New Report on Actuaries' Perceptions of Key Ethical Issues Facing Profession

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May 22, 2015
12:00-1:30 p.m. Eastern

The Academy held an important webinar discussing ethical issues as described in the report, “Key Ethical Concerns Facing the Actuarial Profession: Perceptions of Members of the American Academy of Actuaries.”

The report highlights the results of an ethics survey taken by over 3,300 Academy members from all practice areas. As a preview to the full report, the Academy notes that the top potential ethical issue facing actuaries is “responding to pressure from principals and/or management to select inappropriate assumptions used in pricing or reserving.” Academy professionalism experts, including the vice president of professionalism, discussed the survey content and specific ethical concerns identified by members as important to the profession.

The Academy, as the home for actuarial professionalism in the United States, committed to this comprehensive survey in order to provide an opportunity for members to identify ethical concerns and propose ways to help actuaries address them. This self-examination gives credence to the profession’s desire to self-regulate and to serve the public, an obligation born out of Precept 1 of the Code of Professional Conduct that is the core of the Academy’s mission.

WEBINAR PRESENTERS

Ken Kent, MAAA, EA, FCA, FSA, Chairperson, Council on Professionalism and member of the Academy Board of Directors
Karen Terry, MAAA, FCAS, former chairperson of Council on Professionalism (2012-14)
Sheila J. Kalkunte, Assistant General Counsel and Professionalism Liaison, American Academy of Actuaries

*The opinions expressed by the panelists during this presentation do not represent the opinions of any of the panelists’ employers or any boards or committees of the Academy or the Actuarial Standards Board or the Actuarial Board for Counseling and Discipline.

This webinar was presented by the Academy’s Council on Professionalism and co-sponsored by the American Society of Pension Professionals and Actuaries, Casualty Actuarial Society, Conference of Consulting Actuaries, and Society of Actuaries.

REGISTRATION FEES

The registration fee was $50.
Government regulators were invited to attend free of charge.

*Special note to eligible Academy volunteers: To qualify for complimentary registration, you must be a member of an Academy committee (including boards, committees, subcommittees, work groups, task forces, etc.) and also be qualified for either a partial or total dues waiver during 2015. Please contact Doreen Moaning at moaning@actuary.org or (202) 223-8196 to register. Learn more.

CONTINUING EDUCATION

The American Academy of Actuaries believes in good faith that your attendance at this live professionalism webinar, New Report on Actuaries’ Perceptions of Key Ethical Issues Facing Profession, constitutes an organized activity as defined under the current Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States. Under these Qualification Standards, an hour of continuing education is defined as 50 minutes, and fractions of an hour may be counted.

JBEA CPE Credit
The Joint Board for the Enrollment of Actuaries (JBEA) has approved the Academy as a qualifying sponsor of continuing professional education (CPE) programs for enrolled actuaries.

If you are an enrolled actuary, the Academy believes in good faith that you may earn 1.8 CPE ethics credits under the JBEA rules for attending this live webinar. However, the JBEA ultimately determines what constitutes core, non-core, ethics, or non-ethics continuing education and the number of CPE credit hours allocated to same for enrolled actuaries. During the live webinar ONLY, instructions will be given to attendees on the process for obtaining certificates of attendance.

NOTE ON JBEA CE CERTIFICATE OF ATTENDANCE:
You will not be able to receive a certificate of attendance for listening to any recorded webinars. In order to receive a JBEA CE Certificate of Attendance you must attend the live event, follow the instructions provided during the live event, and request your certificate by completing the online form within 30 days of attending the live event.

To constitute formal CE under the JBEA regulations, there must be three (3) or more people involved in substantive pension services physically present at your webinar location.

QUESTIONS

For more information about this webinar, contact Doreen Hoyle at 202-223-8196 or hoyle@actuary.org.