Professionalism News and Events

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)
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)