Announcement: SOA releases October 2019 Exam STAM passing candidate numbers.

Notice of Disciplinary Determination

On October 26, 2015, a Discipline Review Committee of the Society of Actuaries (SOA) was convened to review the disciplinary determination of the Joint Disciplinary Council’s (JDC) Disciplinary Panel in the matter involving Steven J. Rubenstein, ASA.  The JDC Disciplinary Panel determined that Mr. Rubenstein should be expelled from the SOA due to material violations of the Code of Professional Conduct (Code).  Based on the determinations of the JDC Disciplinary Panel, and pursuant to the SOA’s Bylaws, the SOA expelled Mr. Rubenstein, effective as of August 11, 2015.

Mr. Rubenstein materially violated Precept 1 of the Code, particularly with respect to Annotation 1-41 , when he sent numerous inappropriate email transmissions of a harassing, threatening and intimidating nature to actuaries and others.  Some of the emails were sent in disregard of a court order that he cease sending such emails.  Mr. Rubenstein’s conduct reflected adversely on the actuarial profession.  

All members of the SOA are reminded of their responsibility to follow the Code of Professional Conduct.


1Precept 1. An Actuary shall act honestly, with integrity and competence, and in a manner to fulfill the profession's responsibility to the public and to uphold the reputation of the actuarial profession. 
  • Annotation 1-4. An Actuary shall not engage in any professional conduct involving dishonesty, fraud, deceit, or misrepresentation or commit any act that reflects adversely on the actuarial profession.