The big U.S. actuarial organizations have come out with a joint proposal for changing the system for disciplining actuaries.
The groups participating in the effort are the American Academy of Actuaries, Washington; the College of Pension Actuaries at the American Society of Pension Professionals & Actuaries, Arlington, Va.; the Casualty Actuarial Society, Arlington; the Conference of Consulting Actuaries, Long Grove, Ill.; and the Society of Actuaries, Schaumburg, Ill.
The groups have sent members a letter that includes a comparison of the current disciplinary process and the process the groups want to adopt.
“After a review of the profession’s current discipline procedures, the leaders of our five organizations concluded last year that our current structure is fundamentally sound,” the groups say in the letter. “But after being in place for many years, several potential improvements have been identified. These changes aim to improve efficiency and provide greater consistency, and we believe that they will benefit the members of all our organization.”
The groups want to take steps such as reducing the total number of hearings that an actuary might have to face, make more information about hearings available to the public, and make the disciplinary actions of the actuarial groups more consistent.
“Failure to address these issues could place the profession’s independence in jeopardy,” the groups say, adding that a lack of transparency makes the profession vulnerable to criticism from the public.
One disciplinary entity would handle investigations, and joint systems would run hearings and hear appeals. The individual groups would have some ability to adjust disciplinary actions for members facing expulsions or suspensions.