2013)
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.” (September 27, 2013)
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. (August 24, 2013)