Code of Professional Conduct: A Deeper Dive into Precepts 1, 2 and 13
December 04, 2019 11:30 AM - 1:10 PM
Presenters will focus on Precepts 1, 2 and 13 of the Code of Professional Conduct.
Precepts 1 and 2 are somewhat related in that Precept 1 states that “An Actuary shall perform Actuarial Services with skill and care.” while Precept 2 states that ‘An actuary shall perform Actuarial Services only when the Actuary is qualified to do so..." Some of the issues we will discuss include the following:
- How do you define skill and care? Does it simply mean doing quality work? Isn’t this really a grey area subject to broad interpretation?
- Are actuaries who specialize in small plans qualified to work on large plans? Or vice versa? Can they meet the skill and care test?
- Are pension actuaries qualified to work on OPEB actuarial valuations? Can they meet the skill and care test?
- Are actuaries who specialize in corporate plans qualified to work on public sector plans or multiemployer plans? Or vice versa? Can they meet the skill and care test?
Regarding Precept 13, presenters will discuss the following issues:
- What constitutes an apparent, unresolved, material violation of the Code?
- When is an apparent violation considered resolved such that it does not need to be reported to the ABCD?
- How do you evaluate whether an apparent violation is just a mistake or a real violation of the Code?
- Session Category
- Cross Discipline
- EA Ethics2.00