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Do You Know Professionalism?
Qualification StandardsCode of ConductASOP’s
IABA Annual MeetingAugust 2019
Presenters
– Ken Williams, FCAS, MAAAStaff ActuaryCasualty Actuarial Society
– Brian Fannin, ACAS, CSPA, MAAAResearch ActuaryCasualty Actuarial Society
2
Professional Standards
for U.S. Actuaries
• Code of Conduct– SOA, CAS, and AAA all have
identical codes of conduct• Qualifications Standards
– Promulgated by the American Academy of Actuaries
• Actuarial Standards of Practice– 54 ASOP’s covering all practice
areas (although some are repealed)– Promulgated by the Actuarial
Standards Board (ASB)• Other
– CAS and SOA have other specific standards
QualificationStandards
• Set forth requirements to make a “Statement of Actuarial Opinion“• Applicable to all credentialed
actuaries working on US projects• Very specific in requirements
for basic education, continuing education, and experience
Code of Conduct
• Identical for SOA, CAS, and AAA• Most actuaries disciplined by
the ABCD are found to be in violation of the Code of Conduct• May be the most important
document to know as an Actuary.
Instructions:• On your phone or tablet, go to
kahoot.it
• Enter the game pin• Enter your nickname
Instructions:• You will be given a question with four possible
answers• Answer with the BEST response (just like actuarial
exams)• Maximum points is 1000 per question, reduced as
time passes• Answering multiple questions in a row will add up
to 500 bonus points per question
First game focuses on• Code of Conduct• Qualification Standards• 24 Questions• We will explain the correct answer• Eternal Glory and Fabulous Prizes for the winner
Actuarial Standards of
Practice(ASOP’s)
• Set forth by the Actuarial Standards Board• Specific instructions based on
type of actuarial work• Actuaries are required to
follow them, with some exceptions
Applicability Guidelines
• The ASB website
• Specific instructions based on type of actuarial work
• Different section based on practice area• Made by actuaries, so it is in Excelhttps://www.actuary.org/sites/default/files/files/Applicability_Guidelines.xls
• Non-binding, like practice notes• It is each actuary’s responsibility to
determine which ASOPs apply to the work at hand
10
Applicability Guidelines
11
ASB Boxscore
12
Instructions:• On your phone or tablet, go to
kahoot.it
• Enter the game pin• Enter your nickname
Second game focuses on• General ASOP’s which apply to every area• 20 Questions• We will explain the correct answer• Eternal Glory and Fabulous Prizes for the winner