Professionalism News and Events

The Actuarial Standards Board’s (ASB) 2015 Annual Report is now available. The report highlights the ASB’s accomplishments in 2015, including adoption of two new actuarial standards of practice (ASOPs), including its 50th ASOP, and one revised ASOP, approval of four exposure drafts for comment, and approval of four proposals for new or revised ASOPs. The ASB also approved the Pension Task Force members in March and held a public hearing in Washington, D.C., in July to discuss pension plan issues. (March 23, 2016)
The Academy’s March 17 professionalism webinar, "Questions and Answers: The U.S. Qualification Standards," featured experts from the Committee on Qualifications. Members may access the slides and audio here. (March 14, 2016)
In the February “Professionalism Counts” column, Academy General Counsel and Director of Professionalism Paul Kollmer-Dorsey offers his first impressions of U.S. actuarial professionalism, concluding that the Academy has established the right set of values, the right set of standards, and the right set of institutions to guide the profession. (February 29, 2016)
Academy President Tom Wildsmith addressed students in Columbia University’s actuarial science master’s program on Tuesday for its Proseminar Series, which is designed to “bridge the gap between academia and today’s actuarial science industry.” Wildsmith’s presentation on “Professionalism and the Aspiring Actuary” provided the audience of 100 with a compelling account of the broad societal impact of the U.S. actuarial profession’s work and how the Academy historically has articulated, and continues to articulate, the consequent professional responsibilities of actuaries with regard to the public, employers, clients, and others. (February 19, 2016)
Actuaries embrace a high standard of professional conduct, one that requires a combination of competency, integrity, objectivity, and a commitment to serve the public interest. These traits are appropriate to a self-regulated profession; these traits also are necessary elements to support the application of sound actuarial judgment regardless of practice area, type of employment, or type of employer. Actuaries and their employers, clients, and the public rely upon the Academy to maintain the profession’s integrity, competency, and reputation. Through its boards and committees, and working in concert with each of the U.S.-based actuarial organizations, the Academy has worked successfully to advance both actuarial practice and actuarial professionalism. This document shows how the Academy works to fulfill its mission to promote and enforce high professional standards of actuarial qualification, practice, and conduct. Read more here. (February 11, 2016)
In the January “Professionalism Counts” column, learn how to find answers for your questions regarding actuarial qualifications, including the Committee on Qualifications’ frequently asked questions hub. (January 31, 2016)
The Academy has launched the U.S. Qualification Standards Attestation Form, which was developed to help actuaries voluntarily demonstrate how they meet the U.S. Qualification Standards (USQS) specific requirements for signing NAIC annual life, health, and property & casualty statements of actuarial opinion (SAOs). If you do not issue NAIC annual statements, you can still use the Attestation Form to attest to the general qualifications of the USQS. Read more about the Attestation Form here. To go directly to the form, click here. (January 13, 2016)
The Applicability Guidelines for Actuarial Standards of Practice (ASOPs) have been updated to include ASOP No. 50, Determining Minimum Value and Actuarial Value under the Affordable Care Act. Also, in response to continuing inquiries, the Committee on Qualifications recently added more information to one of the questions in the FAQs on the U.S. Qualification Standards. The revision to question No. 31—“Is ‘on the job’ learning considered continuing education?”—may be found online.  (December 07, 2015)
The Academy continued its dialog with insurance regulators on a wide variety of issues, including long-term care insurance, automobile insurance, risk-based capital, and principle-based reserving at the National Association of Insurance Commissioners 2015 Fall National Meeting held November 19-22 at National Harbor, outside of Washington, DC. Read the Academy Alert here.  (November 25, 2015)
Academy professionalism representatives provided updates at each of the actuarial task force meetings this week at the NAIC to brief regulators on Actuarial Standards Board (ASB), Actuarial Board for Counseling and Discipline (ABCD), and qualification issues. They also provided an opportunity for candid conversations with regulators at a breakfast meeting on Thursday. Immediate Past President Mary D. Miller, ASB Chairperson Tricia Matson, ABCD member John Purple, and Committee on Qualifications member Tom Campbell presented. Miller highlighted the progress on the Academy’s development of an attestation form, which regulators have supported and provided feedback on, that will allow actuaries submitting statements of actuarial opinion to document their qualifications under the U.S. Qualification Standards. The Academy expects a working version of the form to be available by the end of the year.  (November 23, 2015)