American Academy of Actuaries

Updated on Dec 06, 2023

Edit

Comment

Abbreviation AAA Headquarters Washington, DC		Formation 1965
Type Professional association Purpose Serve the public on behalf of the United States actuarial profession. Region served United States of America

The American Academy of Actuaries, also known as the “Academy” or the AAA, is the body that represents and unites United States actuaries in all practice areas. Established in 1965, the Academy serves as the profession’s voice on public policy and professionalism issues.

Mission statements

The American Academy of Actuaries' stated mission is to serve the public and the United States actuarial profession. To accomplish this:

As the public voice for the United States actuarial profession, the Academy provides independent and objective actuarial information, analysis, and education for the formation of sound public policy;

The Academy provides for the establishment, maintenance, and enforcement of high professional standards of actuarial qualification, practice, and conduct;

The Academy advances actuarial practice by informing and educating its members on public policy and professionalism issues and current and emerging practices;

The Academy identifies and addresses issues on behalf of the public interest on matters in which actuarial science provides a unique understanding;

The Academy increases the public's understanding and recognition of the value of the actuarial profession;

The Academy provides opportunities for professional development of its members through volunteerism and service to the profession;

The Academy facilitates and coordinates response to issues of common interest among the U.S.-based actuarial associations; and

The Academy coordinates the representation of the U.S. profession globally.

The vision of the American Academy of Actuaries is that financial security systems in the United States be sound and sustainable, and that actuaries be recognized as preeminent experts in risk and financial security.

Standards

The Academy, in 1988, created the Actuarial Standards Board (ASB) as an independent entity, supported by AAA staff. The ASB serves as the single board promulgating standards of practice for the entire actuarial profession in the United States. The ASB was given sole authority to develop, obtain comment upon, revise, and adopt standards of practice for the actuarial profession.

Membership requirements

In order to sign statements of actuarial opinion, an American actuary must be a Member, American Academy of Actuaries (M.A.A.A.). The Academy membership requirements are:

Membership in one of the following societies:

Associate or Fellow of the Casualty Actuarial Society.

Associate or Fellow of the Society of Actuaries.

M.S.P.A. or F.S.P.A. in the American Society of Pension Professionals and Actuaries.

Conference of Consulting Actuaries.

Enrolled Actuary status under Title 3, Section C of the Employee Retirement Income Security Act of 1974.

Fellowship in the Canadian Institute of Actuaries.

Fellowship in the Faculty of Actuaries in Scotland.

Fellowship in the Institute of Actuaries in Great Britain.

Membership in the Colegio Nacional de Actuarios in Mexico.

Fellowship in the Institute of Actuaries of Australia.

Special approval by the Membership Committee and the Executive Committee of other actuarial educational credentials.

A resident of the United States for at least three years, or a non-resident or new resident who meets the Academy's education requirements and can prove familiarity with U.S. laws and practices in his or her “actuarial practice area.”

Actuarial Board for Counseling and Discipline

The Actuarial Board for Counseling and Discipline (ABCD) was formed to serve the academy and all other U.S. actuarial organizations. The ABCD considers complaints and questions concerning possible violations of the Code(s) of Professional Conduct. In addition, the ABCD responds to inquiries by actuaries concerning their professional conduct and, when requested to do so, provides guidance in professional matters.

Public policy activities

The Academy has published a number of issue briefs and monographs addressing public policy issues from an actuarial point of view. Because the Academy is non-partisan, it avoids taking specific policy positions in these publications. Most tend to discuss the fiscal and economic considerations as seen by actuaries. In many cases several policy alternatives are discussed, and advantages and disadvantages identified for each. In some cases the Academy provides formal written or oral testimony to Congress or other governmental bodies. The Academy is often asked by the National Association of Insurance Commissioners (NAIC) to provide input on actuarial issues, and has provided the NAIC with a number of reports and statements. On occasion, the Academy has submitted amicus briefs on court cases that are of interest to the actuarial profession. Less formal comment letters and other explanatory materials have been provided to a number of external audiences.

Magazine

The Academy publishes Contingencies magazine, a bimonthly publication that publishes articles on a wide range of issues related to the actuarial profession.

References

American Academy of Actuaries Wikipedia

(Text) CC BY-SA

Contents