The Actuarial Board for Counseling and Discipline (“ABCD”) was established in the bylaws of the American Academy of Actuaries to strengthen the adherence of members of the five U.S.-based actuarial organizations to the recognized standards of ethical and professional conduct.
- Respond to requests from members of the five participating U.S.-based organizations for guidance regarding professionalism
- Consider complaints about possible violations of the Code(s) of Professional Conduct
- Counsel actuaries in good professional practice
- Mediate disputes between actuaries and others
- Conduct educational outreach efforts, which include making oral presentations and writing magazine articles to help actuaries, regulators, and other stakeholders become more familiar with the ABCD’s work
The ABCD consists of a Chairperson, two Vice Chairpersons, and six other members. They are appointed to three-year terms by a Selection Committee, established in the Academy bylaws and chaired by the Academy President, consisting of the Presidents and Presidents-Elect of the five U.S.-based organizations that participate in the ABCD. The Selection Committee appoints ABCD members in such a way as to ensure that all practice areas are adequately represented.
The ABCD’s jurisdiction to investigate alleged violations extends to the actuarial practice of the five U.S.-based organizations’ members in every country. By virtue of agreement between the five U.S.-based organizations and the Canadian Institute of Actuaries (CIA), the CIA has jurisdiction to investigate actuarial practice of the participating organizations’ members in Canada; similarly, CIA members’ actuarial practice in the United States can be investigated by the ABCD.
This regular column in Contingencies highlights the ABCD’s work and important professionalism issues.
by John T. Stokesbury
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