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

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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areas (although some are repealed)– Promulgated by the Actuarial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

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Applicability Guidelines

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ASB Boxscore

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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