Professionalism News and Events

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)
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)