Up to Code CONTINUED
failed to uphold the profession’s responsibility to the public, and/or failed to act
professionally. While other precepts generally also will have been violated—such
as not being qualified (Precept 2) or not
following the applicable actuarial standards of practice (Precept 3)—they all
lead back to Precept 1.
A topic that is gaining much more in-
terest these days is continuing education
(CE). In particular, members of the ABCD
are finding that the documentation of ac-
tivities in which an actuary participated
in order to fulfill CE requirements can be
scanty at best. In many cases, the ABCD
is beginning to ask for such documenta-
tion from the subject actuary (one against
whom a complaint has been made). We
also are beginning to ask for such docu-
mentation from investigators in order to
increase their credibility during the in-
A strong CE requirement is a critical
component of being a self-regulating pro-
fession. Again, going back to Precept 1, it
is part of upholding the reputation of the
profession. However, some actuaries may
feel that they are doing the same work, in
the same way, using the same tools that
they have used for decades, and therefore
don’t need CE. Given the ongoing updates
to the actuarial standards of practice, as
well as the continually changing regula-
tory and economic environment, every
actuarial specialty is experiencing the
need for skills refresher courses.
At the same time, actuaries need
to take some type of professionalism
course each year to satisfy the three-
hour requirement for professionalism
in the general qualification standard. All
actuarial organizations are making this
easy with a wide variety of online, on-de-
mand, and in-person educational events.
Every actuary should read the Code
of Professional Conduct at least once a
year, paying special attention to Precept
1. It gives you a great measuring stick for
every activity you undertake in your pro-
And if you are ever sitting in a roomful of actuaries and someone asks if you
know what Precept 1 says, please raise
NANCY BEHRENS, a fellow of the
Society of Actuaries, a member of the
Academy, and a member of the Actuarial
Board for Counseling and Discipline, is
vice president-life/health and mutual
funds for State Farm Insurance Cos.
30 March to 4 April 2014
Join more than 2,000 actuaries from across the globe at the
30th International Congress of Actuaries!
•;Earn up to 27 continuing education hours from sessions
covering the latest global trends.
•;Network with peers from around the world.
• Enjoy cultural and historical activities in and around
Register online today at www.ICA2014.org
Contact email@example.com with any questions.