July/August 2020
Did you know
the actuarial profession
is self-regulated?
Self-regulated
The actuarial profession is largely self-regulated, which means it sets its own standards for qualification, practice, and discipline.
Professionalism
Actuaries exemplify professionalism by being aware of and demonstrating all aspects of professionalism, including adhering to the principles in the Code of Professional Conduct (CPC), the Qualification Standards (USQS), and actuarial standards of practice (ASOPs), and cooperating with the Actuarial Board for Counseling and Discipline (ABCD).
Qualifications
Actuaries are qualified in the area of practice for which they are issuing statements of actuarial opinion, including fulfilling annual continuing education (CE) requirements to remain current.
Leadership
Actuaries demonstrate leadership by engaging in professional behavior that is consistent with the Code of Professional Conduct, providing guidance to junior actuaries, speaking up when questionable strategies are being considered, and speaking often about the professional responsibilities of actuaries.
Standards
Actuaries participate in the development of ASOPs as new areas of practice emerge or existing areas of practice evolve.
Discipline
Actuaries act if they suspect inappropriate or unqualified actuarial practices or conduct that materially violates the Code of Professional Conduct by first discussing them with another actuary if possible, and trying to resolve the differences.
