American Academy of Actuaries

American Academy of Actuaries
Name	American Academy of Actuaries
Formation	1965
Headquarters	Washington, D.C.
Type	Professional association
Region served	United States
Membership	Actuaries

Contents

American Academy of Actuaries The American Academy of Actuaries serves as a national professional association representing credentialed actuaries in the United States, offering guidance on Social Security, Medicare, Affordable Care Act implementation, Internal Revenue Service tax policy, and Securities and Exchange Commission regulatory issues. It interacts with federal bodies such as the United States Congress, the Treasury Department, the GAO, and the CBO while engaging with state regulators like the NAIC and state legislatures in New York, California, and Texas. The Academy collaborates with international entities including the International Association of Insurance Supervisors, the OECD, and the International Actuarial Association.

History

The Academy was founded in 1965 amid debates influenced by developments such as the Social Security Amendments of 1965, the rise of Medicare policy discussions, and initiatives echoing recommendations from reports like those by the Kennedy administration and commissions resembling the Advisory Council on Social Security. Early leaders engaged with institutions such as the American Institute of Actuaries precursor organizations and interacted with figures associated with the Department of Labor, the Presidential Commission on Pension Policy, and state-level bodies like the New York State Insurance Department. Over decades the Academy issued statements on major events including the 1986 Tax Reform Act, the response to the 2008 financial crisis, legislative debates over the Patient Protection and Affordable Care Act, and analyses related to the Dodd–Frank Wall Street Reform and Consumer Protection Act. Milestones included contributions to reforms following cases like MetLife, Inc. v. Financial Stability Oversight Council and participating in international dialogues tied to the Basel Committee on Banking Supervision and International Monetary Fund consultations.

The Academy is governed by a board and committees with officers who liaise with entities such as the SEC, the Federal Reserve System, and the HHS. Its governance model resembles nonprofit structures used by the American Medical Association, the American Bar Association, and the American Institute of Certified Public Accountants. Committees mirror subject-matter groups seen in organizations like the National Academy of Social Insurance and coordinate with the National Association of Insurance Commissioners and state insurance departments in Florida, Ohio, and Pennsylvania. The Academy’s governance has experienced oversight dialogues similar to those involving the Government Accountability Office reviews of professional organizations and interacts with standard-setting bodies such as the Financial Accounting Standards Board.

Members hold credentials from bodies including the Casualty Actuarial Society, the Society of Actuaries, and international bodies such as the Institute and Faculty of Actuaries. Eligibility frequently references examinations and credentialing pathways comparable to those overseen by the Educational Testing Service or standards akin to the Chartered Enterprise Risk Analyst frameworks. Practicing members must satisfy continuing education reminiscent of requirements adopted by the American Medical Association and the American Institute of Architects, and they adhere to peer review expectations encountered in professions represented by the American Bar Association and the Institute of Chartered Accountants in England and Wales.

The Academy promulgates standards of practice and a code of professional conduct that align with norms promoted by the International Actuarial Association, the American Institute of Certified Public Accountants, and standard setters like the IFRS Foundation. These standards guide actuarial work used in filings before the SEC, testimony before the Congress, and submissions to state regulators such as the New York State Department of Financial Services. Enforcement mechanisms echo peer review and discipline procedures similar to those in the American Medical Association and Bar Associations.

The Academy issues public policy analyses and comments on rulemakings by agencies like the IRS, the DOL, and the CMS. It provides expertise to congressional committees including the House Ways and Means Committee, the Senate Finance Committee, and participates in stakeholder dialogues alongside organizations such as the Kaiser Family Foundation, the Brookings Institution, the American Enterprise Institute, and the Urban Institute. The Academy has contributed actuarial analyses related to programs administered by the Social Security Administration, the Veterans Health Administration, and state Medicaid programs and filed amicus briefs in court cases similar to filings before the United States Supreme Court.

The Academy publishes issue briefs, white papers, and commentary resembling outputs from the RAND Corporation, the Congressional Budget Office, and the National Bureau of Economic Research. Its research addresses topics tied to the ERISA, pension funding trends, long-term care financing, and risk assessments comparable to studies by the World Bank and the International Monetary Fund. Publications inform stakeholders including the National Association of Insurance Commissioners, state legislatures in Illinois and Georgia, regulators like the FDIC, and academic partners at institutions like Harvard University, Stanford University, and the University of Pennsylvania.

The Academy supports education initiatives and continuing professional development paralleling programs from the Society of Actuaries, the Casualty Actuarial Society, and university programs at Columbia University, University of Michigan, and University of California, Berkeley. It endorses syllabi and seminars similar to offerings by the American Council on Education and coordinates with credentialing bodies such as the Institute and Faculty of Actuaries and the International Actuarial Association to harmonize standards for actuarial practice used in settings like corporate finance at Goldman Sachs and risk management at American International Group.

Category:Professional associations based in the United States