7. How does the Academy participate in the debate on public policy issues?
The major impetus behind the Academy's high-profile legislative participation on Capitol Hill and among the states is the work of our volunteers, all actuarial experts in their fields of practice. Our volunteers help us:
prepare and present testimony for federal and state policy-makers examining Social Security, Medicare, tax reform, environmental liability, and other far-reaching issues
comment on proposed federal regulations
work closely with state officials on pertinent insurance issues
The Academy's skilled staff and senior health and pension fellows work with our volunteers to provide practical and timely information that is of value to our many audiences—actuaries, regulators, news media, and legislators.
Our practice councils direct the Academy's public policy efforts. The councils of casualty practice, financial reporting, health practice, life practice, pension practice, and professionalism ensure that Academy work products, public statements, and information are both impartial and based on competent analysis.
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8. How does the Academy maintain standards of professionalism for actuaries?
The Academy upholds the profession's standards with the support of the Actuarial Standards Board (ASB), the Actuarial Board for Counseling and Discipline (ABCD), and the Academy's Committee on Qualifications.
An independent entity working out of the Academy, the ASB directs the development of U.S. actuarial standards of practice (ASOPs) for the main practice areas (health, life, pension/employee benefits, and property/casualty) and promulgates these standards. Members of the Academy and members of ASPA, the CAS, CCA, and the SOA, along with members of the Canadian Institute of Actuaries practicing in the United States, are bound by the standards.
Aside from developing ASOPs, the ASB amends, expands, and eliminates these standards to reflect changes in actuarial methods and techniques.
The ASB's operations are supported by Academy staff. Its operating expenses are jointly funded by its member organizations: the Academy, ASPA, the CAS, CCA, and the SOA.
The ABCD is also an independent board that operates in a like manner. Its responsibilities include:
providing guidance to practitioners
offering actuaries and the public an avenue for reporting material grievances regarding the professional activities of actuaries
investigating possible violations of the Code of Professional Conduct
counseling members regarding their practices
recommending to member organizations, when appropriate, courses of discipline for actuaries who violate standards of conduct
The Academy's Committee on Qualifications establishes qualification requirements for practitioners who issue "prescribed statements of actuarial opinion," as defined in the qualification standards. Its other duties include examining the minimum requirements necessary for members to perform certain actuarial functions.
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9. How are Academy members who violate the profession's standards of conduct disciplined?
The type of discipline the Academy can impose for professional misconduct includes private or public reprimand, suspension from membership, and expulsion from membership.
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10. What is the significance of the MAAA designation?
To many employers, clients, and government leaders, the MAAA designation denotes professionalism and credibility.
In 1966, the National Association of Insurance Commissioners adopted a resolution supporting recognized standards of actuarial competence and conduct and urging commissioners to support the Academy's efforts to gain official recognition. Most states now have regulations that recognize the MAAA designation as a qualification for signing insurance company annual statements. |
