Professionalism News and Events

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)
As this is the Academy’s 50th anniversary, now is an exceptional time to recognize another Academy member who may have been a colleague or mentor for their service to our profession. Each year the Academy honors members who devote themselves to the actuarial profession through their public service and volunteer efforts with our Robert J. Myers Public Service Award and Jarvis Farley Service Award, respectively. The awards will be presented at the Academy’s 50th anniversary celebration in November.
 
All members are invited to nominate Academy members for these, and also for our Outstanding Volunteerism Awards. Help us recognize those who have given so much to the profession today—learn more and submit your nomination(s) now.
(March 20, 2015)
Nominations are now open for the Jarvis Farley Service Award, the Robert J. Myers Public Service Award, and the Outstanding Volunteerism Award. Learn more and submit your nomination(s) for a deserving colleague and/or respected mentor for the award that best suits his or her service to the actuarial profession and the Academy. (March 02, 2015)
Committing on an annual basis to professional objectivity is required to perform volunteer work for the Academy. That’s why the Academy today emailed each volunteer a request to submit a conflict of interest (COI) acknowledgement and continuing education (CE) attestation. Interested parties must also acknowledge the COI policy. To comply, follow the instructions in the email or on the membership page under “COI and CE Acknowledgement.” Click here to read Vice President for Professionalism Ken Kent’s article in January’s Actuarial Update on why volunteers need to (and must) acknowledge the Academy’s conflict of interest (COI) policy. (February 02, 2015)
The Committee on Qualifications chair along with another committee member discuss a greatly expanded and detailed revision to the committee’s Frequently Asked Questions on the U.S. Qualification Standards, including topics such as statements of actuarial opinion, practicing in more than one area, continuing education, and other qualification matters. The newly expanded FAQs are available here. (December 11, 2014)