Casualty Actuarial Society

Press Room

Joint Discipline Council Proposed Rules of Procedure for Disciplinary Actions Exposed for Comment

09/05/2012 —

Dear CAS Members:

The proposal for a joint discipline process among the US-based actuarial organizations was first proposed to the CAS membership in May 2011. Members strongly supported the concept, with more than 80% of Fellows approving changes to the CAS Constitution and Bylaws to allow the CAS to enter into an agreement for joint discipline. With this vote, CAS members delegated authority for the approval of the final terms of a joint discipline agreement to the CAS Board of Directors. (Original documents relating to the joint discipline proposal can be found on the CAS Web Site.)

The Council of U.S. Presidents (CUSP) continues to work towards an effective joint discipline process. The CAS advocated for the Joint Discipline Council (JDC) to be housed in a separate legal entity, and all of the US-based actuarial organizations have now agreed to an independent structure. We believe that an independent structure protects the interests of the CAS’s non-US members and ensures that the participating organizations will have equal status under the agreement. The CAS Board of Directors expects to authorize CAS participation in the Joint Discipline Agreement, but has not yet authorized such participation, pending Board review of the Articles of Incorporation and Bylaws for the new legal entity as well as final proposed JDC Rules of Procedure for Disciplinary Actions.

The current working draft of the proposed Agreement on Joint Discipline requires that the JDC establish rules of procedure, following exposure to members for comment for a period of not less than thirty (30) days. To that end, CUSP appointed a Rules Task Force that has developed the proposed JDC Rules of Procedure for Disciplinary Actions (JDC Rules). In recognition of the time needed to draft the incorporating documents and consider comments on the JDC Rules, the effective date of the proposed Agreement on Joint Discipline has been changed to January 1, 2013.

In anticipation of its authorization for the CAS to enter into the Agreement on Joint Discipline, the CAS Board of Directors approved exposure of the proposed JDC Rules to CAS members for comment. We encourage you to review the proposed JDC Rules and provide your comments and suggestions by October 5, 2012. Each comment received by the CAS will be acknowledged by the CAS, and all responses will receive consideration by CUSP in preparing the final JDC Rules of Procedure for Disciplinary Actions for approval by the JDC.

Comments can be sent via email to office@casact.org; comments can be sent either in the body of the message or as an attachment.

Comments can also be sent by mail to the following address:

Casualty Actuarial Society
Attn: JDC Rules Comments
4350 N. Fairfax Drive, Suite 250
Arlington, VA 22203

The creation of appropriate rules of procedure for disciplinary actions is a vital step towards a fair and equitable joint discipline process for our profession. The CAS greatly appreciates your input regarding this important matter.

If you are a member of more than one US-based actuarial organization, please be sure to provide your comments to EACH of the actuarial organizations to which you belong.

Again, remember that the deadline to submit comments to the CAS with respect to the JDC Rules is October 5, 2012.

Thanks again for your involvement and support of this initiative.

Sincerely,
Pat Teufel
CAS President

Attachments

Proposed Agreement on Joint Discipline

JDC Rules of Procedure for Disciplinary Actions (JDC Rules)

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