We have significant experience successfully representing actuaries who are the subjects of disciplinary complaints and proceedings before the Actuarial Board for Counseling and Discipline (ABCD), which, under the auspices of the American Academy of Actuaries, receives and reviews complaints against actuaries about possible violations of the actuarial Code of Professional Conduct on behalf of U.S.-based actuarial organizations.
The actuarial profession is unusual in that, unlike doctors, lawyers, accountants, and some other professionals, actuaries are not licensed by states and have created a system to police themselves. Through professional organizations, they have developed and adopted Codes of Conduct and professional standards applicable to members of U.S.-based actuarial organizations. These organizations utilize the ABCD as a clearinghouse for complaints from clients, other actuaries, and the public. Through its complex, arcane, and secretive processes, the ABCD receives and investigates these complaints, holds hearings, and can recommend serious disciplinary action against an actuary to the professional organizations of which the actuary is a member.
Because of the arcane, complex, secretive, and sometimes arbitrary nature of the ABCD’s processes, an actuary who is the subject of an ABCD complaint is strongly advised to engage counsel to represent them in the process to ensure that their rights are fully protected, that they are accorded a fair process, and that their defense is presented effectively and zealously. The stakes are high. Having a professional advocate with experience with the process is essential.
We have successfully represented actuaries throughout the ABCD process—from complaint through merits hearing—as an advocate to ensure that the subject actuary mounts an effective defense, receives due process and fair treatment, and emerges from the process with his or her professional standing and reputation intact.
DAVID WACHEN ON ACTUARY LAW
Defended subject actuary throughout ABCD process and obtained dismissal of charges following hearing on the merits