U.S. Actuaries Adopt Revised Code of Conduct

For the first time, the conduct of the actuarial profession in the U.S. is governed by a single version of the Code of Professional Conduct. Culminating nearly three years of effort by the Joint Committee on the Code of Professional Conduct, each of the five U.S. actuarial organizations adopted an improved and unified revised Code effective January 1, 2001. The revised Code avoids potential conflicts for actuaries who are members of more than one organization.

The CAS Board of Directors approved the revised Code on November 14, 2000. A copy of the Code is on the CAS Web Site along with a Joint Committee memo with background for the revision and summary of comments. The revised Code is also published in the 2001 CAS Yearbook, replacing the version CAS last amended in September 1996.

An original exposure draft had been circulated in May 1999. More than 60 comments were received at that time, leading to the release of the second exposure draft in April 2000, which resulted in 37 additional comments.

The CAS Board of Directors has expressed its gratitude to the members of the Joint Committee and, in particular, Chairperson Jack Turnquist, for their contribution to the U.S. actuarial profession. Other members of the committee include Mike Fusco, Bill Falk, Sam Gutterman, Ken Kent, Howard Phillips, and liaison representatives Mo Chambers (Canadian Institute of Actuaries) and Luis Huerto (Colegio Nacional de Actuarios).