1. finance
2. personal finance
3. financial planning
4. retirement and pension

American
Academy
Or Actuaries
e
AMERICAN
ACADEMY
of ACTUARIES
1100 Seventeenth Street NW
Seventh Floor
Washington, DC 20036
Telephone 202 223 8196
Facsimile 202 872 1948
www.actuary .org
Table of Contents
Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Academy Staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Academy Committees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Actuarial Board for Counseling and Discipline . . . . . . . . . . . . . . . . . . . . . 32
Actuarial Standards Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Past Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Jarvis Farley Service Award . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Robert J. Myers Public Service Award . . . . . . . . . . . . . . . . . . . . . . . . . 40
History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41
Strategic Plan 1998-2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Bylaws . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
Statement of Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .62
Code of Professional Conduct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
Professional Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
Committee Appointment Guidelines . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
Guidelines for Making Public Statements . . . . . . . . . . . . . . . . . . . . . . . . 71
Guidelines for the Development of Practice Notes . . . . . . . . . . . . . . . . . . .77
Use of Academy Titles and Designations . . . . . . . . . . . . . . . . . . . . . . . . .79
Working Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80
Membership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .87
Application for Admission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88
Dues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .09
Prescribed Examinations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90
Actuarial Organizations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
Actuarial Clubs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
Board and Committee Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100
Meetings Calendar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .101
Publications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
Academy
B oar d of Di r e ctors
Richard 5 Robertson
Stephen R . Kin
laun c, F ILcrskvtl
Prz:+nfrut
A idrlll-L/e I
.5~'i let~l/)'- I /C1islRCl
111(11
-loo?
Robert A Ankcr
La%%rcncc A loh .tn,cn
T'I,r III i'+ldell1,
1911)
I)arncll \lcCatthv
T fnC PICA+RIL'R t,
(,,Vilify
) 11I 111
Illwrlual Rc p nulllti
PF OtC+} IOIrail9 it
1999
?l1Uli
Kenrxth A Stclner
ILobclt E Wllco\
1 7 r Pu Itnl, Life
1')911
f we Pr °+rJL'llt, Prll'loll
11}cly
Jaatle, I Mulph\
PIe.l 1cllt Illaith
?I 1111
Allan M Kaulmmi
hnnndratr I'I,t
L•LI I'\ Znnplern .an
I'lc'+nh lrt
?IN 111
)11'11
Inr PI adrrlr
I`1' n YL A KI?1J 0 k
5
LnAt L Bc•II
ThIll
Howard J B liii h'
A Norm .ui ( ;ni-,% dcr III
?nMR)
Ac• idult-Lira .
of .-l,ttratrc~
l i hand , Fo,ri i
"mil
Jouct), n/ .Itrtatu '~
Patl I, L 1 CirannA1
('tuti L HmitI uton
'11111
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1"t"tdclir, ( at rl,tll)
-I,(H U1ad .tirrl''i),
6 ANTI R I L\ N A CAP IN"
1 I I \( III A IT I E S
Jai A LM,nm elc
lull
Peter L 1'erkim
31
H
Carol R. Sears, Michael L Ttutthman
IU
1999
1'tcxt .trtrt,
StaI11 \' 13 . Tulttt
1,)99
?(III(
Lrrrlral)
I
Ptt' I fcui-Eh' t,
Soo ctp t'1 Pin,rorr
Corrfrrrnrr of ( : narlttrr4
it ruarn
]rtu tru:
-dime, E . Tutput
William C . Weller
?11111
?I1t1I
'Spy u1 die, n"r, ,pp"mtted to tht 1" 'Ad
l rats tndt .atr th scat that dirccturs' terms e~ptre
19 ) 1) ) I ARRt)0K 7
Richard C Lawson
LAecuru•c Ducctoi
_l oanne B Anderson
Lauren M . Bloom
Dircctol of hIJI' icr
( t•iioral Couu cl
Mary E CadetLe
Din-k)?
and .iduliui rruriorr
8
titalldardL Pr(,,g ram
Ken Krchhicl
John H Trout
Dirccrol Of C(ViIFAIMI(d(hUr'
Ductbol of Public Polup
ANiFRICA \ ACA1LMY 0 E ACTUARIES
Academy Stiff
Richard C 1 awson (337)
Exeattme Duectar
Dwight K Bartlett 111 (877)
Sersror Health Fellow,
Ron Gebhardtsbauer (868)
Senior Pcn±ion 1~'e11nu,
Joanne B Anderson (858)
Duccror of Firra,io attd .ldtntinr tiahott
Danuen M MiAirdrew•s (88i 1)
Poll'), Acnu!y t
Lauren M Bloom (R61)
Alberta OSUCl1uk M u (857)
Auourtnrrti arid ldmrrr,tiatrr•c .`lcsrst, Fi t
Genentl Corntsel
Mary E Cadrrre (854)
Dne rot (if lue Srandaids Pn'V,un
Tina Y_C Chang (879)
Lisa Palladino (8(84)
%fociCnri /Produdron Edtt( c
Earl Proctor (884)
ldrnrnr aanre .li .utnit, Public P" hr),
S ) stern -Issruant
Carer Clark (853)
6,I taiia[/Adtrnnutraurr .l scstant, StmrdLrrds
David F . Riveia (86-))
Policy .lnal)•ct
Kathleen M Clark-Bland (856)
Staff .-icrncnrant
Alicia Ross (830)
RrapnoruL t
Kasha Dunias (883)
idmun . natu c . icsutarrr, Priblrr Pahr),
Renee Saunders (S71)
Doreen M Esain (859)
Evccutme Ao,istant
Jeffrey P Speicher (87i 1)
1Girn(~er of .llydia Rrlations
Thomas C Griffin (860)
staff--lrrornc)•
Lee Jernst.idt (883)
Assistant Editor, Contingencies
Alisori Ko(t (866)
N11c), . Inal} r
Anne M Kutchek (855)
Standards Editor
Ken Krehbiel (867)
1)nrdoi of Comnmutnrtrons
Eleni Manthos (878)
1lretm,'c Coordinator
11l°huiastrr and .1larcater of Publications
and Craplar l7ecrjni
Steven F Sullis an (874)
Editor, Contnigencies
LiShawn Taylor (88I)
.ldnumctnitmc .ls .cuaiit, Cannrrurrrcahcrr:
John H Trout (863)
Drcrdor of Prrhlir Policy
Gieg Vass (865)
Pohrc) Analyst
Tom Wilder (875)
.l>outaru Durclor of Hca ltlt Policy
Rata Ho$inan Winkel (8h?)
Olrfcc Maim {cec
Academy Web site : www.actuary .org
Staff e-mail addresses : Mast name] Ca actuary . org
Membership Administration
Susan C Steinbach, .llcnrberslnp MactaV
475 North Martingale Road, Suite $01) . Schaumbuig, IL 08173
Telephone 847 7i 16 3513 Facsimile 847 71 6 359`)
Telephone extensions appear in parentheses next to staff m ember ' s name .
1 `)9•i YEARBOOK 9
Ac a d e my Commi tte es
Acadeniy curniruttecs and task forces are appointed annually, the period
running from the c l(-),,(- of one annual meeting to the opening of the next .
Executive Committee
Betsveen meetmys of the Board of] )rectors, this romnuttee oversees the operatinns of the Academy and particularh its Councils This committee has the ;ante
powers as the Bo .ud except for those listed m Article IV of the bvlasss_ The
L\ecutlve Committee des chops Acadcmv policy subject to Board approval and
makes recommendations to the Board rz ;;,rrding buy{get, policy ,rid othQr
rmpurtalit issues
Richard S Robertson
Robert A Anker
Ple'Idetit
I'ii' Petiderrl, Casualtl,
Stephen l& . Kern
Lawrence A lohansen
Po .ident-Elect
I'we Pic~idurr, Tniaut l Repornni
James F Rcrskyrl
] )antel J Mc Car the
Serictai p- ric°miru•i
I 'wk . Prcoidc rat, Pin/rs inrralitin
Aliut M . Kaufman
James J Murphy
Jii iucdia tu Patl Pctakni
17,e President, Hralrli
Kenneth A Steiner
I we Ptc'sidc'irt, Perurnrr
Robert E Wilrox
I i e Prr,rdort, Li/r
SratJ'Liauon Richard C Lass son
Review Committee
This com mittcc reviews Academy statements for consistency with the
Academy mission and established policy and reports to the 13u .ud of 1)nectors
as needed, but at ]east annually
Edssin C . Hustead, Charrla•ronn
Lnida L Bell Joan F Henlian
Stall
iaison John H Trout
1a A M I R I L A N A C 1 P E AS Y 0 E A (_ I U A R[ E S
President's Advisory Committee
This coiiuiiittee oyeisees Academy managenienr and prepares re~omniendatious for the E\eiLihye Conunittee on policy r .,ues
Ricliaid S Kobertson, Chaii ; i 'n
Allan M Kaufman Stephen R l :ern
Strafe Lauen Richard C Lawson
Nominating Committee
This conimittee nonunates a slate of candidates for the Board of I )irectors for
presentation it the annual meeting and nominates a late of candidates for
Academy ofticcrs for presentation to the Board of Directors
Larry Ziniplenian, C,Iuutpci,oii
Allan M Kaufinan, I ice Chaupcaoaai
A Norman Crowder Ill -John P_ Parks
Alice H Cannon Richard S Robertson
Stephen K . Kein Michael L Toothnian
Staff Liaucitr Richard C Lawson
Litigation Review Committee
This coniiitittce provides broad-based oversight of briefs the Acadeniy submits
as aimcin cur tae to ensure that the subject matter is appropriate for Academti•
comment, that statements contained therein do not contradict Acadeniy, positions and that the briefs have been piepared in accordance with Acadcniy
guidelines It authorises submission of the briefs to the appropriate courts
Richard S Robertson, Ch,ntlica oft
Robert A Anker
James J Murphy
Lawrence A Johansen Kenneth A Steiner
Daniel J MCCarthy Robert E Wilcox
Stall L,ioi'rr . Lauren M Bloom
Task Force on State and Local Strategies
This task force is responsible for implementing a pilot program in selected
states to increase the influence of the Academy and the actuarial profession on
the development of significant public policy i n selected states The task force
identities darabase needs, ground tales fur the relationship between the
Academy, and the state or local entity, resources tecluired and linkages to the
practice councils The task force reports plans and progress to the Liecutisc
Committee, manages the process of interactin" ssith state and local public
policy audiences and proposes expansion ind redirection of resourcec based
on experience with the pilot programs Initially these developing strategies
swill he implemented ssith expanded volunteer involvement and existing staff
]sg17 Z EARIic) c)K 11
Janie, F Rciskytl, .Sturrary-'I ',surer
Budget and Finance Committee
This somnnttee prepares financial projecrion, and the annual budget . and retonuneuds the dues structure to the Board of Ihrectois . It ako develops and
maintains the investment policy for Academy funds . such policy to be implemented by the Secretary-'I reasurei .
James I- Reiskvth Chanpcrsarr
Lawrence A . Johansen James R . Swenson
Pettr L Perkins
State Liaison Joanne B Anderson
Communications Review Committee
This Acadcnir Committee, which reports to the Set ret .uy/Treasurcr is
charged with reviessing all Academy cunuiiunications It provides broad
oversight of all Academy external curnrnruucations and publications intended
for Academy members and other audiences The cunnnittee assesses the
tinieli ess and effectii, eness of Academy coiriniuincations It reviews
Academy-only couumimcanons etIorts and communications programs Conductedjoint1v with ocher or, mizations representing actuaries . Its tutus is on
comniunicahon toolsk audiences and the soles of staff and volunteers, rather
than on technical content of communications .
Patrick j Grannan . Chanpcr,orr
Michael M Briunstcin Julia T Philips
Leon R Gottlieb Thonias F Wildsmith
Edwin C Hustead
Staff Lrarcirrr Ken Krehbiel . Jcfrev P . Speicher
Committee on Publications
This committee provides policy direction and guidance for Acadeiin pubhc .inons
Julia T Philips, Chauperaorr
Editorial Advisory Board for Contingencies
This board provides polic y guidance . technical review and oversight to staff
editors in the production of Coutru,t isles, the magazine of the actuarial profession
Julia T Philips, Chaiipctsen
Robert A Anker Fredenck W Kilboumc
Dwight K Bartlett III Richard S Robertson
James C Hi( knian Bruce D Schobel
Department Ldrtcis
Arthur W Anderson
Yvc s G Guerard
Thonias L Bakos W . Keith Sloan
Alan Goldberg
Staft Liaison Ken Krehbiel, Steven F Sullivan
12
AMr ItICAts ACADE5I' 0 f ACTUAItI is
The Actuarial Update
Adam Renee, burr,
'Is,o,iatc 6ditno
William Carroll Patnck j Grannan
Ron Gehhardtsbauer
Enrolled Actuaries Report
Lifitor~
Voice
John
W
Amoioso
Attendg
Adnen
R
LaBoutbarde
Lawrence
J
Slier
Ron Gehhardtsbauer Janies E . Tuipin
James A Kcnney
Staff Liaison Lisa Palladino, Jeffrey I' Speicher
Committee on Membership
This comnuttce is responsible for ongoing relations ssitli existing and prospective
Academy members It periodically reviews Acadenry mcmhcrship and dues policies
and recommends changes to the Board of Directors and Executive C'omnuttee In
fulfilling its charges, the conmuttee is to ensure that member affiliations and newmember recruitment activities aie included as a vital part of the Academy coiumunic ations plan
Peter i Perkins, Clraiipr'o,nr
Patrick j Grannan Joseph Pctrelh
Sam Guttcrman
Roger Schultz
Allan M Kaufinan
Larry Ziinpleurau
Mary Frances Miller
Stall Liaison
Ken Krehbiel, Susan C Steinbach
Committee on Technology
I his committee is charged v, ith identifying and assessing the feasibility of providing, via
electronic means, existing and new information and/or services to Aeideniy membership and others in support of the Academy's mission The committee works to ensurt
effective use of the Aeadenis Web site, electronic snail and member database It also
ensures proper coordination with other organizations representing actuaries Rather
than set policies for editorial content, the coriumttce provides means to ensure that systems function properly on various platforms Finally, it provides guidance and oversight
on information systems needs within the Academr_
Peter A_ Berry, ( :Jrarrpc•rs,7ii
George N Berry John P Parks
Scat] Liaison Tina Y C Chang, Renee Saunders
1°ii
YEARlOOK
13
Personnel and Compensation Committee
This Comrnrrtee of the Board of lln-ectors provides broad-based policy oversight of the
Academy's personnel function, including both direct and indirect compensation This
Committee develop ., monitors and maintains the Acadrmv's policies turttenring compensation and personnel ssith input from the President's Actsisory Committee and executive staff The Personnel and Compensation Coiumittce has the responsibility to ensure
that the Ac .idenis's personnel polities and programs comply ssith ill applicable laves and
regulations The Personnel and Couipcnsation Committee reports to the Board at least
annually
James F . Reisky'tl, Clrairpcin ii
Allan M Kaufinan Robert E Wilcox
James E, Turpni
tread Lrarairu Rich i d C . Lass soii
Task Force on Strategy for Marketing the Profession
The Task Force on Strategs fur Marketing the Profession is charged with developing a
long terns strategic approach for marketing the profession to future users of actuarial
services to strategically position and strengthen the actuarial profession well into tht
tirture_ The task force considers the niissrnns of the other organizations representing
actuaries and their ictivities in order to snake optimal use of existing of orts . Through
the Academy, it coordinates its work with any related iitarketuig, membership and
coitarnuuicatiuns initiatives of the other organizations representing actuaries .
.Staff / aar ,oii Ken Krehbiel , Jeffrey P Speicher
Task Force on Developing Non-Dues Revenue
This task force is chirged with exploring and suggesting non-dues revenue streams for
the Academy It reviews existing non-dries rev enue services and recommended pricing
of these existing services The task force also considers and ieconiniends specific aArvnties to support the Academe's strategic mission, strengthen its affinity and identity with
members and generate operating revenue uidependent ofinenmher dues
James F 1Zeiskyrl. C,harrperserr
Staff Lrarson Joanne B Anderson
14 AAA FR(CAN ACADEMY 0 F ACTUARIt1
Lm mice A lohan,en, i'i,c I'rrodrrrt
William t' Weller, T-rii Chunlurwii
David (, Hartman
E dsi and L Bobbins
Frank S Irish
i )onald L Sannin};
Leonard Kolonis
Miihacl C McCartcr
Shirley Shao
Bruce iMoore
janc Taylor
Donna C Novak
Patricia A Teufel
Dennis M . Polisner
Tames F Verlautz
Robert E . Wilco\
Susan T Szkoda
Janies F Reiskytl
Staff Lr 7r$on
Alisrni Kocz
Task Force on Banking and Financial Services
This task fiiice s as formed to analyze and respond to legislative and regulatory initiatives and investigate issues of interest to the actuarial profession in the
banking and financial senues area '1 lie task force is also empowered to act
as a liaison to public polio) iitakers, the legal . Business and financial communities' Insurance industry rcprescutanves ; and other organizations ss it}i an
interest in banking and financial issues
Donald E Sanning, ("11,11 yei Soil
Michael _i Akers Frederick (1 Kist
Mark
E
Fichrink
Steven 1) Lash
Robert G Franca James /_ Murphy
titan Lais o n Alison Kocz
Joint Task Force on Risk-Based Capital
This task force is responsible for coordinating the activities of the Academy
regarding health life, and property and casualty risk- based capital formulas
and liquidity All three Academy risk-based capital task forces are represented
on this task force, which provides reports to the NAIC Risk-Based Capital
Task Force
Donna C Novak , Chaupei~on
Ralph S Blan (_ liard III
Robert
A
Brown
Cande J . Olsen
Willi a m C Weller
Burton I) Jay Michael L Zurcher
Robert S Kaplan
.Staff
I iaw 'o
Alrson Kocz
199') YEARBOOK 15
Task Force on International Insurance Accounting
This task force participates ui the International Actuarial Atiwciation's mteractlons . kith the International Accounting Standards Committee ssrth respect to
insurance matters
Bruce Moore,
Edward J Bunach Richard S Robertson
Daniel J Kunesh Patricia Teufel
Cynthia S Miller
Stafj Liaunii
L.uireri M Bloom
Task Force on International Pension Accounting
This task force participates in the International Actuarial Association's interactions with the International Accounting Standards Committee with respect to
pension matters .
Dennis M Polisner, CJhaiija•r oii
Judith E Latta Lawrence j Sher
Windy Fliz.iheth McFee
Staff Liaison : Lauren M Bloom
Valuation Task Force
This task force is responsible fair developing a new approach to actuarial valuation of resources and obligations of insurance entities This work ie nn response
to requests from the National Association of Instnauce Coninussioners
Robert E Wilcox, Charrpeooii
Craig R Raymond, rite Chairperson
Arnold A .
Dicke
Wayne
V . Roberts
Judith A . Discenza Walter S Rugland
Norman E Hill Donald E Sinning
Burton I) Jay Shirley Shao
Frederick 0 . Kist Michael L 'I oothman
Lconaid
koloms
William
C . Weller
Barbara J . Lautzenheiser Robert A Anker (c , of/itro)
David W_ Libhey T awrence A . Johansen (~tt ofjic-ro)
Fd..-aid L Bobbins James J Murphy (ex off (w)
Staff Liaison
16
AMERICAN
Alison Kocz . Lauren M, Bloom
ACADEMY OF ACTUARIES
1Lobert A Ankcr, i icc PiCodfRt
Michael L I nnthnian , I'rc (alwo )cisotr
Phillip N Bcn-Zvi
Michael A . L.iMomca
Ralph S . Blanchard III
Steven G Lehmann
Alice H . Cannon
Richard J Roth Jr
Robert A Giauiho
Patncia A . Teufcl
Richard I
Mavis A• W alteis
Fein
Frederick 0 Kist
Thomas V . Warthen III
Sm
Larcan
Greg Vass
Committee on Property and Liability Financial Reporting
This committee monitors activities reg.irding finaiicial reporting related to
property and liability risks, reviews proposals made by various organizations
a$ectirig the actuarial aspects of financial reporting and auditing issues related
to property and liability risks, and evaluates property and Iiihility insurance
and self-insurance accounting issues
Patncia A Teufel, C_'lnnrpu±orr
Andrea M . Ssvecncv, I'rcr Chartper,oit
Betty H Barrow
Donna S
Joseph A Herhers
David S Powell
Chrrsty 1 . Huwaid
Sheldon Rosenberg
Gary R Josephsou
Richard U Schug
Gerald S Kirschner
Ltucla A Shepherd
Michael l) Larsen
Elise C_ Liehers
Lisa A SlotzniLk
Therese M Vaughn
Daniel K Lyons
James C Votta
Jay B Morrow
Mum
Robert H_ Wainscott
Staf{Lmrsorr• Greg Vass
Committee on Property and Liability Issues
This contnuttt :e monitors legislative and regulatory activities in the property
and liability area . excluding financial reporting It prepares statements on
property and liahility issues fin suhriussion to the public and pnv.ite sectors
Frederick C) Kist, Ch iuprtnnri
Raja Bhagavarula
Evelsn Mulder
Richard I Fcin
tine M . i,)nufer
James Surr•igo
Walter C Wright III
Wayne H_ Fisher
James 1), Huiley
Michael J Miller
titaf Liaison
Greg V .iss
I LDq) 1 FAR BOOK 17
Committee on Property and Casualty Risk-Based Capital
This c minittLC works primarily with the N,monal Association of Insiirancc
(,onnnissumers Ar the icyuest of the NAIL, the conuuittct analyzes issues
ul concern to the NAiC"s 1(isk-lla,ed Capital Working ; Group and I ask
Force and provides reconiniendatious on «av°s to clarity and improve the
risk-based capital formulas
Ralph S Blanchard III, Chanpuseii
Robert P 13ustic I )aniel K Lyons
Patricia burst Michael G McCarter
Zanies 1, ( ;olz
Matthew C Mosher
James L) Hurler
Piakash Naiayan
Robert S Kaplan
1)onald K Rainey
( ;ciald S Kirschucr
F Daniel Thomas
Grctioiy L Leonard
Statt Liaison,
Greg Vass
Joint Program Committee for the Casualty Loss Reserve Seminar
This committee develops the program for the Casualty Loss Reserve Sem in .rr,
cosponsored b\ the Academy, the Casualty Actuarial Society and the
Curiferentc of Consulting Actu rocs
Thomas V W .irthcn [I [, ChanpirIen
John R . Kryczka, I S, , t haijpci~air
Guy A Avagliano
Alexander Krutnv
Jeff R C arbon
Elizabeth B
Marc-Andre Letibvie
Depaolo
John
David A fokey
J . Less anduss ski
Matthew C Mosher
Leon R, (attlieh Chcster 1 . Szczepanski
Aaron Halpert
Staff Lr ,wwui Greg V iss
Task Force on Insurance Securitization
This task force works primarily with the National Association of Insurance
Commissioners At the request of the NAIL, the task force analyzes issues of
concern to the NAIC's Insurance Secuntizanon Working Group and provides
rcconimendations on existing indices and the use and correlation of indices
Frederick () Kist, Charrperuoir
James M
13artie
Stephen E Ccrinch
William F Dose
1)ivid A Lalonde
Damcl K Lyons
Glenn Myers
Stephen W Philhrick
Judy Pool
Chris M Suchai
Kirby A Wisian
Staff Liai,nri- GrrL, Vass
18 AM 11ICr1 \ A C A D I M)
0 i A C T U A lt i s
fame, 1 Murphy, i'ice Mcmdcrit
Donna C : . Nos-ak, I JO ( :Garihinorr
Alfred A Binghani lr
Wilh .un F 13luhnt
Ctul D Bykerk
Janet M
Alan l) Ford
Richard S . Foster
P Anthony Haniniond
Joan E Herman
)ennis Hulet
Burton 1)- Jas
RUL.nld E . (Guy) King
1)arrellI) Knapp
,State Liarcori
1 crm .ird Kolonis
Peter L Perkms
Julia T_ Philips
Alice I .oscnhlatt
Geoffres C . Sandltr
folio 1 Schubert
Michael J Thompson
Geotge Wagoner
William C Weller
Rohcrt E Wiko\
Thomas F Wildsnuth
Tone Wilder
Senior Health Fellow
1)w ight K . Bartlett III
The Academy establislied the senior health fellow program m 1'1'111 to
tree then the public policy tale of health actuaries III coordination with the
Health Practice Council, the senior health bellow provides independent actuarial e'perrise to health policy maker, at both federal and state levels . He
deselops and maintains close ssoikting relationships with member and staff of
cougresstottal connuittee,, etectitive branch ntlielals and state insurance ieglilators The senior health felloss also act, a, the Acadeniy's chief spokesperson
on health po L v' issues to the news media and other erteioal audiences
Committee on Federal Health Relationships
This committee furthers the actuarial profesvon's involvement iii puhmr issues
related to the design cost um l tui .uicing of the nation's health came The runimmttee nuimton federal legnslatise and regulatory activities III the health arena
and prepares congressional testimony, position papers and other public statements on kty health issues In addition, the committee meets formalh and
mtormalls ss ith senior federal health policy makers and their staffs
Geoffrey C Sandier, Clramrper ;nii
John j Sehubert, I ice CIi ompet~ou
Alfred A Biughani Jr, l) .nvid A . Shed Jr
Stephen 1) Brink Jill Stockaict
Alan I)_ Ford I larry Sutron
Donato Gasparro Michael J Thompson
Donna C . Novak Thomas F Wtldsnuth
Michael Ringuette
Staff Lrarsnri Tom Wilder
1 °i)" Yt \R 10 (iK 19
Committee on State Health Relationships
This coriiiriittee lurthers the i(tuanal protrssion's n Ivenient in polo \' issue,
related to state iegul .uion of health insurance and other health actuarial issue, at
the stare level The cuninuttec ssorks prunanly through interstate associations
such as the National Association of Insurance C :umnusvoners but also pros ides
assistance directly to states when app]oprnatc• The ennunittee eoordinates closely ss ith the Federal Health Coi nnittee to ensure appropriate Academy involvement iii health-related IssucS at All levels of government
Donna C . Novak, Chnnpcr_,on
William C Wcller, I Ice (:hair elsorr
Mike Abroe
Stephen E Lippai
Linda C Ball
Robert G_ Meilander
Karen Bender
Barley L Munson
C Nick Bieter
lames J Muiphy
Vincent Bodnar
Ahvy'n Powell
William J Bugg Ir
J . Franklin Rose
Bob Cuniniing
Alan D Ford
Geoffrey C Sandler
Tim Gustafson
Paul Jaiiuc
John Stark
Burton L) Jay
Gordon Ttapnell
Dasid L Ken
Thomas F Wildsnirth
Fric Stallard
Thomas J Stoiber
1)arrell D Knapp
Staff Lan iii
Robert K W YetTom Wilder
Task Force on Health Organizations Risk-Based Capital
This task tierce works prim arily with the National Association of insurance
Connui,sioncrs (NAIC) At the request of the NAIC, nit task force analyzes
Issues of Concern to the NAIC:'s Risk-Based Capital Working Group amid
Task Force and provides reconimendatinns on ss ay°s to clarify and improve
the ask-based capital formulas .
Bun ton 1) . Jas , Cluiirlirrsen
I inda C Ball
Scott R Munse
Donna C Novak
Mark F Bartorclli
C Nick Breter
Julia T Phillips
J Franklin Rose
Vincent Bodnar
Alan D Ford
John Stark
Thomas J Stoiber
David Kerr
Darrell D Knapp
Harry L Sutton
William C Wellei
Robert E Wilcox
Leonard Koloms
Robert G Mcilander
staff Lini,urt
20 AMLItICi,N
Tone Wilder
ACADEMY 0 I ACIII ARIIS
Task Force on Long-term Care
This task h» cc addiesses acm,rnal Issue, affecting loner tenii-care plan, It monitors and continents on developments in this area at both the federal and stare levels .old works ss Ith regulator, and poll( v makers to assist in developing public
policies in conuecuun ssitll tong-term-(are insurance policies In hultillmg its
charge, the task force inaintains liaison ssith the National Association of
Insurance Comnussionels and other appropriate entities .
Eric Stallard, C/soipelwn
Vuirnit L Boduar Bartley I Munsoii
Tim C ustafson Al} svn V Poss ell
I oretta jacobs Bruce Stahl
Paul
lanus
Walter
Gordon
Liptak
Trapoell
Robeit
KM
Yee
Stag Liar. ore . Tons Wilder
Medicare Steering Committee
This committee provides an oversight role for task forces and work groups
established to address Medicare reform initiatives on behalf of the Health
Practice Council
Thomas l- . Wildsmrth, Clr(uip(°rsorr
Alan D .
Ford
Julia T . Philips
Demos Hulet Geoffrey C Sandler
Roland E (Guv) King Michael T Thompson
James - Murphy George Wagontr
Donna C Nosak
StatfLraisaii Tom Wilder
Task Force on Expanding Choice for Medicare Beneficiaries
This task uric ssi11 e\alnrne the nupheations of Medicare reform proposals as
the-, relate to Medicare , its beneficiaries and the prlvdte sector The task
tierce will pay particular attention to Medicare Risk. HNMO, point of-service
and Medicare Supplement plans . In evaluating the cost iniplicatiorns of the
proposals , the task force will use the models developed by the Medicare Cost
Sayings Task Force . The task biro( sill also he a resource to other Medicare
efforts tinder the Health Practice Council
Mich iel J Thonipson , Chnrr~iers ire
P Anthony Hanmiond
Timothy F Harris
Kevin Rease
David Sky.
Brian l Muoie
Susan C Murisato
Donna C Novak
Jill Stockard
Sheree Sssanion
])oil E Peunes
St.ijt Li a ic,oi
Mike Sydlaske
Tony Wittmann
Ton, Wilder
1 0 "'a
Y E A R B
O1,
21
Task Force on Medicare Cost Savings
This cask force trill prone tit el ) e\atiuue the iiiipact OF various options fui
providing savings to the Medicare prograni These options will include p .onent nicehanisms , t tnditig acid piograni hcnefit packages This w ork will be
documented in a niouugraph on short- and Lint' term options f6i financin g
the Medicate pio_rram into the 1st century
lleniiis Huh t , Caraiipo en
David F Kerr
John
Walter
T
Liptak
Donna
C
Novak
I
Sehuhert
Sy dlaske
Thomas F W ildsmith
Mike
Sraf Liannn Tout Wilder
Project Management Committee
The Committee helps coordinate the work of the Hcaith Practice Council,
State Health Rel .itiouships ( .onunittee and Fedtiat Health Relationships
Co nnittee and works to develop nest Health Practice Council piolects
The committee also oversees task forces and work groups titsolved \tith managed care reform, association health plans, genetic testing and Medicare risk
adjustment me hamstrn
Alan 1) Ford, Cliaitpri+nii
Alfred A 13uigham Jr , I 'ire C./i iopc omi
I )onna C Novak Wilhani C . \K/eller
Geot%i-cv C Sandler Thomas F Wildsinith
John J . Schubu-t
.Seer) Li~iio ii Tom Wilder
Task Force on Genetic Testing in Health Insurance
This task force nwnih,rs legislative and regulators activities involving the tt,c of
genetic testing by life in,urers . It is responsible for prep .iriug materials to educate
insurers, legislators regulators acid organizations, both governmental and pnvate,
on actual ial aspects of this issue
Thomas F Wildsnuth, Ci aa,pei
Cecil 1) 13%kerk Richard A, Kipp
I )avid J Chricti,unson Philip J Lehpamer
Gene Held Donna C Not,ik
Joan
E
Herniau
David
E . Scai left
. trfl'Liai,an• Tons Wilder
22
AM LP [CAN ACADLMti OF AC I UAI' .I [ S
Robert L Wilcox . I ur Iii ,dryer
Barbara 1 Lan tzonhcisor, I' r Clrarrpu,orr
13th
Biotin
Stephen
Picstou
Donna R . Claire
Cr .up R R .nvuoiid
Arnold A I )icke
Edv~ .rrd L Rohhrns
Lam N l-
Walter S Rugland
5tc\c Gritlith
Joan F . Htnnan
Shirlty Shao
Esthei H . Milnes
James N . Van Elsen
Less Nadlan
Andrew P W-aic
Candy J L)lsen
Roger K Wrard-lianrr
Htnnv W Stel;cl
Staff Liaison I)amien M McAndress N
Committee on Federal Life Insurance Issues
This committee monitors federal legislative acid regulation activities in the life
insurance area It prepares statements on life insurance issues for dissenunation to the membership or for subnussion to appropriate organizations both
governmental and private
Arnold Dicke, Cliaiipeuori
Willi .un Carroll James F Reiskytl
1)avrd J Chi isnanson Barbara Sny der
Alasrair G I onglcv-Conk
Stiff Liaimori I)amien M McAi dreo
Committee on State Life Insurance Issues
This cominittec u-ionitors state ltgislatrve and regulators acti\ittes in the life
uisurante area, excluding fin .uicial reporting It piepaics statements on life
insur.inre issues for disseriuiiatior1 to the nienibership or for sutsnnssioii to
.appropriate urg .nuzatinns, both osenunental and pro .aate Issues on Lertain speci.ilty suhtccrs arc referred to the appropriate committee foi action
Stephen Preston, CJnirrprisorr
William Carroll Robert Maull
Donna R Claire
John W Morris
Frank P Dino
Michael W Piesslev
Barbara J Lautzenheiscr
Jeffres, S Schlinsog
Leo Lobos Jr
Sharp` Shah
Alastair G Longlet-Cook
Roger K Wiard-Bauer
Sniff Li a i, oii Dansien M MrAndresss
100`1 } E,1RbcsOR 23
Committee on Life Insurance Financial Reporting
This,onvnittec Inonltors .utistic, re-ardinghn .u<ral reportrns related to life
and health ui,urance, reviews proposals made bs various public- and private,cctor org,inizations at'cting ace meting and auditing issues tclated to life )nd
health insurance and g .ner.ills is responsible For analvus and recommendations
on Iltc and health Insurance accounting issues .
Edward L Robbins, Cliarrlicrsoi
I)aniel J . Kunesh
I «I CLaxlirrsutr
Bruce l) Bcngnon
fairies P Grcaton
Donna 1Z Claire
Andress 1Z Creighton
Scott H- DeLong III
Kenneth A . Klinger
Michael J O'Connor
Allan W Ryan
J Peter 1)uran
1) .ivrd K S •indbcr
Michael Emerson
Veeta Ewan
Harold E Forbes
Donald E Saunrut
Henry W Siegel
Lloyd M Spencer Ir
James M Gars in III
Vincent J Granien
Jonathan L Woolev
John 'I • Zellner
Sniff I iarsiiti
Damien M McAndrews
Task Force on Life Risk-Based Capital
This task force works pruuarily svitli the National Association of Insurance
Conunissioners (NAIC) At the request of the NAiC, the task force analy?es
issue, of concern to the NAIC's Risk-Based Capital Working Group and
Task Force and piovides ietommendatnins on ways to chic fv and improve the
risk-based capital formul•isCandc J Open . Clrau7iersoii
Gerald A Ander,nn Jan L 1'ollnoss
Robert A l3rossii Junes F Reiskytl
Error Cianiei Mark C : Ross•lev
Joseph L Dun) Stephen A-] Sedlak
Deborah A Gero James A Tolliver
Norman E . Hill Brur,c WalLrch
Douglas M Hodes Bill Wilton
Dennis P Lauzon Michael L Zurcher
Timothy I . Patria
S!,0- Liition DanneirI\I MLAndresss
24
AME RICAN ACRD LMY ll1 AC I UARI I S
Kenncrh A_ Steincr, I i,r Pinidrnr
Lawiencc J Sher, I we Clianpci:on
Vince Aoioroso
Edward E . Burrows
Heidi R Dexter
Ron Gehhardtsbauer
Lawrence A . Johansen
Richard Joss
Stephen K . Kern
Ethan F. Kr .s
John P Parks
Anna M Rappap,n-t
Donald J . St gal
Bruce I)_ Schohcl
Michael J . Tierney
James E Turpin
James F Verlaut7
Staff Liaiain- David F Rivera
Senior Pension Fellow
Ron Gebhaidtsbauei
The Acadeiiiti established its Senior Pension Fellow piogtani in li)i)5 to build
the ciedibilits of pension actuaries on Capitol Hill and to promote constructive
debate on national retirement income policy Through regular interaction with
federal regulators and legislator, and Academy soluiiteers, the Senior Pension
Fellow influences Washington legislatois, and by extension other governments
and regulators, to rely an the Academy as the objective resource for the knowledge and skills of the actuarial profession
The Senior Pension Fellow works with the Pension Practice Council and
serves as the profession's pnniari policy liaison nn pension issues lie estabhshes and develops close relationships with the congressional fix writing and
pension staff and regulator ; within the executive branch
Pension Committee
This committee addresses actuarial issues attecmig public and prisate pension
plans, excluding financial reporting The committee monitois federal tax, PBGC
and other ERISA-related developments . It consults with Congress and relevant
re_ttlatorv agencies on the effect of re<gulation on employer pensions and retirement secants and comments on pending legislation and regulations .
Donald J . Segal, CIi itrpcrson
James L I unpin, I ice Clianperson
Chester D Andrzejewski
Richard J Barney
Ethan E Kra
Adrien R LaBoniharde
Frcderi k B Bass
Ned A Hutineister
Judith E Latta
Nadine H Orloff
Edward E Burrows
Lawrence I)eutsch
Las;renceJ Sher
Aniv S Timnions
David C Dilcher
James G Dunce
James F . Verlautz
Lane B . West
Allen Gorrelick
Dennis J Graf
Lawrence F Wilson
C .irolyn E . Zimmerman
Das id R . Kass
StaffLiaison
David F Rivera
I')") l E ARBOOi 25
Committee on Pension Accounting
This comnnttec monitors activities and iev i ew• propo sals ret a rding tin .uictal
icportini related to pension plans The couiuiittec n i cnciall) respon s ible tnr
analvsi, and recominiendations on pension arcuuntiiig issue,
James F
Verlautz , (_h irrpcr•orr
Paul W Barker
David G Dilcher
Martin J . Paull
John T . Stokesburv
Benjamin 1 . Gottlieb
Joseph P Strazemski
Lassrence A .Johansen
Henry N Winslow
St,rt/ Liai~Jrr David F. [),IN cra
Committee on Social Insurance
This committee provides and promotes actuarial rcticsss and analyses of U S .
social ur, urance s)stems . The committee prepares comments on pending legislation regardin federal ,cxial insurance proms auis and government reports on
these pro grains
Bruce 1) Schobel, Charrpcroon
Joseph A Applchaum
Juhe Pope
Edssaid E . l3urrusts
Stephen C Gnss
Richard G Schrcitnrcicllcr
Ronald L . Solomon
Lric Stall .ird
C David Gtisnfoii
Eric J Khchcr
Con E Uccello
John A Wandishin
Adiicn R LaBonibarde
Staff Lr a rsnir
David F Ro•era
Joint Program Committee for the Enrolled Actuaries Meeting
This committee des claps a progi ami fur the Enrolled Actu .u-ics Meeting,
cosponsored by the Academy, the Cnnfercn~e of Consulting Actuaries and
the Society of Actuaries
Vickic N Wilhams, (diaupc•rwrr
William 13 Fornia, f ice Clrarrpcicorr
Betty Berm Lasyrene(l Sher
Curtis M Cartol .no Roniue Thiernian
_Juan C . Gucciardi Peter D Vcrne
Neil A Parmeiter Amy C . Viener
Robert H Schramii Richard A Watts
Althea A . Sihnartz Denipsey 1) White
Donald J . Segal
Staf(Laiiorr . David F Rivera
26 A h1 E R I C A N A CAD [ ,i) 0 F A C I U A It I I,
1)amel J McCaiths, I tcc Puaduri
Allan W Rs an, l u, Craript•norr
David IM Flag:,
David G Hartman
Godfi'ev 1'errntt
Jeffrey 1' Petertil
Curtts E Huntin_ton
Kenneth W Porter
Harold G Ingrahani Ji
Nancy H Kich .tk
Roger A . Schulrz
Michael Tiernev
Charles L McClznahan
Jack M . Tui nyuist
lames B Milholland
Staf3Lraisorr
Lauren M Bloom , Mare E Cadette
Committee on International Issues
This conitnittee is respoiimble for al] liaison activities with the international
actuarial t onunumts involving international professional issues, Including
uionttoruig international developrnents with resrecr to odes of conduct .
qualification standards aid standards of practice ; b) reviewing qualification of
international ipplicalits fit membership iii the Academy, and recommending
actions on the applications-. cl responding to inquiries and, if appropriate, f trss arding the m e,ponse to an Academy committee or to one of the othei U S based actuarial organizations, d) recommending Academy appoumtnirnts of U S
actuarial representatives to all international boards and coiiimittees ; ( ) responding to .issigmiteuts from the Academy leadership and inquiries from other
Academy committees, f) convuunicating to ntemher, of the Academy and other
U S -based actuarial organizations, g) interacting with the untcrnatiis I'll relations
committees of other actuarial organizations in Canada, Mexico and the United
States and It) presenting new initiatives to the Academy leadership
Curtis E Huntnrgton . Chanlueraon
Amoroso 1)avid G_ H .trtin.ui
Robert A . Anker Allan M Kautinan
Vince
Robert L Collett hennis M rohsner
Sam Guttcrm .ui Larrs Zimpleman
Sta(t Liai'ori Lauren M Bloom
Joint Committee on the Code of Professional Conduct
This committee monitors the Code of Processional Conduct of the U Sb .tscd orgaiiiz .itions representing, actuanes acid recommends rrcccssan ainendnieitts to the Code to all of the U .S -based organizations
Jack M Turrtquist , Climrpcunm
Morris W Chambers Luis H uerta
William J .
Falk
Michael
Kenneth
Fusco
A
Kent
Howard
M . Phillips
Sam Gutteraman
Stag Lnnson . Lateen M Bloom
I<rn'> YLARhOOE.
27
Committee on Professional Responsibility
I his committee promotes knowledge of standards of conduct . .i ualiticattuu .uitl
pracuLc %%ithin the proFewon, and suggests v .r}s urd nre.lns for enforccinent,
compliance and nioniturln of the cticitr mess of those ,t .md,rds_
Allan W Iii an, Cha upm suaa
Thomas L . liakus Carl Shalir
Cara M Blank Bruce A . Stahl
Russell S Fishcr Wallace W Wilson
David S Powell
StafLrauorr
Lauren M Bloom
Committee on Qualifications
This Conimittee 1]rvestigates Issues arising with respect to the minimum
requrrunents necessary to qualrte members to perform publicly required actuartal Functions, rc_onunends to the Board of Directors minlnuini qu .thficatiun
standards, including eontrriutng education requirements, liar such menibers,
and counsels mcmhcr-s on questions relating to individual qualiticitrons it
also develops guidelines for the adnmustration of the Academy qualification
Standards, including cuntinunig education requirements
Charles I McClenahan . Clmupct+nra
William J Bulg Jr . Mary Frances Miller
John B 1}inius Adaui l Reese
Judy Faucett Kathleen A ltrley
lames L Lewis Jr Carl Shalit
Stafl .1,11-oai' Miry E Cadette
Task Force on Professionalism Course Materials
This task force %%x, established to develop program materials on professionalism
and proinute the presentation of protessioinalism sessions
James B Milholland , CJratmpr'txrra
I inden N Cole Mary Frances Miller
Thomas K Cusps Donald E Saniirng
Staft'Li,aauasa Lauren M Bloom
28
A PO E IZ I C A N A C A D E M l () F A L T i i A 1, 1 1 s
Committee on Actuarial Public Service
This coninuttec underscore, the importance of ictuarres in public-sector
cniplovnrerit and encorir ages support for sue h employ ment
Nancy Krchak, Charq)vlm 1
John K . Booth R Michael Lamb
C David Gustafson Michael W Morgan
Stephen G Kelli,on
Staff Liaison . Thomas C Griffin
NAIC/Academy/ABCD/ASB Joint Committee
This committee serves as a forum fot discussing professionalism and other
issues of impoitam.e to actuaries that involve the activities of the National
Association of Insurance Commissioners (NAIL) Conuriittec membership
includes each of the state commissioners who are actuaries, the chairs and vice
chairs of the NAIC Life & Health hod Casualty Actuarial Task Forccs, chain
or th,ir designated representatives from the Actuarial Standards Board and the
Actuarial Board for Counschns and Discipline, and the Arnencaii Academy of
Actuaries president, e-,ccutrse director, rice president for the Council on
Profcssronalism, arid chairpersuti of the Cornnmttcr on Qualifications
John C'rawford, Chaimprrs,m
Dominic A I)'Annunzio, I'i c Charij o'u
Robert A Aiiker
David G I Iartm n
Mark 1)_ Peavy
Glenn Pomeroy
Lawrence A Johansen
Kenneth W Porter
Elizabeth Randall
Nancy H Kichak
Clips Kralilurg
Daniel J . McC arthy
Charles L McClenahan
homes j Murphy
Richaid S Robertson
Mci-win Stessart
Jack M Turnquist
Robert E Wilcox
Staff Liaa,nii Richard C Lawson, Lauren M Bloonr, Mary F, Cadcrtc
1Q`7`7 ' EARE50OK 29
Council of Presidents
The ( ouncil of Pi csidents provides a business and social forum Lo proi note
coordination, cooperation and trust among the leadership (it the orgainzatums
repiesentiiii actuaries in Canada, Mexico and the United States .
Hussard j Bolnick, SOA Peter F Morse, CIA
William J Falk, CCA Richard S Robertson, Acadeni
Rafael Posse Fregoso, LONAC Sofia Rmnano Ruiz, AMA
Arturo Casares Gonzalez, AMAC Carol Ruth Sears, ASPA
Stcyen C Lelmiann . CAS
Council of Presidents-Elect
The Council of Presidents-Elect of the United States and Canadian organizations
and a comparable itpresentarive from Mexico complements the mission of the
Council of Presidtnts and focuses on the development of ss orking relationships
and mutual trust.
Larry Znnpleman, hinittatoi
A Norman Crowder III, SOA Stephen R Kern, Academy
Alice H (,annon, CAS john P . Paiks, ASIA
llnacio Guiza I)e Con . CONAC Michael L Toothman, CCA
Luis Huerta, AMA AMAC Stuart F. Wason, CIA
Stati'Liai im
30
ANA F It ] CAN A C A D t 0.t)
Richard C Lass son, Lauren M Bloom
()F A C T U A R I t s
Education and Examination Management Committee
of the Society of Actuaries
I )an1cl J Mccartliv
Education Policy Committee
of the Casualty Actuarial Society
Marv Fianees Miller
Actuarial Foundation
Larry Znnpleman Irt ot}ian T ustee)
I )u1') Y EARRU CI K
31
Actuarial Roars]
for Counseling
and Discipline
The Actuarial Board for Counseling and Discipline (ABC])) was established etfct nvc Jan- I ,
1992, as an independent entits managed with Acadeniv staff support
Upon delegation of appropriate authority from a participating actuarial organization and
acceptance of that delegation by the ABC!), the ABC 1) is authorized : (1) to consider all cornplanrts or information suggesting possible violations of the applicable Code(s) of Professional
Conduct and all questions that may arise as to the conduct of a member of a parti~ipatiiig
actuarial organization in the member's relationship to the organization or it, members, or in
the member's professional practice, nr affecting the intere,ts of the actu trial profession : (?) to
counsel actuaries concerning their professional activities related to the applicable Code(s) of
Professional Conduct in situations where the ABCD deems counseling appropriate (3) to recommend a public (Ins ipluiary action with respect to an actuary to sins participating organization of which that actuary is a member, (4) to respond to requests for ttuidance regarding professionalism front members of the participating organizations, and (i) to mediate issues
Letss-een members of participating actuarial organizations, nr between such members and the
public, for the purpose of informally resolving issues concerning the professional conduct of
such .
members
Actuarial Board
for Counseling and Discipline
Kenneth W . Porter . Chaiipusivi
Henry K Knowlton, T'ice Chaopei .arii
Robert W Sturuis, 1'Y e Chairpei.arir
John M Bertho ])avid P Flvnn
William J . Bugg Jr.
Ruth
F . Fresy
Sue Ann Collins Howard M Phillips
Staff Liai .mt, Thomas C Griffin
32
AM Lli ICsN A(_A1)L tl ciI A L T U A R I is
Actuaria l
Standards Board
The Actuarial Standards Board (ASB1 was established on July 1, 11)tH, as an independent entitv managed with Academy start support The AS13 has the authority to prescribe its own
operating, procedures ; to establish committees, subcommittees and task threes it may deem
necessary in carrying out its assigned tunstions, .uad to appoint individuals to positions on such
conninttees, subsonnnittees and task forces The operating, cnniiiiittees report to the AS13 and
function under its direction . The ASH also has the authoritt to approve exposure of proposed
standards and hold public hearings oii them, and to adopt recommended standards of practice .
The ASB is charged with the following . (1) to dnect and manage the des elopment of
actuarial standards ofpracticc by its operating committees in all areas ofaetuarial practice, (2)
to expose, promulgate of adopt, and publish actuarial standards of practicc, within its sole discretion and pursuant to such procedures as it deems appropriate, in all areas of actuarial practice, and (3) to provide continuous review of existing standards of practice and determine
whether they ire in need of amendment, ilteration, expansion, or elinunation
Actuarial Standards Board
David G . Hartnian . Clrarrpeisoir
Frank S . lush, i'sc Chwurpi•uori
James R Swenson, I'iu Cliaiipaoori
phillip N Ben-Zvi Roland E (Clue) King
Heidi R . Dextei William C Koeiug
Ken W . Hartwell Alan J . Stonewall
Strift'Lim .oim . Mary E . Cadette . Anne M . Kotchek
I n'in i E AK tiOOK 33
Casualty Committee of the ASB
Iii accordance with p1nceduies prescrihed bs the ASL3, this connnittee develops
actuarial standards of practice in the property/casualts insurance area
Michael A . LaNlunica, Clraripe ; . ,,in
Christopher S Carlson Robert S Miccolis
Anne
Kelly Karen F . ferry
Ronald T Kozlosyski William J . VonSeggein
Robert J Luidquist Patrick B Woods
Task Force on Complex Models
Subcommittee on Ratemaking
Karen F Terry, Cjniiij,eoeii
FatriA B . Woods, CIniaij'euonr
Kay A Clears Godfres Perrntr
Mark S Allaben R . Michael Lamb
Alice H Ganirn i Kurt A Reichle
Charles H Boucck Mart B . Pearl
Paul E . Kiirsou I)aniel M, Scheibenieif
Frederick F Cripe Jonathan W hrtc
Ronald T Kozlowski A- Eric Thorla(lus
Robert W Goscrow Paul E Wulterkens
David A . Lalonde loan M Wciss
Jeffrey F McCarls
Subcommittee on Reserving
Robert S Miccohs, Charij coon
Martin Adler Ray-mind S . Nichols
Brian Z Brown Teirence M O'Brien
F.dw and W Ford Mark J Sobel
Bertram A Horowitz P .itricia A Tcufel
Elise C Liebers John P Tierney
Man' Prances Miller Steven M . Visner
General Committee of the ASB
Robert W Stein, Chnrrper_,ori
Donald
F
Bchan
Robert V. l)eutsch
Bruce
D
Moore
Patricia L Scalull
Health Committee of the ASB
In accordance with procedures prescribed by the ASB, this committee develops
actuarial standards of practice in the health insurance area
David F . Ogden, C(tar/j.icuou
Janet M- Carstens John M Fncsen
Robert M I )uncan lr Robert J Ingram
Paul R, Flrischackei Mary J . Murlev
Alan 1) Ford
34
A hl rRIi AN AC'AF) rM1 or ACTl1ARILS
Life Committee of the ASB
In accordance with procedures prescribed by the ASB, this coninuttce develops actuarial standards of practice in the life insurance area
Lcw H Nathan, Chanperoir
John W Brumbach
Stephen G Hildenbrand
Frank J Buck
Walter N Miller
Marc A Cagen
Mark Freedman
Godfrey Perrott
Thomas A . Phillips
Jane L Har inck
Roger K Wiard-Bauer
Task Force on Allocation of
Policyholder Equity
Godfrey Perrort, Chaarpersos
Task Force on Closed Blocks
Godfrey Perrott, Chanpcrnoii
Kenneth M Beck Dale S Hagsrroin
Charles Carroll William C Koenig
Kenneth M Beck Dale S . I Iagstrom
Charles Carroll William C . l<oenig
Sue Ann Comic
Gary Corbett
Pension Committee of the ASB
In accordance with procedures prescribed by the ASB, this connauttee develops actuarial standards of practice in the pension area
Richard Joss, Chairperson
Richard Q Wendt, Licc Chanpetseu
Lawrence Deutseh William Reinicri
Bruce C Gaffney Lawrence j . Slier
Lawrence A Golden Diane M Storm
Susan E Lee James E . Turpin
Lindsay J . Malkiewich Joan M Weiss
Lric I Palley
Long-term Care Task Force
In accordance with procedures prescribed by the ASB, this task force develops
actuarial standards of practice in the aiea of long- term care .
Bartley L Munson, Clianpsasoo
Loid .i Rodis Abraham Dennis M O'Brien
Donald M . Charsky Andrew M Perkins
Gary L Corliss Robert K W Yee
Jeffrey S Drake
1 `)99 YEARBOOK 35
Past Officers
1965-66
1966-67
Heirs F Rood
Thomas E . Murnn
President
President-Elect
Thomas E . Murrin
John H Miller
Frank J_ Gadienr
Laurcncc H. Longlcy-Cook
Vice Presidents
Frank -j Gadient
Laurcncc H Lonplev-Cook
John H Miller
H . Raymond Strong
Secretary
H Ra} niond Strong
Andrew C . W ebster
Norton F. M .isterson
Treasurer
Robert E Bruce
John H Miller
President
W endell Milkman
Wendell Millnnan
President-Elect
Walter L . Rugland
Edward I) l3rown Jr
William J Leslie Jr
Frank j Gadient
Vice Presidents
Edward 1) Brown Ji .
Wilh im J Leslie Jr
Paul T Rotter
George M 13ryce
Robert E Bruce
1967-68
1968-69
Allen L Mayeison
N ortoii L Mastersen
Robert F Bruce
Harold W Schloss
Secretary
Treasurer
1969-70
Walter L Rug;land
H R ivmond Strong
Pau] T . Rotter
Norton E Masterson
Robert F Bruce
1970-71
President
President-Elect
Vice Presidents
Harold W Schloss
I-I . Raymond Strong
Rohert J M' ers
Donald F . Campbell
John K . 1)ver
Harold E Curry
Donald F Campbell
Robert J Myers
Norton E Masterson
Secretary
Morton D Miller
William A Halvorcun
Robert E . Bruce
Treasurer
Robert E . Bruce
Robert J Myers
President
Morton D Miller
Morton D Miller
Harold E Curry
President-Elect
Vice Presidents
Lrnest J Moorhead
Robert E_ Bruce
1971-72
1972-73
Ernest J Moorhcad
Robert E . Bruce
Julius Vogel
Reuben I Jacobson
Julius Vogel
William A Halvorcon
Secretary
I )aniel J McNamara
William A_ Halvorcon
Dale R Gustafson
Treasurer
Dale R Gustafson
President
Daniel J_ McNamara
President-Elect
Vice Presidents
Thomas P Bowles Jr .
Richard L Johe
1973-74
Ernest J Moorhead
Daniel J . McNaniara
William A . Hahorson
Reuben I Jacobson
1974-75
Robert(' Winters
Thoma, P Bow]c, Jr
Richard L Johe
Walter 5 . Rugland
Dale R Gustafson
Edwin F Boynton
Kenneth H Ross
Secretary
Treasurer
36 A M L It 11. A N A C A D E M Y U L A,_ I U A 11 1 E S
Walter S Rugland
Dale R Gustafson
1975-76
Thonra, P liow le, Jr
Robert C' Winter,
Edwin F Bo\nLurr
Kenneth H Ross
1976-77
President
President-Elect
Vice Presidents
)ale R C;trstahorr
M Stank} Hughes
X7altcr S Rug land
James C) Webb
1977-78
Edwin F Bo~ntorr
I)ale R_ Gustafson
Ronald L Bonrhuetter
Secretary
Treasurer
Dwight K Bartlett III
Vice Presidents
Secretary
Treasurer
1979-80
Ronald L Bcrnhuetter
Walter L Gr.ite
Miry H Adams
President
President-Elect
Vice Presidents
I lerbert L Dt Pren .er
Richard S . Robertson
P Adgcr Wilhants
Charles Barry I I Watson
Kes in M ]1
.5, .ur
Burton D Jay
W 1arues 1V1acGimtrtre
('it] R Ohman
Robert I I 1 )obson
Burton 1) day
Kevin l\1 Rtian
1980-81
Walter L . Grace
Wrllt .un A H ilvorson
Richard S Robertson
P Adner William,
A Norman Crow•der III
B .utlev L Munson
President
P Adget Williants
A Norman Crowdei III
I)asrd R Carpenter
1982-83
President-Elect
Vice Presidents
William A Ferguson
John A Fibrger
Walter S Rugland
Secretary
Treasurer
Carl R Ohrnan
W Junes MacGrnnrtre
President
President-Elect
Vice Presidents
141 Staples, Hughes
Bartley L iMunsoo
D .nrd G . Harlutan
David M Reade
I lar„ld J Brosynlee
Carl R 01111t .ur
Robert H . Dohson
Burton 1) Jay
1984-85
Secretary
Treasurer
1985-86
Bartles L Munson
Preston C . Bassett
Harold j Brosynlec
Edward II Friend
Dwight K Bartlett III
CharIes Bain H . Watson
Kevin M Ryan
1983-84
A Norman Crowdcr III
R1 Stanley Hughes
John A Iibigci
Walter S . Rugland
David G Harrman
)avid M Reade
Carl R Ohman
Dale R Gustafson
Ronald L Bornhuetter
I'testun C llassett
Charles C Hew itt Jr
Herbert L DePrenger
Walter L Grace
Secretary
Treasurer
1981-82
William A- Hilvor,on
P Adger Willianis
A Norman Crossdcr Ill
Barley E Munson
David R . Carpenter
Wr1li.urr A . Fer-usoii
Carl R Ohman
W Jame, Mac( ;mnrtic
Edwin F I3o~ ntorn
Dale R Gustafson
M Stanley I lughey
Ronald L . Burnhuettei
Louis Gartin
Ralph C Edwards
James C) Webb
1978-79
President
President-Elect
Louis Gartin
Preston C Bassets
Ch irks C lIewittJr
James O. Webb
Robert ( . Winters
1986-87
President
President-Elect
Vice Presidents
Secretary
Treasurer
Preston C Basset(
John A Frhrer
Edw•atd I I Friend
W James MacGrnnrtre
Burton D Jay
Mavis A Walters
Robert H . Dubson
Daniel J McCardly
19 °°
\EAPBOOK
37
1987-88
-john A Fibiger
W James Mac G iinllne
Phillip N_ Ben-Zvi
Burton I) Jay
1988-89
President
President-Elect
Vice Presidents
Joseph J Stahl 11
Mavis A Walters
Virgrl D Wagner
Daniel J McCarthy
1989-90
Harold J Brownlee
Mavis A Walters
Ilarry D Carber
Harper L Garrett Jr
John H Harding
Daniel j McCarthy
VirgilI) Wagner
Thomas D Levy
Secretary
Treasurer
Ihoma, D Levy
Phillip N . Ben-Zvi
Harper L GairettJi .
John II I Iarding
Joseph J Stahl II
Virgil D . Wagner
Dauiel J McCarthy
1990-91
President
President-Elect
Vice Presidents
Secretary
Treasurer
1991-92
Harry D Garber
John H . Harding
Robert H Dobson
R Stephen Radcliffe
Richard H Snader
Michael A . Walters
Larry Zimpleman
%' James MacGuanitre
Harold J Brownlee
President
President-Elect
Vice Presidents
Mavis A Walters
Harry L) Garber
Robert H Dobson
Charles E Farr
Daniel J McCarthy
Michael A Walters
Richard H Snader
Thomas D, Levy
1992-93
John H Harding
David C Hartman
Howard J Bolnick
Stephen P_ I owe
Walter N Miller
Secretary-Treasurer
Richard H Snadei
Larry Zinpleman
James R Swenson
1994-95
1993-94
Charles A Bryan
Jack M Turnquist
David G Hartman
Charles A Bryan
Howard_/_ Bolnick
Howard Fluhr
Paul F Kolkuran
Stephen P Lowe
Jack M Turnquist
President
Jarnes R. Swenson
Secretary- Treasurer
James R Sswenson
President
President-Elect
Vice Presidents
Larry Ziuiplenran
Allan M Kauhiran
Vince Amoroso
1995-96
Jack M Turnquist
Larry Zimpleman
Vince Amoroso
John M Bertko
Arnold A Dicke
David P Flynn
Charles Bari I I Watson
Stephen R. Kern
1997-98
Allan M_ Kaufiuan
Richard S . Robertson
William F k3luhm
Ken W Hartwell
Lawrence A Johansen
Kenneth A Sterner
Michael L Toathman
Robert E Wilcox
Stephen R Kern
President-Elect
Vice Presidents
John M . Bertko
Howard Fluhr
David P Flvnn
Paul F Kolkman
Charles Barry H . Watson
1996-97
William F. Bluhrn
Arnold A 1)icke
Secretary -Treasurer
President
President-Elect
Vice Presidents
Secretary-Treasurer
38 AMERICAN ACADEMY CIF ACTUARIES
Ken W Hart well
Barbara 1 . Snader
Michael L Tooti nian
Stephen R Kern
Jarvis Farley
Service Award
t i] 1991, the Academy established a
perpetual award to honor the nieinorti• of one of its lone ime, indefatigable volunteers Jarvis Farley saas a charter
member of the Academy and an invaluable resource for Acadenis staff and the
entire actuarial profession His untiring;
volunteer work for the Acadeniv epitomized the caliber of service to he honored by this award He began serving on
Acadcniy committees rn 1072 and continued until his death in 1991
The Academy, Executive Conitnittee
each year selects a Jarvis Fancy Service
Revere bowl, custom designed by Kirk
Stieff. A larger, permanent bowl,
engraved with the name of each recipient, is displayed at the Academy .
Jarvis Farley Service Award
Recipients
199_' Mary Hardiman Adams
1993 Jerome A Scheibl
1994 Douglas C 13nrton
199D Harry L Sutton Jr
1996 Charles Batty H Watson
Assard rcripiciit The re~ipicnts are
announced and honored at the
Ac .ideniy's annual meeting Far 11 hon-
1997 James C . Hickman
19( ) 8 Edward E_ Burrows
oree ieceives in engraved pewter Paul
I'C'I" YEARbOI 0k
39
Robert J . Myers
Public Service Aw, ard
n 1994, the Academy , through its
Committee on Actuarial Public
Service, established the Robert J .
Myers Public Seivice Award to iecogni .e the extraordinary lifelong public
servo e of Robert J Myers who was
chief actuary for the Social Security
Administration from 1947 to 1971)
The exceptional career of Myers was
recognized with the public announcement of the award at the Academy's
annual meeting in Washington . 1) .C ., on
Sept ' 4 . 1994 . Myers was instrumental
i n the design and funding of the Social
Security system and worked for the
Social Security Administration for some
35 years . Although political pressure
often conflicted with his professional
responsibilities, Mvers never veered from
a path of professional .
integrity
He continues to command respect within and
outside the profession , and he remains an
inspiration to all practicing actuaries .
service to the government or other
organizations in the public sphere .
While honoring individual recipients,
the award also calls attention to the significant benefits the general public
receives from the actuarial profession .
A specially designed medal was presented to Myers at the award 's inauguration . The permanent medal is mounted
on a custom- designed pedestal and displayed at the Academy office in
Washington
Recipients receive
engraved medals . and their names are
engraved on the base of the permanent
medal at the Academy
Recipients of the Robert J Myers
Public Service Award are selected
through the Committee on Actuarial
Public Service on the basis of their contributions to the common good through
40
AM E RICAN 1(-ADFM) OF AC L U A R I E,
Robert J . Myers
Public Service Award
Recipients
1995 John 0 . Montgomery
199( Roland E (Guy) King
1097 James B . Gardnu•r
1 V9ti Ihvight K Bartlett III
History
n October 25, 1965, the
American Academy of Actuaries
0 was organized as an unincorporated association to serve the actuarial
profession in the United States The corresponding national body iii Canada, the
Canadian Institute of Actuaries, had been
incorporated earlier that sank year For
many years, the actuarial profession in
North America had consisted of four bodies : the Casualty Actuarial Society, the
Conference of Actuaries in Public
Practice, the Fraternal Actuarial
Association and the Society of Actuaries .
In 1964, the nicinhers of those four orgainzations, recognizing, the need for a single
body to represent actuaires of all specialties, approved forniation of an all-inclusive
organization of qualified U .S actuaries .
On April 29, 1966, the Acadeni'1 was
reorganized as a corporation under the
Illinois Geneial Not For Profit Corporation Act Henry F Rood, whose presidential address to the Society of
Actuaries in 1958 had voiced the first
formal proposal for such a national body,
was elected president .
In September 1980 . the Fraternal
Actuarial Association, one of the four
founding organizations, closed its doors .
Its dissolution indicated that the needs of
fraternal actuaries had been increasingly
met by other actuarial organizations and
that the National Fraternal Congress had
increasingly been providing a forum for
fraternal actuaries .
In 19911, the Academy Board of
Directors established four practice councils to represent the major areas of actuarial practice- casualty, health, life and
pensions In 1992 . the Council on
Professionalism was created to oversee
the Academy's responsibility to set and
maintain professional standards .
The Financial Reporting Council was
formed in 1996 to coordinate all financial reporting activities across practice
lines, The Council also acts as a liaison
to other committees within the profession, to the accounting profession and to
state and federal regulatory bodies, and
develops and maintains cooperative relations between actuaries end certified
public accountantsEach council has hioad authority to
set its ossn agenda, specific policy initiati\,es are carried out by Academy committees that report to the councils .
The five councils are headed by vice
presidents, who together with the president, president-elect, immediate past president and secretary-treasurer, constitute
the Acadeni~'s E'ecutise Committee .
In 1998, the Academy Board of
Directors approved a strategic plan for
1998-2111}3 and a new mission statement As the organization representing
the entire United States actuarial profession, the American Academy of
Actuaries serves the public and the actuarial profession both nationally and
internationally through :
a establishing, maintaining and
enforcing high professional standards of
actuarial qualification, practice and conduct,
b assisting in the formulation of
public policy by providing independent
and objective information, analysis and
education, and
c in cooperation with other organizations representing actuaries
-representing and advancing the
actuarial procession, and
-increasing the public's recognition
of the actuarial profession's value .
1 `))' iEARBUOt 41
Membership Requirements
Academy menibersliip is intended to
serve as the hallmark of i qualified actuary in the United States .
All U S residents who were fellows (or
the equivalent) of the four e'ostmg bodies
on October 25, 1965, were automatically
enrolled as Academy members, subject to
their indicated assent by paving the dues
There were 1,427 charter members of the
American Academy of Actuaries.
The Academy immediately set about
inakinp its existence known to other
actuaries not eligible as charter members
It was required that ant' such actuary
demonstrate adequate knon ledge and
skills . Many were admitted by this
route, some after passing special proctored examinations . A requirement of
seven years of responsible actuanal experience (five years for fellows by exanunation of the existing bodies) was imposed
After January 1, 1970, educational
requirements were gradually increased
until 1976 In January 1976, an aniendment to the bylaws created a new nonvoting class of membership designated
affiliate of the American Academy of
Actuaries This class consisted of nonnienibers of the Academy who became
enrolled actuaries under the Employee
Retirement Income Security Act of
1974 (ERiSA), subject to acceptance of
their application, by the Academy .
Subsequently, in January 1979, the
bylaws were further amended to ehniinate the distinction between affiliates and
members of the American Academy of
Actuaries, as well as to set the experience
required at three years of responsible
. ork Subsequently, the Academy
v
board set the basic educational requirement at that of the associateship level in
the Casualty Actuarial Society or the
Society of Actuaries or that required for
status as an enrolled actuary under
ERISA
Nonresidents of the United States c .ni
be admitted to membership if they meet
the Academy's educational and evperience standards, can demonstrate taniiliaritv with U .S . actuarial practices and have
a need to perform actuanal duties in the
United States
Professional Conduct
In December 1965, the Guides to
Professional Conduct were first issued .
Over time . these were revised and supplemented by Interpretative Opinions .
Together, the Guides and Opinions
formed a core of ethical guidance for
members in all phase, of their professional lives In September 1991, the Board
of Directors approved a new set of ethical precepts as recommended by the
Council of Presidents Task Force on the
Code of Professional Conduct The
intent of the task force ryas to seek adoption of a common code of ethical tenets
by all organizations representing actuaries
in North America The Academy was
the first body to adopt the Code, which
became etlective January 1, 199?
The Code of Professional Conduct
includes Precepts and Annotations that
require a high standard of' ethics and
responsible performance expected of
professionals Specifically, the Precepts
require actuaries to abide by standards of
practice, as pronnilgated by the Actuarial
Standards Board, and by qualification
standards, adopted by the Anierican
Ac adeiny of Actuaries The Code has
been adopted in substantially similar
form by all the professional sot cties representing, ticttianes ni the United States
and Canada, ioiitinti the profession in
this area for the first tune
Counseling and Discipline
Slice its inception, the Academy has
rec ognizcd the need for a disciplinary
procedure to enforce standards of con-
42 AM t RICAN A CAD EM) OF ACTUARIES
duct and the need to provide the public
and fellow actuaries with an avenue to
express grievances regarding the professional activities of Academy members .
For many years, the responsibility for
handling complaints, investigating
charges and proposing disciplinary measures rested with the Committee on
Discipline Largely because duplications
of effort by the disciplinary committees
of the various actuarial organizations
frustrated effective discipline, and also as
a result of the adoption of a conmioii
Code of Professional Conduit by all
organizations representing actuaries, in
I'-)9 J the members of the Academy
voted to amend the bylaws arid create
the Actuarial Board for Counseling and
Discipline (ABCD)
The ABCI) is a separate entity supported by the Academy staff It investigates apparent violations of the Code of
Conduct by members of any organization representing actuaries that delegates
investigative authority to the ABCD .
The Academy and other organizations
have delegated such authority For
those activities that in the opinion of the
ABCD do not merit public discipline, or
in response to actuaries' requests for
guidance, actuaries will be counseled
privately and provided guidance in complying with the requirements of the
Code of Professional Conduct, qualification standards and standards of practice
Standards Board (ASB), which was created in June 198 by a bylaw amendment
vote .
The ASB is a separate emit) supported by Academy staff. It has sole responsibility to initiate the development of
and to adopt new standards . Standards
of practice include statements on the
techniques, applications, procedures and
methods that have been generally
accepted by the profession . The Code of
Professional Conduct requires actuaries to
be knowledgeable about and abide by
these pronouncements
Legal Recognition
In December 1966, the National
Association of Insurance Commissioners
(NAIL) adopted a resolution supporting
recognized standards of actuarial competence and conduct and urging each commissioner to support the efforts of the
Academy to gain official recognition
All states now have regulations that recognize Academy membership as qualification for signing insurance company
anuuaI st,tternents, some have corresponding recognition for public employee retirement systems . The first state to
act was Indiana . which provided for certification of actuaries by a state board in
a 1966 law The general pattern followed in other states has been issuance of
administrative orders or regulations
In 1975, the responsibility expected
of actuaries was spelled out by a new
Standards of Practice
The Academy commenced issuing standards of practice, initially called reconiinendations, in 1973 . These recommendations were supplemented by interpretations. A major step forward in the developrnent and management of standards of
practice was taken in 1985 with the creation of the Interim Actuarial Standards
Board (IASB) . The IASB served as the
prototype for a permanent Actuarial
requirement that the actuary who signs a
life insurance company annual statement
must express an opinion on the actuarial
elements, including an opinion on the
adequacy of reserves . The Academy
responded with recommendations to the
profession on how this responsibility
should be met
In 1990, d similar requiiennent was
added to the property and liability
insurance company annual statement,
I v° .i \[ARBOOK 43
except that the requireinent was at the
disc retion of the domnciliars insurance
activity . The guidelines were updated in
Ii)93 .
couiniissioner Again the Academy
Joint Activities of Actuarial
Organizations
iespunded with appropriate reconiniendations to the profession
In 19911, at the urging of the
Academy, the NAIC eliminated the discretion of individual states . As a result,
virtually all annual statements from
property/casualty companies in the
United States must be accompanied by a
loss reserve opinion from a "qualified
actuary," defined as a nieniber of the
Ameiicau Academy of Actuaries
approved by the Casual t` PraetieC
Council, or as a nieniber of the Casualty
Actuarial Society . or otherwise approved
by the domiciliaiy commissioner .
In 1983, a statement of actuarial
opinion similar to those cited above was
added to the annual statement blanks for
both health service corporations and
health maintenance organizations . it was
supported by recomniendations .
In the pension field, the 1974 ERISA
legislation established extensive and specific standards for actuarial reports, for
disclosure and fiduciary relationships and
for the qualifications of actuaries in pension work
Expressions of Professional Opinion
The first major influence of the Academy
beyond the boundaries of the profession
was in its response, begnuung in 1972, to
the audit guide for stock life insurance
companies b` the American Institute of
Certified Public Accountants This cooperative endeavor has led to regular and
close association between the actuarial
and accounting professions .
The Academy has also become
increasingly active in dealing with various government entities on a variety of
public issues . In 1982, the Board of
Directors adopted Guidelines for Making
Public Statements in connection with this
44 AMEltIt-AN
ACADiMS CI'
The North American actuarial bodies
cooperate in many ways, largely through
joint sponsorship of actuarial exam inations and the work of joint committees
In December 1972, the Academy was
instrumental in launching an informal
body, the Council of Presidents, to foster even greater understanding and comnion purpose In 1976, the actuarial
organizations jointly formed the
Actuarial Education and Research Fund
to foster the growth of basic actuarial
research throughout the profession and
to arrange for necessary financing of
such research
Administration
At the outset, the Academy shared
adnunistrative facilities with the Societs
Of Actuaries in Chicago (since moved to
S(hauniburg . Ill ) A major step to
iucrcase the value and influence of the
Academy -,vas taken in January 1976
when the Academy became headquartered iu Washington, D .C The
W,ishuigton office is responsible for all
staff tutu tions other than those related to
the menibership database, which remain
Ill Sch .iririiburg
Meetings
Historically, the Academy has held its
annual meetings in the fall of the year, in
conjunction with the .urnual meeting of
one of its founding org,ini7ations In
October 1999 the Academy vdl hold its
annual meeting in San Francisco in conjunction with the Society of Actuaries
Annual Meeting and Exhibit . In the
spring, the Academy will sponsor a public policy briefing in Washington, featur-
AC I IIARIES
ing a prominent Washington legislator as
luncheon speak r
Since 1976, the Academy and the
Conference of Consultmg Actuancs
have cosponsored the Enrolled Actuaries
Meeting . In 1989, the Society of
Actuaries -,vas added as a cosponsor
These meetings are a primary means of
continuing education for pension actuaries across the nation The annual
Casualty Loss Reserve Seminar, sponsored jointly by the Academy, the
Casualty Actuarial Society and the
Conference of Consulting Actu,incs
began in 1981 . The seminars are of particular interest to property/casualty actuaries and loss reserve specialists
Publications
The Academy continues to expand the
number and scope of its publications .
Each year, it publishes this yearbook,
which includes lists of committees, the
Board of Directors and Academy stag,
in addition to such information as
bylaws and application for admission to
the organization .
Each month the Academy publishes
the Actuarial Updare and several enclo-
cures, including the 'ASB Boxscore"
(started in 1987), a status report on various standards projects and Actuarial
Standards Board news In addition, the
Enrolled _-lhtiomies Rcjnont, a newsletter
focusing on the concerns of pension
actuaries, is published four times during
the year
The Academy's publications include
the bimonthly magazine Cotrrrtr~eio s
and a combined professionalism annual
report for the ASB, the Actuarial Board
for Counseling and Discipline and
Committee on Qualifications . The
Academy also produces public policy
monographs and issue briefs based on
the work of Academy committees or
work groups formed to address specific
key issues .
The Academy Web site (svww
actuary,org) was opened to the public i n
1997 Virtually all the Academy's completed published work is available from
the Web Site- Actuan•l Standards of
Practice are accessible via the ASB section of the site- The Actuarial Board for
Counseling and I )isnphne's separate site
(www .abcdboard org) is also in,untained
with Academy statl support
I y ~~ Y I A R 5 O OK 45
Strategic Plan 1 998-700;3
n 1994, the Academy adopted a
strategic plan to serve as a foundation
for directing the organization's activities . To reflect changing circumstances,
a task force was appointed in 1998 to
develop a new plan, elements of which
are stated below The ncv,, plan builds
c . in cooperation with other organizations representing actuaries
-representing and advancing the
actuarial profession, and
-increasing the public's recognition of the actuarial profession's
value .
on the old, recognizing advances in
technology, globalization, corporate
mergers and changing political prioritiesThe task force elicited contributions to
the plan from throughout the piofession,
from the staffs of the Academy and the
other North American organizations
representing actuaries, and from selected
public policy-makers
The 1994 plan included a statement
of the Academy's strategic mission .
While the essential mission of the
Acadenry has not changed, the task force
rewrote the mission to better articulate
the purpose and essential activities of the
organization The mission of the
Academy sets forth its fundamental purposes . It also describes the essential
ongoing activities required to carry out
those purposes .
Mission
As the organization representing the
entire United States actuarial profession, the American Academy of
Actuaries serves the public and the
actuarial profession both nationally
and internationally through :
a. establishing, maintaining and
enforcing high professional standards
of actuarial qualification, practice
and conduct,
b . assisting in the formulation of
public policy by providing independent and objective information, analysis and education, and
Other organizations representing
actuaries are primarily responsible for
education and research and represent the
profession before related audiences .
Service to the profession is shared by the
Academy and other organizations representing actuaries The Acadeniy is the
organization that speaks for the entire
U S profession Iii addition to presenting the pcrspccnve of the profession, it
serves as an advocate for the profession
when such advocacy is appropriate
The Academ y' s strategic mission was
developed is part of the Strategic Plan for
1998-3(1(13 , which was approved by the
Board of 1)irectors on Sept 30, 1998
Strategic Directions
Fight strategic directions were identified
that represent high-priority matters for
the Academy to address if it is to achieve
its potential over the next five nears .
Each strategic direction is supported by
several strategies that the Strategic
Planning Task Force recommended to
further the specific strategic direction .
1 Liciease the influence of the Academy
and actuano oil the cccateen cf public policy
3 . Increase tccoc nitian of the actnainal
pie isseon and W/Iat it does b}y public poltcycookers, usc'ts and ptospectii'e users of actuarial se'rv'ices .
46 A5lt I :LCAN A CAD L MY 0 t ACT II,ARI I s
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47
By la ws
A, ,t1cI i1RATI) N ORGANIZED UNDER THE
ILLINI IS (ENEI AL NUT F( Ilk PROFIT w9 l'oRATIUN A( T
i kRA' TEI APIUL 2 ) , I'+4 . AN[) LAST AMENDED IN I'1'aa1
ARTICLE I
Membership
SECTION 1
Members Individuals having nicinbership in the Academy shall be
called "members ."
Members shall he entitled to attend
meetings of the Academy, vote, hold
office, serve as elected Directors, make
nominations, serve on committees, and
generally exertise the nghts of full niem-bership They are authonied to desitmatc
thcinsclves as "iiaembers" of the Anierican
AL adeniy of Actuaries and to append to
their mines the initials M A A A
SECTION 2 . Rc puirciucuts for .4dnussiou
to Wenhesship . An} person may apply for
membership and shall become a member
by meeting the requirements contained
in this section .
A . .9pplitariou Each candidate for
admission must submit a written application that shall include a resume of the
candidate's education, back,,round, and
experience, the names of two references
who are members, and such additional
information as the Executive Committee
may request
B Education . Each candidate shall
have passed, or have received credit for,
the examinations prescribed from time to
time by the Board of Directors, hereinafter called the "Board ."
C . Ev-ficnciice Each candidate must, at
the date of application, have had at least
three years of experience in responsible
actuarial work 'Responsible actuarial
work" is defined as work that has
required knowledge and skill in solving
48
piactical actuarial pioblenis in any of the
following fields : life and health insurance
involving individual policies, group insurance, social insurance, pensions, or property and liability insurance .
D References
. Evidence of character
and professional integrity of the candidate
shall have been deduced by references
from two members who have known the
candidate for at least eighteen months or
from other sources If the application is
rejected on the basis of evidence of lack
of character or professional integrity, the
candidate may appeal to the Board The
procedures for the conduct of such
appeal shall be as prescribed by the
Board
E Nonresidents, A candidate who is
not a resident of the United States must
meet such other requirements as are prescribed by the Board
F .9ppoval Each application shall be
acted upon by the Executive Committee .
A candidate's application is approved if
accepted by a majority of the whole
Executive Committee . If refused, the
applicant may request review by the
Board, pursuant to such procedures as
may be adopted by the Board
ARTICLE 11
Meetings of the Members
There shall he an annual meeting of the
members each fall at such time and place
as the Board shall designate
Special meetings may be called by the
Board Upon request of not less than
five percent of the members, the
AMFRIC AN ACADFM1 01 ACTIIARI I S
President shall call .i 1teetnig of the
members At all niectm ; ;s fifty members
shall constitute a quururei Notice of .r
mcetmg, specifying ; the place . date, end
hour of the meeting, shall be given not
less thaei hyenty nor more thin forty
days before each meeting .
ARTICLE III
Board of Directors
SECTION I Composition The Board
shall consist of twenty-nine Directors,
comprising the nine Officers, the two
utnnedeate Past Presidents, arid eighteen
elected I ) rcc tons .
SECTION 2 . Election and Term of O .
ice
A . Special Directors, The Board shall
designate a number of seats on the
Board, not to exceed eight, to be filled
by a class of special Directors consisting
of representatives of other U .S . actuarial
organizations whose presence on the
Board is deemed helpful to the
Academy . Special Directors shall he
elected by majority vote of the whole
Board and shall serve for a period of two
years . If a vacancy occurs among the
special Directors, the vacancy may be
filled for the remainder of the unexpired
terns by majority vote of the whole
Board- The term of office of a special
Director shall begin at the close of the
annual meeting of the Academy in the
calendar year of the election and shall
continue until the close of the annual
meeting at the end of the terns for
which the special Director was elected
B Regular Directors Elected Directors
who arc not special Directors shall be
regular Directors Each year the members shall elect a number of regular
Directors to bring the total number of
elected Directors to eighteen . Candidates
receiving the greatest number of votes
shall be elected Such regular Directors
shall serve for a period of three years- A
retinng regular Director, other than one
who was elected to fill .i sacancy, yyhose
teini as a regular Director expires shall
not be eligible for re-election as a regular
Director at that time A Past President
whose ex otticio membership on the
Board as Past President expires shall not
he eligible for election as a regular
Director at that time If a vacancy occurs
among the regular Directors, including a
vacancy created by the election of a regular Director to an office or to the position of special I )erector, the vacancy may
be filled foe the reniaindei of the unexpired tern by majonty vote of the whole
Board The term of office of a regular
Director shall begin at the close of the
annual meeting of the Academy in the
calendar year of the election and shall
continue until the close of the annual
meeting at the end of the tern for which
the regular Director was elected .
SECTION 3 Mret ig There shall he in
annual meeting of the Board within sixty
days prior to the annual meeting of the
Academy . Special meetings of the Board
shall he called v<henever the President or
at least five members of the Board so
request
Meetings of the Board may be held
either within or outside the state of
Illinois Notice of the meetings of the
Board shall he given not less than ten
days not more than thirty days before the
meeting, except i n the event of a meeting of the Board following the annual
meeting of the Academy, in which event
newly elected Directors shall be given
notice of such meeting of the Board as
promptly as possible Such notice to
newly elected Directors may be given
personally, by telephone, by cn .ril, or by
facsimile transmission .
Any action required to be taken at a
meeting of the Board may be taken
without a meeting if a consent in wntt91i9 i LARROc)k
49
ing, setting forth the action so taken,
shall he signed by all of the members of
the Board
SECTION 4 Qrroirriir At meetings of
the Board, a majority of the members of
the Board shall constitute a quorum
SECTION 5 Duties and Powers The
Boaid shall have, in addition to the
powers and authority expressly conferred
upon it by these Bylaws . the right,
power, and authority to exercise a]] such
powers and to do all such acts and things
as may be appropriate to carry out the
purposes of the Academy . Without prej udice to the general powers so conferred, the Board shall have the following specific powers :
(a) To act in accordance with the
provisions of the Articles of
Incorporation of the Acadeniv and
the laws of the state of Illinois
(h) To establish the location of the
offices of the Academy .
(c) To invest and administer the
funds oFthe Academy
(d) To arrange an annual audit of
the accounts of the SecretarvTreasurer
(e) To prescribe examinations and
other requirements for adnussion, as
provided in Article I, Section 2, of
the B) laws .
(f) To elect the Officers of the
Academy .
(g) To authorize such committees
as it may deem necessary for the conduct of the affairs of the Academy .
ARTICLE IV
Executive Committee
During any interim between meetings of
the Board, the business of the Academy
shall be conducted by an Executive
Committee comprising the Officers and
the immediate Past President The
Executive Committee shall 11A% e such
powers as may be provided by these
Bylaws or as may be delegated to it by
the Board , except the specific powers
enumerated ( h), (d) . (e ), ( f), and (g) in
Section 5 of Article Ill-
ARTICLE V
Officers
SECTION I . Otfrceis The Officers of
the Academy, all of whom shall be
members . shall consist of a President, a
President-Elect, six Vice Presidents, and
a Secretary-Treasurer
SECTION 2 Election acid Teno of Qt/ice
At each annual meeting of the Board,
the Directors present, by a vote of a
majority of the whole Board shall elect,
separately and in the order named, a
President-Elect, three or more Vice
Presidents, and a Secretary-Treasurer
At the annual meeting of the Board, if
either (a) the President-Elect has succeeded the President and has scred in that
capacity for six months or more b~ reason of the office of President becoming
vacant or (h) the office of the PresidentElect is vacant, except in the case where
the President-Elect has succeeded to the
office of the President and has served in
that capacity for less than six months, the
Directors, by a vote of a niajonty of the
whole Board, shall prior to the election
of the President-Elect, elect a President
to serve from the close of the first subsequent annual meeting of the Academy
until the close of the second subsequent
annual meeting of the A~adciin
Except as hereinafter provided, the
President-Elect, having been so elected at
.m annual meeting of the Board, shall
coniinence the term is President-Elect it
the close of the first subsequent annual
meeting of the Academy and shill auto-
50 A 10 1 RIC AN A C: A D I M I 0 f A C T I I A IT I t s
marically succeed the President at the
close of the second subsequent inmial
meeting of the Academy, and shall serve
as the President until the close of the
third subsequent annual meeting of the
Academy In the event the otfii e of
President becomes vacant, the PresidentElect shall automatically succ eed to fill the
vacancy for the unexpired term A
President-Elect vvho so succeeds the
the Board shall by majority vote of the
whole Board elect a member to fill the
vacancy for the unexpired term of the
President
In the event a vacancy occurs aniong
the Vice Presidents, or in the of}ice of
Secretary-Treasurer, the Board shall by
nialority vote of the whole Board elect a
member to fill the vacancy for the unexpired term
President and serves in that capacity for
less than six months prior to the close of
the first subsequent annual meeting of the
Academy following succession to the
Presidency shall further serve as President
until the close of the second subsequent
annual meeting of the Academy
The term of Vice President shall be
two years . The term of each Vice
President elected at each annual meeting
of the Board shall he from the close of the
first subsequent annual meeting of the
Academy until the close of the third subsequent annual meeting of the Academy .
In the event of a vacancy in the office of
Vice President, the Board may elect a
replacement for the remainder of the
vacancy of that office . Said replacement
may thereafter be eligible for re-election
as a Vice President at the meeting at
which the term expires A retiring Vice
President is not otherwise eligible for reelection as a Vice President at the meetoig at which the tern expires
Except as provided above, a retiring
President shall thereafter be permanently
ineligible for election for another term as
President or President-Fleet
A retiring Vice President shall not be
eligible for re-election as a Vice
President at the meeting at which the
term expires
Each Officer shall hold oilier for the
terns elected and until a successor shall
have been elected .
In the event of vacancy in the office of
both the President and President-Elect,
ARTICLE VI
Duties of Officers
SECTION 1 . President The President
shall preside at the meetings of the Board
and of the Academy . shall appoint committees authorized by the Board . and may
sign contracts or other instruments that
the Board has authorized to he executed .
SECTION 2 . Piesident-Elret The
President-Elect shall have such duties as
may he assigned by the President or by
the Board- In the absence of the
President, or in the event of the
President's inability or refusal to act, the
President-Elect shall perfiorrn the duties
of the President's office
SECTION 3 lice President. Each of the
Vice Presidents shall have such duties as
may be assigned by the President or by
the Board .
SECTION 4 . Sccietaiiy-Tic'aisurei . The
Secretary-Treasurer shall record and file
minutes of all meetings of the Board,
give all notices, be custodian of the corporate records of the Academy, and in
general shall perform all customary duties
incident to the office of SecretaryTreasurer F the President is absent or
unavailable, the Secretary-Treasurer may
sign, with any other person authorized
by the Board, contracts or other instruments that the Board has authorized to
1`i'i'i 'itARROOK 51
be executed .
notice by a copy of this Section If dues
The Secretary-Treasurer shall also
relearn unpaid, such person shall, on the
keep a register of the members, have
date that falls three months after the date
charge of the preparation and publica-
of marling such notice, cease to Lie a
tion of any yearbook that may be puh-
member of the Academy for all purposes
lished, have general supervision of any
other than with respect to any penalty or
arrangements for holding cxantmanons,
other action determined under disci-
have charge and custody of all funds and
plmarv procedures as provided in Article
securities, collect dues, pay hills, prepare
IX, relating to n Deduct pnor to sun h date-
finanCnrl statements, and in general per-
Reinstatemcnt as .1 menibcr shall be sub-
form all customary duties incident to the
J ect to such conditions as the Board may
prescribe
office of Secretary-Treasurer The
Secretary--Treasurer shall gnu a bond for
the faithful discharge of all such duties,
the cost of which shall he paid by the
Academy-
ARTICLE VII
Finances and Contracts
SECTION 1 Dues Except as hereinafter provided, each member shall pay
such dues for each calendar year as may
be estabhshed by the Board Such dues
shall he payable as of January 1 of the
calendar year At the time when dues are
payable, any member who has become
totally disabled or who, ha\trig attained
an age to he selected by the Board, and
having retired front active work or \\ ho
has attained age 7h, so notifies the
Secretary-Treasurer in v ritiog shall be
granted e,~emptuan from the payment of
clues by the Executive Comnnttee- ]n
adehtion, any member \\ho (a) is expected to earn no simntficant Income For the
r alendar year front actuarial activities,
and (b) is \\ithin .i class of n ienibers eligible for dues \1-atver as determined by
the Board shall he granted exemption
from the payment of dues by the
Executive Committee
It shall be the duty of the SecretarvTieasurer to cause to be notified by mail
any member whose dues may- be six
months in arre .us and to accompany such
SECTION 2 Ptrhlhcatio/r_ . The Board
shall determine the extent of distribution
of publications of the Academy and the
fees or prices to be charged any classes of
recipients
SECTION 3 . Contracts . The Board max
authorize any Officer or agent to enter
Into any contract or execute and deliver
any tnstnunent to the name or on behalf
of the Academy .
SECTION 4 Chicks All checks , drafts,
or other orders for a payiatent of
money, notes , or other c\-tdences of
indebtedness shall be signed by such
Officer or agent of the Academy as shall
front tune to trite he determned by
the Board
SECTION 5 . Deposits All funds of the
Academy not otherwise employed or
invested shall he deposited to the credit
of the Academy in such banks, trust
companies, or other depositories as the
Board stay select
ARTICLE VIII
Resignation of Members
Any member nt,ly It ally tulle file a resgnation in writing with the Secretar-\°Treasurer, and, unless it is rejected by
the Executive Committee, it shall
52 A M F P ]CAN A l A rl r .\1 1 Ci f A i T tl .\ R I FS
become ettet trs e n of the date it %%x,
filed . The Executive Connnittec may
relect a resignation only it a complaint
or charge is pending against the member
or if a complaint or charge is tiled within
sixty days after the date that the nicmher's attempted resignation is filed A
member whose resignation is rejected by
the Executive Committee tray appeal in
writing to the Board The Board inav
.affirm or set aside an F\ccutivc
Committee decision to reject a meoiber's resignation by a majority vote of
the nienibers of the whole Board .
Notwithstanding the foregoing, the
Hoard niay in its discretion permit the resignation of a member against whom .r
complaint or charge is pending . The
Board, on written application of any
nieniber who has resigned, may reinstate
such nieniber subfect to such conditions as
it may prescribe
ARTICLE IX
Public Discipline
SECTION 1 Con ijilarots ionI Retch r(s
A Coiiiplaiaits concerning alleged
violations of the Academy's Code of
Professional Conduct . and all questions
that may arise as to the conduct of a
member, in the member's relationship
to the Academy or its numbers, or in
the member's professional prat tice, or
affecting the interests of the actuarial
profession . constitute matters for serious
consideration
B . Such complaints and questions shall
he referred to the n,itini al organization
responsible for professiomyide counseling
and discipline i n the nation where the
action occurred- the Actuarial Board for
Counseling and Discipline (ABC1)) in
the United States and the Canadian
Institute of Actuaries (CIA) in Canada
SFC'TION 2
Cosnidciiitioli of Pnh(!c
Drsddplriiary .4ctrtm
A The President shall appoint a sixperson Disciplinary Committee from
among the members of the Board to
consider and act on a reconiniendation
from the ABCD or the CIA for public
discipline of an Academy member .
B . Public disciplinary action includes
.i public repriiriand, suspension of
Academy- membership, or expulsion
from the Academy
C The member .who is the subject of
a public disciplinary reconiniendation
from the ABCD of the ( C IA shall have
the right to appear personally and by
counsel (at the member's expense) before
the Disciplinary Committee to explain
why that recommendation should not be
followed .
I) . The member involved shall be
notified not less than forty-five days in
advance as to the time, date, and place
"here the Disciplinary Committee will
consider the matter . The notification
may be made by certified mail or in such
other nianner as the Disciplinary
Committee inav direct The time limit
niay he waived by iuutual agreement of
the parties
E An action of the Disciplinary
Conuiuttee to publicly reprmand, suspend,
or expel a meinber requires an alfinu,itive
vote of two-thirds of the whole nienibership of the Disciplinary Conuuittee .
r . An action by the Disciplinary
Committee to publicly reprimand, suspend the membership of, or expel a
nieniber is effective forty-tive days after
the date of the action, if the nieniber
does not appeal the action to the Board,
and, in the event of such an appeal, the
action is effective on the date when the
appeal is decided by the Board
SECTION 3 _ 4ppeah to the Board- A
nieniber against whom an order of public
1 5n,i YEARBOOK 53
reprimand, suspension, or expulsion has
been rendered Shall, upon apphia(ion to
the Board within fort)-tive days after the
action of the Disciplniarv Committee, be
entitled to appeal to the Board at its next
rcl ularly scheduled nicetuig, under the
following conditions :
A All rights and privileges of ntenibership shall be retained during the pendeiicv of the appeal
B . The notice of appeal shall be in
wynting and shall stipulate that the appealing member consents to the mailing to
the members of the Board of a transcript
and all applicable evidence in a form
approved by the Disciplinary Committee .
C The member may appear personally and by counsel (at the member's
expense) before the Board when it meets
to hear the appeal
D The decision of the Disciplinary
Committee may be affirmed, reduced. or
set aside by a majority of the members of
the whole Board Members of the
Board who serve on the Disciplinary
Connnitree uiay participate and vote in
deliberations of the Board .
SECTION 4 Rciir±ta trnient An individual who has been expelled or suspended
from the Academy ma) be reinstated
only through an action of the Board of
Directors
SECTION 5 Coiitrdeiitr a lity of ProiccdirrSs Except as otherwise provided in
these Bylaws or by waiver of the person
under investigation - all proceedings, under
this Article shall be confidential and kept
secret
SECTION 6 . N'olijii m ions
A The Board of Directors shall notifv
Academy members in all Instances um
which a member is subject to public discipline At the same trine notification is
given to the nienibers, the Board of
I )irectors shall also give notice of the
public discipline to all other actuarial
oreaiiizatioiis lof which the indiv idual is a
member and to other organizations,
including governmental entities, that, in
the opinion of the Board, should also
receive notice of the action . r he Board
of Directors may also give notice of public discipline to such newspapers or journals as it inay select.
B If the Lass, arises from a written
conipLniit, notice of the disposition of
the case shall he furnished to the complainant .
C . In the case of an action by the
Disciplinary Committee to publicly repnmand, suspcud, or expel i uicniber, the
notification should take place forty-five
days after the Committee's action, and, if
the member is appealing the decision to
the Board of Directors, the notification
should state that the decision is being
appealed Once the Board of Directors
has acted on this appeal, there should be a
notification of that action
D In the event of subsequent reinstatement of an expelled or suspended
member, the Hoard of I )irectors shall give
notice of such action to all members and
also to entities previously advised by the
Board of the expulsion or suspension
ARTICLE X
Actuarial Board
for Counseling and Discipline
SECTION 1 . Establr+li,ni tit aitd
Purposes .
A . There shall be established within
the Academy an entity to be known as
the Actuarial Board for Counseling and
Discipline (ABCD) . Upon delegation of
appropriate authority front a participating actuarial organization and acceptance
of that delegation by the ABCD, the
ABCD will be authorizedI To consider all complaints concerning alleged violations or information suggesting possible violations
54 A At E a I L A N H C A D E ht 1 0 F 4 C T U A I : 1 E S
of the applicable Code(s) of
Professional Conduct and all quesirons that may arise as to the conduct
of a member of a participating actuarial organization iii the member's relationship to the organization or its
members, In the member 's professional practice, or affecting the interests of the actuarial profession
2 To counsel actuaries concerning their professional activities related
to the applicable Code(s) of
Professional Conduct in situations
where the ABCD deems counseling
appropriate
3 To recommend a public disciplinary action with respect to an actuarv to any participating organization
of which that actuary is a member
4 . To mediate issues between
members of participating actuarial
3 The opportunity to conlnient
on an In\ estigative Report before
the ABCD uses the Report to vote
on disposirion of the inquiry
4 Reasonable notice of I hearing
to be conducted regarding the actuary's work and/or conduct, nitluding the issues for inquiry and the
organizations, or between such menlhers and the public, for the purpose
of informally resolving issues concerning the professional conduct of
first learns of during a hearing if the
such members
last known addresses of witnesses .
5 To respond to requests for
guidance regarding profession ahsiii
from Members of the partit ipating
organizations
B The ABCD is authorised to est .lblish Rules of Procedure and operating
guidelines not inconsistent V 11th the
requirements of this Article . Such Rules
of Procedure shall provide that the subJ cat of an iiiyuiry will he given the h01-
1 Notice of the inquiry along
with the factual basis for the Inquiry
,Ind an opportunity- to comment on
date, time, and place of the hearing
5 . Within a reasonable period of
time prior to a hearing, the rl,rmcs of
any witnesses whose testimony the
ABCD expects to consider ind
copies of case-spec stir dueunients
not previously provided to the subject of the ingniri that the Ai3CD
cxpeo.ts to consider
(r Notice and a reasonable opportunity to respond to additional Ielevast, material case-specific documents and witnesses that the ABCD
ABCI) intends to consider such
The notice shill include a copy of
such documents and the names and
7 The right to assistance of counsel during a healing, including the
right to seek and ieceive ads ice from
counsel and to have counsel articulate appropriate legal objections
8 Prompt notification of the
results of an ABCD hearing after
they have been determined and formulated .
The ABCD shall expose, for
comment, proposed revisions of its
Rules of Procedure to the profession
or to membership organizations for
publication to their members .
the matter hefoie the ABCD deteriiiines whether all Investigation
should be Initiated
2 Notice of the ABCD's decision
to refer inquiry to Investigators, their
names, and an opportunity to object
for Cause In stiritmg to any of them .
SECTION 2
1Iembels and _4ppotrtr-
lilt lips
A The ABCD shall consist of nine
persons appointed front the membership
.
of the participatin g organizations
Appointments will usually he made for
[1) 91) 1 hAN nook 55
three-,ear tennis
. but appointments for
shorter terms may be made to assure that
the terms of one-third of the members
ss-ill e\pire each year A member may
serve no more than two consecutive
terms
B . Members of the ABCD shall be
broadly representative of all areas of actuarial practice They shall he appointed
by, and serve at the pleasure of, a
Selection Committee composed of the
Presidents and Presidents-Elect of the
participating organizations . The
President of the Academy shall serve as
Chairperson of the Selection Committee .
C If a vacancy arises among the
members of the ABCD, the Selection
Committee shall designate a replacement
to till out the remainder of the term .
The replacement will complete that
terns, and may be reappointed for one
additional consecutive three-year term
When a hill-tens or replacement nieniher has attended a hearing as an A13CD
member, such member may serve
beyond his or her term of appointment
solely for the purpose of participating in
the ABCD's disposition of that matter
D Where three or more members of
the ABCD have an actual or apparent
~onflut of interest with regard to a particular matter, with the result that a quonina of the ABCI) cannot practicably he
cons cued to romider the matter, the
Selection Committee may, in response
to a request from the ABCD, appoint
enough special members to the ABCD
to forum a quonun to consider that matter The special members shall consider
Chairpersons, svho shall he appointed
annually from among the members of
the ABCI) by the Selection Committee
SECTION 4 .
.\h ti,Cs ami d Conduct o)
Ijnsirico .
The ABCI) shall meet at least once
each year Meetings may be called by
the Chairperson or at the request of at
least three niemihers Sts inenibcrs of
the ABCD shall constitute a quorum
Meetings may be conducted in person
or via telephone . In the event that neither the Chairperson nor a ViLe
Chairperson is able to participate at a
duly- called meeting where a quorum is
present, the members inay , by a majority
of those participating , select a
Chairperson Pro Tern for that meeting
SECTION 5 . Proredmes .
A . For any matter described in
Section 1 .A .1 that comes to the attention of the ABCD, the Chairperson and
the two Vice Chairpersons may by
majority vote agree to . (1) dismiss the
matter, (3) authorize a mediator to
attempt to resolve the matter, or
(3)authorize a review of the matter .
13 An actuary whose activities are the
subject of AB ( I) inquiry is referred to
as a "subject actuary "
C To review a matter, the
Chairperson shall appoint a primary
Investigator and may appoint additional
Investigators ABCD members shall not
be Investigators
I. The Investigator(s) shall investigate activities which may involve
only the matter(s) for which appointed .
and the term of each such special member shall end at the conclusion of the
ABCI)'s consideration of such matter(s)
SECTION 3 O(f i ers
The Officers of the ABCI) shall rousist of the Chairperson and tsso Vice
56 A M E r 1 C A N A C A ih I M f u r A C T u A R i r 1,
violations of the applicable Code(s)
of Professional Conduct . The
Investigator(s) shall then prepare an
Investigative Report for the ABCD
which contains the results of the
investigation
2 The Investigator(s) shall follow
applicable Rules of Procedure and
operating guidelines established by
the ABCD, which shall nut he
inconsistent with the provisions of
this Article .
D . The Chairperson may designate
individuals with special expertise in various specialty areas to serve as Advisors to
the ABCD . Investigator(s) and the
ABCD may consult confidentially with
such Advisors who have information or
experience relevant to a matter under
consideration
E Following receipt of the
Investigative Report, the ABCD shall
determine by majority vote whether to
(1) dismiss the matter, (2) counsel the
actuary, or (3) schedule, in accordance
with the Rules of Procedure described
in Section 1 B of this Article, a fact finding hearing before the ABCD .
F In any hearing before the ABCD :
I The subject actuary shall have
the right to appear personally, to
examine the evidence to be considered by the ABCD, to question witnesus appearing at the hearing, and
to present witnesses and evidence
matter, (2) counsel the actuary : or ~3)
reconiniend discipline to the subject
actuars's nicinbcrship organiZation(s),
including the form of such discipline
private reprimand (if pcriui(ted by the
membership organization's bylaws or
rules), public reprimand, suspension . or
ecpulsion If the ABCD believes it
would be beneficial, it may also counsel
an actuary for whom discipline is recommended
If the ABCD recommends discipline,
the ABCD shall prepare a written report
addressed to each participating organization of which the subject actuary is a
member . The report shall identify the
precepts of the applicable Code(s) of
Professional Conduct that the ABCD
believes to have been violated, state the
nature of the violations, and make a recommendation as to the form of discipline The report shall be accompanied
by a transcript of the hearing and copies
of all documents considered at the hearin,, A copy of the report and accompanying material shall be provided to the
subject actuary
2 The subject actuary may be
accuuipaiued by counsel, at no
SECTION ( Cerii nrliiuip .
expense to the ABCD . The coun-
The ABCD shall counsel a subject
sels role in such instance shill be
actuary when the ABCD determines
defined by the Rules of Procedure
counseling to be more appropriate than
adopted by the AHCI), subject to
dismissal of a matter The ABCD may
the requirements of Section 1 13 7 of
also counsel a subject actuary for whom
this Article The role of counsel for
it recommends discipline Counseling
the ABCD shall be similarly defined .
shall not be considered a disciplinary
3 The ABCD shall decide all
questions of evidence at the hearing
4 . A written transcript shall be
action
made of the proceedings and a copy
made available to the subject actuary .
G . Following the conclusion of the
hearing and based on the evidence
(including testimony) . only those ABCD
members participating in the hearing
shall, by affirmative vote of five or more
members, determine to 0) dismiss the
SECTION 7 Sniff
The ABCD will utilize the staff of
the Academy for necessary legal, logistical, and technical support and niay retain
outside counsel for assistance, as needed
SEC LION l binaii(cc
A . The finances of the ABCD will be
accounted for separately within the
19n9 2 EARBUOK 57
Academy system of accounts . The
ABCD will submit a budget request to
the Secretar}-Treasurer, Iistin4g all
planned income sources and potential
expenses, m such form and in such detail
as is mutually determined by the
Secretary-Treasurer and the ABCD .
The Board of the Academy will consider this request when adopting its annual
budget and will make provision within
such budget for the operating expenses
of the ABCD
B The ABCD will have discretion
with regard to the expenditure of all
funds allocated to it, subject only to such
accounting and audit requirements as
clay be mutually determined by the
Secretary-Treasurer and the ABCD
SECTION 1) Coiitiderrtrality
Except as otherwise provided in these
Bylaws, all proceedings under this
Article shall be kept confidential by the
including commentary on the types of
cases pending, resolved, and dismissed
The ABCD inay also disseminate educational materials to assist actuaries in
understanding the application of the
Code(s) of Professional Conduct i n various situations which may arise- These
reports and educational materials shall
not reveal any confidential information
The ABCD shall also report quarterly to
the President of each participating organization concerning inquiries, issues, and
counseling activities related to members
of that organization
ARTICLE XI
Actuarial Standards Board
SECTION 1 . Estalilislwiiiit anal Pinposrs .
There shall be established within the
Academy an entity to be known as the
Actuarial Standards Board (ASB), whose
purposes shall be to .
ABCD, its staff investigators . and advi-
A . (i) E'spose, (n) promulgate or
sors This requircrircnt as to confiden-
.adopt, and (iii) publish actuarial
tiality shall not preclude the ABCD
Standards of Practice, within its sole dis-
from
cretion .rid pursuant to such procedures
A Aclvisiug coniplainants and subject
.is it deems appropriate, in all areas of
actuaries about the progress and
actuarial practice, subject to the specific
out- once of matters under consideration,
requiienients of this article
B . Reviewing previously closed files
,is they may relate . in ins manner, to the
consideration of a new matter hetore it
C Accepting a bona tide waiver of
confidentiality from a subject .actuary
and disclosing infoi oration pursuant to
that w .over that would otherwise be
kept confidential under this section, subJ ect to such terms and conditions as the
ABCD deems necessary to protect the
confidentialitti tights of othei parties and
the integrity of the ABCD process
B Provide continuous rcvicn of
existing Standards of Practice aid determine whether they are in need of
anlendnicit, alteration, e\pansiol . or
elinunation
C Direct and manage the des elopment of actuarial Standards of Practice
by its operating cui uniittees in all areas
of actuarial practice .
SECTION 2 . ,LG•iiiherc surd .AIpporrmiicuts
A The ASB shall consist of nine
SECTION llh Coruuuiiiir itian
The ABCD shall issue an annual
report that will Include a description of
its activities for the prior fiscal year,
members, each of whom shall be
appointed for three-veal teims No individual niav seive more than two consecutive terms on the AS13 Terms of nieni-
5H A M I RICA N A C A n t ns 1 l 1 F A C r 11 4 K I L 5
bership shall he staggered, so that onethird of the members are appointed
other duties is rims he assigiied b\ the
annually
?_ The other Vice Chairperson
shall monitor the disposition and be
responsible for the authorization of
expenditure of all funds associated
with the ASB
13 Members of the ASB shall be
broadly representative of all areas of
actuarial practice . They shall be appointed by and serve at the pleasure of a
Selection Committee composed of the
Presidents and the Presidents-Elect of
the organizations that participate in the
ABCD, or their successor organizations
The President of the Academy shall
serve as Chairperson of the Selection
Committee The Selection Committee
shall annually appoint the Chairperson of
the ASB An individual appointed
Chairperson may not serve more thin
two consecutive terns as Chairperson
If a vacancy arises among the members
of the ASB, the Selection Coinnutree
shall designate a replatenient The
replacement will complete that term,
and may he reappointed for one additional consecutive three-year term
SECTION 3 . 1leerwgs . The ASB shall
meet at least four times annually
Additional meetings of the ASB shall be
called whenever the Chairperson or at
least four members of the ASB so
request At meetuigs of the ASB, twothirds of the members of the ASB shall
constitute a quorum At least six affirmanyc votes arc required for the ASB to
expose, promulgate, or adopt ictuarral
Standards of PractiLe
SECTION 4 Offcio .
A . Officers of the ASB shall consist of a
Chairperson and tN,~o Vice Chairpersons .
The Vice Chairpersons shall be appointed annually from among the members of
the ASB by the Chairperson with the
consent of the ASB
I One Vice Chairperson shall be
the presiding officer in the absence of
the Chairperson and shall have such
Chairperson .
B The Chairperson of the ASB
shall preside at meetings of the ASB
and shall designate operating committee Chairpersons .with the consent of
the ASB Members of the operating
committees shall be appointed by each
operating commmittee Chairperson with
the consent of the AS13
SECTION 5 Conariittiis The ASH shall
establish operating c oinnnttees to prepare and draft Standards of Practice lot
consideration by the ASB '1 he number
and membership of such committees
shall be determined by the ASB The
ASB inav establish additional committees, subcommittees. or task forces as it
deems appropriate to carry out adiimnistrattve or advisory functions in support
of Its Operations
SECTION (,, Fumance
A . Financial activities pertaining to
the ASB will be accounted for separately
ssitinun the Academy system of accounts
The ASB will submit a budget request to
the Secretary-Treasurer, listing all
planned income sources and potential
expenses, in such form and in such detail
as are mutually determined by the
Secretary-Treasurer and the ASH The
Academy Board will consider this request
when adopting the Academy annual
budget and will make provision within
such budget for ASB operating expenses
B . The ASB will have discretion with
regard to the expenditure of all funds
allocated to it, subject only to such
actonntin and .iudit requirements as are
I"'i`i ytARis 0 cit 59
imitually drtcrnnned by the Secretary1 ieasurer and the ASlI
SECTION 7 Staff The ASB will utilize
the staff of the A~adcmy for all support,
within the budgetary constraints of the
ASB, and the Academy will make available to the ASB such staff support as may
he requested Costs for such staff support .
including overhead expenses ascertained
pursuant to a formula mutually determined by the Secretary-Treasurer and the
AS13 . will be included in the ASB budget .
SECTION 8 . Coiiuiiuincatwiis with the
Actuarial Ptof•sstoti The ASB shall issue an
annual report that will include a description of its activities for the prior fiscal
year. including commentary on its standards activities , administrative matters,
and finances The ASB shall cooperate
with duly constituted actuarial authorities
charged with enforcing standards of professional practice , and respond to inquiries
regarding actions of the ASB , including
the interpretation of standards promulgated or adopted by the ASB
ARTICLE XII
Notice
The requirement that notice he given to
nienibers or other persons shall be satisfied when a letter has been deposited in
a United States Postal Service mailbox
addressed to the last known address of
such person
ARTICLE XIII
Indemnification
Each person who at any time shall serve
or shall hive served as an Officer,
member of the Board, committee member, or member of any disciplinary board
of the Academy (and any such person's
heirs, executors, administrators, and per-
sonal representati v es) shall be indenniiliied by rise Academy against all costs and
expenses (including hilt not hinted to
legal fees, amounts of judgments paid,
and amounts paid in settlement ) reasonably nicurrcd in connection with the
defense of any claim . action , suit, or
proceeding , vv hether civil, criminal,
administrative , or other, in which one
or more of them may be involved by
virtue of such person being or having
been an Officer, member of the Board,
connuttce nieniher, or member of any
disciplinary hoard of the Academy, or in
connection with anv appeal therein ;
provided, however, that in the event of
a settleuicut the indcmnitication herein
provided shall apply only when the
Board approves such settlement, and
provided further that S uch indemnity
shall not he oper.rtive with respect to
any- matter as to which such person shall
have been finallyy adjudged liable in such
claim , action, suit, or proceeding on
account of w illfbl misconduct
The rights accruing to any person
under this Article shall be without prejudice to any rights or benefits given by
the Board inconsistent therewith m special cases and shall nor exclude any other
rights or benefits to which the individual
mad he 1 .isstiilly entitled
ARTICLE XIV
Use of Financial Resources :
Dissolution
The funds of the Academyy shall he devoted exclusively to the purposes stated in
paragraph 5 of the Articles of
Incorporation No part of the net earnings
of the Academy shall ever inure in whole
or in part to the benefit of any member of
individual . If the Academy is dissolved, all
of its remaining assets shall be transferred
to one or more organizations organized
and operated exclusively for purposes sunilar to those of the Academy .
60 5'O FIt[CAN ACkDFtitt OF ,vCT11ARIFS
ARTICLE XV
Amendments
Adnnnisiratne, editorial, and technical
amendments to the tiylass•s that do not
myolve questions of policy or affect the
substantive tights of the Academy's menihers may be made by a vote of two-thirds
of the Directors present at a duly convened meeting of the Board Other-,vise,
amendments to the Bylaws may be proposed either by a vote of two-thirds of
the Directors present at a duly convened
meeting of the Board or by written
request of not less than three percent of
the members. The Board shall specit~- a
reasonable period of time vithin which
the proposed amendment shall be tran,mitted by the Secretary-Treasurer to the
members by mail, and the time for votes
to be mailed by the members to the
Secretary-Treasurer Such proposed
amendment shall be accompanied by an
appropriate discussion of the issues, and it
shall become effective ten days following
the end of the voting period upon the
affirmative vote of two-thirds of the
members voting
1 ')•)9 ) EAR ROOK
61
Statement of Policy
ADOI'TEI ) BY THE EXECUTIVE ( C ) MMITTEE
OF THE AMERICAN AC-AI)EMY OF ACTUARIES
AUGUST 115, 1'103
T he American Academy of
Actuaries ("the Academy-) is an
equal opportunity employer . It
alto offers services, membership benefits, and opportunities to its present and
prospective members (referred to hereinafter collectively ae "members") on a
iiondlscriminatory basis It Is the
Acadenit-'s policy to refrain from
unlawful discrimination against employees and members on the basis of race .
color, national origin, ancestry, personal
appearance, age, gender, pregnancy .
marital status, sexual orientation, family
responsibilities, religious affiliation .
matriculation, polincal affiliation, physical, mental, or emotional disability,
source of income, place of residence, or
unfavorable discharge from military ser-
vice, as those terms are defined by
applicable state and federal law These
characteristics aie referred to hereinafter
as "protected chalacteustics "'
Further, It is the Academy's policy to
provide its employees and membels with
a working environment that is free from
unlawful discrimination based upon any
of the protected characteristics described
above . No Academy employee or
member should be subjected to such discrlmtnatton while working for, or
engaging In activities conducted by . the
Academy,
It ii also a violation of this policy for
an Academy employee or member to
seek to retaliate against any individual for
complaining of a violation of the
Academy's anti-discrmnutanon policy .'
Tin list ofprottthd tharactcrnrn~ r u'ntpik~I tram ,ipphcZLk I)i,tn,t ~ if l'oltunht.t IIItunn, ti td ted .t II I
Tit,nt,ntttrt t' not tnnnd-1 to ptttIuJL tilt l, -I-rush t%etc],t of m utdt ;1du,1\ 4'gal nghtc
62 AMERICAN ACADEM) OF AC I UARI EE
Code of
Professional Conduct
Preamble
The Precepts of this Code of Professional
Conduct identify the professional and
ethical standards with ,vhich an actuary
must comply . The Annotations provide
additional explanatory-, educational, and
advisory material to members of the actuarial profession on how the Precepts are
to be interpreted and applied All attuary must he familiar with, and keep current with revisions to, the Code of
Professional Conduct and its Pre opts anti
Annotations
Professional Integrity
PRECEPT 1 . An actuary shall act honestly and iii a manner to uphold the reputation of the actuarial profession and to
fulfill the profession's responsibility to
the public .
.-i .\NOTA TI O .'\* I- 1 An actuary
fulfills the profession's responsibility to
the public through compliance with
this Code, and by offering actuarial
advice, recommendations, and opinions that are the product of the actuary's exercise of professional .judgment,-I,\'\'OT.-1TIO,\- 1-2
An actuary
who pleads guilty to or is found gtiilts
of auy niisdenieanoi related to financial matters or any- felony shall be presumed to have contravened Precept 1
of this Code , and shall be subject to
the profession ' s counseling and discipline procedures
ANNOTATION 1-3, An actuar)
shall not use a relationship ss ith a third
party to attempt to obtain illegal or
Materially improper treatment from such
third party on behalf of a principal (i e ,
present or prospective client or eruplover)
PRECEPT '_ An actuary shall perform
professional services with integrity, skill,
and care
ANNOTATION ?-1 . "Professional
services " refers to the rendering of
advice, recommendations, or opinions
based upon actuarial considerations,
and also includes other services provided to a principal (i e ., present or
prospective client or employer) by one
acting as an actuary .
Qualification Standards
PRECEPT 3 Au actuary shall perform
professional services only when the actuary is qualified to do so and meets applicable qualification standards .
ANNOTATION 3-1 . It is the professional responsibility of the actuary
to observe applicable qualification
standards in the jurisdiction in which
the actuary renders professional services, and to keep current regarding
changes in these standards For
example, for practice in the United
States, the Qualification Standards
promulgated by the American
Academy of Actuaries apply ; for prac-
Arm I] 1~d b% tilt: It., I'd nl rhr:cn,r, nl th_ Anieti-n Au adcnn of A, hi oils iii jaini,uN I Q')~
t"'on tIAikP,0 01., 63
ice in Canada, the eligibility conditions promulgated by the Canadian
Institute of Actuaries as set out in the
Canadian Institute of Actuanes' bylaws
apply
I KNOT rl L'1OX 5-?
An actuary
who makes an actuarial communication assumes responsibility for it
except to the extent the actuary disclaims responsibility by stating
reliance on other sources . Reliance
on other sources moans making use
of those sources without assuming
responsibility therefor . A connnunication making use of such reliance
should define the extent of reliance .
An actuary may rely upon other
sources for information except where
limited or prohibited by applicable
standards of practice .
standards of Practice
PRECEPT 4 An actuary shall ensure
that processional services performed by
or under the direction of the actuary
nicer applicable standards of practice
ANNOTATION 4-i .
It is the pro-
fessional responsibility of the actuary
to observe applicable standards of
ANNOTATION 5-3 . Any written
communication of professional findings must be signed with the name of
the actuary who is responsible for it .
The name of an organization with
which the actuary is affiliated may be
incorporated into the signature, but
the actuary's responsibilities and those
of the organization are not affected
by the form of the signature
practice in the jurisdiction in which
the actuary renders professional services, and to keep current regarding
ch,uiges in these standards For
example, for practice iii the United
States_ the Standards of Practice proinulgited by the Actuarial Standards
Board apply, for practice in Canada,
the Standards of Practice pronnilgated by the Canadian Institute of
Actuaries apply
ANNO1141IO,x' 4-2 Where there
is a question regarding the applicability of a standard of practice, the professional Judgnient of the actuary,
taking into account the applicable
accepted principles of actuarial practice, shall prevail
PRECEPT 6 An actuary shall, in communicating professional findings, identify the principal(s) (i e , the client1si or
employerls}) for is horn such findings are
made and shall describe the capacity in
which the actuary serves
PRECEPT 7 . An actuary shall make
full and timely disclosure to a principal
(I e ., present or prospective client or
Disclosure
PRECEPT 5 . An actuary shall, in communicati ng professional findings, indicate clearly that the actuary is responsible
for the findings
ANNOTATION 5-1 . An actuary
who makes an actuarial communication should indicate clearly the extent
to which the actuary or other source(s)
are available to provide supplementary
information and explanation .
64 A NA I It I C A N
employer) of the sources of a]] direct and
indirect compensation that the actuary
or the actuary's firm may receive in relation to an assignment for which the
actuary- provides professional services for
that principal .
ANNOTATION 7-1
An actuary
who is not financially and organizationally independent concerning any
matter related to the subject of an
actuarial communication should dis-
( A 1) 1 M) 0 1 A C i LI A It 1 t S
close to the printipal in,, pertinent
relationship that is not apparent
.4l\'N()T .ITIUN 7-2
"Indirect
compensation" is any material consideration received from any source
in relation to an assignment for
which the actuary provides professional services , other than direct
remuneration for those services .
.i .\ \'OT-ITIO -7V 7-3 . Actuaries
employed by firms that operate in
multiple sites arc subject to the
requrreriierit of disclosure of sources
of compensation that the actuary's
firm may receive in relation to professional services wwith respect to a
specific assignment for that principal,
regardless of the location in which
such compensation is received
Conflict of Interest
PRECEPT 8 An actuary ;hall not perform piofessional services involving ail
actual or potential conflict of interest
unless
(a) the actuary 's ability to act fairly
is unimpaired, and
(b) there has been disclosure of the
conflict to a ll known direct users
whose interests would he affected by
the conflict, and
(c) all sun Ii known direct users
have expressly agreed to the performance of the scrwiccs by the actuary
.4 NN U TA 7'iON i'- 1 A "direct
User " of ail
actuary's serbic es is a
principal ( i .e ., present or Prospective
client or employer ) hawing the
opportunity to select the actuary and
able to communicate directly with
the actuary about qualifications
work, and recommendationsANNOTATION 8-2 If the aitnary
is aware of any significant conflict
between the interests of the dirc~t
user and the interests of another 11,11-ty
relatise to the actuary's work, the
actuary should advise the direct user
of the conflict . The actuary should
also include appropriate qualifications
or disclosures in any related actuarial
communication
Control of Work Product
PRECEP 1 9 An actuary shall not perform piofession .il u•rvices when the actuarv has season to believe that they may
be used to mislead or to violate or evade
the law .
.-1 'A-OT.1'l iON 9-1
Material prepared by an actuary oiay he used by
another party in a wary that Tim v influence the actions of a third party The
actuary should recognize the risks of
misquotation, misinterpretation, or
other misuse of such imaterial and
should take reasonable steps to ensure
that the material is clear and presented fairly and that the actuary is identified as responsible for the nciten .il as
required by Precept 5 of this Code
Confidentiality
PRECEPT Iii . An actuary shill not
disclose to another party any confidential information obtained through protessional services performed for a principal (i e , client or employer) unless
authorized to do so by the principal of
required to do so by law .
ANNOTATION 10-I .-Confidential
information" refers to information
not in the public doniain of which
the actuary becomes aware in conjunction with the rendering of professional services to a principal . It
may include information of a proprietary nature, information that is
iS'i'i l F A RBoos. 65
legally restricted from circulation, or
rnfor matlorl that the actuary has rcaton to bche\e the principal ,vould
not wish to he divulged
believe that another actuary is already
acting In a protessrorral capacrtr with
respect to the same matter or has
recenth• so acted, it may be prudent
to consult with the other ac teary
both to prepare adcqu .rtcly for the
Courtesy and Cooperation
assignment and to make an tnfolmed
PRECEPT 11 An actuary shall perjudgment whether there ire stances nvolving a potential violation
form professional services with courtesy
of this Code that might affect acceptance of the assignment
The prospective new of additional
actuary should request the principal's
consent to such consultation When
the principal has given consent, the
original actuary may require reasonable compensation for the work
required to assemble and transmit the
relevant Information such as pertinent data, work papers, and docunicnts . I he actuary need not provide any items of a proprietary
nature, such as computer programs
and shall cooperate with others in the
principal's (i e- client's or entplover's)
Interest
1'\XOT4TIO .N 11- I
Differences
of opinion among actuaries may arise',
particularly in choices of assumptions
a und methods Discussions of such
differences , whether directly between
actuaries or ui observations made to a
prmcipal by one actuary on the work
of another , should he conducted
objectively and with courtesy
.`l,ti'.\OT.-ITION 11-2 An actuary
in the course of an engagement or
employment nlay encounter a situation such that the best interest of the
principal would he served by the
actuary's setting out an alternative
opinion to one expressed by another
actuary together with an explanation
of the factors that lend support to the
alternative opinion . Nothing in this
Code should be construed as pr-venting the actuary- from expressing
such an alternative opinion to the
principal .
AN,NloTATIOi'- 11- 3
A principal
has an indisputable right to choose a
professional advisor An actuar\ may
provide service to any principal who
requests it , even though such principal is being or has been served by
another actuary ill the ,,one matter
If an actuary' is invited to advise a
principal for whom the actuary
knows or has reason a ble t rounds to
Advertising
PRECEPT 12 An actuary shall oot
engage in any advertising or business
solicitation activities with respect to professional services that the actuary knows
or should know are file or mrsleadmg
4 ' 'O l'.-l 1'1W\7 12-1 . "Advertisnlg" encompasses all communications
by whatever medium, including oral
conimunrcations, that may directly or
indirectly influence any person or
organization to decide s hether there
is a need for actuarial services or to
select a specific person or firm to perform actuarial services
Titles and Designations
PRECEPT 13
An actuary shall make
use of membership titles and designa-
66 \ s1 l R[ C A V A (- A I) I hl) () F A C T iI A R[ E S
lions of an actuarial organization only ua
a manner that conforms to the practices
authorized by that organization
ANNOTATION 13-1 "Title" means
any title conferred by an actuarial
organization related to a specific position within that organization .
"Designation " means a specific reference to membership status within an
actuarial organization
Collateral Obligations
PRECEPT 14 . An actuary with knowledge of an apparent , unresolved material
violation of this Code shall disclose such
violation to the appropriate counseling
and discipline body of the profession,
except where the disclosure would
divulge confidential information or be
contrary to law .
ANNOTATION 14-1
A material
violation of this Code is one that is
important , has influence or effect, or
affects the merits of a situation, as
opposed to one that is trivial , does not
affect an outcome , or is one merely of
form
ANNOTATION 14-2,
Except \shen
an actuary is prohibited by law or
while the actuary is acting in an
adversarial environment involving
another actuary or actuaries , when the
(b) If (a) is riot appropriate or is not
successful, bring the apparent violation
to the attention of the appropriate
investigatory body For c'sample, for
violations of this Code irisiriu out of
practice in the United States, the actuary should refer the matter to the
Actuarial Board for Counseling and
Discipline ; for violations of this Code
arising out of practice in Canada, the
actuary should follow procedures
established by the Canadian Institute of
Actuaries.
PRECEPT 15 An actuary or the actuary's representative shall respond promptly
in writing to any letter received from a
person duly authorized by the appropriate
counseling and disciplinary body of the
profession to obtain information or assistance regarding possible violations of this
Code .
PRECEPT 16 . An actuary shall abide
by this Code of Professional Conduct
whenever providing professional services
ANNOTATION 16-1
Laws and
regulations may impose obligations
upon the actuary Where the
requirements of law or regulation
conflict with this Code, the requirements of law or regulation shall take
precedence
actuary becomes aware of an apparent
material violation of this Code, the
actuary is required to undertake
promptly the following course of
action :
( .t) If appropriate , discuss the situation with the other actuary or actuaries and , if necessary , agree upon a
course of action to ensure that the
apparent violation is resolved ;
ANNOTATION 16-2 . For professional services rendered in Canada,
the rules of the Canadian Institute of
Actuaries apply
ANNOTATION 16-3, For professional services rendered in Mexico,
the rules of the Colegio National de
Actuarios apply
]`>°'> YEAR1;0UK
67
Prof e s sion al Standards
This table displays the arra\ of professional standards and activities Unless otherwise
oted, applicable ni .Itcrt,tls arc included n) the actuarial standards handbooks
Code
of Professional
Conduct
General
Qualification
Standards
Specific
Qualification
Standards
Continuing
Education
Joint Csaunuttce
( .ottunttrce ati
C' iii tier oil Commerce on
,III (ndc It
Ouahticauons
Quahticattcns
CI-id" of I'iohsaon.d
Qualtticanon
Conduct booklor
Stjnda,s
but-Met
Qualification Qua]tticawnt
Stands ds Stan(b rd,
honklet bnoklct
lndn ideal
Those qt ohtitd
to i it e Pre,rribcd
Statciueuts
Requirements
l )et elopui" Contllilttcc
Quahficattons
I'rofcsaon d Conduct
Publi,hcd Gutd,utce
Gutdnitc tat
a .tuar)
"I A,Ltttrlil
l)punant
Those qijalrfiid Retention (if
to }n c Ptcu I bod the ac tual% s
Stateturnts qu thhc ttn,tn
of k, tuaital to pits
SOic is n of Preunbod
A .tu.it it Opuunn Sratctuents of
Actuarial
C)puuati
Pt n ht c Are .ts Cat Bred All foot major All tour ut .tJ ti NAI C Annual All I'tesuibod
ptactrce aras iliac ncc .urns Statreuttnt Statenients
•
I
Ife
•
Lift
(protons
hti
of
Aim
• Health • Health • I th t AcSH
• Pension • Penvtii • File h ( tcualty
• C' .tsualtt • Casualty • Hcsp , tiled , K
I )ell[ Stn , etc
trial
Opimnn
Standards Compliance Counseling
of Practice Guidelines and Discipline
1 it .tiopntp Gtttnnuttcc
Actuarial
Standmit ifoatd
A, urinal kio.ud
for Counuluti and I)tsciphne
Pta.uct
ho Gets
Compliance
Guidrluic
hooklct,
Atadems Bylaw as
publtthcd in II)c)`) lctuhotk
(Prncedutal pwdtltnt-s
hair here separately 1''ned)
Range of
procedures f,tr
do to-&,
I)at-to-da%
tsnik
ouhide
( ntnphancc R1th Ethns,
C)ualifiiatron Si.tudatds
and A .witiilStatdatds
Rink at. wary s
requirenieuts
nfPta .na
Practice
area dc,ciibcd
no the Guideline
All fuw ntap-r pracn<r ,alas
Actuarial
Suud .uds Bt-,aid
I'uhltshed Guidau n
Guid.mcr for
Standatds of
owti orrthods
Pi acth e Atras CO-red
Piacttcc
area describod
III the'stan .Ltrd
• Life
• Health
• Ptitston
• ( rtcalts
* l'rescribLd aalLit]c is t 3ctuinil pill Ill u ; optnuats CA U fri hs Ins o regul nine, opuuon, called for ht t st,ndud
ul ptatnc . ni a uauph a ce guidetmr 3, proinuhut 1 I,s dii At men tl Standards Board, n ictuanal nttmuuu .anom male
tui purl-s- of u,ph uu e .udi a ttdud, pioonde .tted ht the Fin meal Atoninrmi, `t .mdaii, 13011L] 01 Ille ""I
Arc xintmg Standards Bond
6S A M f F I C A N A i A Ia 1 M t 0 1 A C T U A It [ L S
PROFESSIONALISM
There arc three types of professional standards the Code of l'rofeoannal Conduct,
w hi( h provides ethical guidance : the Qualification Standards, which provide guidance to actuaries regarding the necessary education and elperience to do work : and
Actu .n-i,il Standards of Practice to guide actuaries in hors- to do work The Actuarial
Board for Counseling and Discipline pros ides advice and guidance to actuaries and
investigates actuares if basic qualification, ;, practice standards, or ethical requirements
have not been iii et
Actuarial Standards and Guidance
Qualifications
Sptulit ( :uulauce
Pt(,,idcr
Professional
and Ethical
( Education
and Experience
How to
Advice/
Guidance/
Requirements
to Do Work )
Do Work
Investigation
Ci .de of Professional
(,ena,tl tad ,pre ifi,
Artuatial
C oun cIiii
t'ondnrt
yua1iIi ttioiu
,tandatds for
st mdards
and iin estuCattlin
of I'ra,tirr
,ai qu,diiuah0tus,
ALadentt
B"mduIlhreruin
Ptt,rnhrd 5tatemrun
iituai cal ,tandard,
of Artttarial Opinion
aid ethic,
A,adetn
( onuittrue
on Qoalitiratirnn
Artuanal
Standard.
13oard
19"11
A,tuanalBo,ud
Pui Coun,eluiq
and Dn .ipline
1 E A IL B Ci er IS 69
Committee App ointinent
Guidelines
Preamble
In accordance with the Bylaws of the
American Academy of Actuaries, the
president appoints committees authorized by the Board of Directors . To aid
the president in making such appointments, the board adopted the following
guidelines with this preamble at its meeting on Oct 31, 198() These guidelines
reflect the hoard's intention to involve as
many members as possible iii committee
activities without sacrificing continuity .
However, the effectiveness of committee
work is paramount, and as a consequence, strict adherence to the guidelines is not expected, particularly with
respect to committees that interface regularly with other professions and/or government .
Committees for which specific
appointment rules are established by the
board (e g ., Nominating Committee,
Actuarial Standards Board) are exempt
from the guidelines Appointnients to
joint committees and liaison appointnients are subject to the guidelines
applicable to standing cornni ttees,
70 ANirR[CAN
although certain of the liaison appointments must be board members pursuant
to Academy policy and agreements with
other organizations .
Guidelines
(I) All members of the Academy are
eligible to serve on commnittees .
(2) An officer of the Academy should
riot serve on any committee except in an
cx officio capacity .
( .3) A person should be chairperson of
a standing committee for no more than
three years and should retire from the
committee after serving as chairperson
(4)A person should remain on a
standing committee for no more than
three years unless such person becomes
chairperson by the end of that period
(5) In general, a person should not
serve concurrently on more than one
standing committee .
(6) In general, a person appointed to a
task force or a special committee is
expected to serve until the task torte or
special committee is discharged .
ACADEMY OF A . .IUAR€Es
Guidelines for Making
Public Statements
A. What Constitutes a Public Statement
A public statement is a formal, written
statement on behalf of some Ac,during
entity (board, conrinnittee, task force, etc )
to an external group This does not
include a statement representing the
views of .ui individual uieniber Public
statements include :
I Statements to Governmental
Entities-such as testimony or other
Formal comments submitted to regulator-, legislative, and investigative bodies at both the federal and state levels
2 Statements to Professional and
Othei Groups defined as organizations that etiectively have some runtla toiv powers, even if they are not
primarily regulator bodies, c .vg , the
Financial Accounting Standards_
Board, the American Institute of
Certified Public Accountants . the
National Association of Insurance
Commissioners, or the American Bar
Association
3 Statements to External Publications-including articles and othei
expository material to newspapers and
periodicals, except where such statements would fall raider the e'.ceptiori
for media connrrunications below .
Media communications, including
letters to the editor or other editorial
.and expository comments to newspapers and periodicals, are considered to
be a special form of public communication that generally is not subject to
the procedural requirements of these
guidelines . This special status is in
recognition of the fact that media
deadlines prevent the utilization of the
review procedures applicable to formal
public statements When letters or
other rirecha opportunities (si( h is
radio or television interviews) are
anticipated, the spokesperson should
c onsitlt the Acadeuiy's dirce for of
communications for special guidance .
It is generally appropriate in such circumstances for the individual to note
that the views expressed are not neccssarily those of the Academy Although
the procedural requirements of these
guidelines re not applicable to media
c oiniii unit atlorn meeting the above
definitions, the spokesperson is nevertheless expected to be guided by the
section below entitled "The Scope of
Public Statements ."
B. The Scope of Public Statements
Clearly, a public statement based on
the insights of actuarial science should be
the pnni u-y focus in the profession's public pronouncements It is important to
note, however, that the profession's techmcal expertise encompasses a broader
spectrum than is reflected by the concerns of whit nornially would be c onsidered pure actuarial science . There are
numerous instances when the actuary's
knowledge is a valuable addition to the
i nturmation surrounding a given issue . It
would be a disservice to all parties for the
piofession to make public statements only
in the narrow- areas where the actuary's
knowledge is unique
Each situation must be evaluated on
its own merits to determine whether a
public statement by the Acadeniy is
appropriate . The tone and nature of a
statement must reflect the dignity and
standards of the prolusion St,itcincnts
1 11 1) 0
1 F A R R IS 0 k 71
should contain a clear, concise, and balanced presentation Of the significant
facts, including relevant benefit •md
costs . A statement need not, hon•e\cr,
there is a jurisdictional question to be
resolved (see 121 below ) Earlyy idennfication is critical to the Ac .ideniy •s development of well-prepared , tiniely statements .
limit itself solely to statements of fact .
It is also appropriate for statements to
draw inferences trout statements of fact,
so loll- as these Inferences arc valid To
]unit a public statement to a mere recitatiom of facts would deny the public the
benefit of the full rank of the profession's capabilities
? . Authority to Proceed If staff
or supervisory officers identify an issue
that may u•irr . mt a public
.tatenicnt '
they w ill assign it to the committee or
task force best able to develop the statenicnt- If an issue is significant for more
than one practice a rea, the staff and
appropriate supervisory officers will dis-
A public statement generally should not
cuss the matter with the appropriate
take positions on the social and political
committee chairpersons, determine
implications of issues . It may be appropri-
which committee or task force receives
ate, however, to point out social and
the assignment, and assure that proper
political implications insofar as these impli-
coordination is established and main
cations may be objectivel) determined In
taincd through the use of joint task
certain circumstances, it may not be possi-
forces . committee liaisons, dual practice
ble to divoi ce social or political nnplica-
council revie\\-s, or other appropriate
tions from actuarial considerations
means Supervisory officers , at their dis-
There may be some issues that have
actuarial unplications that are better dealt
with by trade associations, companies, or
individuals Public statements that appear
to be self strvi ng will be less effective, but
the Academy should not hesitate to speak
out on natters that involve legitmi,rtc
professional interests . In fact, the
Academy has a responsibilits to do so
C. Development and Delivery of Public Statements
Academy officers, committees, and
staff should generally follow the guidelines presented below in the development and delivery of public statements .
At tunics, these procedures may need to
be modified i n order to ensure the timeliness and effectiveness of statements
I Identification of issues-Many
people contribute to this activity : staff,
officers, practice councils, committees,
and individual Academy members,
When an issue is identified by Acadcmiy
staff, staff will contact the appropriate
committee or task force chairperson
directly and copy the appropriate
Academy vice president (hereinafter
referred to as supervisory officer), unless
72
AMERICAN
ACA1)EMI
cretion , may seek the advice of their
practice council i n resolving j urisdictioiial issues and achiesing appropriate
coordination .
It a committee or task force identifies a
matter that may warrant a public statement , the chairperson will promptly
advise the supervisoryy officer and appropriate staff liaison .
Unless otherwise
instructed by the supervisory officer, the
commttce/task force chalrpcrson iua%
proceed in the development of a statement . Committees and task forces have
the iithority to develop statements so
long as they are consistent with ss established
principles of the profession and
so long is the appropri ate peer review and
approval procedures are followed.
3 Notice of Public Statement
Preparation-Members will be kept
apprised of niaj or issues of concern to
Academy committees and task forces
through articles and announcements i n the
4itirarral L'141,iti , and input from members
will be solicited by suggesting= that they
contact the relevant chairperson . Because
of the large number of public statements,
OE AC I UARI ES
not all statements under development can
be announced in the .Iirrrarial Lip(iaic
Reports simmuriring committee mid task
force activities during the previous twelve
months will appear in a supplement to the
AtI11, nal f'j,d.m' soon after the end of the
Academy year A complete listing of committee and task force statements for the
previous calendar year also will appear in an
annual supplement
4 Development of StatementsCommittees and task forces will prepare
public statements and any supporting
background material in accordance v
. ith
the following guidelines
(a) Public statements generally
represent the opinion of a conlnntree or task force Generally, a public statement . .ill be developed by
members of a standing Academyv
committee . a presidentially appointed task force, or a working group
established by one of the Acadein\'s
tour practice councils It is always
appropriate . however, to involve
other Academy members considered by the connuittee, task force,
or working group to have pertinent
expertise or experience . From tine
to time, it may also be appropriate
to solicit the input of don-actuaries .
When and how such input is solicited is at the discretion of the committee chair with the concurrence
of the supervisory officer
(b) On major issues that are likely
to be hig*hls controversial within
the profession, the chairperson and
the supervisory officer should seek
broader input from Academy members and leaders of the profession .
Option,, for obtaining such input
include requests for comments published in the .-Icrirartal Update, discussions with Academy leadership and
the leadership of other actuarial
organizations, discussions with
appropriate committees of other
actuarial organizations, solicitations
and special sessions at widely
attended actuaral rlic•etings, special
seminars oil the issue, and discussions with other Acadeluy commitLees, task forces, and working
groups . If tine allows, the Academy
exposure draft procedures also
should be considered . The supervisory officer will deternune the most
appropriate means of obtaining
member input in consultation with
the area's practice council, the
Academy president, tile committee
chairperson, and the executive
director Academy staff and the
supeivisoiv offices are initially
responsible for determining if an
issue is highly controversial
(c) The Academy staff is available to assist in the preparation of
public statements In some
instances, it maa not be practical to
involve the staff dinectly in statement preparation, although committee ( hairpersons arc strungl)
encouraged to do so . The involveinent of Academy staff can be helpful iii assuring the consistencv of
the statement with previous public
statelllents and policy decisions
(d) In sonic circumstances, the
Academy stag may develop a public statenient on its own initiative
Staff-developed statements must
have the approval of the appropriate chairperson and supervisory
officer and should be circulated to
all committee, task force, or working group members even if the
time for comment is limited Only
under extraordinary circumstances
may the chair and supervisory officer release a statement before circulation to the hull committee, task
force, or sw-orking group
Statements developed by staff
should reflect previous public
19)
1rAkniiok
73
statements and policy decisions
release a statement before completion of peer review(g)Staff, In consultation with the
(e) The ch .uiperson should seek a
consensus of the committee, task
force, or working group members
If there is substantial lack of consensus, the chairperson may elect to
incorporate the niajonty and nnnoritv perspectives into the statement,
to refer the issue to the supervisory
officer, or not to issue a public statenient in some cases, time constraints may prevent the entire committee, task force, or working group
from participating in the preparation
of a particular statement, and the
task of drafting the statement may be
left to the chairperson or the chairperson's desirucc(s) . III such cases,
the drafters should seek maximum]
input from available committee, task
Force, or working group nu°nibers .
(f)No statement should he presented without appropriate peer
rcvics The level of peer review
should depend upon the level of
risk and exposure of the statement
Before release, statements should
generally be reviewed by the
supervisory officer, or designee
thereof, and Academy staff For
statements that are the work of
individuals or small subgroups and
that have not had the benefit of
the full group's deliberation, peer
rcvic .v should include the comnuttee/task foice/woikmg group
chair and two senior reviewers in
addition to the supervisory officer
(or designee) and staff. The senior
review persons . to he selected by
the chairperson with approval of
the supervisory officer . should he
knowledgeable and experienced in
the subject at hand and should be
known to reflect broadly held
vies of the profession In extraordinary circumstances, the super-isorv officer and staff may agree to
super isnr~ officer, arc to determine
if a statement requires ieview by the
general counsel and will arrange
with counsel for such revu's
(h) The decision to issue the final
statement generally rests with the
supervisory officer, sJ ho may delegate this responsibility to the cnnimittee . task force, or working
group chairperson or other
designee . For issues of major
importance or those deemed highly
controversial, the es ecutivc director and president also should be
consulted before the statement is
released to its intended audience
(i) When deemed appropriate
by the supervisory officer, a recotnniendation should be made to the
president that a proposed statement
be submitted to the Board of
I)u ectors for review before
issuance The board ni .iy modify
or disapprove a public statement if
it believes such action is in the best
interest of the Academy .
5 . Presentation of Statements-The
coniniittee or group issuing i statement
must he stated . The group will ordinarily
be a practice council working group, task
force, committee, or the Board of
I)irectors Blanket sponsorship by the
Acadeniv is not to be implied
When the audience is familiar with the
Academy and its committee structure, a
statement such as the foiIowuig will usually be sufficient' "This statement was prepared by the American Academy' of
Actuaries' XYZ Committee In instances when further explanation
is appropriate, the committee . task force,
or working group should consider
intludrrig additional language such as the
following: "The committee is made up
of representatives from the entire range of
74 A SI E R I C A N A C ~ ll i ti Y 0 1 A (-I i i A It I t s
(naive of actuarial practice uea) The
committee includes actuaries who work
as consultants, are employed by insurance
companies, are actuaries for government
(specify type of government programs, if
appropriate) and the National Association
of Insurance Commissioners, and are
employed by nonprofit (specify type, if
appropriate) organizations The expertise
of other senior (practice area) actuaries
knowledgeable of (issue) was drawn
upon to prepare this statement '
As a general rule, Academy statements do not identity the individual
members of the group that developed
then In some cases, however, identifying members of the group may add to
the credibility of the statement or serve
some other purpose such as meeting the
requirements of the intended audience
The decision to identify individual
authors should be made in consultation
with the supervisory officer and
Academy staff. Unless there is good
reason not to do so, non-actuaries who
participated in the formulation of the
statement should be identified and their
non-Acadeniy-member status and role
identified in footnotes or otherwise
Anv statenient that insolves issues of
significance to multiple practice areas
should Clearly identify the prartire area to
which the statement i, intended to apply .
All public statements should be dated
and submitted in written form . with an
oral presentation as appropriate
Statements should be submitted on
Academy letterhead . Even when statenents ire responses to highly technical
methodological inquiries . the general issue
being tddressed should be clearly specified
in an initial sentence or two . Except
when the Academy is well-known to the
audience, a formal statenient about the
Academy (sample below) should be
included in the public statement If an oral
statement is to be presented at a formal
hearing, the group's chairperson and
supervisory officer will select the person
or persons to make the presentation .
(, . I)i :trihution of StatementsAfter the statement has been formally
submitted, the final statement will be
available for broader distribution
Members can request a cop)' of the
statement by writing or calling the
Ar,idcinv's Washington office
D . Sample Description of the Academy
The American Academe of Actuaries
is a national organization formed in 1')65
to bring together. in a single entity . actuaries of ,ill spcciahzations within the
United States . A major purpose of the
Academy is to act as a public nilnrniatinn
organization for the profession Academy
committees regularly prep .ire testunony
for Congress . provide information to
congressional statfand senior federal policy makers, comment on proposed federal
and state regulations, and work closely
with the National Association of
Insurance Commissioners and state officials on issues related to insurance and
other forms of risk financing . The
Academy establishes rualititation standards for the actuarial profession in the
United States and houses t- ,NO independent hoards . The Actuarial Standards
Board prnnulg.ites standards of pint tire
for the profession, and the Actuarial
Board for Counseling and Discipline
helps to ensure high standards of professional conduct are met,
E. International Statements
From time to twit, the Academy
may wish to make public statement, in
the international context, or to loin in
public statements made by an international actuarial org nization_ Such statements may be reviewed and approved
by the appropriate Academy committee
or task force in accordance with the preceding sections of these guidelines,
except that such statements will generally he issued on behalf of the Academy as
a whole Final approval to issue or join
in an international public statement is
1999 YEAR ROOF` 75
genera]]} ,ranted by the president with
advice of the vice president(s) far the relevant practice area(s) When deemed
appropriate by the president, the pro-
76
AP t LRICAN
posed ,tatcmcnt will be ,ubtnittcd to the
Board of Directors . which way modif
or disapprove the ,t ltcincnt
ACAPLh11 OF ALFIJSRIIS
Guidelines
for the Development
of Practice Notes
T he purpose of Practice Notes is to
provide information to actuaries
an current actuarial practices in
areas that are intended to supplement the
is .ulable actuarial literature, especially
where the areas of practice addressed are
subject to emerging technology or
recently adopted external requirements .
Practice Notes are not interpretations of
standards, nor do they convey generally
accepted actuarial practices in the same
sense that standards of practice do
Actuaries are not in any way bound to
follow Practice Notes Notes concerning general questions relating to protessionalisni may also be issued .
Practice Notes are written by groups
of actuaries having practical experience
and expertise in a particular area of practice . There may be informal exposure of
draft Practice Notes by the originating
group to meetings of other interested
actuaries, but there is no formal process
for recording or responding to any coniments that might he generated . The
Practice Notes developed arc reviewed
and edited by Academy staff and, if
approved by the appropriate practice
council chairperson, arc published and
distributed by the Acadenty In contrast,
actuarial standards of practice and compliance guidelines are proniulg .tted by the
Actuarial Standards Board, which adheres
to procedures that are intended to provide due process and exposure to professional review
The following guidelines arc intended
to assist Academy officers, eomniittees,
and staff in developing and maintaining
the timeliness and eftec tiveiless of
Practice Notes These guidelines are
designed to promote c onsistenc' of
quality and style and to ensure that the
practices identified are in conformity
with the standards of practice and existing regulatory requirements Nothing in
these guidelines rs intended to inhibit
other actuarial organizations from] publishing materials that piovide information on current actuarial practices to
assist practicing actuaries
1 Piaitire Coiuici] Oreisiidrt-Practice
Notes ire primarily the responsibility of
the practice councils of the Academy,
with support from Academy staff, officers, and committees ; Committees or task
forces of other actuarial organizations ;
and individual actuaries .
2 imtiatrnir of Request-While the
practice councils are charged with monitoring the need for new Practice Notes
and the revision of existing Practice
Notes, any actuary or entity may request
that the development or revision of
Practice Notes be considered for a specific area of practice Such requests may
be directed to the appropriate practice
council for evaluation of need, approxal,
and implementation .
3 Authority to Proceed-If a practice
council determines that a new or revised
Practice Note is needed in a particular
n~ 1 I ARROO K
77
area of practice, the practicc council
chairpcn{>n ("PC chair") will request
that an appropriate committee or task
force within the piofessu>11 de%clop the
Practice Note .
4 Det elopuieur Piocedurr>
Practice
Notes will generally be developed by a
committee or task force and will he
identified as a product of that group It
may he appropriate, however, to involve
other actuaries believed by the conunittee or task force to have pertinent
expertise or e'perience . From time to
trine it may also he appropriate to solicit
the input of non-actuaries When and
hose such additional input is solicited is
at the discretion of the committee chair
ssith concurrence of the PC chair .
Practice Notes should describe the
knosn range of practices in use to the
fullest extent possible
5 Required Disclosures-Each Practice
Note should begin with a paragraph
stating that the Practice Note is not a
pronlulgatlon of the Actuarial Standards
Board or of any other authoritative body
h Coir inset -The chairpesson should
seek a general consensus of the committee
members If there is substantial lack of
consensus, the chairperson nlav elect not
to issue a Practice Note, to refer the issue
to the PC chair, or to incorporate the
alternate perspectives into the Practice
Note
7 . Rct'iem Procedures-No Practice
Note should be released without appropriate peer review At a minimum,
Practice Notes should be reviewed by
the committee or task force chairperson,
the PC chair and/or his or her
designee(s), and Academy staff . All
Practice Notes must receive legal and
editorial review by the Academy staff to
assure legality and consistency with prevulus notes and standards of practice .
8 Friial Appreml The ultimate decision to issue a Practice Note rests with
the PC ; chair For issues of nialor significance, the PC chair may consult with
the Academy executive director, as well
as the piesidelit, prior to the release of
the note
of the American Academy of Actuaries,
9
Ptodiirtion arid Distu muoii-
identifying the group that developed the
Pioduction and distribution of final
Practice Note, and explaining that infor-
Practice Notes will be handled by the
illation con tuned in the Practice Note is
Academy staff. Distribution may vary
not binding on ally actuary and is not a
depending on the audience for the notes
definitive st .ttelncnt as to what consti-
ll) . Animal Reivimiv The PC chair
will initiate a reviess of the current
Practice Notes annually for relesancc,
purpose, and completeness
tutes generally ,accepted practice in the
area under discussion . Blanket ,pomsorship by the Academy should not he stated or implied
78 A %A L li I C A N A C A D E S1 5 O F A C T U A R I r i
Use o f A ca d em y Title s
and Desig na t ions
F
rctcpt 1 3 of the Code of Professional
Conduct of the American Acadeniv
of Actuaries provides that "lain
am- "hall make use of membership titles and
designations of an actuarial organization
only in a manner that contonits to the practices authorized by that organization ."
Annotation 13-1 of the Code defines ''tide"
as "any' trtlc conferred by in actuarial cnganization related to a specs is position within
that organization, ." and "designation" as "a
specitie reference to inenibeiship status
within an actuarial organization " The
Academy's Board of Director,, has ,iuthorved ooh the following practices for use of
membership titles and designations
I. Membership Designations
A member of the Academy may sign or
otherssise identity himself or herself orally
or in writing by using any of the following
designations :
A . Member of the American Academy of
Actuaries
B Member, American Academy of
Actuaries
C Mcniber . A .A A1) . M .A A .A
An individual who is not a nieniber of
the Academy, or who has ceased to be a
member of the Academy through resignation, suspension, expulsion . or for any other
reason , may not use any Acadeniv designation unless and until that individual becomes
or resumes being an Academy nieniber .
II. Titles
A Except as provided in Sections II (B)
and (C) below, a member may include in
written communications only references to
titles held within the Acadeniv when
engaged in Academy business or speaking
on the Academy's behalf. A member ma\
never speak or act on behalf of the
Academy without authorization to do so
from the Board of Directors . Executive
Committee, or other appropriate authority
B Academy members who have been
duly elected or appointed to the follosstng
roles may Identify themselves as follows
when engaged in Academy business or
speaking, on behalf of the Academy
1 [Officer-specify office], American
Academy of Actuaries
2 Member of the Board of Directors,
American Academy of Actuaries
3 . [Chairperson/Vice Chairperson!
Membcrj, 1(topic) I racti~e Council/
Council on Professionalism], American
Academy of Actuaries
4 ]Chairperson/Vice Chairperson/
Member], [Committee/Task Force/Work
Group] on [tnpicl, American Academy of
Actuaries
5 ]Staff member-specify title],
American Acadeniv of Actuaries
C A member who holds or has held
one or more of the titles identified in
Section 11(B) above may refer to Academy
offices or titles held in the following settrnggs, but only if it is clear that the member is not purporting to speak or act on
the Academy's behalf:
1 Biographical material, stic Ii as
resumes or material included in a book or
article written by or about the member,
2 Testinioriy in a court of lays or
before a legislative or regulatory body,
3 Au amtomiceinent or publication of
a nieniber's change of employment or
promotion
i i^i'r•\h[C 0k 79
\X' o ekin g Agreement
PREAMBLE TO WORKING AGREEMENT
T his Working Agreement bets forth
the cooperative goals of the
American Acadeinv of Actuaries,
the American So( icty of Pension
Actuaries (ASPA), the Asociacion
Mexicana Lie Actuarins (AMA), the
Asociacion Mexicaria de Actuaries
Consultores (AMAC), the Canadian
Institute of Actuaries (CIA), the Casualty
Actuarial Society (CAS), the ('nlegio
Nacional de Actuaries (CONAC), the
Conference of Consulting Actuaries
(CCA) and the Society of Actuai ies
(SOA), collectively referred to as the
Participating Organizations This agreement i, intended to facilitate the
Participating Organizations' efforts to
increase the quality and vanety of educational and professional opportunities
available to their members, and to eluninate the uimecessaiy duplication of effort
The Council of Presidents
(1) The President and the
President-Elect of each United States
and Canadian domiciled Participating
Organization and the Designers of the
Mexican domiciled Participating
Organizations shall form the Council of
Presidents (COP) . Mexican representation shall he conducted through
Designees selected by AMA, AMAC
and CONAC from among the
President, Past President and PresidentElect of each organization .
Each President or Designee is
responsible for implementing the
Working Agreement during his or her
terns of office Each President or
80
AM Elk IcAN
and activity between the organizations,
thereby making more efficient use of the
Participating Organizations' resources .
This agreement is not intended to restrict
in any way the independent business
decisions of the Participating
Organizations Nothing in thi, agreement should be construed as limiting the
Particip .itiiig Organizations' nght to take
whatever measures they deem necessary,
appropri .ite, or desirable to attract,
recruit and serve their individual memhers .
Hy our signatures below, we represent
that our organiz,ition, by resolution of its
governing board, agrees to the above
goals Our organisation agrees to cooperate under the term,, of the Working
Agieenient and has adopted this agreement as a policy guide fair its volunteers
and professional staff inenibcrs
Designee shall assure that the goals
and terms of this Working
Agreement are appropriately communicated to members of the Board
and to officers and staff of his or her
organization Each President shall
further support the President-Elect
of that organization in the development of the evolution of the
Working Agreement
The following mission statement
articulates the COP's purpose and
objectives :
The COP provides a business and
social forum to promote coordination, Looperation and trust among
the leadership of the organizations
representing actuaries in Canada,
ALALDIMS 01 ACTUARIES
Me\ico and the United States In this
spirit, the COP ,hall
• Exchange/share information on
significant current activities ;
• Discuss profession-wide issues (not
necessarily involving all member organizations) and, wherever possible, develop
an action plan for addressing those issues,
such as :
Seek to develop a coordinated
vision of the future direction of the actuarial profession in North America :
Consider international issues from a
North American perspective and, if
appropn .te, establish joint positions and
strategies for pursuing those positions ;
and
Serve as a forum to encourage the
resolution of conflicts between two or
more of the nieinber organizations, and
• Identify and promote forums, activities, contacts or events that can broaden
organizational communications among
other leaders and members of the
profession
The Council of Presidents-Elect
(2) The inenibers of the COP serving their respective organizations in the
COPE) . Tlu, chairperson ,hall act as a
f.rcihtator nid should he someone with a
knowledge of current and enierging
issues
The following mission statement
articulates the COPE's purpose and
objectives
The COPE complements the mission
of the COP and focuses on the development of working relationships and mutual trust . hi support of,nid in the spirit of
this goal, the members of the COPE
shall .
Exchange/share information on
significant future directions and activities,
• Discuss in depth and maintain the
organizational sensitivities list,
• Review the Working Agreement
and, if appropriate , recommend revisions
to the COP ; and
• Work together to address key issues
of their chute or as delegated to them
by the COP and, if appropriate, develop
action plans
Communications Among the
Participating Organizations
Working Agreement .
(3) Each Participating Organization
shall share items of mutual interest distributed to the organization's board memhers with the President, President-Elect,
Designees and professional staff of the
other organizations as soon as feasible after
the items are available . This includes the
organization's yearbook, newsletter, calendar of planned events and bo .ird nnnutes, in addition to other important documents or significant studies that would be
of value to the wider audience 'I his does
not apply to any item that an organization
considers to be confidential.
The COPE shall be chaired by an
actuary appointed each year by the
incoming Presidents (the prior year's
(4) Each Participating Organization
shall endeavor to inform each of the
capacity of Presidents-Elect each year
shall form the Council of PresidentsElect (COPE) . Fhe COPE reviews the
Working Agreement and other areas of
mutual interest, and ieconnnends appropriate amendments to their respective
governing boards . In addition to keeping this Working Agreement current and
optimizing the relationships among the
Participating Organizations in the future
the very existence of the COPE promotes and reinforces the purpose of the
10'i'i YCARI,00k 81
other Participating, Organizations on a
• The Participating Organizations
timely basis of .uiv of its actions that are
recognize the CAS and the SOA in the
expected to have a significant effect on
United States, the CIA in Canada and
one or more of the other Participating
CONAC in Mexico as the organizations
Organizations or their members
having primary responsibility For public
interface in facilitating the education of
Each Participating Organization
(5)
shall invite the President, PresidentElect, or Desitiuce of the other organizations to all general membership meetings, with the registration tee waived
(fi) Each Participating Organization
shall invite the ranking professional staff
person (or leis or her designate) of each
of the other organizations to all general
inenibership meetings, with the registration fee waived
Public Interface
(7) Each Participating Organization
shill endeavor to encourage the actuarial
profession to speak v ith one voice in
each country on actuarial issues ni the
public policy arena .
• The Participating Orgamzatinos reCogmize . the Academy, jointly %%ith ASPA
in the pension area, in the United States,
the CIA in Canada and CONAC in
Mexico as the organizations having primary responsibility for public interface
regarding public policy representation and
its coordination when dealing with legislator, regulators, c ourts, public
policy-makers, the business press and the
general public The Asadciny and ASPA
shall seek mutually supportive roles
regarding relevant issues in the public
policy pension area iii the United States .
They agree to coordinate on issues affecting actuaries in both organizations and to
seek opportunities to cooperate
• CON Ac: will seek mutually- supportive roles with AMA in the insurance
area and with AMAC in the pension
area in Mexico .
the general public concerning the actuarial profession
• The Participating Organizations
should coordinate efforts and cooperate
in the development of materials used to
educate the general public on actuarial
matters including public policy issues
(R) Each Participating Organization
shall promote and enhance aniong its
members the public interface frmctions
as valuable and necessary activities to
which all actuaries should contribute,
using the national public policy interface
bodies .
Liaison With
Non-Actuarial Organizations
(r)) The Participating Organizations
recognize' the Academy, jointly with
ASPA in the pension area, in the United
States ; the CIA in Canada ; and CONAC
in Mexico as the organizations having
the primary responsibility to designate
representatives of the profession to each
non-actuarial organization whose primarv emphasis is Oil public policy . They
also recognize that the CAS and SOA in
the United States, the CIA in Canada
and CONAC in Mexico have the primary responsibility to designate representatives of the profession to non-actuarial organizations whose primary
emphasis is on education and research
In those situations where one of the
other organizations desires to designate
representatives, it should coordinate with
the organization designated in this
Agreement,is appropriate .
82 A M L I1 1 ~_ A N A C A D I O S () F A c l tI A R 1 E S
Actuarial Research
(111) 1 he SOA and CAS, as learned
bodies, have a responsihilits for cundutting scientific research on behalf of and in
advancement of the actuarial profcssinn .
The Academy, CIA and CONAC, as
national bodies, have a responsihility for
identifying and securing needed research
relative to public policy issues unique to
their respective nations . Each of the
Participating Organizations has a responsibility- to provide input to the actuarial
research process and may conduct
research in order to ensure that the particular needs of its members and publics
are met
in addition to the Participating
Organizations, there are a number of
actuarial research facilitators that provide
significant and valuable resources for
conducting and funding actuarial
research to meet needs in North
America These include the Actuarial
Foundation, the Actuarial Education and
Research Fund, the CAS Trust, the
ASPA Pension Education and Research
Foundation and universities . The
Participating Organizations recognize the
importance of establishing a forum for
the communication of research needs
and activities among their organizations
and these facilitators and to help them to
set their agendas, to use limited resources
effectisely and to ensure that research
addressing the needs of the North
American actuarial profession is conducted and coinniumcated in a timely and
effective manner.
raped by an organization should provide
adequate opportunity for comments by
the ictuarics in the other organizations .
Under normal circumstances, at the
organization level, the CAS and SOA
shall have the responsibility to manage
the dc'
. clopmcnt of actuarial principles
Professional Conduct,
Counseling and Discipline
(12) In each nation of practice, the
Participating Organizations shall endeavor to maintain a common code, rules, or
set of guides to professional conduct,
including reference to appropriate qualafication standards and standards of practice and a consistent set of counseling
and disciplinan• practices .
Actuarial Standards of Practice
(13) Each Participating Organization
recognizes the Actuarial Standards Board
(ASB) in the United States, the CIA in
Canada and CONAC in Mexico as
being responsible for promulgating actuarial standards of practice for actuaries
practicing within their respective nation .
Qualification Standards
(14) The Acadeniy, the CIA and
CONAC have the responsibility for
maiiitaunng standards for qualification to
practice as an actuary that are uniform
for actuaries practicing within each
nation Each Participating Organization
shall take the steps necessary to encourage its membership to understand and
abide by the qualification standards
Actuarial Principles
(11) ]'here should be no conflict or
inconsistency ,among the basic actuarial
principles developed h` the Participating
Organizations To facilitate that outcome, the distribution of (listUssion
drafts of basic actuarial pruiciplcs dcvcl-
Practice Notes
(IS) 'I lie Participating Organizations
recognize the Acadeniy in the United
States, the CIA in Canada and CONAC
in Mexico as being responsible for pronnilgating practice notes to assist iueni-
1'1'ii )r,\RRcoti5.
83
bars to liillill their responsibilities under
applic .ible standards of practice . The
Acadeinv, the CIA and CONAC may
all upon the other organizations for
assistance iii prepai .
.in
, practice notes .
sponsored by any of the other orgainzatlolls .
International Interface and Liaison
(19) In dealings with the international actuarial organizations such as the
Student Interface and
Actuarial Recruiting
(16) The CIA, CAS, CCA and SOA
should coordinate efforts and cooperate
in the development of materials used to
promote the actuarial profession among
students Where appropriate, these
materials should also refer to the profession's public policy interface roles played
by the Academy, AMA, AMAC . ASPA,
CIA and CONAC
International Actuarial Association
(IAA) and with non-actuarial bodies that
set standards affecting the work of actuaries internationally, such as the
International Accounting Standards
Committee (IASC), the responsibilities
of the Participating Organizations shall
be essentially the same as they would be
relative to North America As national
organizations, the Acadciiiy, CIA and
CONAC have the priniary responsihility for representing the actuarial professions of the United States, Canada and
Basic Education and Examination
Mexico respectively, in commenting on
(17) The CAS and SOA have the
priniary responsibility for the management of the basic education and exanunation process provided for the education of actuaries in the United States and
Canada However, AMA, AMAC,
relevant IASC proposed accounting
ASPA, CIA and CONAC have a
responsibility for meeting the unique
education needs of their members joint
comtiiunications anti ~ooperarion among
these organizations should he encouraged for the purpose of niininiizing
unnecessary duplication . The Participating Organizations, in particular the CAS
and SOA, should work to coordinate
their education anti e\aniin .ition efforts .
basic cdut,itional or examination
Continuing Education
(18) For actuaries practicing in each
nation, continuing education criteria
should he compatible While each
Particip .ting Organization determines its
Os-TI continuing education requirements,
each is encouraged to accept for credit
attendance at meetings and seminars covering appropriate and relevant material
84
AMF R 1CAN
standards and on requirements for IAA
membership as they relate to professionalism ASiA, the CAS, the CIA,
CONAC and the SOA have the primary responsibility for commenting on
requirements for IAA membership The
Participating Organizations agree to
coordin,ite their IAA and other international activities as appropriate
Meetings , Seminars , Symposia, etc .
(20) A Participating Organization
sponsoring a specialty meeting, seminar,
or other membership activity on a particular topic shall consider inviting as a
cosponsor other organizations with
interest in that topic Cosponsorship
does not imply sharing a financial interest as does joint sponsorship .
Opportunities for cosponsored or jointly
sponsored activities and meetings on
issues of common interest should be
sought .
A CA nFMi or ACTUARIES
Database
(21) Each Particip,rting Org,mr/ation
force, or work group in order to facilitate
coordination among the organizations
agrees to discuss, de .-elnp and unplenient
as appropriate the use of a coninron
database of members for the purpose of
fostering more efficient communication
anion- the actuaries in North Americ.i,
e .g ., with respect to meetings and other
continuing education announcementsMembers of all of the Participating
Organizations should be listed in the
Directory of Actuarial Memberships
Membership Communications
(22) In order to promote better
communication among the actuaries in
North America, the Participating
Organizations agree to participate in a
discussion on the feasibility of developing and implementing communication
devices including, but not limited to- North American computer mailbox
and ;'or Web site, linked Web sites and
a standard for preparing and distributmg abstracts for all research being
conducted by the actuarial profession .
(25) Each Participating Organization
agrees to discuss, coordinate and implement, where feasible, a program to eliminate any overlap in the functions performed b\, various committees and
members and to explore ways to cooper,rte in the appointment of representatives
so that, where feasible and appropriate,
one person can represent more than one
organization
(26) The Practice Councils of the
Academy shall include members representing the
other
Participating
Organizations, as appropriate .
Staff Communication,
Coordination and support
(27) The staffs of the nine organizations shall do all in their power and
authority to support the goals and facilitate the implementation of the Working
Agreement . The staffs shall rri,nntrin a
Staff Working Agreement and revicss its
provisions annu,rlk, in a point meeting
The,,, shall
Meetings of the Leadership
(23) The COP should meet at least
three trines a year, once in each respective country Arrangements for the
meeting (including location, agenda and
chairing the niceting) shall be the
responsibility of the frost country
Committees
(2l) To minimize future overlap, no
new committee, task force, or other entity should be established without consideration being given to coordinating the
effort with other relevant organizations .
The Participating Organizations shall
notify one another n hen they create any
ness and significant committee, task
• see that all appropriate materials
and unitatium are distributed as called
for by this Working Agreement,
• coordinate topic and date planning
and, as appropriate, cooperate in Bevelopment of programs and/or support and
communication materials, including the
implementation of any cosponsorship
arrangements with respect to member
meetings, continuing education seminars
and other similar activities and events ;
• coordinate date and location planning, with particular concern toward
mini mzing leadership travel :
• work together to create a common
membership/student database and seek
1')1i1r i i .\11SOO .
85
ways to T11,1\1111Ve the cooperative and
rii disldual uses of that database, paltlctllarl`
1 11
support of the Wo]king
lted to, publications, computer mail
boxes, linked Web sites and common
research abstracts ; and
AgrceT I i cn t,
• support feasibility studies and any
resulting implementation activities
designed to impiove overall member
communications, including but not hm-
prepare an annual report for the
COP identifying the effectiveness of the
prior year's activities relative to the Stain
Working Agreement and suggesting
areas for improvement .
86 ,1 Al E R 1 CAN ACA [) 1 .%4) c) f A C T U A It I E ti
Membership
Academy Membership
Meutbctship a, „t N,)%
1 1')1)
13 121
lnuca,es
Admmiom
481
Iteuxtareunents
S3
I8')
13,385
1)e Ith4
Withdl teal,
Membership as of Nov . 1, 1998
Memberships Held by Academy Members
in the American Society of Pension Actuaries
(ASPA), Casualty Actuarial Society (CAS),
Conference of Consulting Actuaries (CCA)
and Society of Actuaries (SOA)
(A% of N,n cutbct 1, 191)1)')
ASPA
In all tour
ASI'ACAS
S ('('A
ASI'A, CAS
&S)A
Academy Membership by Employment
(AS of November I
ASPA & CCA
191)5)
Emplos tuent
1996
]997
11)05
Insurlnie and related
organizations
5 :173
(233
('o sulrutg prnrttee
4,1,22
0112
4654
224
42
ASPA, CC A
SOA
ASPA & SOA
CAS, CCA
& SOA
CAS &CCA
CAS & SOA
C(,A ,, SOA
4713
fit one onl)
Membership
Go% et nnnent
4cidenu1 msntutnom
( )then
1Zeturd ,~r lint l.rnonsn
UnatEhated
211)
43
211)
41)
~12 3
486
485
1,2113
I 2n 1
_'ti(,
3117
324
12 , 832
13 , 121
13 , 385
('A,,
l
1
I
1
1
1
29
('CA
-
I
-
-
3r,
---
Total
1
1
U1
31
1))
51
2,244
2,412
29
3( .
142
3n
142
715
193
715
In
5I
1113
715
1311
5,7Sc,
11,498
997
9,762
71)4
13,385
1113
3 4
565
l
21)
3(,
142
In none
SOA Total
7
1 331
Academy Members Who Are Enrolled Actuaries
T otal
(A% of Nov1 ) lhet 1, 11)'15)
ASPA
( AS
2
('('A
2
In all tent
2
ASPA, CAS
C'CA
I
1
I
I
I
-
ASPA, (AS
SOA
ASPA&CCA
A)PA, CCA
SOA
ASPA LS SOA
CAS, ('C A
SOA
(-AS &SOA
CCA & SEA
In one only
29
)')
34
34
135
-
I
5
341
1
In ]]one
Subtotal
1
341)
4r,
SOA
Total
I
1
1
29
34
135
1
5
441)
I .1,51)
34
135
1
3
441)
2,1)77
414
3,145
Non-Aoadrmy.
Enrolled Armanes
Total
Enrolled Actuaries
1)411
4,(}88
I')''4 t LARE ;O 0K
87
Application for Admission
The requirements for admission to the
Academy arc set forth in Article I of the
bylaws An individual who meets the
experience and educational requirements
and w ishes to apply may request an application form from either the Washington
office or the Schaunnhurg office
The application form is designed to
develop sufficient information concerning
both the applicant's actuarial education
and his experience in responsible actuarial
work to enable the Executive Committee
to determine whether the established
requirements for admission are satisfied
The applicant should be sure to give
complete information with respect to
each section of the application If msuthcient space is provided foi this purpose, a
supplemental statement should be
appended to the application Applications
should be handwritten legibly, preferably
typewritten . Applicants should take care
to submit references who meet the
requirements set forth in the general
instrtictions of the application tnnii They
should also encourage their references to
return the reference forms promptly
In order to aid applicants, certain
guidelines have been established in the
areas of experience and residency . In the
area of experience, the following guidelilies apply
1 At least one of the three years of
responsible actuarial experience must fall
within the five years preceding the date
of application .
2 '1 eaching experience will count
toward the three-year requirement only
to the extent that the teaching is at the
parts 4 and d level Higher-level courses
may also be considered depending on
their actuarial content .
3 . Summer, part-time and other
intermittent experience may he consid88
AM[RICAN
ered for the three years, but it is especially iniportant to demonstrate that this
is "responsible actuarial work "
4 . At least cm o of the three years
must have come on a full-time, uninterrupted basis .
5 While experience obtained outside
the United States may he considered for
the three years, it should he similar to the
type of "responsible actuarial work" a
person would obtain in the United States .
In the area of residency, the following
guidelines/requirements must be inet
l Residents of the United States for
less than three years will be subject to
the same requirements to which nonresidents are subject
2 Nonresidents must state their need
for membership
3 Nonresidents must state their
f inniliarity with U S laws and piactices
in their actuarial specialty area .
The above guidelines/requirements
are subject to interpretation, and apphc .uits are encouraged to review their
answers in light of these guidelines in
order to expedite their application
A nonrefundable ipplicdtiori fee of
$75 must accompany the application .
This is a charge for processing the application and will not be applied toward
the payment of dues for those candidates
accepted Application fees paid by candidates who are not accepted will not be
refunded
Applications and all inquiries should
be addressed to :
ACADEMY OF ACTUARIES
Membership Manager
American Academy of Actuaries
475 N . Martingale Road, Suite 800
Schaumburg, IL 00 173
847 7t)6 3513 Telephone
847 7116 3599 Facsimile
Dues
Dues as approved by the Board of
Directors are $380 per year for riiembers, payable on January 1 . Admission
in the first third of the year wi11 require
full payment of dues for that year,
admission in the second third of the year
will require payment of nvo-thirds of
the annual amount, and admission in the
last third of the year will require payment of one-third of the annual amount
W overall in 1998, do not
ties or $25,001
Article VII, Section I of the bylaws of
account of ietirenient or other categories
the Academy provides that, subject to
shown above between ages 55 and 70 is
certain provisions with respect to disabil-
$10,000 per year
ity and retirement, each member shall
Members on dues waiver automatically receive the yearbook and the directory,
notices of annual meetings and voting
materials for proposed bylaws aniendnients . There is an annual charge of $75
to receive other Academy mailings .
Fornis for permanent and temporary
dues waiver requests can be obtained
from .
Membership Manager
American Academy of Actuaries
475 N Martingale Road, Suite 81-11,
Schaumburg .IL 60173
847 706 3513 Telephone
847 706 3599 Facsimile
pay such dues for each calendar year as
may be established by the Board of
Directors of the Academy_ Under this
authority, the Board of Directors has
determined that dues may be waived for
members who (a) are full-time students,
involved in full-tinic dependent care, or
serving iii the military or the Peace
Corps, and (b) anticipate no material
irtuarial income during the torthconnig
calendar year Dues in .in' also be w .iived
for members who have been uoeniployed for at least one year prior to
January 1, 1999, and who have made no
currently anticipate earning any ,igniticant income from actuarial activities in
calendar year 1999, and are ictive1 seeking work as an actuary or planning; rcentry into the actuarial profession in the
foresee,ible future . The inininiuui retirement age has been set by the board is 55
The nia .mium hint On earned income
in order to qualify for dues waiver on
more than $111,1100 from actuarial activi-
1O'a YLARESOOK 89
Prescribed Ex aminations
The Ac]demv Board of Directors, in
Institute of Actuaries, the Conference of
accordance ,vith Article I, Section 2B of
Consulting Actuaries, the Faculty of
the bylaws, prescribes e\ .munataons as
Actuaries in Scotland, and the Imtrtute
follows
of Actuaries
A candidate who has attained by
e\armnataolt the irndlc Ated status listed
below shall be deemed to h .cv e met the
education requirements for admission to
nlcnibership .
I Associateship iii the Casualty
Actuarial Society and the Society of
Actuaries
2 Fellowship iii the Canadian
3 . Enrolled Actuary status under
Subtitle C of Title III of the Employee
Retirement Income Security Act of
1974
In those cases where f.unnharity with
actuarial practices and pruICIples in the
United States cannot be assumed, the
Executive Committee is empowered to
call for evidence of such fanulianty .
90 AME RI LAN ACADEPSY l1F ACTUARIES
Actuarial Oroanizations
h
American Society
of Pension Actuaries
Presidott
Carol R Sears
Presid( fit-Elect
John P Parks
Past Pce,nie'ru
Karen A_ Jordan
I im lwi idccitc
Craig P Hoftniau
Casualty Actuarial Society
Prescdetct
Steven G Lehmann
President-EIrct
Alice H Gannon
Past Ptcsideni Mavis A . Waiters
11C Prt•sidc'iNs
Abbe S Bensnnon (Continuing Ed )
David R Chemnrck (Frog & Comm )
Scott D Miller
George j Taylor
Gary Dean (Administration)
Robert S Mmccolts (Research & 1)e'
. )
Secretary
Gvven S. C)'Connell
Tceascuu
Fa o(jir ro
Cynthia A Gros7kmesvle7
Kes rn B Tlionipsou (Adnmmssmons)
Assistant
iut,ir), David I I IIavs
Sarah E Slnitlneau\
4350 North Fairfax Dave . Suite S3O
Arlington , VA 222(13
(703) 516-,)3un
Facsimile (710) 516-930 ;1
Esernrcr'e Ducrror
Brian H Gratt'
Canadian Institute of Actuaries
1 ItIt) North Glebe Road, Suite 61111
Arlington, VA ?2?III
(7113) 376-3100
Facsumulc (7(13) ?76-311tH
Evecrume Dcc'cror• James H Tmnsle}
Colegio National de Actuarios
Prc.rdcnt
Rafael Posse Fregoso
. id1'r±c r Act Ignacio Gurza de Con
.ticccctricy- Treasiurr Marilupe Ugarte
Pn•scderit Peter 1 Morse
PicsrdeNt-Elect
Stuart F Wason
Rut Product
Harry H Panler
T tic Pn'srdents
Yves Charbonneau
Avenida Patnotismo 711
Torre A, 4 Piso
Col. San Juan Mmsccoac
Mzsmco I) F , 11373( 1
William F Chnren•
011 -535-595-761)11
J Helnmut Engels
Patrick F Flanagan
Excoft r'r' Director
Manlupe Ugarte
Norm mad Gendron
Daniel L A1cCaw
Constitution Square
#30-360 Albeit Street
Ottawa, ON Canada KIR 7X7
Conference of Consulting Actuaries
Pccscdenr
William J_ Falk
Pcesidefir-Elr•cr
M chacl L_ Toothman
Mark V . Mactas
Fay e Albert
Rut President
15a' P,c siderit,
Michaelj . Tierney
(613) 236- 8 106
tierieiacy
George B Wagoner
Robert_J Rietz
Tpeasrtn•t
Kenneth A Rent
Facsimile (613) 233-4553
Eve urwc Dncm i • Rick Neugebauer
1 1 I11 West Lake Cook Road, Suite 235
Buffalo Grove. IL WOW)
(547) 419-90911
Facsimile (5.47) 419-9091
Evccurme Director' Rita K I)eGraaf
155`) YEARIIOOI .
91
Society of Actuaries
Actuarial Foundation
Condor( HO%%drd J Bolni~k
(hall tpuson
Pic'idi in-Flat
A . Nor man Cross der III
Am Picmdorl
llasid ibl Holland
I It( Chnmpirsou Walter S . .ugland
B
Secretary/ lrtar tiltI Moms W Chambers
1,1m Picidenn William F Bluhm
'1'ici_otcis Mary H Adanis
Roland C Baker
Robert I Bross n
A Norman Crowder II I
Edward W Bales
Esther H Milne,
Edward W 1 reel
Sari Gutternian
J allies J
M u iph)
James C . Hickman
Sri retar y /Trcaa urei
17w Presidurl
Curtis E Huntington
Douua R . Claire
475 North Martingale Road . Suite K(H)
Allan M Kautinan
George 1) Lundberg
Schaunibuig , IL ((1173
Anna M Rappaport
Rodne), ik Kohda
(847) 706-3500
Fa~snnile (847) 71)6-3599
Laecrrni°c Umwctor
Charles F Kohni
Robert 1) Shapiro
Marc M Tss itnies•
John E .O'Connoi ji .
Robert C_ Winters
Larry 1) Ziinplenian
Actuarial Education
and Research Fund
Chaupetsoir
475 North Martin gale Road . Suite 1V II I
Schauniburg , IL 6(1173
Mary Haidinan Adams
Seoctory Stuart Klugnian
(`g47) 706_3570
Facsimile (847) 7116-3501)
Tie oiiroo Allan j Stones all
Di,ecroii LeRoy A Boisoe Jr
Eseiicni'e L) ecroi • john F O'Connor Jr
Doug( is C Borton
Allan Brender
Rafael Posse Fregoso
Olivia Sanrhez Garaa
Harold j Ingrahain jr
Henri' K_ Knowlton
Robert S Miccolis
Brendan O'Farrell
Robert W Wilson
Bu -w neo lhruai'ci
Judith F_ Yore
lkrhr ;arr U iirr
Cooiclniare, Cecil I Nesbitt
475 North Martnigale Road, Suite 800
Schauniburg, IL 6 0 173-2226
(847) 7116-3600
Facuinile (tt47) 706-3599
E.-muctii e Dncctoi
92
Cecil 1) . it kerk
AMERICAN
Curtis E Huntington
ACADEMY
OF
iCTOAR[ES
International Actuarial Association
Prestdertt
Jean Berthon ( Franc r)
(to Dc, 31, 1999)
Prr•rdrrrt-F.le,7
Cithenue Prime ( Australia)
Rica DeGraaf
lames H •Luisky
CAS Represc• rttatrt c
Yves Gucrard
Committee Chairpersons
_3eckditvrien
Robert L Collett
SO -I Rvpir,rntattr'c
CCA Rg 'n'scniarmc
(rte Drr 31, 1999)
Sccrc•raty General
l ' .ti Cnne,pond rrn
Curtly E Huntington
ASP,4 Rcpies ei tans r
lead nrry Rcl+ircetuania
Morris W Chambers
Advrcc and Asstsratra' Robert L Collect
Audit Allan M Kaufman
Education Cecil D Bvkerk
L4SC Employee
I3cttrFt~
Paul N Thornton
L4 SC Lt_,tirance Sam Guttermari
\vttIrrtancitr, Walter S Rug-land
Pi hlic Srareiuenrs
Jtinzo Tanaka
CIA
Peter F Morse
Corttuil Defecate
Caoecpondcrrt Morris W Chanibei,
London Life Insurance Co
)5-i Duffcnn Ave
London, Ontario
Canada N6A 4K]
Services to
(519) 432-5281
hrdividnn! .1lertthets Martin Balleer
Facsimile (SPa) 432-57Th
Social Scutrity Reg Munro
hrcrrrnruc Rctnncm ton Peter Ktrys
Gnccrtnt'e Drrccmr
Nicole Scguin, CAE
IAA Secreranat
March 17 - 22, 2u02
Cancun, Mexico
36U Albert St , Suite X211
Ottawa. ON
Canada K I R 7X7
(613) 23 6 -11886
Facsimile (ri13) 236-1386
nicole segi,in'a-actuancs our
I '.S Cinmal
Robert L Collett
Dek°Catcs SO.-1 Repscsesitatwe
Vince Amoroso
CCA Represerrtattve
Robert A Anker
CAS Rlrrrscrttahw c
Cures E Huntingtnn
1SPA Represerrr~rrt c
Allan M Kaufman
Academy Repiescritat, 'c
AFIR Section
CIiarrl>crsotr James A Tillcv, USA
I'ite Clrcurhersorr Arnaud ClenientGrandcourt, FR
Bob Altiog ).,(in Geusau,
I •rcasrtrer
NL
Alt Guldbcrg, SW
Sectctar} Ccn'nil
Reporter and
I•1 .{ D ]ryatr Yves Guerard, CN
IAA Dclekratc
Icao Havashi JP
Other 3lerrrlrcrs Mike Barker, AU
William Chincry, CN
Robert Clarkson, UK
Massinio De Felice, IT
Gunther Segerer, CM
David Wilkie, UK
'Vest Colloquium
Aug 24 - 27, 1999
Tokyo, Japan
1 1))
\FAR600K
93
ASTIN Section
International Association
of Consulting Actuaries
Cll 7/un ni Edward J Lcvav, ]S,, UK
I irr ( :h,nrprron Jcan I ccnian•c•, 13E
7 Je i.nilir
Jra n Letnaire
C>- 1 rea,ulei
Fredd-v Corker, BL
Cltatlp"I,iN Ronald M Walker
William lvi Mercer Cos . LLC:
tii'creramy Charles Levi, FR
1166 Ave. of the Amencas
Dclriate, to L-I .-1 Jean Lemau e
New York, NY 1(11336
(212) 345-73%
W, James MacGimuiitie,
USA
Facsimile (212) 345-49--4
Edinm Patil Entbrechts, SZ
Chris I )a\ kin, UK
I I", CInnmp'noti
Ruud H Spienkels
Cd-Gdrtar Reno Schnieper, SZ
William M . Mercer Ten Pas
Andrew Cairns, UK
Otlru .lhnrhrl Bjorn Ague, SW
Postbus 7,532`)
1(1711 AH Amsterdam
Thuin .n Mack, GM
The Netherlands
Erinanno Pitaccn, IT
(31-211) 541 071111
Bouke Pocrhunia, NL
Facsimile (31-211) 541-1)7L)()
Jukka Rantala, F1
James N Stanard, USA
.ti( ,irr,o),-Ttea,umm Dudle} Funnell
1421 Stiada I)'Argento
Gregory C Taylor, AU
Venice, FL 34292
(941) 455-1')22
[ ' S ( :orrtact James N, Stanard
Facsimile (941) 486-11`)1
Rcnaissancc Reinsurance
I rd
R-12 Fact Broadway
C ` S Comn ttce
1lcnrhrl,
PO Box FIM2527
jay M gaffe
Hamilton HMGX
Martha M . Moeller
Bermuda
Conrad M Sieg el
(441) 2Q5-4513
Facsimile (441) 292-9453
Carladimi Cormiiitter
.lhirrhei Michael L) Mills
1-lan01drl' Ch,iirrttan Ham Buhlinann, SZ
William M Mercer Ltd .
Cane Bentall Centre
Suite 71)11
Niat C"N'quiuln
5135 Burrard St -
Aug . 22 - 25, 1999
Vancouver, BC
Tokyo Japan
V7X 1 N1 4 Canada
(('11+) 6 )i3-6761
Facsimile ((d)4) 68i-4639
94
AMERICA N ACADEI.i1 OF ACTUARILS
Actuarial Clubs
Correspondence to the local clubs should be directed to the secretary at the address
listed on these pages if a secretary is not listed, the address shown is that of the president Addresses for club presidents may be found in the Ditectory of Actuarial
.17 tii!u 1n s . Clubs are alphabetical by their city or state
Actuarial Club of Alberta
Robert Kerr, Ptrndrirt
1' Charles Allegro, N,,ortaty-Tica,rirct
(c/o Toss ers Perrin
150 Sixth Ave S`17, Suite 3700
Calgary- . AB, Canada '1 ?1' 3Y7)
Boston Actuaries Club
Gail S Stone, tircretaty
(c/o Tufts Health Plan
333 W) nian St
Waltham, MA 0234)
Actuaries Club of Des Moines
Actuaries Club of Indiana, Kentucky
and Ohio (Tri-State)
Eric Daw es, Seuetai y-Ticasiirer
(c/o William M Mercer, Inc
135 Pennsylvania St ., Suite 1 .5011
Indianapolis, IN 462I)4-2491)
Actuarial Club of Indianapolis
Mike Khalil, Pre,uluit
I)asid Brentlinger, I 'in, President
Man- Anderson, /ccrcttr ) -Trnuiisvi
(c/o Anthem Blue Cross and Blue 'Shield
404(1 Vincennes Circle
Indianapolis, IN 4(268)
Sarah Rov, Pio dent
Michael Stieck, I icc Picridutt
1),i \e Tuoniala, Sectetai y- I'icasitie/
(c/o The Principal Financial Croup
711 High St
Actuarial Club of Jackson
Stan I )ickem, Scuctaiy-7icasuie,
(c/o Southern Finn Bureau
P() Box 78, Jackson, MS 392)15)
Des Moines, IA 51i3')2-O631I)
Actuaries Club of Erie, Pennsylvania
Robert H Dreyer, Scnctatp- Ti casitrei
(c/n Erie Family Life Insurance ( o .
1(11) Erie Insur ance Place, 1'O Box 1699
Fne, 1'A 16531 7189)
Actuaries Club of Philadelphia
Jerry Ficke, Prr,ident
Richard Wendt, I'ice Picsidcnt
Diana Goodman, Ticaoinci
Stephen Steinberg, Sectetaiy
(c/o Penn Mutual Life Insurance
(11(5 1)reslier Road, Horsham, PA 19144)
Actuaries Club of Hartford
David Addison , Prtstdent
Actuaries Club of the Southwest
Linda Lankowski . I'iu• Piesidcrtt
Meredith Rat .ij czak Tinisuses
Frank Broll, Pre sident
Greg Sullivan , ,Se-seraiy
Bob Hollidas . Scuctai y-7 neasuici
( c/ n H artf hrd Life
132E, 200 1 lopmeadow St
Simshurv. CT 0(,17(})
Bob I-lannery, Vice Pitudcnt
(c/o 2227 Turtle Creek, Dallas, TX 75219)
Actuaries Club of Toronto
Frederick J Thonipson, President
(c/o Thompson Acm trial, Ltd
Box 13K
S . RR2
Singhampton, ON, Canada NOC 1Mi 1)
1 n?'i 1IAR60 0 k
95
Actuarial Club of Washington, D.C.
Baltimore Actuaries Club
Ro\vland Cans, Presrdent
Teresa N1 Ruder, Prrnnlrrrt
( olin England
Williani London, I is Pre _snlcnt
Tice Priitdcut
Joseph Marsden , Pica, nmci
Kirk 13 Lnniner, Sicrctca r}'- Tnnasnl e7
Jarilsn Paul, Sccrkt,ar)'
(c/o Coventry Resources L P
(c/o Watson Wsatt Worldssrde
1717 H St NW
13(12 Concotusr Dnse . Suite 2)12
Linthicum, Ml) 21(1911)
Washington , DC 311(X16)
Actuaries Club of Winnipeg
Monique Maynard, Charrlu'rsun
Casualty Actuaries of the Bay Area
Mark Priv en, Ptesrdent
Turhan Murguz, Sme(ar )y- I rcasurca
(c/o American Reinsurance
Sandee Bachalo, Secretary'-Tecaswcr
1 0 1 Calihuma St . . Suite 44111}
(c . ,'o Investors Group
San Fran( uo , CA 94111)
444 Portage Ave .
Winnipeg, MB, Canada R3C 3136)
Casualty Actuaries of
Greater New York (CAGNY)
Actuarial Society of Greater New York
Scott McAlpinc , Ptcnnlcnt
Steven M Visner, President
Arnold Dicke, Prest cart-Elect
Philip Lehp .uner, Treaprret
Kenneth P Quintilian, Presrdent-Elect
George E . Silos, Secsetar),
(c/o New York Life Insurance Conip .ni~
Ernest I Wilson, 1 in' President
Deborah Rosenbeig, Eduiatiorr Cliainrnrrr
James E . Buck, See aerarp-Treasurer
) 1 Madison Ase , Room 61)9
(c/o Insurance Services Ot'ice, Inc
New York, NY 1(11)111-1603)
7 World Trade Center
New York, NY 1011.114-1199)
Adirondack Actuaries Club
Casualty Actuaries
of the Mid-Atlantic Region
Timothy Summers, President
Arlene F . Woodruf, [ice President
Stewart Zauiloug, Tiea_,rm't
Robert Priest, Serretarl'
(cr'o State of New, York Insurance Dept
Empire State Plaza, Agency Building One
Albany. NY 12257)
Timothy Wisecarver, Preaidcnt
Gar' Shook, Vice President
Susan Miller, Edrication Cliaia
Vincent Yezzi, Colle, ;,e Rclatuws
Mar' Jo Kannon, Secrc•rarp-Tracurcr
(c/o PMA Reinsurance
Arizona Actuarial Club
1735 Market St
Matthew J Hassett, Prc rdent
Philadelphia, PA 1'103)
James H . Gordon, Seacrmy- Truants ;
(c/o GPW & Associates Inc .
Casualty Actuaries
of New England (CANE)
37(10 North Third St ., Suite 20(0
Phoenix, AZ g51}04)
Steve Stayton, President
Atlanta Actuarial Club
Warren T (Tom) Lofus, Precrdcnr
(c/o Life Insurance Company of Georgia
Life of Georgia Corporate Center
Richard Fein, Pier President
Kristen Albright . I'ice President, Edncatunr
Victoria Carter, Vice Prsurdenr, Progtarns
Stacy Mina, Vice Piecrdcrrt, Adrums rrataoa
PO Box 1(150116, Atlanta, GA 3(134X-5006)
(cio Tillhnghas(-Toners Pernii
500 Bovlston St
Boston, MA (12116-3734)
96
AMERICAN
ACA 1)EMY 0 f ACTUARIES
Casualty Actuaries of the Northwest
Cincinnati Actuarial Club
(cordon F 1)is , Prc~idc•nr
Tinodiv Cardinal . Acmici r
David Van Unevering, I'ice Prcar,t'ertt
Marcia Ward, i'rrc Picsnlent
James Cant . I' 'acuto-Secretary
Harold V L}ons, Sicrchnl•-Trt',cu i
(c/o SAFECO Insurance Company
(c/o Western-Southern Life
SAFECO Plaza T-14
4011 Broads,-ay, C incuiiiati . OH 43202)
Seattle, WA 98185-(1Oi 11)
Casualty Actuaries
of the Southeast (CASE)
Columbus Actuarial Club
Steven P I )ezse, Presulent
David E . So%%ers, Sccrctiry-Tu•aircr
Robert Blanco, Pre>ident
Michelle Bradley, I nrdetit-Elect
(c /o Nationwide Insurance
Donald E Manic, I ice Piesident of Prc,i earns
Barry A Franklin, I ice• Prenrderu of Collgc
Relations
Columbus, OH 43216)
Richard 11 Moocher, I in' President of
dnu itratrorr
One Nationwide Plaza, I-10-TI
International Association
of Black Actuaries (IABA)
(c/o National Council on Compensation
in,urancc, Inc
Jrfl'reyJohnsnn President
7 ;11 Park of Convnerce I )nv(-
Carol Mulhngs, Trrasccrrr
Boca Raton, FL 3347)
Carolyn E Christopher, Sc'i' tar}'
Sharon Robuin,n, I icc P,eiideni
(c/o IABA
Central Illinois Actuarial Club
I isa Brub iker , Ptcodcnt
1 115 lnnian Ave , #+23•i
Edison, NJ (1(82(1)
Sheila Melzer , President-Elect
Susan Reitz , N'ortlcern V WC Ptc'rdcrir
Kurt C7zier, SJntlrern I -ice Pio0cia
Kristi Dossett, Scuctay-Treasiircr
(c . ,'o Fianklin Life Insurance Co
One Franklin Square
Springfield, IL 62713)
Chicago Actuarial Association
Dale i offin . Presi,letn
Jeff Allen, Prrscdenr-Eli'cr
Donna Novak, Vice Prcndcnt of Proc,prrrn>
Kansas City Actuarial Club
i Michael Crooks, Presnfent
Lon A Truelove, I l, Pu~idvrr
Kirk A Bushy, Secretary - Ttr,urnc•r
(c/o Blue Cross Blue Shield of K C
33(11 Main
Kansas Cm, NIO 64106-2442)
Korean Actuarial Society
Bede Lee, Precedent
Deane Osgood, i ice Presrdnrt o/ Pnltlic Pt lahone
Kelvin Schill, Trarcirrr
(c/o PricesaterhouseCoopers
Sarah Hainid Secretary
Fort Lee, NJ 07(124)
2111(1 North Central Road
(c/o Fort Dearborn Life Insurance C -i
30(1 Fast Randolph St_
Chicago, IL 6(16(11)
Little Rock Actuarial Club
Jodv Carreiro, President
Rob Bluhm, Vice Prr-adoir
The Chinese Actuarial Club
Shirley Hwei-Chung Shao . Prcinlent
Gray Townsend, Ticasrnei-Secrc•taty
(c/o Aegon USA/NOL Division
(c/o Piudential Insurance Co
PO Bo"i 2911(1
213 Washington St , Seventh Floor
Little Rock, AK 7221)3-20(10)
Newark, N( ((71(12)
]'ill YFAR[O0K 97
London Actuarial Club
Nashville Actuarial Club
Sans Tallrs, Secictaty
tietli Fit7nLiuriee , C :1iauliri'0u
( c/o London Life Insurance Co .
(c/o American General Life cS Accident
255 Dufenn AN c
Insurance Co .
London, ON, Canada, NtcA 4K I )
4505 Anieriran (,eiieral Center
Nash~,illc TN 3725(1)
Los Angeles Actuarial Club
Nebraska Actuaries Club
David Ruiz , Prrsadcnr
Ata Azarshahi , 1 ice Piesidcv[t
Richard Cruise, 11temirnt
Robin 13171111 Fichtelberg, Tecanncr
Cathy Bierschbach , Serrr•tary
Ed Mullen, Sccarniiy-7rcacwei
(c/o Physicians Mutual
(c/o Aurora National Life
3611 1 Dodge St , Oinaha, NE 65131)
2 525 Colviado Ave .
Santa Moni(7 a, CA 911-}114)
Oklahoma Actuaries Club
Michigan Actuarial Society
Michael A Shuinate, Ptcsidotr
Anu R Sundraiii, Pit ;eh w
Oliver Martin, I we Pic,idcrir
A Joy- McIonald, Scoctaa y- 1 icascucr
(c/o Anreiicarr Fidelity Assusanee C o
Stephen Kcller, I'd inci
2(1(11) Classen Center, P0 Box 25523
Judy Ficldrnrrc Secrrt,nJ•
Oklahom .i City, OK 71125)
(c o AAA Michigan
Pacific Rim Actuaries Club of Toronto
1 Auto Club Drive
Dearborn, MI 4812th)
August Chow, Picardcait
Middle Atlantic Actuarial Club
Frank Lru . 7'reasnrrr
Jason Ou, Srctc[ar),
Peter Hendee, Pre>ui,lrnr
(Munich Reinsurance Coisipany
Brett Mo\very, I la, Punderrr
Bay Street, 26th Floor
i ,1vid McKusick, Srrretaiy-Tira'ierci
120 Adelaide St W
Toronto, ON, Canada M51 12Y2)
(c/o Actuarial Research Corp
5513 Twin Knolls Road, Suite 213
Columbia, MD 21045)
Portland Actuarial Club
Midwestern Actuarial Forum
Robert \1ever Th'sidcrrr
John G_ Aquino, Presalcr r
Lorne llauenhauer, 15ce Pw° ideiu
Brian Z . Brown, Iicr P1s'~adcut
Eric Wcek,, Scoetarl•-1100cc tr
(c/o Willimi M Mercer, Inc
Ronald J Sw.cmtrom, Education O(Jicci
111 S W Fifth Are , Suite 28, 11)
Brian D Poole, Sect ew)),-Trcaonrei
Portland, OR 97319)
(c/o Arthur Andersen
111 Monument Circle, Suite 43(11 )
Le Club des Actuaires do Quebec
Indianapolis, IN 462(14-5143)
Canulle LSvesque, Piesuieiit
Le Club des Actuaires de Montreal
Danielle Lamarche, Pacwdent
Pierre Courcy, lice Pvci4cpa
Jacques !)cniers, Tei ulcr
Danielle Monn, i ire Pieuidew
Michel Naud, Sccreran),
Claude Lockheed, Serrera)y
98
(c/o Groupe-cunseil AON Inc
(c o Industrial-Alliance Life hrsurance Co
111£(1 ) St Louis Road
1801 McGill College Ave , Suite 100
PO Box 19i 17, Station I enninus
Montreal, Quebec, H3A 3F4 Canada)
QuebeL, Quebec, Canada G1K 7M3)
AhtEkICA\ Au
At_iti tit
Y c/t
ALIU1%KIFs
St. Louis Actuaries Club
Southwest Actuarial Forum (SWAF)
Richard Ncl,,oi , Ptc •tdua
Gregory S Wilson, Ptettrdetu
Eric Fctnstcui , free Pu,ident
Debra L Werla tid, file P7c+tdetrt
Davui Shell, Sc(ttait)' - Ticut for
Geotlrc}• Todd Wcrncr, C :,rll' c' Krlattoin (tint
(c/o RCA
(o(,i) Mason Ridge Center I )rive
St Lotus , MO (,3141)
Salt Lake Actuarial Club
Lorraine Mat,ne, Presidutt
Joan P C1gden, Seocutty
(c- u Juan C)gden Actuaries
515 South 71)I) Fact, Suite ?13-1
Salt Lake Cir., UT 84 l))2)
San Francisco Actuarial Club
Gary F Cline
Pi u ideut
Kelly Lanibett, I'ut Ptesidc•nt
Wendy Cerurani Edrriarrou C)t(iu i
David W Lacrtirld, Sc°iierar}' Ti o urcr
(c/o L W . Blanch Insurance Services
4301 Centerviess llnee
San Antonio , TX 78228)
Twin Cities Actuarial Club
Lisa Kern, Pesid tt
Steve Rounirske, 17c c• Ptctiderit
Corinne 1semrngcr, 'Cuenrty-T,C~itrtri'i
(c/u Lutheran Biotherhuod
(i25 Fourth Avc S
Ninineapolis, MN 35-413)
T ' (illiam Van 0),s, Scc•tctary-Trc,wmt
(c/o Three Embarcadet) Center
Suite 15i)I), San Francisco . CA 94111-401 ;)
Seattle Actuarial Club
'da rilyn Duii,tan, P;nitic•rtt
Cin dt Chen, 17cc Ptuidiot
Diane I)avis, Treasutet
Vancouver Actuaries Club
Gordon Latter, Ptitrdc•trt
Grei McCoi ut ick . Ptngrcirtt Ca'tdw,unr
Brenda George, Si tit it ' Tiult tot
(c/o AC)N Consulting
Firth Floor 91)0 Hover St
Vancouver, 13C, Canada V(,L2M-)
Linda Colton . .Sccrctcrty
(c/u Watsun Wyyatt Worldwide
71)1 Fifth Atenue, Suite 210 )
Seattle, WA 9810-4)
Vermont Enrolled Actuaries Club
)avevne C Totter Ptc:utdctrt
Sharlene T 13rauu, Suvicr ty - Ttcaartiii
Southeastern Actuaries Conference
(c/o Acruari ,il Pension Analist, Inc
Ann B Frizzell, Ptc'srdctrt
I ti South Gorcham Lane
Betty Aunt. Neal, Ira Pic mdertt
Middlel)ury, VT 15753)
Robert B Crompton, .llrttil+et,hrit (-'hmrtsmt
Robert H Dobson, Scottmy-7 rcatrrrct
(c-o Milluuaii & Robertson, Int.
Waterloo Actuaries Club
Scott McKellar, Prc~tdeut
501 t North W estshorr Blvd Suite 811)
((-,'o Fquitablr I ife lns C o of Canada
T,unpa, FL 330)Q-3,525)
One Westniount Road N
Southern California
Casualty Actuaries Club
Waterloo, O N . Canada N12J 4C7)
Wisconsin Actuaries Club
Joanne M . Ottune, Ptesideni
Kesin M I)olskt, Pteuiulctit
Mitheic Beina], 1 is Pit,tdrtrt
Robert W C)mdal, L(urniu ( :oadtuatoi
Jonathan I) Adkissoit Scoctaty-Trouiiic•t
David A I Iuttleston, Sccrt•taty- I tratiori
(c/o Farmers insurance Group
(c/o Huttlestou Associates, hi(
4700 Wilshire L31vd
Los Angeles, CA 91111111)
7442 Mineral Point Road, Suite 21H1
Madison, W 1 -)3717-21129)
1't`}`i ) EARBUOk 99
Board and Committee
Meetings
The Board of Directors has adopted the
following policy with respect to attendance at and participation in Academy
nicetru s
I The Academy's meetings ire open
to its members, and to guests Invited byy,
the committee or task force chair, with
the exceptions of the Nominating
Committee, the Budget and Finance
Committee and the Committee on
Discipline, whose meetings are closed .
However, portions of the Executive
Committee and Board of Directors
meetings may be closed for executive
sessions, as well as portions of committee
and task force meetings \yhen necessary
to consider confidential information
where such consideration is essential to
accomplish tasks assigned to the committees or task forces by the Board of
Directors, the Executive Conu-nittee . or
the appropriate Vice President .
Committee or task force meetings may
be closed to members only for the pur-
100
NIL RICAN
pose of considering confidential information with the prior consent of the
appropriate Vice President or the
Piesident, and subject to any terms, conditions or restrictions that the Vice
President or President may impose The
decision to pernnt a committee or task
force to close its meetings shall be
reported to the Board of Directors at its
next regularly scheduled meeting .
2 . Conference calls are generally
open only to members of the committee
or task force conducting the call
However, the chairperson of the committee or task force may invite guests to
participate in conference calls on a caseby-case basis .
3 Academy staff attends meetings
and conference calls as appropriate
4 Members attending Academy
meetings are free to observe the conduct
of those meetings ; they may parncipate
in discussions only with the consent of
the chairperson
ACAL) EM' OF %CTIIAI :IFS
Meetings Calendar
Annual Meeting
1999
October 18 - 20
San Francisco Marriott
San Francisco
Enrolled Actuaries Meeting
1999
Mamott Wardman Park Hotel
Washington, D C
2000
Washington Luncheon
1991-)
Mav 27
Washington, D C
March 14 - 17
March 26 - 29
Marnott Wardman Park Hotel
Washington, D C
2(1!11
March 18-21
M arriott W ar d niar P ark H ote l
Washington, F) C
Casualty Loss Reserve Seminar
1999
September 13 - 14
Marriott's Canielback Inn
Scottsdale, Ariz
2012
March 10 - 13
Marriott Wardman Park Hotel
Washington, D C
Actuarial Standards Board
999
April 26 - 27
Washington, D C
June 28 - 30
Seattle, Wash
Sept 27 - 29
Washington, D_C
Dcc 13- 15
Washington, D_ (-;
lyu~} 1 LAItIi OUK 101
Public ations
Publications can be obtained from the Washington, 1) .C ., office . Prices are in U.S .
dollars and include postage in the United States and Canada . Remittance must accompany your order
Corrtiin*cucies, the migazine of the actuaual profession
bimonthly, controlled circulation
Nonmember price- $24 .0 (/year, six issues
The -1 i ari if Update
monthly, controlled- circulation newsletter
Enielled .4] iianr, Rr jinrt
quarterly, control] ed-circulaton newsletter
1999 .'liiienmi .-Iradeniy r/ .-wale, Yeauhork
$25(1(1
1999 Dliecrtny ofActiiarial .l[errnc~ishrhs
$11111 0(1
.4cadeiii ), .-licit (a news ser\ ice by category Health Insurance Issues,
Life Insurance Issues, and Property and Liability' Insurance Issues)
$30 III each
.lradcmp 9frit on Pension and Eniploycc Benefits
$ 5( ] I Ill
Diicitoiy n_f Eiriolh'i!,Icni a iic~
$7501)
.fir triritiaf Pi if'ssimmli.~ iu 4 luiinxf Ripens
no charge
]ctiniu' il 1 i aid_I ii Coiinsi'fin and Di,ciphni
no charge
.3x InUeilii , lion
9nr enc~irr . L"ideriry oj,4 rri,eiies]etii 1 1,11
back issues from 1977 to 1987 available at $35(1(1 each
102 AMIP [CAN ACAfF\45 OF ACTUARIES
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