Actuarial Professional Standards

ASOPs, Code of Professional Conduct, qualification standards, and ethical obligations.

Key Concepts

• •Actuarial Standards Board (ASB): the body that sets practice standards
• •Actuarial Standards of Practice (ASOPs): specific guidance for actuarial work
• •Code of Professional Conduct: ethical obligations for all actuaries
• •Precept 1: professional integrity and honest representation
• •Precept 3: standards of practice and adherence to ASOPs
• •Precept 4: communications and actuarial reports
• •Qualification standards: education and experience requirements for signing opinions
• •Discipline process: investigation and enforcement of standards violations
• •Continuing education: requirements for maintaining credentials
• •Peer review: voluntary and mandatory review of actuarial work

Study Tips

• 1.Read the actual Code of Professional Conduct, not just summaries.
• 2.Understand how ASOPs apply to specific actuarial tasks (reserving, pricing, modeling).
• 3.Study real disciplinary cases to understand how standards are enforced.
• 4.Know the difference between binding and non-binding guidance.
• 5.Review qualification standards for signing actuarial opinions.

Related Exam Resources