Professionalism News and Events

Academy representatives attended actuarial meetings on two continents in late September, visiting China and Romania. At the invitation of the Chinese Actuarial Association (CAA), and the Actuarial Association of Europe (AAE), representatives offered insights into how the U.S. actuarial profession is structured and carries out its professionalism and public policy work. See a full write-up in the September Actuarial Update. (October 05, 2015)
Academy President Mary D. Miller delivered a professionalism presentation to the Columbus (Ohio) Actuarial Club on Monday. More than 70 actuaries attended the presentation, at which Miller gave an overview of actuarial professionalism, including the Code of Professional Conduct, the Actuarial Board for Counseling and Discipline, and the Academy’s development of a qualification attestation form. (October 05, 2015)
Committee on Qualifications Chairperson Keith Passwater and Academy President Mary D. Miller provided an overview of actuarial professionalism, including the Code of Conduct and the Academy’s development of a U.S. Qualification Standards attestation form, to the Blue Cross Blue Shield Association Actuary Forum in Chicago on Sept. 22. Passwater and Actuarial Board for Counseling and Discipline liaison and staff attorney Brian Jackson presented a similar presentation in Indianapolis on Sept. 21 to the Actuaries Club of Indiana, Kentucky, and Ohio. William Hines, vice president of risk management and financial reporting issues, provided senior actuaries at John Hancock Financial with “A Look at Ethics and Professionalism” on Sept. 18 in Boston. The presentation included an interactive discussion of hypothetical case studies of ethical dilemmas actuaries might face. (September 28, 2015)
Academy President Mary D. Miller provided an update on the Academy’s development of the online U.S. Qualification Standards Attestation Form to the NAIC’s Life Actuarial Task Force, Health Actuarial Task Force, and Casualty Actuarial and Statistical Task Force at the NAIC Summer National Meeting. Miller also demonstrated a prototype of the online form at the professionalism breakfast for regulators that the Academy hosted on Aug. 15, highlighting the progress on the form, which will help actuaries document how they meet the U.S. Qualification Standards requirements for signing NAIC annual life, health, and property and casualty statements of actuarial opinion. (August 15, 2015)
In this webinar, expert presenters engage in a mock debate to explore different perspectives on issues raised in the comments on the modeling standard exposure drafts.  (July 22, 2015)
This professionalism webinar provides the first analysis of the results of the Academy’s survey on “Key Ethical Concerns Facing the Actuarial Profession: Perceptions of Members of the American Academy of Actuaries.” Attendees asked thought-provoking questions and shared insights on the top perceived ethical issues and means of mitigating such issues as they interacted with seasoned panelists—Vice President of Professionalism Kenneth Kent, former VP of Professionalism Karen Terry, and Academy Assistant General Counsel Sheila Kalkunte. (May 22, 2015)
The Actuarial Standards Board (ASB) will hold a public hearing on the need for new or revised actuarial standards of practice (ASOPs) applicable to actuarial work regarding public pension plans on July 9 at the Ronald Reagan Building and International Trade Center in Washington. The ASB is accepting both written comments and requests to be considered to present oral testimony at the hearing. Read more here.  (May 13, 2015)
The Academy has launched a new professionalism online tool—the first module in our Actuarial eLearning Center.

The Actuarial eLearning Center provides Academy members with an innovative way to earn continuing education (CE) professionalism credits as described in the U.S. Qualification Standards, and, for the first time in our professionalism education offerings, an opportunity to test your knowledge and obtain a certificate documenting CE credit earned.

The first module, “Understand the Code of Professional Conduct,” provides an introductory course on professionalism along with an optional final exam. Read more about the course here.  (May 01, 2015)
The Academy has released a report outlining potential ethical concerns facing U.S. actuaries today. The report, which is based on survey responses from more than 3,300 Academy members, shows that the highest perceived concern by a clear margin was “responding to pressure from principals and/or management to select inappropriate assumptions used in pricing or reserving.” Read the full report here.  (April 27, 2015)
The Applicability Guidelines for Actuarial Standards of Practice were updated to include the new ASOP No. 49, Medicaid Managed Care Capitation Rate Development and Certification. The ASOP was developed to establish guidance for actuaries preparing, reviewing, or giving advice on capitation rates for Medicaid programs, including those certified in accordance with 42 CFR 438.6(c), and takes effect for opinions and certifications issued on or after Aug. 1, 2015.  (April 10, 2015)