Standards

There are three types of professional standards: the Code of Professional Conduct, which provides ethical guidance; the Qualification Standards, which provide guidance regarding the necessary education and experience to do work; and Actuarial Standards of Practice to guide actuaries in how to do work.

Generally, the guidance presents a range of procedures for performing day-to-day work and establishes a baseline to judge deviations from generally accepted actuarial principles and practices. The Actuarial Standards Board, an independent entity managed with American Academy of Actuaries staff support, is responsible for developing actuarial standards of practice through its operating committees in all areas of actuarial practice.

For the most current updates, please visit the Actuarial Standards Board website.

U.S. Qualification Standards

The U.S. Qualification Standards were revised effective Jan. 1, 2008, to broaden their scope and strengthen the CE requirements. The standards were developed by the American Academy of Actuaries Committee on Qualifications and approved by the Board of Directors.

Actuarial Standards of Practice

The Actuarial Standards Board (ASB) sets standards for appropriate actuarial practice in the United States through the development and promulgation of Actuarial Standards of Practice (ASOPs). These ASOPs describe the procedures an actuary should follow when performing actuarial services and identify what the actuary should disclose when communicating the results of those services.

Code of Professional Conduct

The Code of Professional Conduct sets forth what it means for an actuary to act as a professional. It identifies the responsibilities that actuaries have to the public, to their clients and employers, and to the actuarial profession.

Standards for Enrolled Actuaries

An Enrolled Actuary is any individual who has satisfied the standards and qualifications as set forth in the regulations PDF of the Joint Board for the Enrollment of Actuaries and who has been approved by the Joint Board to perform actuarial services required under the Employee Retirement Income Security Act of 1974 (ERISA).

Enrolled Actuaries are subject to the Joint Board Regulations and Treasury Department Circular Number 230.

The CCA is a Qualifying Sponsor of EA Credit.  

All CCA members are subject to the Code of Professional Conduct. As stated in the Code, Annotation 2-1: "It is the professional responsibility of an Actuary to observe applicable qualification standards that have been promulgated by a Recognized Actuarial Organization for the jurisdictions in which the Actuary renders Actuarial Services and to keep current regarding changes in these standards."

Members of the Actuarial Standards Board

The Actuarial Standards Board (ASB) establishes and improves standards of actuarial practice. These Actuarial Standards of Practice (ASOPs) identify what the actuary should consider, document, and disclose when performing an actuarial assignment. The ASB’s goal is to set standards for appropriate practice for the United States.

Actuarial Board for Counseling and Discipline

The Actuarial Board for Counseling and Discipline was established by the U.S. actuarial organizations to strengthen members' adherence to the recognized standards of ethical and professional conduct.

Cross Border Discipline Agreement

Learn more about how the Canadian Institute of Actuaries, the Mexico-based organizations, and the U.S.-based organizations agree to reduce the risk that their members will be subjected to multiple disciplinary investigations when practicing across borders.

As stated in the Code, Precept 13: "An Actuary with knowledge of an apparent, unresolved, material violation of the Code by another Actuary should consider discussing the situation with the other Actuary and attempt to resolve the apparent violation. If such discussion is not attempted or is not successful, the Actuary shall disclose such violation to the appropriate counseling and discipline body of the profession, except where the disclosure would be contrary to Law or would divulge Confidential Information."

Guidelines for Consulting Actuaries

The CCA developed actuarial consulting guidelines and quick reference guides to help consulting actuaries in their daily practice. 

Professional Resources