American Academy of Actuaries
Encyclopedia
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.
magazine, a bimonthly publication that publishes articles on a wide range of issues related to the actuarial profession.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
actuaries
Actuary
An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms ....
in all practice areas. Established in 1965, the Academy serves as the profession’s voice on public policy and professionalism issues.
Mission statement
The Academy serves its members to:- establish, maintain, and enforce high professional standards of actuarial qualification, practice, and conduct.
- represent the profession at the state, national, and international levels.
- assist in shaping public policy by providing legislators, regulators, and others with independent, objective information and analysis.
- works to represent and advance the actuarial profession, in cooperation with other organizations, and to increase public awareness of the actuary's vital role in the economy and government.
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 of the 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 SocietyCasualty Actuarial SocietyThe Casualty Actuarial Society is a professional society of actuaries whose goal is "the advancement of the body of knowledge of actuarial science applied to property, casualty, and similar risk exposures." Its members are mainly involved in the property and casualty areas of the actuarial...
. - Associate or Fellow of the Society of ActuariesSociety of ActuariesThe Society of Actuaries is a professional organization for actuaries based in North America. It was founded in 1949 as the merger of two major actuarial organizations in the United States: the Actuarial Society of America and the American Institute of Actuaries...
. - M.S.P.A. or F.S.P.A. in the American Society of Pension Professionals and ActuariesAmerican Society of Pension Professionals and ActuariesThe American Society of Pension Professionals & Actuaries or ASPPA is a national organization for career retirement plan professionals. The membership consists of the many disciplines supporting retirement income management and benefits policy. Its members are part of the diversified, technical,...
. - Conference of Consulting ActuariesConference of Consulting ActuariesThe Conference of Consulting Actuaries, also known as the Conference or the CCA, is a professional society of actuaries engaged in consulting in the United States and Canada, as opposed to those employed by insurance companies...
. - Enrolled ActuaryEnrolled ActuaryAn Enrolled Actuary is an actuary who has been licensed by a Joint Board of the Department of the Treasury and the Department of Labor to perform a variety of actuarial tasks required of pension plans in the United States by the Employee Retirement Income Security Act of 1974...
status under Title 3, Section C of the Employee Retirement Income Security Act of 1974Employee Retirement Income Security ActThe Employee Retirement Income Security Act of 1974 is an American federal statute that establishes minimum standards for pension plans in private industry and provides for extensive rules on the federal income tax effects of transactions associated with employee benefit plans...
. - Fellowship in the Canadian Institute of ActuariesCanadian Institute of ActuariesThe Canadian Institute of Actuaries is the national organization of the actuarial profession in Canada. It was incorporated on March 18, 1965. The FCIA designation stands for Fellow of the Canadian Institute of Actuaries...
. - Fellowship in the Faculty of ActuariesFaculty of ActuariesThe Faculty of Actuaries in Scotland was the professional body representing actuaries in Scotland. The Faculty of Actuaries was one of two actuarial bodies in the UK, the other was the Institute of Actuaries, which was a separate body in England, Wales and Northern Ireland...
in Scotland. - Fellowship in the Institute of ActuariesInstitute of ActuariesThe Institute of Actuaries was one of the two professional which represented actuaries in the United Kingdom . The Institute was based in England, while the other body, the Faculty of Actuaries, was based in Scotland...
in Great Britain. - Membership in the Colegio Nacional de Actuarios in Mexico.
- Fellowship in the Institute of Actuaries of AustraliaInstitute of Actuaries of AustraliaThe Institute of Actuaries of Australia , commonly referred to as the Institute, is an organisation representing the actuarial profession in Australia. The Institute has origins which trace back to 1897.- History :...
. - Special approval by the Membership Committee and the Executive Committee of other actuarial educational credentials.
- Associate or Fellow of the Casualty Actuarial Society
- At least three years of full-time equivalent experience in responsible actuarial work.
- 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.”
Self Disciplinary Board, the ABCD
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 ContingenciesContingencies
Contingencies is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession...
magazine, a bimonthly publication that publishes articles on a wide range of issues related to the actuarial profession.