Up to Code
member organization(s). If the member
organization(s) agree, discipline will be
in the form of private reprimand, public
reprimand, suspension, or expulsion.
I reviewed information regarding historic disciplinary determinations from
member organizations that is available
on the member organizations’ websites
and developed the following selected list
of determinations that are clearly related
to bad conduct:
■ ■ Intentionally or recklessly submitting or
causing to be submitted false, inaccurate,
and/or deceptive invoices.
■ ■ Embezzling or stealing money.
■ ■ Sending inappropriate email transmissions of a harassing nature or otherwise
engaging in harassment.
■ ■ Possession and distribution of certain
materials in violation of federal law.
■ ■ Being found guilty of felony charges.
■ ■ Securities fraud related to various
We all know the difference between “ma-
jor” activities regarding right and wrong,
but what about other, somewhat minor,
events? What if an actuary always exceeds
the speed limit when driving? What if an
actuary has a tendency to drink alcohol to
excess every night? What if an actuary re-
ceives an extra $20 in change at the grocery
store and doesn’t return it? Context is ev-
erything, and there is no definitive answer
to these questions without knowing all the
facts and circumstances. But as long as an
actuary follows Precept 1 and acts honestly,
with integrity and competence, and in a
manner to uphold the reputation of the
actuarial profession—regardless of whether
the actuary is performing actuarial services
at the time—the actuary should be fine.
Reading the Code once in a while is
just good actuarial practice. In my role
as an ABCD member, I read through the
Code frequently. I will close with another
Amsterdam example based on personal
experience. I took a trip with three other
women recently, and we were sitting in a
bar. One of my companions really liked a
beer glass that was brought to our table, so
we had a bit of discussion about the glass.
Our discussion was overheard by a group
at the adjacent table, and one from this
group suggested we just pocket the beer
glass because “it would not be missed.” I
must admit that I wasn’t really thinking
about upholding the reputation of the
actuarial profession at the time, but the
Code must have been in the back of my
mind—the thought of stealing a beer glass
was not appealing. I chose instead to ask
the bar attendant if we could buy the beer
glass, and the bar attendant said, “Oh, you
can just have it.”
JAN CARSTENS, MAAA, FSA, FCA, is
a member of the Actuarial Board for
Counseling and Discipline.
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As long as an actuary follows Precept 1 and
acts honestly, with integrity and competence,
and in a manner to uphold the reputation of
the actuarial profession—regardless of whether
the actuary is performing actuarial services at
the time—the actuary should be fine.