Professionalism News and Events

The May 2014 update of ASOP No. 6Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Program Periodic Costs or Actuarially Determined Contributions, included a number of changes that have practical implications for actuaries. This webinar provides an overview of the changes, reviews aspects of the U.S. Qualification Standards, and explains how data recently made available by the California Public Employee Retirement System (CalPERS) pertains to the new requirements for developing age-specific costs.  (November 24, 2014)
Academy President Tom Terry helped kick off the Actuarial Society of New York’s Nov. 5 fall meeting in New York as the speaker for its general session “Professionalism: Meeting High Expectations in a Fast-Changing World.” The session provided several hundred actuaries in attendance with an update on recent Academy activities, including highlights of professionalism activities, and perspectives on the long-term future of the actuarial profession in the United States. (November 05, 2014)
Academy President Tom Terry sent an email to Academy members on Oct. 3 reviewing the U.S. Qualification Standards requirements for actuaries who wish to change practice areas. The message seeks to dispel confusion for thousands of Academy members who may have received an email that stated one credential gives an actuary ease of movement from one practice area to another without replacing credentials. “As it applies to the U.S. Qualification Standards (USQS), we do not believe this statement to be correct. The requirements set forth in the USQS are fairly explicit about changing practice areas,” Terry wrote. Read the entire letter here. (October 24, 2014)
The Council on Professionalism has released revised Applicability Guidelines for actuarial standards of practice (ASOPs). The updated edition reflects new and revised ASOPs and is now available for the first time in Excel. The Applicability Guidelines provide actuaries with a nonauthoritative reference as to which ASOPs might apply to them as they perform certain tasks in their actuarial roles. Click here to download the Applicability Guidelines. (October 23, 2014)
The Academy invites feedback from the public, actuaries, regulators, employers, and other interested parties on its draft “U.S. Qualification Standards Attestation.” The proposed form is for actuaries to demonstrate how they meet the U.S. Qualification Standards for signing statements of actuarial opinion (SAOs) in the United States, including in particular the SAOs associated with the National Association of Insurance Commissioners life, health, and property & casualty annual statements. Review/download the draft and submit your feedback. (October 08, 2014)
The Council on Professionalism held its regular early-morning breakfast forum with regulators, discussing “Actuarial Professionalism: Promoting Accountability,” at the National Association of Insurance Commissioners’ (NAIC) Summer 2014 National Meeting in Louisville, Ky., on Aug. 16. At the breakfast, Academy President-Elect Mary D. Miller further discussed the Academy’s new draft attestation template and invited regulators to provide feedback. (August 16, 2014)
Webinar panelists Patricia Matson, chairperson of the Actuarial Standards Board (ASB), Al Beer, former ASB chairperson, and Sheila Kalkunte, the Academy’s assistant general counsel, provide attendees with extensive information to identify what constitutes actuarial communications subject to rules and regulations and discuss disclosure requirements and practical considerations regarding disclosures. They use challenging case studies to illustrate how to assess varying ethically significant facts and circumstances to comply with the requirements of the Code of Professional Conduct, actuarial standards of practice (ASOPs), and other applicable regulations.  (June 26, 2014)
Nominations are now open for the Academy's annual member awards. The Robert J. Myers Public Service Award recognizes an actuary for a single noteworthy public service achievement or a career devoted to public service. The Jarvis Farley Service Award is presented annually to an Academy member whose volunteer efforts on behalf of the Academy have made significant contributions to the advancement of the profession. The nominations for each of these awards are due July 3. (March 26, 2014)
The Professional Standards/Ethical Dilemmas Seminar kicked off the 2014 Enrolled Actuaries Meeting on Sunday Mar. 23. Bob Rietz, ABCD chairperson, and Patrick McDonough, executive director of the Joint Board for the Enrollment of Actuaries, joined Academy staff to provide participants with an overview of actuarial performance under current EA regulations and a behind-the-scenes look at how the ABCD functions. The event was highly interactive using case studies to explore ethical situations that can arise when performing actuarial work. (March 23, 2014)
This webinar discusses how Precept 13 applies to actuaries and actuarial work, steps to take when faced with a potential Precept 13 situation and issues surrounding compliance with Precept 13, and particular case studies in light of Precept 13 obligations. (March 14, 2014)