Professionalism News and Events

In this webinar, expert presenters engage in a mock debate to explore different perspectives on issues raised in the comments on the modeling standard exposure drafts.  (July 22, 2015)
This professionalism webinar provides the first analysis of the results of the Academy’s survey on “Key Ethical Concerns Facing the Actuarial Profession: Perceptions of Members of the American Academy of Actuaries.” Attendees asked thought-provoking questions and shared insights on the top perceived ethical issues and means of mitigating such issues as they interacted with seasoned panelists—Vice President of Professionalism Kenneth Kent, former VP of Professionalism Karen Terry, and Academy Assistant General Counsel Sheila Kalkunte. (May 22, 2015)
The Actuarial Standards Board (ASB) will hold a public hearing on the need for new or revised actuarial standards of practice (ASOPs) applicable to actuarial work regarding public pension plans on July 9 at the Ronald Reagan Building and International Trade Center in Washington. The ASB is accepting both written comments and requests to be considered to present oral testimony at the hearing. Read more here.  (May 13, 2015)
The Academy has launched a new professionalism online tool—the first module in our Actuarial eLearning Center.

The Actuarial eLearning Center provides Academy members with an innovative way to earn continuing education (CE) professionalism credits as described in the U.S. Qualification Standards, and, for the first time in our professionalism education offerings, an opportunity to test your knowledge and obtain a certificate documenting CE credit earned.

The first module, “Understand the Code of Professional Conduct,” provides an introductory course on professionalism along with an optional final exam. Read more about the course here.  (May 01, 2015)
The Academy has released a report outlining potential ethical concerns facing U.S. actuaries today. The report, which is based on survey responses from more than 3,300 Academy members, shows that the highest perceived concern by a clear margin was “responding to pressure from principals and/or management to select inappropriate assumptions used in pricing or reserving.” Read the full report here.  (April 27, 2015)
The Applicability Guidelines for Actuarial Standards of Practice were updated to include the new ASOP No. 49, Medicaid Managed Care Capitation Rate Development and Certification. The ASOP was developed to establish guidance for actuaries preparing, reviewing, or giving advice on capitation rates for Medicaid programs, including those certified in accordance with 42 CFR 438.6(c), and takes effect for opinions and certifications issued on or after Aug. 1, 2015.  (April 10, 2015)
On March 30, Academy Assistant General Counsel Sheila Kalkunte spoke to an audience of approximately 150 at the MassMutual Actuarial Gathering in Chicopee, Mass., on professionalism issues including the topic of qualifying for a new/emerging area of practice. To request a speaker on actuarial professionalism for your event, click here.  (April 06, 2015)
In accordance with the Academy’s policy, 72 volunteers have been removed from their Academy committee positions because they failed to comply with the Academy’s policy that its volunteers expressly acknowledge the longstanding Conflict of Interest (COI) policy applicable to all volunteers.

Committee member and interested party acknowledgments are a vital element in the Academy’s ability to maintain its standards in providing unbiased, reliable information for policymakers and others who rely on actuarial insight to inform their decisions regarding U.S. fiscal and societal challenges. The Academy requires members who serve in volunteer positions with the Academy to annually acknowledge its longstanding COI policy, and to comply with the continuing education (CE) requirements of the U.S. Qualification Standards. Individuals who serve as interested parties must formally acknowledge the Academy’s COI policy as well.  (April 06, 2015)
Registration is now open for the 2015 Life and Health Qualifications Seminar, to be held Nov. 9-12 in Arlington, Va. See why so many of your peers find this seminar the most succinct and effective way to acquire the required basic education and continuing education to be qualified to sign NAIC annual statement actuarial opinions.

This 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 basic education requirements set forth in Section 3.1.1 of the U.S. Qualification Standards (USQS). Register early: Seats are limited and will fill up quickly.  (April 02, 2015)
Keith Passwater, chairperson of the Committee on Qualifications (COQ), presented to the NAIC Life Actuarial (A) Task Force (LATF), in response to the task force’s request for assistance with the question of certification for actuarial responsibility in principle-based reserving (PBR), and of continuing education (CE) requirements for PBR actuaries. The COQ carefully considered the U.S. Qualification Standards, and determined that those standards already address PBR qualifications, albeit in a generalized manner. The COQ report also cites reference materials to aid actuaries in keeping up with CE related to PBR.  (March 27, 2015)