CAS Implements Code of Professional Ethics for Candidates

In November 2006, the Casualty Actuarial Society Board of Directors approved a Code of Professional Ethics for Candidates that is being implemented with the 2008 CAS examinations. The Board developed the Code in response to concerns that CAS candidates, prior to becoming members of the CAS, often perform responsible actuarial work but were not bound by a professional code. The Board believed that such work should be done under the auspices of a professional code to improve public confidence in actuarial work. Once a candidate becomes an official member of the CAS, the CAS Code of Professional Conduct will supersede the candidate's Code.

Over the past year, the CAS has communicated the Code to its candidates. All candidates registering for CAS–specific Exams 3L and 5–9 must sign a statement that they have read the Code and agree to be bound by it. The following information, published in the CAS 2008 Syllabus of Basic Education, provides details about the Code.

The purpose of the Casualty Actuarial Society (CAS) Code of Professional Ethics for Candidates (Candidate Code) is to require actuarial candidates to adhere to the high standards of conduct, practice, and qualifications of the actuarial profession, thereby supporting the actuarial profession in fulfilling its responsibility to the public. An actuarial candidate shall comply with the Candidate Code. An actuarial candidate who commits a material violation of the provisions of the Candidate Code shall be subject to the counseling and discipline procedures of the CAS.

"Actuarial candidates" are those persons who have registered for a CAS specific exam but have yet to fulfill all of the requirements for admission into the CAS. In situations where actuarial candidates perform actuarial work, their "principal" is defined as their client or employer. "Actuarial services" are professional services provided to a principal by an individual acting in the capacity of an actuary. Such services include the rendering of advice, recommendations, findings, or opinions based upon actuarial considerations.

• RULE 1: An actuarial candidate shall act honestly, with integrity and competence, to uphold the reputation of the actuarial profession.
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• RULE 2: An actuarial candidate shall not engage in any professional conduct involving dishonesty, fraud, deceit, or misrepresentation or commit any act that reflects adversely on the actuarial profession.
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• RULE 3: An actuarial candidate shall perform actuarial services with courtesy and professional respect and shall cooperate with others in the principal's interest.
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• RULE 4: An actuarial candidate shall adhere to the CAS Policy on Examination Discipline.
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• Rule 5: Actuarial candidates are not authorized to use membership designations of the CAS until they are admitted to membership by the CAS Executive Council.
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• RULE 6: An actuarial candidate shall not disclose to another party any confidential information unless authorized to do so by the principal or required to do so by law, statute, or regulation. Confidential information includes information of a proprietary nature and information that is legally restricted from circulation.
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• RULE 7: An actuarial candidate shall respond promptly, truthfully, and fully to any request for information by, and cooperate fully with, appropriate counseling and disciplinary body of the CAS in connection with any disciplinary, counseling or other proceeding of such body relating to the Candidate Code. The actuarial candidate's responsibility to respond shall be subject to applicable restrictions listed in Rule 6 and those imposed by law, statute, or regulation.

Candidates may obtain a copy of the Casualty Actuarial Society Rules of Procedure for Disciplinary Actions Involving Candidates by sending a written request to the CAS Office.