Professionalism News and Events

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)
The 2014 Life and Health Qualifications 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. This is a great opportunity to earn continuing education credit! The seminar will be held Nov. 10–13 in Arlington, Va. Learn more and register now. (March 12, 2014)
The Committee on Qualifications (COQ) responded on Jan. 3 to the National Association of Insurance Commissioners’ (NAIC) Joint Qualified Actuary Subgroup’s (JQA) request to submit comments regarding the definition of a “qualified actuary.” During the NAIC Fall Annual Meeting last month the three NAIC actuarial task forces gave the JQA the charge to “Recommend a uniform definition of ‘qualified actuary’ for life, health and property/casualty appointed actuaries signing prescribed NAIC Statements of Actuarial Opinion, identifying any differences that should remain between lines of business.” In response, the COQ recommended that any definition of a “qualified actuary” for signing NAIC Statements of Actuarial Opinion should include a reference to qualifications under the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States. (January 03, 2014)
The Academy’s professionalism breakfast on Dec. 15 at the fall meeting of the National Association of Insurance Commissioners was the setting for the Academy’s ongoing dialogue with regulators on professionalism topics. The breakfast provided both an open discussion forum for specific topics raised by regulators and a presentation led by Academy members and staff, followed by more informal meetings with regulators. Agenda items included Committee on Qualifications activities and the opportunity to develop Specific Qualification Standards; a call for regulator feedback on Specific Qualification Standards like PBR, ACA, etc.; release of the Academy’s Precept 13 discussion paper; and discussion of a series of regulator-only webinars on professionalism throughout 2014. (December 23, 2013)
At the fall NAIC meeting, LATF requested assistance from the Academy’s Committee on Qualifications (COQ). John Morris, Chairperson of the COQ, accepted the two charges: 
1) Recommend to the Principle-Based Reserving Implementation (EX) Task Force whether to require actuarial certification for each actuarial responsibility (e.g., NAIC staff, regulators, appointed actuaries, etc.) in PBR. Consider guidance developed by the Appointed Actuary (A/B/C) Subgroup of the actuarial task forces.
2) Determine whether specific continuing education requirements should be established for PBR actuaries and whether those should be regulatory requirements or actuarial professional requirements. (December 20, 2013)
The Academy's Council on Professionalism developed the discussion paper—"The Application of Precept 13 of the Code of Professional Conduct" to help actuaries better understand their obligation to take action if they come across actuarial work that appears to materially violate the Code. The paper includes an infographic that provides an overview of the Precept 13 process triggered by knowledge of "an apparent, unresolved, material violation of the Code" and an appendix that features several hypothetical scenarios related to Precept 13 violations. (December 19, 2013)