Change in Actuary

[Guest mo]

We have a client who is changing actuaries due to non-responsiveness. As you might guess, the non-responsiveness extends to the requested transition of records and workpapers, and it is now necessary to send a more "official" request. Can anyone tell me exactly what an actuary's obligations are in transitioning records, hopefully with a JBEA or other cite that might provoke some action?

[KJohnson]

Standards of performance for actuaries are generally set forth in 20 CFR 901.20--Grounds for supsension are in 901.31.

"Any person" may make a report of a violation of the standards to the Executive Director of the JBEA or "any officer or employee" of DOL, PBGC or Treasury.20 CFR 901.32

I don't recall ever seeing anything on transitioning records.

[david rigby]

There are also professional standards issued by the Actuarial Standards Board.

But before throwing stones, the prior actuary is entitled to payment for services (such as it is). It might be prudent to inquire about any outstanding invoices.

[Guest mo]

The prior actuary mentioned at one point that he would be asking for assurance of payment on an invoice he hadn't yet issued. However, although the client has told him that they will pay it, no one can get an invoice out of the guy. It's been months.

[Larry M]

An actuary is supposed to extend ciurtesy and cooperate with others in the client's interest.

The actuary also may require compensation for the work required to assemble and transmit reklevant information.

If you feel the actuary may have violated the code - or if you want to discuss this with someone who can give you more insight, (assuming the actuary is a member of any of the six North American actuarial organizations, he/she is , as PAX noted, subject to codes of professional conduct), call the Actuarial Board for Counseling or Discipline's (ABCD) staff attorney, Tom Griffin ((847) 706 3860).

He will take the information and should be able to help you and, perhaps, have someone contact the actuary on your behalf.