Code of Professional Conduct Applicable to CAS Candidates in 2006
By Anju Arora, Member, Candidate Liaison Committee

The Casualty Actuarial Society will require candidates taking Exams 3 and 5-9 to agree to abide by the terms and conditions of the CAS Code of Professional Conduct starting in Spring 2006. Why should the candidates have to agree to abide by it?

Until now, a candidate's formal introduction to the Code was at the CAS Course on Professionalism, which is required for Associateship. The rationale behind the timing of the course with candidates near Associateship is to recognize that the work performed by an Associate carries a level of responsibility that requires awareness of professional conduct. This notion hasn't changed but what has changed is the recognition that candidates as early as those sitting for Exam 3 are performing responsible actuarial work as well. As such, there is an obligation on the part of each candidate to ensure responsible actuarial work within the framework of the Code.

Starting in 2006, candidates who register for Exams 3 and 5-9, will be required to sign a statement on the application that they agree to abide by the terms and conditions of the Code. An application without a signed consent will not be accepted. This directive aligns the CAS with our actuarial colleagues in the life (Society of Actuaries) and Canadian (Canadian Institute Actuaries) societies that require such agreement earlier in the exam process.

The last sentence of the first paragraph of the CAS Code of Professional Conduct states, "An Actuary who commits a material violation of the provisions of the Code shall be subject to the profession's counseling and discipline procedures." The Actuarial Board for Counseling and Discipline ("ABCD") and the Canadian Institute of Actuaries ("CIA") are two national organizations responsible for counseling and discipline. This course of action will be applicable to candidates as well.

The March issue of Future Fellows had an article that explained this new policy to CAS candidates. The article provided candidates with several links to learn more about the Code. More articles related to the Code are scheduled for subsequent issues of Future Fellows.