FAQ for Membership Application
Q: How do I determine if I have necessary knowledge of U.S. laws and practices in my practice area?
A: You are being asked to attest to your necessary knowledge of U.S. laws and practices in your practice area with due consideration given to Precept 1 of the Code of Professional Conduct.
Precept 1 (Professional Integrity) states that: “An Actuary shall act honestly, with integrity and competence, and in a manner to fulfill the profession’s responsibility to the public and to uphold the reputation of the actuarial profession.”
Your assessment of your necessary knowledge of U.S. laws and practices is based on your personal review of your experience during your actuarial career. Necessary knowledge does not mean mastery of a specific subject matter, but rather awareness of U.S. laws and practices in your practice area. Items that you should consider:
- What are the primary Federal and State laws and regulations that govern my practice area.
- What governmental agencies (Federal and State) have jurisdiction over the subject matter of my practice area.
- How to access these governing laws and regulations.
- Other entities that may have authority over the subject matter of my practice area (e.g., FASB), and how to access relevant standards of practice of such entities.
- What actuarial standards of practice, issued by the US Actuarial Standards Board, are applicable to the subject matter of my practice area.
- The Code of Professional Conduct.