Current Issues in Insurance Ratemaking for Catastrophic Events

The American Academy of Actuaries is a national organization formed in 1965 to bring together, in a single entity, actuaries of all specializations within the United States. A major purpose of the Academy is to act as a public information organi- zation for the profession. Academy committees, task forces and work groups regularly prepare testimony and provide information to Congress and senior federal policymakers, comment on proposed federal and state regulations, and work closely with the National Association of Insurance Commissioners and state officials on issues relat - ed to insurance, pensions and other forms of risk financing. The Academy establishes qualification standards for the actuarial profession in the Unit- ed States and supports two independent boards. The Actuarial Standards Board promulgates stan- dards of practice for the profession, and the Ac- tuarial Board for Counseling and Discipline helps to ensure high standards of professional conduct are met. The Academy also supports the Joint Committee for the Code of Professional Conduct, which develops standards of conduct for the U.S. actuarial profession. Members of the Natural Catastrophe Subcom-