Professionalism News and Events

You are invited to a special breakfast on Nov. 29 (7-8 a.m.) to meet with representatives from the Actuarial Standards Board, Actuarial Board for Counseling and Discipline, the Academy’s Council on Professionalism, and its Committee on Qualifications to learn how each operates. Attendees also can stop by to meet one-on-one with representatives during “office hours” (8-9 a.m.). Learn more! (November 21, 2012)
The Academy’s Council on Professionalism has launched a member-wide survey to determine the landscape of professional and ethical issues that its members encounter. We have teamed up with professors from Drake University with expertise in surveying ethical issues facing professionals to survey members which we hope will yield much insight into matters that impact the actuarial profession.  Given the broad base of our membership, we expect to utilize this survey to hear from a wide variety of backgrounds including consultants, in-house insurance practitioners, government actuaries, and others.  Members are receiving the survey from “Karen Terry, Academy VP” and we strongly encourage you to participate in this short survey to help the Academy better serve the actuarial profession and further our important professionalism mission. (November 01, 2012)
The Casualty, Life, Health, Professionalism, and Financial Reporting Councils submitted comments to the NAIC’s Corporate Governance Working Group concerning the WG’s Proposed Responses to a Comparative Analysis of Existing U.S. Corporate Governance Requirements. (September 28, 2012)
Speakers give an overview of Precept 13 and discuss how to consider applying it in a self-regulating profession. Several case studies are also included. (September 18, 2012)
Register now and save $100 on your registration fee for the Life and Health Qualifications Seminar. This annual seminar is the primary source of instruction for actuaries who wish to be qualified to issue actuarial opinions for either the NAIC Life and A&H Annual Statement or the NAIC Health Annual Statement but may not have met the specific qualification requirements set forth in the U.S. Qualification Standards. Don’t miss it—registration is limited to only 100 attendees! (September 02, 2012)
Regulators and other attendees at the NAIC summer meeting had an opportunity to talk one-on-one with representatives of the ASB, ABCD, COQ, and Council on Professionalism during a breakfast and office hours hosted by the Academy’s Council on Professionalism on Aug. 11. Topics of discussion included qualifications, use of “professional judgment” as provided in ASOPs, and the movement within the profession to risk-focused analysis. The breakfast also featured a slide presentation on professionalism.

(August 22, 2012)
Don’t miss the primary source of instruction for actuaries who wish to be qualified to issue actuarial opinions for either the NAIC Life and A&H Annual Statement or the NAIC Health Annual Statement. Register today if you have not met these specific knowledge requirements set forth in the U.S. Qualification Standards, intend to change practice areas (experienced FSAs or career ASAs), or need an excellent source of continuing education. Seats are limited!
(July 27, 2012)
Speakers present case studies and answer questions from the audience on the Actuarial Board for Counseling and Discipline’s Request for Guidance process. (June 25, 2012)
Nominations for three different Academy awards are open. The Jarvis Farley Service Award is given to an Academy member who has made an extraordinary contribution to the profession through long-time service as an Academy volunteer. The Robert J. Myers Public Service Award recognizes extraordinary contribution to the public good through service to the government or in the public sphere. And, initiated last year, are the annual Awards for Outstanding Volunteerism to honor Academy volunteers who have made a single, noteworthy contribution above and beyond what is reasonably expected. (April 20, 2012)
The Health Practice Council and the Committee on Qualifications sent a letter to all state insurance commissioners and chairs of each state house and senate insurance committee regarding the appropriate definition of "Qualified Actuary" as it relates to the Affordable Care Act's rate review provision. Under the Affordable Care Act, the Centers for Medicare and Medicaid Services (CMS) is authorized to determine whether health insurance rate increases filed with states are “unreasonable.” As of September 1, 2011 rate increases equal to or greater than 10 percent may be reviewed by states that have been determined by CMS to have an effective rate review program; otherwise, increases in excess of 10 percent will be reviewed by CMS to determine whether such rate increases are “unreasonable.” As a result, many states are in the process of drafting regulatory language that would create their own rate review program. In the past few months, an inconsistency in the definition of “qualified actuary” in some state regulations has come to the attention of the American Academy of Actuaries. The letter provides recommended language regarding the appropriate definition of qualified actuary as states move to implement the Affordable Care Act’s rate review provision. (April 20, 2012)