The Jarvis Farley Service Award is created to recognize an Academy volunteer whose efforts have made significant contributions to the advancement of the profession. The first recipient is Mary Hardiman Adams (1992).

The Actuarial Board for Counseling and Discipline is formally established as an entity within the Academy by vote of its members and through its bylaws.

The Board formally establishes the Council on Professionalism, charged with coordinating Academy activities in the field of professionalism.

The NAIC adopts a risk-based capital (RBC) formula and model law for life and health insurers, to be effective for 1993 Annual Statements.

The efforts to try to develop a single uniform Code of Professional Conduct result in two more versions (the 1992 Code and the 1994 Code), but each still had or developed variations by organization. (The Canadian Institute of Actuaries did not adopt these Codes due to the differences in laws and customs in Canada and the responsibilities imposed upon it as the result of its federal charter.)

The NAIC adopts a risk-based capital (RBC) formula and model law for property/casualty insurers, to be effective for 1994 Annual Statements.

The Academy establishes the Robert J. Myers Public Service Award to honor actuaries who have made an exceptional contribution to the common good. The inaugural recipient, John O. Montgomery, is awarded the following year.

The Health Insurance Portability and Accountability Act (HIPAA) is signed into law.

To address the continuing differences among the U.S.-based organizations’ codes of conduct and the issues created by the differences, the Joint Committee on the Code of Professional Conduct is established by the Academy with the charge to update and redraft the 1994 Code so that it could be adopted as the same, identical document by each of the U.S.-based actuarial organizations. This effort took four more years to achieve.

The Medicare and Medicaid programs are created by the Social Security Amendments of 1965.