ABCD highlights

The Actuarial Board for Counseling and Discipline, which is housed at the Academy, was established by the U.S. actuarial organizations to strengthen members' adherence to the recognized standards of ethical and professional conduct. The ABCD responds to actuaries' requests for guidance on professional issues and it conducts inquiries into possible violations of the actuarial Code(s) of Professional Conduct.

As of Sept. 30, 2007, the ABCD had 21 inquiries in process, compared with 17 at the same time in 2006. Of those 21 cases, three were scheduled for a hearing, four were awaiting investigation, seven were suspended, and seven were awaiting more information from the complainant, the subject actuary, or others.

The ABCD resolved six cases during the first three quarters of 2007. Four were dismissed, one resulted in counseling following an investigation, and one ended with a recommendation for public reprimand.

By Sept. 30, the ABCD had also received 21 requests for guidance during 2007, and it continued its educational outreach efforts throughout the year. ABCD representatives made educational presentations at actuarial meetings and continued to write "Up to Code," which appears in each issue of Contingencies magazine.

The ABCD also launched its redesigned website in September 2007. Among other enhancements, actuaries visiting the ABCD site may make an online request for guidance and may ask to have an ABCD speaker for an upcoming function.

— ABCD publications and other resources related to counseling and discipline are available on the ABCD website.

ASB highlights

The Actuarial Standards Board, which is housed at the Academy, serves the actuarial community and the public by developing and updating actuarial standards of practice (ASOPs).

Over the course of the past year, the ASB made the transition to digital ASOP distribution to improve efficiency and make it easier for actuaries to obtain and use ASOPs. The board continues to work with all five major U.S.-based actuarial organizations in its efforts to reach all actuaries in the United States.

From Oct. 1, 2006 to Sept. 30, 2007, the ASB:

• ASOP No. 3, Continuing Care Retirement Communities

• ASOP No. 4, Measuring Pension Obligations

• ASOP No. 24, Compliance with the NAIC Life Insurance Illustrations Model Regulation

• ASOP No. 27, Selection of Economic Assumptions for Measuring Pension Obligations

• ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations

• ASOP No. 43, Property/Casualty Unpaid Claim Estimates

• ASOP No. 44, Selection and Use of Asset Valuation Methods for Pension Valuations

• ASOP No. 16, Actuarial Practice Concerning Health Maintenance Organizations and Other Managed-Care Health Plans

— Visit the ASB website, where all the ASOPS are available.


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